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HIHO

Highway Holdings Limited

HIHO

Highway Holdings Limited • NASDAQ
$1.13 ▼ -0.88% (-0.01)
Market Cap $5.20 M
52w High $2.05
52w Low $1.12
Dividend Yield 0.05%
P/E 56.5
Volume 21.03K
Outstanding Shares 4.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $1.547M ▲ $665K ▼ $61K ▲ 3.943% ▲ $0.014 ▲ $-4K ▲
Q4-2025 $1.487M ▼ $957K ▲ $-315K ▼ -21.184% ▼ $-0.072 ▼ $-652K ▼
Q3-2025 $1.929M ▼ $666K ▼ $92K ▼ 4.769% ▼ $0.021 ▼ $4K ▼
Q2-2025 $2.117M ▲ $724K ▲ $231K ▲ 10.912% ▲ $0.052 ▲ $149.75K ▲
Q1-2025 $1.879M $658K $98K 5.216% $0.022 $42.75K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $5.816M ▼ $9.124M ▼ $2.759M ▼ $6.371M ▲
Q4-2025 $5.972M ▲ $9.554M ▼ $3.287M ▼ $6.269M ▼
Q3-2025 $5.235M ▼ $10.431M ▼ $3.936M ▼ $6.499M ▼
Q2-2025 $5.614M ▼ $11.044M ▲ $4.277M ▼ $6.779M ▲
Q1-2025 $5.991M $10.879M $4.342M $6.549M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-315K ▼ $0 $0 $0 $0 $0
Q3-2025 $92K ▼ $0 $0 $0 $0 $0
Q2-2025 $231K ▲ $0 $0 $0 $0 $0
Q1-2025 $98K ▲ $0 $0 $0 $0 $0
Q4-2024 $-1.182M $0 $0 $0 $0 $0

Revenue by Products

Product Q3-2020Q3-2021Q3-2022Q3-2023
Electric Member
Electric Member
 $0 ▲$0 ▲$10.00M ▲$0 ▼
MetalStampingAndMechanicalOemMember
MetalStampingAndMechanicalOemMember
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Electric OEM
Electric OEM
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Metal Stamping and Mechanical OEM
Metal Stamping and Mechanical OEM
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past several years, with the business hovering around break-even overall. Earnings have moved between small losses and small profits, which suggests the company operates on thin margins and is sensitive to swings in customer demand, input costs, and utilization of its plants. The most recent year shows a modest return to profitability after prior weak years, but not yet a clear, consistent upward earnings trend. Overall, the income statement points to a stable but low-growth, low-margin manufacturer that needs higher-value projects to really move the needle on profits.

Balance Sheet

Balance Sheet The balance sheet looks simple and conservative. Assets and shareholders’ equity are relatively steady, and the company carries essentially no financial debt, which lowers financial risk. Cash makes up a meaningful share of total assets, implying a decent liquidity cushion for a business of this size. The tradeoff is that the balance sheet does not show aggressive reinvestment or expansion, so financial safety comes with a more modest growth profile.

Cash Flow

Cash Flow Operating cash flow appears to hover around break-even, mirroring the thin profitability on the income statement. The company is not burning large amounts of cash, but it is also not yet generating strong, consistent surplus cash that could easily fund big expansions or major shareholder returns. Capital spending has been modest, indicating a careful, measured approach to investment rather than rapid capacity build-out. Overall cash dynamics look cautious: stable, but not yet clearly compounding.

Competitive Edge

Competitive Edge Highway Holdings’ edge comes from its dual manufacturing footprint and in-house automation expertise. It combines a more automated, higher-tech plant in China with more labor-intensive operations in Myanmar, giving it flexibility on cost, order size, and complexity. This structure helps it serve both large-volume customers and more specialized, smaller runs, and also spreads geographic risk. On top of that, the German-influenced engineering culture, long manufacturing history, and full-service offering from tooling to assembly create switching costs for customers who value reliability, quality, and engineering support. The flip side is that it operates in a very competitive, price-sensitive industry, so maintaining customer relationships and continuously improving efficiency remain critical.

Innovation and R&D

Innovation and R&D The company’s main innovation strength is not flashy patents but practical, in-house automation and engineering know-how. It designs and builds much of its own production equipment, which can improve efficiency, customization, and quality control compared with off-the-shelf solutions. The growing move from simple contract manufacturing toward design-involved projects—like the brushless electric motor program—shows a push up the value chain into higher-margin, more defensible work. While formal R&D spending detail is limited, the emphasis on engineering talent, tooling design, and smart-factory style monitoring suggests innovation is embedded in operations rather than separated into a lab. The key question is how quickly this engineering-led approach can scale into a broader portfolio of proprietary or semi-proprietary products and long-term ODM relationships.

Summary

Highway Holdings comes across as a small, conservatively run industrial manufacturer with a stable but low-growth financial profile and a noteworthy operational niche. Profitability and cash generation are modest and somewhat uneven, reflecting a competitive, cyclical industry and thin margins, but the company offsets this with a clean balance sheet and no meaningful debt. Its real strength lies in operations: dual-location manufacturing, in-house automation, and a quality-focused engineering culture that can be attractive to customers needing reliable, customized production. The strategic shift toward more design-driven, higher-value projects is promising, as it could gradually improve margins and make revenue less commoditized if executed well. Going forward, the key factors to watch are the consistency of profits, the depth and stickiness of ODM relationships, and whether the company can translate its engineering edge into steadier, higher-quality earnings without sacrificing its conservative financial posture.

NEWS

September 11, 2025 · 4:00 PM UTC

HIGHWAY HOLDINGS REPORTS FIRST QUARTER FISCAL 2026 RESULTS

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