Inno Holdings Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsINNO Holdings Inc. is a Texas holding company that sells recycled consumer electronic devices through Hong Kong subsidiaries, after exiting its former cold-formed-steel business.
What they do
The company buys pre-owned smartphones and tablets from suppliers and resells them to wholesalers who distribute in Southeast Asia, Middle East Asia, Europe and other regions. Operations run through Hong Kong-based wholly-owned subsidiaries Lear Group Limited and Baymax High Technology Co., Limited, acquired in October and December 2024. For the year ended September 30, 2025, recycled iPhones accounted for 100% of revenue. The company previously manufactured cold-formed steel and prefabricated homes, but discontinued and sold that business in 2025.
Revenue drivers
- Recycled iPhones — Wholesale sales of various iPhone models generated 100% of revenue for the year ended September 30, 2025.
- Recycled iPads — Tablets are listed among offered devices, but the filings attribute 100% of fiscal 2025 revenue to iPhones, so iPads were not a material revenue source.
- Wholesale customer channel — All revenue comes from wholesale customers who resell the devices into Southeast Asia, Middle East Asia, Europe and other regions.
- Supplier sourcing — Two suppliers accounted for all purchases in fiscal 2025; devices are collected from network carriers, companies and individuals.
Recent performance
Fiscal 2025 revenue was $2.8M, up from $885,495 in 2024, while net loss widened to $7.1M from $3.2M and operating cash flow was negative $4.7M. Recent quarterly revenue was $1.1M in the September 2025 quarter, $1.5M in December 2025, $931,911 in March 2026, and $2.1M in June 2026. As of June 30, 2026, total assets were $56.1M, total liabilities $441,202, shareholder equity $55.6M and cash $33.2M. A 1-for-24 reverse stock split of common stock was effective December 22, 2025.
Strategy
The company is focused on its recycled consumer electronics business and discontinued cold-formed steel in the second quarter of 2025, completing dispositions of Inno Metal Studs Corp, Inno AI Tech Corp., Inno Disrupts Inc. and Castor Building Tech LLC between March and April 2025. It says it will expand into laptops such as MacBook and accessories such as smartwatches and headphones. It emphasizes high-quality Like-New devices with low return rates, dynamic inventory management, fast response from a leased Hong Kong warehouse, and a proprietary pricing database and algorithm. On May 15, 2026, it entered an at-the-market sales agreement allowing up to $60.0M of common stock sales through Aegis Capital Corp. with a 3.0% agent commission.
Risks
- Customer concentration — The company derives all revenue from wholesale customers and 100% from iPhone sales, so losing key buyers would sharply reduce revenue.
- Supplier concentration — Two suppliers accounted for all purchases in fiscal 2025, creating dependence on a very small sourcing base.
- Persistent losses and cash burn — Net loss reached $7.1M in fiscal 2025 and operating cash flow has been negative every year shown, including negative $4.7M in 2025.
- Thin product scope — The business is limited to recycled iPhones and iPads, exposing it to Apple device pricing and demand cycles without diversified product lines.
Outlook
Management states it expects to expand product categories to include laptops such as MacBook and accessories such as smartwatches and headphones. It describes an intention to broaden its supplier base while maintaining high sourcing standards. The May 2026 at-the-market agreement gives the company the option to raise up to $60.0M of common stock, but it is not obligated to sell shares under the program.