AMTD Digital Inc., a subsidiary of AMTD IDEA Group, filed its Form 20‑F for the fiscal year ended October 31, 2025 on February 27, 2026, revealing audited consolidated financial statements that show a dramatic transformation in the company’s earnings profile.
Total revenue for the year rose 565.7% to $136.1 million, up from $20.4 million in 2024. The surge is largely attributable to the consolidation of The Generation Essentials Group (TGE), whose media, entertainment, and hospitality businesses were fully integrated into AMTD Digital’s operations during the reporting period.
Net income increased 132.7% to $97.0 million, compared with $41.7 million in 2024. The jump reflects both the revenue lift from TGE and the company’s ability to maintain a high gross‑profit margin of 87%, which has remained stable despite the rapid scale of the combined business.
The filing also notes that AMTD Digital changed its accounting basis from IFRS to U.S. GAAP for the fiscal year ended October 31, 2025, recasting historical financials accordingly. No dividends were paid during the year, and management indicated that future distributions may be considered as the company’s cash position strengthens.
Investors reacted strongly to the filing, with trading volume 8.9 times the average for the stock, reflecting heightened demand for the shares after the announcement of the dramatic financial transformation and the perceived undervaluation relative to the company’s net asset value of $603.7 million (or $4.78 per share).
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