Greenpro Capital Corp.

What they do

Greenpro sells a 'Package Solution' of cross-border business solutions and accounting outsourcing to SMEs in Asia, delivered through subsidiaries in Hong Kong, China, Malaysia, Belize and Malaysia. It also runs a venture capital business through Greenpro Venture Capital Limited (Anguilla), covering a start-up incubator, investment in start-up and high-growth companies, and rental and sale of commercial properties. Its Labuan subsidiary Green-X Corp. operates the Green-X DAX digital asset exchange under Part IX of the Labuan Financial Services and Securities Act 2010, with ISRA International Consulting as Shariah adviser.

Revenue drivers

• Service revenue — The largest line, at $1,843,968 of the $2,073,557 total revenue in 2025 (about 89%), covering corporate advisory, tax planning, cross-border listing, company formation and secretarial services; $58,861 came from related parties.
• Digital revenue — Digital platform services and trading of digital assets generated $168,240 in 2025 versus $327,802 in 2024; 2024 included $21,000 of related-party digital revenue.
• Rental revenue — Leasing of commercial properties produced $61,349 in 2025 and $76,700 in 2024, the smallest of the three reported revenue lines.
• Venture capital / property — The venture capital business, including commercial real estate held in Malaysia and Hong Kong through Greenpro Resources Sdn. Bhd. and Forward Win International Limited, is described as investing in start-ups and holding or selling investment properties.

Recent performance

Total revenue fell to $2,073,557 in 2025 from $3,496,405 in 2024, with service revenue down to $1,843,968 from $3,091,903 and digital revenue down to $168,240 from $327,802. Cost of revenues declined only slightly, to $407,393 from $426,440, so gross profit dropped to $1,666,164 from $3,069,965. General and administrative expenses were $3,818,580 in 2025 versus $4,039,243 in 2024, leaving a loss from operations of $2,152,416 compared with $969,278 in 2024. Quarterly revenue was $302,167 in the three months ended June 30, 2026, down $124,925 from $427,092 in the prior-year period. Full-year net income was negative $3.0 million in 2025, and operating cash flow was negative $1.8 million.

Strategy

Management continues to position Greenpro around the Package Solution for Asian SMEs, the Greenpro Venture Capital incubator and investment activities, and the Green-X DAX digital asset platform. Green-X operates under a Labuan Financial Services Authority license granted in 2022, and ISRA Consulting's Shariah pronouncement was renewed on September 20, 2024, with further renewal from September 20, 2025 still in progress as of the reports. The company also holds intellectual property through Greenpro Resources (HK) Limited, which holds six trademarks and related applications. Corporate activity since the 10-K includes a 1-for-10 reverse stock split effective at the open on August 6, 2026, and several material agreements and unregistered equity sales reported in 8-K filings between April and July 2026.

Risks

• Revenue decline and operating losses — Revenue fell 41% to $2,073,557 in 2025 from $3,496,405 in 2024, and the loss from operations widened to $2,152,416 from $969,278.
• Persistent cash burn — Operating cash flow has been negative each year from 2021 through 2025, including negative $1.8 million in 2025, and cash and equivalents stood at $634,440 at June 30, 2026.
• Shariah pronouncement renewal pending — The Green-X DAX Shariah pronouncement renewed September 20, 2024, is subject to further renewal from September 20, 2025, and the renewal process was still in progress as of the filings.
• Geographic and catastrophic-event exposure — The 10-K risk factors state operations in Hong Kong, China and Malaysia are subject to interruption by natural disasters, public health crises such as COVID-19, and geopolitical unrest.

Outlook

Management's discussion continues to describe the three operating regions, Hong Kong, China and Malaysia, and the same service, digital and rental revenue lines, without providing numeric guidance. The 10-Q notes the Shariah pronouncement renewal for Green-X DAX was still in progress and the 1-for-10 reverse stock split took effect at the open on August 6, 2026. No forward financial targets are given in the excerpts provided.