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HKD

AMTD Digital Inc.

HKD

AMTD Digital Inc. • NYSE
$1.61 ▲ 3.87% (+0.06)
Market Cap $769.08 M
52w High $5.47
52w Low $1.36
Dividend Yield 0%
P/E 7
Volume 551.04K
Outstanding Shares 477.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $381.838M ▲ $25.374M ▲ $467.937M ▲ 122.548% ▼ $2.44 ▲ $245.237M ▲
Q1-2024 $4.337M ▼ $10.796M ▲ $15.97M ▼ 368.269% ▲ $0.084 ▼ $-325.5K ▼
Q4-2023 $19.138M ▲ $7.523M ▲ $30.644M ▲ 160.118% ▼ $0.16 ▲ $8.094M ▲
Q3-2023 $9.564M ▲ $3.762M ▲ $15.318M ▲ 160.159% ▲ $0.08 ▲ $3.902M ▲
Q2-2023 $6.959M $422.882K $5.543M 79.648% $0.031 $3.83M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2024 $141.479M ▲ $719.796M ▲ $159.3M ▼ $510.632M ▲
Q1-2024 $140.817M ▼ $537.497M ▼ $159.301M ▲ $386.963M ▼
Q2-2024 $141.479M ▼ $719.796M ▲ $159.3M ▲ $510.632M ▲
Q3-2023 $162.314M ▲ $661.676M ▲ $139.543M ▲ $457.947M ▼
Q2-2023 $138.748M $545.75M $10.041M $532.873M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $467.937M ▲ $312.935M ▲ $-527.271M ▼ $-58.148M ▼ $1.094B ▲ $312.686M ▲
Q1-2024 $15.97M ▼ $10.68M ▼ $-17.995M ▲ $-1.984M ▲ $0 ▲ $10.671M ▼
Q2-2024 $31.94M ▲ $21.36M ▲ $-35.99M ▼ $-3.969M ▼ $-9.286M ▼ $21.343M ▲
Q3-2023 $15.318M ▲ $0 $0 $0 $0 $0
Q2-2023 $5.543M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have been very stop‑start, with years of strong growth followed by sharp pullbacks. The company has generally stayed profitable, with high margins that suggest an asset‑light, fee or service‑driven model rather than heavy infrastructure. However, the profit line appears to be heavily influenced by episodic deals, acquisitions, and possibly one‑off gains rather than stable, recurring software revenue. This pattern makes current earnings quality harder to judge and raises questions about how predictable future results will be.

Balance Sheet

Balance Sheet The balance sheet has swung dramatically over a short period, with total assets and shareholder equity rising strongly in some years and then shrinking just as quickly. Most recently, the equity cushion looks very thin compared with prior years, which can signal higher financial fragility and less room to absorb shocks. Debt has also moved from essentially zero to a meaningful level and then partly back down, suggesting active use of leverage but without a steady capital structure. Overall, the company’s financial foundation appears unstable and heavily influenced by large transactions or revaluations rather than gradual, organic growth.

Cash Flow

Cash Flow Cash generation from operations has been positive but inconsistent, mirroring the volatility seen in profits. Free cash flow is essentially the same as operating cash flow because the business spends very little on capital investments, reinforcing the idea of an asset‑light model. While that keeps ongoing investment needs low, it also means the company is highly dependent on maintaining deal flow and service activity to keep cash coming in. The uneven pattern of cash inflows makes long‑term funding capacity and self‑sufficiency less certain.

Competitive Edge

Competitive Edge HKD’s main edge is its SpiderNet ecosystem, which connects entrepreneurs, investors, and partners across digital finance, media, and related services. This network can create useful relationship and cross‑selling advantages: once clients are inside the ecosystem, they can tap multiple services and contacts in one place. At the same time, the firm operates in very crowded and fast‑moving arenas—digital finance, marketing, and investments—where many larger and more specialized players compete aggressively. The lack of clearly visible proprietary technology or a dominant market position suggests its moat depends more on relationships and execution than on unique software or irreplaceable platforms.

Innovation and R&D

Innovation and R&D Innovation is driven more by strategy and structure than by traditional in‑house research and development. The company focuses on building an integrated platform and expanding its reach through acquisitions and partnerships, such as bringing in insurtech and AI‑enabled healthcare players. It is also experimenting with newer themes like AI, digital health, and the metaverse, which could open new avenues but are still early and uncertain. Overall, HKD is innovating by assembling and orchestrating an ecosystem rather than by pushing the frontier of core technology on its own.

Summary

HKD is a small, ecosystem‑driven digital platform with high margins but extremely uneven revenue and profit patterns. Its financial statements point to a business model heavily influenced by deals, acquisitions, and one‑off items rather than stable, recurring software income. The balance sheet has become much lighter and more fragile, with large swings in assets and equity that underline the company’s sensitivity to big transactions and valuation changes. Competitively, it leans on relationships and network effects rather than clearly differentiated technology, while operating in highly competitive markets. Future potential rests on its ability to keep expanding and monetizing its SpiderNet ecosystem and to execute well in newer areas like AI and digital health, against a backdrop of notable financial and strategic uncertainty.

NEWS

November 28, 2025 · 4:18 AM UTC

Qian Fenglei, Chairman of Hang Feng International Group, Donates HKD 12 Million to Support Emergency Relief for the Tai Po Wang Fuk Court Fire

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November 24, 2025 · 9:52 AM UTC

AMTD Digital's Subsidiary TGE Plans London Stock Exchange's Secondary Listing

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November 13, 2025 · 9:30 AM UTC

AMTD IDEA Group's Controlling Shareholders Enter into Two Years Voluntary Lock-up on Holdings

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November 10, 2025 · 9:25 AM UTC

TGE Pursues the Acquisition of the 100th Ritz Carlton Hotel Globally

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November 4, 2025 · 9:24 AM UTC

AMTD Digital Branches Out into AI-Healthcare Sector

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