Helport AI Limited

What they do

Helport AI Limited is incorporated in the British Virgin Islands with principal executive offices at 9 Temasek Boulevard, Suntec Tower Two, Singapore. It is registered with the SEC as a foreign private issuer and files on Form 20-F. Its ordinary shares and warrants trade on Nasdaq under HPAI and HPAIW. It became a public company through a business combination with Tristar that closed on August 2, 2024.

Revenue drivers

• Software and BPO services — The company operates in Services-Prepackaged Software (SIC 7372) and describes itself using both AI and BPO terminology, indicating it sells AI-enabled software and business process outsourcing services; no segment-level revenue breakdown is available in the excerpts.
• Contact center capacity — The filing defines 'contact center seats' as workstations where agents handle calls, email, chat or social media, indicating contact center operations are a unit of scale referenced by the company; no seat count or per-seat economics are given in the excerpts.
• Revenue growth to $34.9M in fiscal 2025 — Annual revenue grew from $2.7 million in 2022 to $12.7 million in 2023, $29.6 million in 2024 and $34.9 million in 2025, though the excerpts do not break revenue down by product or customer.

Recent performance

Fiscal 2025 (year ended June 30, 2025) revenue was $34.9 million, up from $29.6 million in fiscal 2024 and $12.7 million in fiscal 2023. Net income fell to $1.9 million in fiscal 2025 from $7.4 million in fiscal 2024, despite the revenue increase, with diluted EPS of $0.05 versus $0.24. Operating cash flow improved to $9.1 million in fiscal 2025 from $5.0 million in fiscal 2024. At June 30, 2025, total assets were $37.2 million, total liabilities $19.7 million and shareholder equity $17.5 million, with cash and equivalents of $152,051. As of June 30, 2025, 37,430,968 ordinary shares and 18,844,987 warrants were outstanding.

Strategy

The filing excerpts do not contain a detailed management strategy discussion, as the MD&A section (Item 5 of the 20-F table of contents) was not included in the provided material. The business is described in terms of AI and BPO, and the contact center 'seats' definition indicates a focus on capacity for customer interaction channels. The company completed its business combination with Tristar in August 2024 and now reports as a Nasdaq-listed foreign private issuer. No specific investment, product roadmap or capital allocation priorities are quantified in the excerpts provided.

Risks

• Profit decline despite revenue growth — Net income fell from $7.4 million in fiscal 2024 to $1.9 million in fiscal 2025 while revenue rose, indicating margin pressure or higher costs.
• Very low cash balance — Cash and equivalents were $152,051 at June 30, 2025 against $19.7 million in total liabilities, which could constrain operations or require financing.
• Foreign private issuer disclosure — As a BVI company filing on Form 20-F, Helport AI is subject to reduced U.S. reporting and proxy requirements compared with domestic issuers.
• Warrant overhang — 18,844,987 warrants were outstanding as of June 30, 2025, which if exercised would dilute existing ordinary shareholders.

Outlook

The provided excerpts do not include management's outlook or guidance for fiscal 2026. The MD&A section referenced in the 20-F table of contents was not part of the source material, so no forward-looking statements can be reported. Only historical figures through the fiscal year ended June 30, 2025 are available.