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MFI

mF International Limited

MFI

mF International Limited • NASDAQ
$23.15 ▲ 12.93% (+2.65)
Market Cap $38.35 M
52w High $60.73
52w Low $4.08
Dividend Yield 0%
P/E -10.2
Volume 84.54K
Outstanding Shares 1.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $15.069M ▲ $19.427M ▼ $-13.695M ▲ -90.882% ▲ $-8.26 ▲ $-13.941M ▼
Q4-2024 $13.614M ▲ $20.065M ▲ $-14.664M ▼ -107.713% ▼ $-8.84 ▼ $-12.969M ▼
Q2-2024 $12.471M ▼ $11.609M ▲ $-5.547M ▼ -44.476% ▼ $-3.64 ▼ $-6.305M ▼
Q4-2023 $17.807M ▲ $6.584M ▲ $4.409M ▲ 24.757% ▲ $3.04 ▲ $4.178M ▲
Q2-2023 $14.154M $4.699M $2.22M 15.687% $1.54 $2.639M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $13.221M ▼ $43.741M ▼ $21.511M ▼ $22.23M ▼
Q4-2024 $20.004M ▼ $58.305M ▼ $22.393M ▲ $35.913M ▼
Q2-2024 $30.85M ▲ $72.526M ▲ $21.95M ▼ $50.576M ▲
Q4-2023 $7.154M ▼ $33.852M ▲ $22.108M ▲ $11.743M ▲
Q2-2023 $7.821M $31.236M $21.118M $10.118M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-13.695M ▲ $-2.632M ▲ $-1.869M ▲ $-2.295M ▼ $0 $-2.663M ▲
Q4-2024 $-14.664M ▼ $-4.173M ▲ $-4.709M ▼ $-1.966M ▼ $0 $-4.627M ▲
Q2-2024 $-5.547M ▼ $-17.705M ▼ $-3.722M ▼ $47.459M ▲ $0 ▲ $-17.714M ▼
Q4-2023 $4.409M ▲ $7.399M ▲ $-3.557M ▼ $-3.856M ▲ $-8.975K ▲ $7.399M ▲
Q2-2023 $2.22M $3.926M $-2.128M $-7.032M $-2.618M $3.878M

Five-Year Company Overview

Income Statement

Income Statement The company is tiny in revenue terms and has not shown meaningful top-line growth over the past five years; sales have been broadly flat and concentrated in a narrow line of services. Historically, it managed to turn that small revenue base into modest profits, but the most recent year shows a clear step down: operating performance slipped into loss and net income turned negative. That suggests rising costs, strategic spending, or one-off items are now outweighing the steady but limited revenue stream. Earnings per share have swung sharply, which likely reflects changes in share count and capital structure as much as underlying business economics. Overall, the income statement now points to a business in investment or transition mode rather than one in a stable profit phase.

Balance Sheet

Balance Sheet The balance sheet is small but has improved in quality recently. Total assets have grown, with cash balances moving higher, while debt remains relatively low and does not appear to dominate the capital structure. Shareholders’ equity has risen, which is a positive sign for capitalization and financial resilience. The company still looks lightly geared and not heavily reliant on borrowing. However, given the tiny absolute scale of the balance sheet, even moderate new commitments—such as digital asset purchases or additional investments—could meaningfully change its risk profile over a short period of time.

Cash Flow

Cash Flow The cash-flow picture mirrors the income statement transition. In earlier years, the company generally generated positive operating cash flow and was able to cover its modest investment spending, leaving room for free cash flow. In the latest year, operating cash turned negative and free cash flow followed, indicating cash is now being consumed rather than produced. Capital spending has ticked up but remains modest; the larger story is the shift from self-funding operations to requiring cash support for the current strategy. This puts more pressure on existing cash reserves and on any external funding the company secures, especially as it pursues its digital asset plans.

Competitive Edge

Competitive Edge MFI’s core edge comes from being a long-standing, specialized technology provider to brokers in Asian foreign exchange, bullion, and commodities markets. It offers a full “one-stop” platform—trading terminals, dealer tools, back office, pricing, CRM, liquidity access, and white-label services—designed specifically for regional needs. This integrated setup makes it inconvenient for clients to switch and helps build long-term relationships. Its focus on technology rather than running its own brokerage also positions it as a neutral partner. On the other hand, the broader trading-technology space is crowded, and larger global platforms, regulatory shifts in Asia, and rapid technology changes all pose ongoing competitive pressure. Its pivot into digital assets may strengthen differentiation if executed well, but could also distract from the established niche if not managed carefully.

Innovation and R&D

Innovation and R&D Innovation has historically centered on the mF4 trading platform and its surrounding ecosystem—multi-device trader and dealer terminals, risk controls, tailored CRM, liquidity solutions, and social trading tools. The company has effectively turned decades of regional experience into a specialized, configurable Software-as-a-Service stack for brokers. The new strategic thrust is more radical: using a large capital raise to build a digital asset treasury and, potentially, to extend its technology into crypto-related services. The appointment of a chairman with deep blockchain and exchange experience suggests a push toward new products in digital assets and payment infrastructure. This opens the door to significant innovation but also introduces higher technological, regulatory, and market risk compared with its traditional software base.

Summary

MFI is a very small but established trading-technology company in Asia that is now in the middle of a major strategic shift. Its legacy business is stable in revenue but not growing, and profitability has recently deteriorated into losses, with cash flows turning negative as the company invests and restructures. The balance sheet is still relatively clean, with more cash than before and limited debt, but its small size means new initiatives can quickly alter the risk profile. Competitively, MFI benefits from long-term regional relationships and a sticky, integrated platform, yet operates in a fast-moving and competitive segment. The bold move into digital assets—backed by substantial new capital and led by a blockchain-focused chairman—creates both a sizable opportunity and meaningful uncertainty. Much of the company’s future profile will depend on execution in this new digital asset strategy and how well it balances that against its traditional brokerage-technology franchise.

NEWS

November 25, 2025 · 7:30 AM UTC

mF International Announces Executive Transition as Company Launches Digital Asset Treasury Strategy

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November 21, 2025 · 9:06 AM UTC

mF International Announces Private Placement of $500.0 Million to Launch a Digital Asset Treasury Strategy

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