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QMMM Holdings Ltd (QMMM)

Business Summary

QMMM Holdings Limited operates in the digital media, virtual reality, virtual apparel, digital advertising, and animation design industries, with a primary focus on Hong Kong. The company has been conducting business in these industries for more than 19 years . The industries are characterized by rapid technological advances, changing customer needs, and intense competition, with several market players in Hong Kong . The company's operations are based in Hong Kong, and it derives all of its revenue from operations in Hong Kong, specifically from its two operating subsidiaries, ManyMany Creations Limited and Quantum Matrix Limited .

The company faces intense competition within its industries, though management believes no competitor currently has an advantage over it . The company's competitive position relies on its patented technologies, including Quantum Fit and Quantum Human, and its established relationships with customers, supported by key personnel with extensive industry experience . The company's largest customer accounted for approximately 20.3% of total revenues in 2025, and the top five largest customers accounted for approximately 55.2% of total revenues in the same year .

QMMM Holdings generates revenue primarily through digital media advertising and marketing production services in Hong Kong . The company's revenue is derived from sales of digital advertising services and solutions primarily used for advertising and marketing campaigns . The company also generates revenue from its patented Quantum Fit technology, a real-time virtual auto-fit solution for the fashion and apparel industry, and its patented Quantum Human technology, a high-fidelity avatar creation solution for events, entertainment, and virtual activities . The company's customer base consists almost exclusively of enterprises .

The company's core service offerings include digital media advertising and marketing production services, which have historically been the primary source of revenue . The company has developed Quantum Fit, a real-time virtual auto-fit solution for the fashion and apparel industry, and Quantum Human, a high-fidelity avatar creation solution for a wide range of events, entertainment, and virtual activities . In 2025, sales of Quantum Fit and Quantum Human solutions generated approximately US$213,727, accounting for approximately 10.9% of total revenue . The company also develops technology solutions for interactive design, applicable in attractions and the fashion industry, including avatar creation and virtual apparel production in fashion shows, STEAM/STEM-based projects in theme parks, and venue-based interactive digital experiences .

The company has developed its patented Quantum Fit and Quantum Human technologies as key product lines . Quantum Fit is a real-time virtual auto-fit solution for the fashion and apparel industry, while Quantum Human is a high-fidelity avatar creation solution for events, entertainment, and virtual activities . These solutions generated approximately US$216,109 in 2023, US$200,873 in 2024, and US$213,727 in 2025, accounting for approximately 7.7%, 7.4%, and 10.9% of total revenue, respectively . The company also provides digital media advertising and marketing production services, which have historically been the primary revenue driver .

During the fiscal year, the company received a Staff Delisting Determination from Nasdaq on June 17, 2026, which determined to delist the company's securities pursuant to Nasdaq Listing Rule IM-5101-4, and also asserted that the company's delay in filing its Form 20-F for the fiscal year ended September 30, 2025 serves as an independent basis for delisting under Listing Rule 5250(c)(1) . The company intends to appeal the Staff Determination by filing a request for oral hearing before the Nasdaq Hearings Panel . The company also completed its initial public offering on July 22, 2024, and on August 8, 2024, the underwriters exercised their over-allotment option .

In fiscal year 2025, the company recorded revenue of approximately US$2.0 million and a net loss of approximately US$2.0 million . In fiscal year 2024, revenue was approximately US$2.7 million with a net loss of approximately US$1.6 million, and in fiscal year 2023, revenue was approximately US$2.8 million with a net loss of approximately US$1.3 million . The company's net loss was $1,998,372 in 2025, $1,580,198 in 2024, and $1,291,229 in 2023 .

Business Outlook & Financial Sufficiency

The company intends to grow its business by expanding its sales network and operations internationally beyond Hong Kong, with plans to possibly establish offices for sales, research and development, and other operations in Asia, Europe, the Middle East, and the United States . The company also intends to broaden its product offerings to design and develop solutions covering more application scenarios, including vision computing and privacy computing . The company is committed to investing in new product development to stay competitive in its markets .

The company plans to expand its business in other application markets for its auto-fit and avatar creation solutions, aiming to maintain the scale and profitability of these solutions while successfully expanding into new markets . The company's expansion plans include possibly establishing offices for sales, research and development, and other operations in Asia, Europe, the Middle East, and the United States . The company also intends to continue investing in product and service development, with a long return on investment cycle .

The company expects to continue to make significant investments in product and service development, which may involve a long return on investment cycle . The company's ability to achieve profitability will depend in large part on its ability to control expenses and manage growth effectively, achieve stable growth performance, and maintain its competitive advantage in relevant markets . The company expects to continue to make investments in the development and expansion of its business, which will place significant demands on its management and operational and financial resources .

The company's future capital requirements may be substantial as it seeks to expand operations, diversify product and service offerings, and pursue acquisitions and equity investments . The company has in the past financed its working capital needs primarily with capital contributions and loans from shareholders . The company may seek to issue additional equity or debt securities or obtain new or expanded credit facilities if cash resources are insufficient .

The company faces several headwinds, including the risk of delisting from Nasdaq, which would severely limit liquidity and depress the stock price . The company also faces risks associated with high customer concentration, with the largest customer accounting for approximately 20.3% of total revenues in 2025 and the top five largest customers accounting for approximately 55.2% . The company's revenue and profit sustainability depend on its ability to maintain competitiveness through high-quality services, and it recorded a net loss of $1,998,372 in 2025 .

The company faces risks related to the economic, political, legal, and social conditions in Hong Kong, including the potential impact of the Hong Kong National Security Law and the Hong Kong Autonomy Act . The company also faces risks from fluctuations in the exchange rate between the U.S. dollar and the Hong Kong dollar, with the Hong Kong dollar pegged at approximately HK$7.80 to $1.00 . The company's operations are subject to the labor and work safety laws and regulations promulgated by the Hong Kong government .

Management Sentiments & Priorities

Management's message emphasizes the company's long-standing presence in the digital media, virtual reality, virtual apparel, and animation design industries, with over 19 years of experience . The company's strategic priorities include expanding its sales network internationally, broadening product offerings to include vision computing and privacy computing, and continuing to invest in new product development . Management acknowledges the company's net losses of $1,998,372 in 2025, $1,580,198 in 2024, and $1,291,229 in 2023, and emphasizes the need to control expenses and manage growth effectively to achieve profitability . The company also intends to appeal the Staff Delisting Determination from Nasdaq and submit a plan of compliance to the Hearings Panel .

Financial Details

In fiscal year 2025, total revenue was approximately US$2.0 million, compared to approximately US$2.7 million in 2024 and approximately US$2.8 million in 2023 . Net loss was $1,998,372 in 2025, $1,580,198 in 2024, and $1,291,229 in 2023 . The company's revenue from Quantum Fit and Quantum Human solutions was approximately US$213,727 in 2025, US$200,873 in 2024, and US$216,109 in 2023 . The company's largest customer accounted for approximately 20.3% of total revenues in 2025, and the top five largest customers accounted for approximately 55.2% . The company had 48,951,842 Class A Ordinary Shares and 8,254,500 Class B Ordinary Shares issued and outstanding as of the date of the annual report . The company's net loss per share was not explicitly stated in the filing, but the company's total net loss was $1,998,372 in 2025 .

Risk Factors

The company faces a material risk of delisting from Nasdaq, as it received a Staff Delisting Determination on June 17, 2026, which, if upheld, would severely limit liquidity and depress the stock price . The company's high customer concentration exposes it to significant revenue fluctuations, with the largest customer accounting for approximately 20.3% of total revenues in 2025 and the top five largest customers accounting for approximately 55.2% . The company's business is subject to rapid technological changes, and if it fails to upgrade its technology and services, demand for its solutions may diminish . The company's operations are concentrated in Hong Kong, and any adverse changes in the economic, political, legal, or social conditions in Hong Kong, including the impact of the Hong Kong National Security Law, could materially affect its business . The company's revenue and profit sustainability depend on its ability to maintain competitiveness, and it recorded a net loss of $1,998,372 in 2025 .

References

  1. [1] Item 3.D, Risk Factors — We have been conducting business in the digital media, virtual reality, virtual apparel and animation design industries for more than 19 years.
  2. [2] Item 3.D, Risk Factors — The digital media, virtual reality, virtual apparel, digital advertising, and animation design industries in Hong Kong are highly competitive/fragmented and there are several market players in these industries.
  3. [3] Item 3.D, Risk Factors — During the period covered by the financial information incorporated by reference into and included in this annual report, we derive all of our revenue from operations in Hong Kong and, specifically, from ManyMany Creations and Quantum Matrix.
  4. [4] Item 3.D, Risk Factors — While we do not believe that any of our competitors currently has an advantage over us...
  5. [5] Item 3.D, Risk Factors — Our success depends on our key management personnel... Mr. Bun Kwai has over 19 years of experience...
  6. [6] Item 3.D, Risk Factors — In 2025, 2024 and 2023, respectively, we generated approximately 20.3%, 25.7% and 21.1% of our total revenues from our largest customer and approximately 55.2%, 64.8% and 68.5% from our top five largest customers.
  7. [7] Item 4.B, Business overview — The Company, through its wholly owned subsidiaries, engages in digital media advertising and marketing production services in Hong Kong.
  8. [8] Item 3.D, Risk Factors — Historically, our revenue has been primarily derived from the sales of digital advertising services and solutions primarily used for advertising and marketing campaigns.
  9. [9] Item 3.D, Risk Factors — We have developed our patented Quantum Fit technology as a real-time virtual auto-fit solution in the fashion and apparel industry and our patented Quantum Human technology as a high-fidelity avatar creation solution for a wide range of events, entertainment, and virtual activity.
  10. [10] Item 3.D, Risk Factors — Our customers consist almost exclusively of enterprises.
  11. [11] Item 3.D, Risk Factors — Historically, our revenue has been primarily derived from the sales of digital advertising services and solutions primarily used for advertising and marketing campaigns.
  12. [12] Item 3.D, Risk Factors — We have developed our patented Quantum Fit technology... and our patented Quantum Human technology...
  13. [13] Item 3.D, Risk Factors — In, 2023, 2024 and 2025, sales of our Quantum Fit and Quantum Human solutions generated approximately US$216,109, US$200,873 and US$213,727 which accounted for approximately 7.7%, 7.4% and 10.9% of our total revenue, respectively.
  14. [14] Item 3.D, Risk Factors — We have also developed our technology solutions for interactive design, which is applicable in attractions and fashion industry e.g. use of avatar creation solution and virtual apparel production in fashion show, STEAM/STEM based projects in theme park, as well as any venue based interactive digital experience.
  15. [15] Item 3.D, Risk Factors — We have developed our patented Quantum Fit technology... and our patented Quantum Human technology...
  16. [16] Item 3.D, Risk Factors — Quantum Fit technology as a real-time virtual auto-fit solution... Quantum Human technology as a high-fidelity avatar creation solution...
  17. [17] Item 3.D, Risk Factors — In, 2023, 2024 and 2025, sales of our Quantum Fit and Quantum Human solutions generated approximately US$216,109, US$200,873 and US$213,727 which accounted for approximately 7.7%, 7.4% and 10.9% of our total revenue, respectively.
  18. [18] Item 3.D, Risk Factors — Historically, our revenue has been primarily derived from the sales of digital advertising services and solutions primarily used for advertising and marketing campaigns.
  19. [19] Item 3.D, Risk Factors — On June 17, 2026, QMMM Holdings Limited. (the “Company”) received a Staff Delisting Determination... Nasdaq has determined to delist the Company’s securities pursuant to its discretionary authority contained in Nasdaq Listing Rule IM-5101-4. In addition, Nasdaq asserts that the Company’s delay in filing its Form 20-F for the fiscal year ended September 30, 2025 serves as an independent basis for delisting under Listing Rule 5250(c)(1).
  20. [20] Item 3.D, Risk Factors — The Company intends to appeal the Staff Determination by filing a request for oral hearing before the Nasdaq Hearings Panel...
  21. [21] Item 4.A, History and Development — After closing of the initial public offering on July 22, 2024... On August 8, 2024, the underwriters exercised their over-allotment option.
  22. [22] Item 3.D, Risk Factors — We recorded revenue of approximately US$2.0 million, US$2.7 million and US$2.8 million, respectively and loss of approximately US$2.0 million, US$1.6 million and US$1.3 million, respectively for the years ended September 30, 2025, 2024 and 2023, respectively.
  23. [23] Item 3.D, Risk Factors — We recorded revenue of approximately US$2.0 million, US$2.7 million and US$2.8 million, respectively and loss of approximately US$2.0 million, US$1.6 million and US$1.3 million, respectively for the years ended September 30, 2025, 2024 and 2023, respectively.
  24. [24] Item 3.D, Risk Factors — We had net loss of $1,998,372, $1,580,198 and $1,291,229 in 2025, 2024 and 2023, respectively.
  25. [25] Item 3.D, Risk Factors — We intend to grow our business in part by expanding our sales network and operations internationally beyond Hong Kong. Our expansion plans include possibly establishing offices for sales, research and development and other operations in Asia, Europe, the Middle East, and the United States.
  26. [26] Item 3.D, Risk Factors — We intend to broaden our product offerings to design and develop solutions covering more application scenarios, including vision computing and privacy computing.
  27. [27] Item 3.D, Risk Factors — We are committed to investing in new product development in order to stay competitive in our markets.
  28. [28] Item 3.D, Risk Factors — If we cannot maintain the scale and profitability of our auto-fit and avatar creation solutions for our customers and, at the same time, successfully expand our business in other application markets...
  29. [29] Item 3.D, Risk Factors — Our expansion plans include possibly establishing offices for sales, research and development and other operations in Asia, Europe, the Middle East, and the United States.
  30. [30] Item 3.D, Risk Factors — In addition, investment in product and service development often involves a long return on investment cycle.
  31. [31] Item 3.D, Risk Factors — We have made and expect to continue to make significant investments in product and service development.
  32. [32] Item 3.D, Risk Factors — Our ability to achieve profitability will depend in large part on our ability to control expenses and manage our growth effectively, achieve a stable growth performance, and maintain our competitive advantage in the relevant markets.
  33. [33] Item 3.D, Risk Factors — We expect to continue to make investments in the development and expansion of our business, which will place significant demands on our management and our operational and financial resources.
  34. [34] Item 3.D, Risk Factors — Our future capital requirements may be substantial as we seek to expand our operations, diversify our product and service offering, and pursue acquisitions and equity investments.
  35. [35] Item 3.D, Risk Factors — We have in the past financed our working capital needs primarily with capital contributions and loans from shareholders.
  36. [36] Item 3.D, Risk Factors — If our cash resources are insufficient to satisfy our cash requirements, we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities.
  37. [37] Item 3.D, Risk Factors — We have received a Staff Delisting Determination and if our appeal, if submitted, is unsuccessful, our Class A Ordinary Shares will be delisted, which would severely limit liquidity and depress our stock price.
  38. [38] Item 3.D, Risk Factors — In 2025, 2024 and 2023, respectively, we generated approximately 20.3%, 25.7% and 21.1% of our total revenues from our largest customer and approximately 55.2%, 64.8% and 68.5% from our top five largest customers.
  39. [39] Item 3.D, Risk Factors — We had net loss of $1,998,372, $1,580,198 and $1,291,229 in 2025, 2024 and 2023, respectively.
  40. [40] Item 3.D, Risk Factors — Risks relating to the economic, political, legal and social conditions in Hong Kong... The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region could impact our operating subsidiaries in Hong Kong.
  41. [41] Item 3.D, Risk Factors — While the Hong Kong government has continued to pursue a fixed exchange rate policy, with the Hong Kong dollar pegged at approximately HK$7.80 to $1.00...
  42. [42] Item 3.D, Risk Factors — Our operations are subject to the labor and work safety laws and regulations promulgated by the Hong Kong government...
  43. [43] Item 3.D, Risk Factors — We have received a Staff Delisting Determination and if our appeal, if submitted, is unsuccessful, our Class A Ordinary Shares will be delisted, which would severely limit liquidity and depress our stock price.
  44. [44] Item 3.D, Risk Factors — In 2025, 2024 and 2023, respectively, we generated approximately 20.3%, 25.7% and 21.1% of our total revenues from our largest customer and approximately 55.2%, 64.8% and 68.5% from our top five largest customers.
  45. [45] Item 3.D, Risk Factors — If we fail to upgrade, enhance and expand our technology and services to meet customer needs and preferences, the demand for our solutions and services may materially diminish.
  46. [46] Item 3.D, Risk Factors — Risks relating to the economic, political, legal and social conditions in Hong Kong... The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region could impact our operating subsidiaries in Hong Kong.
  47. [47] Item 3.D, Risk Factors — We had net loss of $1,998,372, $1,580,198 and $1,291,229 in 2025, 2024 and 2023, respectively.
  48. [48] Item 4.B, Business overview — We have been conducting business in the digital media, virtual reality, virtual apparel and animation design industries for more than 19 years.
  49. [49] Item 3.D, Risk Factors — We intend to grow our business in part by expanding our sales network and operations internationally beyond Hong Kong... We intend to broaden our product offerings to design and develop solutions covering more application scenarios, including vision computing and privacy computing.
  50. [50] Item 3.D, Risk Factors — We had net loss of $1,998,372, $1,580,198 and $1,291,229 in 2025, 2024 and 2023, respectively.
  51. [51] Item 3.D, Risk Factors — The Company intends to appeal the Staff Determination by filing a request for oral hearing before the Nasdaq Hearings Panel...
  52. [52] Item 3.D, Risk Factors — We recorded revenue of approximately US$2.0 million, US$2.7 million and US$2.8 million, respectively...
  53. [53] Item 3.D, Risk Factors — We had net loss of $1,998,372, $1,580,198 and $1,291,229 in 2025, 2024 and 2023, respectively.
  54. [54] Item 3.D, Risk Factors — In, 2023, 2024 and 2025, sales of our Quantum Fit and Quantum Human solutions generated approximately US$216,109, US$200,873 and US$213,727...
  55. [55] Item 3.D, Risk Factors — In 2025, 2024 and 2023, respectively, we generated approximately 20.3%, 25.7% and 21.1% of our total revenues from our largest customer and approximately 55.2%, 64.8% and 68.5% from our top five largest customers.
  56. [56] Cover page — The registrant had 48,951,842 Class A Ordinary Shares and 8,254,500 Class B Ordinary Shares issued and outstanding as of the day of this annual report.
  57. [57] Item 3.D, Risk Factors — We had net loss of $1,998,372, $1,580,198 and $1,291,229 in 2025, 2024 and 2023, respectively.

Analysis on 9/9/2026