PMA Graphene Technology Group Inc.

What they do

The company operates through Hong Kong-incorporated subsidiaries including MSHK Construction Engineering Limited, MSHK Engineering Limited, MS Engineering Co Limited, Lead Benefit International Limited, Lead Benefit HK Limited, Value Bright International Limited and Value Bright International HK Limited. Under SIC 4510 it is classified as a Construction - Special Trade Contractors business. Revenue is generated from contractor services concentrated in Hong Kong and Taiwan.

Revenue drivers

• Specialty construction contracting — The core contracting business, delivered through the HK-incorporated subsidiaries, produced revenue ranging from $14.4M in 2022 to a peak of $33.9M in 2025 before falling to $14.6M in 2026.
• Customer Concentration — The filing tracks revenue concentration by individual customers (Customer A through Customer G), indicating that a limited number of customers account for the reported sales.
• Accounts receivable concentration — Receivable balances are tracked by individual counterparties (Customer D, Customer F, Customer G and Customer H), showing revenue is billed to a narrow group.
• Supplier concentration — Accounts payable are concentrated with Supplier A and Supplier B, indicating the cost base depends on a small number of vendors.

Recent performance

Revenue was $14.6M in 2026, down sharply from $33.9M in 2025. Net income swung from $2.3M profit in 2024 to a $5.7M loss in 2025 and a $5.8M loss in 2026; diluted EPS was -$0.44 in 2026 versus -$0.48 in 2025. Operating cash flow was $2.5M in 2024, -$8.0M in 2025 and $783,136 in 2026. At 2026-03-31 total assets were $5.9M, total liabilities $10.7M, shareholders' equity was negative $4.8M, and cash and equivalents were $1.6M against $4.7M of long-term debt.

Strategy

The filing identifies an initial public offering that closed on 2024-11-22, with the underwriter also exercising an over-allotment option on 2024-12-09, as a capital-raising event during the reported period. The excerpts are tagged data with no narrative business description, so no further stated strategy, investments or priorities can be confirmed from the material provided.

Risks

• Customer concentration — The filings separately track Customer A through Customer G for revenue concentration, indicating dependence on a limited number of customers.
• Negative shareholders' equity — Equity was -$4.8M at 2026-03-31 while total liabilities of $10.7M exceeded total assets of $5.9M.
• Losses and cash burn — The company reported net losses of $5.7M in 2025 and $5.8M in 2026, with $4.7M of long-term debt against only $1.6M of cash.
• Supplier concentration — Accounts payable are concentrated with Supplier A and Supplier B, exposing the cost base to a small set of vendors.

Outlook

No forward guidance, backlog figure or management outlook statement is included in the source material provided. The only concrete forward-looking data point in the excerpts is a geographic reference dated 2026-06-30. A direct read of management's stated expectations is not possible from these excerpts.