EvoAir Holdings Inc.

What they do

The company conducts operations through its subsidiary EvoAir International Limited, which wholly owns WKL Eco Earth Holdings and, through it, Malaysian entities WKL Eco Earth, WKL Green Energy, EvoAir Manufacturing, Evo Air Marketing, plus a Cambodia entity (WKL EcoEarth Indochina) and a China entity (WKL Guanzhe). It engages in R&D, manufacturing, trading and sale of eco-friendly HVAC products and related services in Asia. It became the operating business following a December 20, 2021 reverse transaction in which Dr. Low transferred his EvoAir International shares to the company for $100 and control of the company passed to WKL Global Limited.

Revenue drivers

• HVAC product sales (manufacturing and trading) — Revenue comes from manufacturing, trading and sale of eco-friendly HVAC products in Asia, conducted through EvoAir Manufacturing and Evo Air Marketing; fiscal 2025 revenue was $284,666.
• Eco-friendly air-conditioner condenser / EvoAir line — Patents and trademarks for an eco-friendly air-conditioner condenser (external unit) under the EvoAir brand were assigned by Dr. Low to WKL Eco Earth Holdings on December 20, 2021 as part of the IP Assignments.
• Portable air-conditioner / e-Cond EVO line — Patents and trademarks relating to a portable air-conditioner under the e-Cond EVO brand were also assigned by Dr. Low to WKL Eco Earth Holdings on the same date.
• Asia regional footprint (Malaysia, Cambodia, China) — Operations include subsidiaries incorporated in Malaysia, Cambodia and China; the filings do not break out revenue by geography or product line.

Recent performance

Fiscal 2025 (ended August 31, 2025) revenue was $284,666, up from $135,557 in fiscal 2024. Quarterly revenue has been uneven: $166,943 for the quarter ended 2025-08-31, $20,451 for 2025-11-30, $67,588 for 2026-02-28, and $123,574 for 2026-05-31. Net loss was $14.6M in fiscal 2025 versus $25.9M in fiscal 2024, and diluted EPS was -$0.55 versus -$1.01. Operating cash flow was negative $1.2M in fiscal 2025 after negative $939,775 in fiscal 2024. At 2026-05-31 the company reported total assets of $43.6M, total liabilities of $4.4M, and cash and equivalents of $35,811.

Strategy

Management describes the business as centered on R&D, manufacturing, trading and sale of eco-friendly HVAC products and related services in Asia. The company's stated emphasis is on continuing to innovate and introduce eco-friendly HVAC products to meet evolving market trends and customer demands. The filings note the December 20, 2021 transactions, under which the HVAC business was transferred to the company and intellectual property for the EvoAir condenser and e-Cond EVO portable air-conditioner lines was assigned to WKL Eco Earth Holdings. The 10-K and 10-Q excerpts do not describe specific capital commitments, product timelines or geographic expansion targets beyond the existing Asia operations. No dividend or capital return plans are disclosed in the excerpts.

Risks

• Innovation and product relevance — The company states that its success depends on continuing to introduce innovative eco-friendly HVAC products and that failure to do so could cause it to lose customers and harm operating results.
• Competition in Asian HVAC — The company identifies the Asian air-conditioning and air-purifying industry as highly competitive, naming Daikin Industries, Gree Electric, Trane Technologies, Johnson Controls, Lennox International, Midea Group and Mitsubishi Electric as larger competitors.
• Cultural and organizational continuity — The company states it may not be able to maintain the culture of innovation it considers critical, and may fail to promote leaders who share it, which could affect long-term prospects.
• Small revenue base relative to losses — Fiscal 2025 revenue of $284,666 compares with a net loss of $14.6M and negative operating cash flow of $1.2M, and cash and equivalents were $35,811 at 2026-05-31.

Outlook

The excerpts provided do not include specific forward guidance on revenue, margins, product launches or financing plans. Management's stated direction is to continue innovating and adapting eco-friendly HVAC products to market and customer demands in Asia. The risk-factor language cautions that the company may not be able to innovate or adapt in a timely or cost-effective manner. No quantified targets or timelines are given in the 10-K or 10-Q material provided.