Masonglory Limited

What they do

Masonglory Limited is an exempted Cayman Islands company incorporated on February 21, 2024, with subsidiaries Masonglory (BVI) Limited and Masontech Limited. Masontech Limited, incorporated in Hong Kong, is the group's sole operating subsidiary and is described in the filing as the group's only operating subsidiary in Hong Kong. The company is classified under SIC code 1520, Construction - Special Trade Contractors, and its ordinary shares trade on the Nasdaq Capital Market under the symbol MSGY. As of the date of the 20-F, there were 16,957,000 ordinary shares outstanding at par value US$0.0001 per share.

Revenue drivers

• Hong Kong construction subcontracting (Masontech Limited) — Masontech Limited is identified in the filing as the company's sole operating subsidiary in Hong Kong, and is therefore the source of the group's reported revenue.
• Not disclosed at segment level in the excerpts provided — The filing excerpts supplied do not break out individual product lines, contract types, or customer categories, so no further revenue-driver detail can be supported.

Recent performance

Annual revenue rose from $8.0M in 2023 to $20.6M in 2024, $23.3M in 2025 and $23.6M in 2026, implying a sharp deceleration in the latest year. Net income was $332,354 in 2023, approximately $1.3M in both 2024 and 2025, then a loss of $8.0M in 2026. Diluted EPS was $0.03 in 2023, $0.11 in 2024, $0.1 in 2025 and $0.56 in 2026. Operating cash flow was negative $1.5M in 2023 and negative $1.7M in 2024, positive $3.4M in 2025, and negative $3.8M in 2026. At March 31, 2026, total assets were $11.5M, total liabilities $3.1M, shareholder equity $8.4M and cash and equivalents $315,721.

Strategy

The excerpts provided do not contain a substantive management discussion of strategy, capital allocation or investment priorities. The only structural facts disclosed are the holding company's incorporation in the Cayman Islands in February 2024, the BVI intermediate subsidiary Masonglory (BVI) Limited, and the Hong Kong operating subsidiary Masontech Limited. The company adopted amended and restated memorandum and articles of association with effect from June 30, 2025. No acquisitions, joint ventures, new service lines or facility investments are described in the source material supplied.

Risks

• Profitability reversal — Net income swung from approximately $1.3M in fiscal 2025 to a $8.0M loss in fiscal 2026 despite roughly flat revenue of $23.6M.
• Thin liquidity — Cash and equivalents stood at only $315,721 at March 31, 2026, against total liabilities of $3.1M.
• Persistently weak operating cash flow — Operating cash flow was negative in fiscal 2023, 2024 and 2026, with fiscal 2026 at negative $3.8M.
• Parent-only operating structure — Substantially all activity depends on Masontech Limited, described as the group's sole operating subsidiary in Hong Kong.

Outlook

The excerpts provided do not include management's forward-looking outlook, guidance, backlog commentary or stated priorities for the coming year. Nothing in the source material supplied supports an assessment of expected fiscal 2027 performance. The reported figures show revenue essentially flat year over year at $23.6M while net income moved to a $8.0M loss and cash fell to $315,721 at March 31, 2026.