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TOP

TOP Financial Group Limited

TOP

TOP Financial Group Limited • NASDAQ
$1.11 ▲ 2.30% (+0.03)
Market Cap $41.15 M
52w High $3.33
52w Low $1.00
Dividend Yield 0%
P/E -6.94
Volume 32.98K
Outstanding Shares 37.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.843M ▲ $1.263M ▼ $-450.421K ▲ -24.438% ▲ $-0.012 ▲ $1.178M ▲
Q4-2024 $887.786K ▼ $2.311M ▲ $-2.616M ▼ -294.62% ▼ $-0.072 ▼ $-5.139M ▼
Q2-2024 $7.149M ▲ $1.96M ▲ $3.667M ▲ 51.293% ▲ $0.1 ▲ $3.668M ▲
Q4-2023 $4.538M ▼ $1.337M ▼ $1.56M ▼ 34.367% ▼ $0.044 ▼ $0 ▼
Q2-2023 $5.157M $1.525M $1.838M 35.642% $0.051 $1.895M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $12.227M ▼ $46.8M ▼ $11.914M ▼ $34.885M ▼
Q2-2025 $12.709M ▼ $60.097M ▲ $20.18M ▲ $39.917M ▼
Q4-2024 $25.92M ▲ $57.643M ▲ $17.112M ▲ $40.531M ▲
Q2-2024 $24.522M ▲ $42.913M ▲ $3.925M ▼ $38.954M ▲
Q4-2023 $15.966M $40.284M $4.333M $35.951M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-450.421K ▲ $-8.161M ▼ $-8.549M ▼ $0 ▼ $21.661M ▲ $-8.161M ▼
Q4-2024 $-2.616M ▼ $15.279M ▲ $-6.081M ▼ $4.39M ▲ $13.512M ▲ $15.275M ▲
Q2-2024 $3.667M ▲ $2.48M ▲ $4.8M ▲ $0 ▲ $7.338M ▲ $2.477M ▲
Q4-2023 $1.56M ▼ $-1.31M ▲ $-6.343M ▼ $-150.158K ▼ $-25.673M ▼ $-1.397M ▲
Q2-2023 $1.838M $-3.995M $-200K $22.651M $18.45M $-3.995M

Five-Year Company Overview

Income Statement

Income Statement TOP’s income statement is very small in scale and shows a business hovering around break‑even, with a recent slip into loss. Revenue has been low and fairly flat for several years, suggesting limited growth so far. Profitability has been fragile: modest profits in earlier years have turned into a recent operating and net loss, indicating weak pricing power and high sensitivity to any change in activity or costs. Overall, earnings quality looks thin and volatile rather than durable.

Balance Sheet

Balance Sheet The balance sheet is light and simple, with a small asset base and no visible debt. Equity has grown from a very low level but remains modest, which limits the financial buffer if performance weakens. Cash levels have moved around but are not large, pointing to a business that needs to manage liquidity carefully. The absence of debt reduces financial risk, but the company’s small size means shocks could still have an outsized impact.

Cash Flow

Cash Flow Cash flow has been uneven, alternating between small inflows and small outflows from operations. This pattern suggests the business is not yet generating consistently reliable cash from its core activities. Free cash flow largely mirrors operating cash flow, as there is little to no capital spending, which fits a brokerage model built mostly on third‑party platforms. While cash burn is not heavy, the lack of steady positive cash flow underlines the early‑stage, vulnerable nature of the franchise.

Competitive Edge

Competitive Edge TOP operates in an intensely competitive online brokerage market, mainly in Hong Kong and now looking toward Singapore. It relies on widely available third‑party trading platforms and does not appear to have a strong cost or technology edge, which makes it harder to stand out. The firm competes by offering a broad menu of products and services and by targeting active traders, but many rivals can offer something similar. Overall, its competitive position looks modest, with scale, brand, and differentiation all still developing.

Innovation and R&D

Innovation and R&D The company’s model is more about using existing technology than building its own. It depends on third‑party trading systems rather than proprietary platforms, which limits its technological uniqueness but keeps development costs low. The main “innovation” push is strategic: expansion into over‑the‑counter derivatives, additional services like consulting and margin financing, and a geographic shift toward Singapore. These moves may broaden its opportunity set, but they are more about business development and product mix than about deep R&D or a strong technology moat.

Summary

TOP is a very small, lightly capitalized online brokerage trying to find its footing in a crowded market. Financial results so far show minimal and unstable profits, very limited revenue growth, and lumpy cash flows, all of which point to an early‑stage, high‑uncertainty profile. The balance sheet is simple and carries no debt, but the overall scale of the business and cash reserves is modest. Competitively, TOP leans on service breadth and new product lines rather than proprietary technology or brand strength. The strategic bets on OTC derivatives and expansion toward Singapore could change the picture over time, but for now execution risk and competitive pressure remain key themes to monitor.

NEWS

November 29, 2025 · 5:00 PM UTC

ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages Firefly Aerospace Inc. Investors to Inquire About Securities Class Action Investigation - FLY

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November 28, 2025 · 4:30 PM UTC

TOP Ships Announces Letter of Intent for Acquisition of Real Estate Assets in Dubai

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November 28, 2025 · 1:30 PM UTC

ROSEN, A TOP RANKED LAW FIRM, Encourages Synopsys, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - SNPS

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November 26, 2025 · 11:05 PM UTC

ROSEN, A TOP RANKED LAW FIRM, Encourages Synopsys, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - SNPS

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November 26, 2025 · 11:02 PM UTC

ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages Stride, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - LRN

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