OFA Group

What they do

Through its wholly owned subsidiary Office for Fine Architecture Limited, the company provides architectural design services (consultation, layout plans, detailed drawings, budget and materials advice) and fit-out works (partition walls, windows, decorative fittings, plumbing and electrical wiring) for commercial and residential buildings in Hong Kong. It operates on a traditional project-based model, has 11 years of membership in the Hong Kong Institute of Architects, and maintains a network of over 100 clients. It is also funding development of an AI software product, OFA QikBIM, for automated generation of structural and MEP construction drawings.

Revenue drivers

• Design services — Conceptual design, layout plans, detailed drawings and budget/material advice provided to commercial and residential clients; this is the company's core, long-standing service line.
• Fit-out works — Installation of protective materials, partition walls, windows, decorative fittings, plumbing and electrical/wiring works; project-based and tied to individual client engagements.
• Project income — All revenue is reported as project income; most recent quarter (three months ended June 30, 2026) was $14,879 versus $18,955 a year earlier.
• OFA QikBIM (in development) — AI software for architecture design and automated structural/MEP drawing generation under a May 23, 2025 Co-Development Agreement; no contribution to reported revenue is stated in the excerpts.

Recent performance

For the three months ended June 30, 2026, revenue was $14,879, down from $18,955 in the prior-year quarter, with cost of revenue of $3,977 and gross profit of $10,902. Operating expenses totaled $1,915,125, driven by $924,586 of depreciation and amortization against just $40 a year earlier, plus $449,795 of salaries and wages and $254,035 of professional services. The loss from operations was $1,904,223, essentially in line with the $1,733,513 loss a year earlier, with net other income of $3,076. Annual revenue figures reported were $1.1M (2023), $530,606 (2024), $202,007 (2025) and $716,885 (2026), while net income fell from $174,268 in 2023 to a loss of $8.0M in 2026. Operating cash flow has been negative each year, at $(184,692) in 2023, $(239,111) in 2024, $(256,215) in 2025 and $(4.2M) in 2026.

Strategy

The company says it is focused on innovation, efficiency and scalability, using technology tools to enhance its design process while still operating on a traditional project-based model. Its stated enhancement initiatives include using existing visualization tools, exploring specialized software for building code compliance, and evaluating commercially available technology. The centerpiece is the May 23, 2025 Co-Development Agreement with Alan to AI Consultancy Co. Limited to build the OFA QikBIM AI system, under which the company agreed to pay $14,993,500 in four instalments tied to project phases; IP in the core system stays with the contractor while the company receives a perpetual, irrevocable, worldwide, royalty-free license and exclusive North America and Hong Kong operating rights for five years from final completion. On March 31, 2026, the company exercised an option under that agreement, and it also plans to leverage its Hong Kong relationships to explore technology partnerships for the Asian market, though it notes no assurance such agreements will be reached.

Risks

• Highly competitive industry — The architectural services market has low capital barriers and includes larger, better-resourced and smaller specialized competitors, which could pressure revenue and market share.
• Large AI development commitment — The company agreed to pay $14,993,500 in four phase-based instalments for OFA QikBIM, but the core IP remains with the contractor, limiting control over the asset.
• Persistent losses and negative cash flow — Net income was negative $8.0M in 2026 and operating cash flow was negative $4.2M, with quarterly revenue of only $14,879 against $1.9M of quarterly operating expenses.
• Listing-rule and governance events — The company disclosed a delisting notice or listing-rule failure on June 12, 2026, along with multiple director/officer changes and unregistered equity sales during 2026.

Outlook

The excerpts state that the company plans to grow by leveraging its Hong Kong client network and local market expertise to pursue technological partnerships and enhanced service offerings for the Asian market, and that its service enhancement initiatives center on visualization tools and building code compliance software. Management cautions that implementing these enhancements depends on reaching formal agreements with technology providers and that there can be no assurance such agreements will be reached or enhanced services developed. The filings also include customary forward-looking statement language noting that actual results could differ materially, and no specific financial guidance is provided in the excerpts.