Jingbo Technology, Inc.

What they do

The company was incorporated in Nevada in 2015 and originally developed application software for a vendor platform. Since a January 2023 share exchange that was accounted for as a recapitalization, it conducts operations in mainland China through Huixin WFOE, Keqiao WFOE, and their respective VIEs, Zhejiang Jingbo Ecological Technology Co. and Guangzhou Keqiao Technology Co. Jingbo Technology controls and consolidates the VIEs through contractual arrangements rather than owning equity in them.

Revenue drivers

• VIE operations in mainland China — All revenue is derived from the VIEs in mainland China, which are consolidated under U.S. GAAP despite no equity ownership; total annual revenue was $2.1M in fiscal 2025 and $1.5M in fiscal 2026.
• Software platform legacy business — The company was initially in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience; no separate segment revenue is disclosed in the excerpts.

Recent performance

Fiscal 2026 annual revenue was $1.5M, down from $2.1M in fiscal 2025 and $1.6M in fiscal 2024. Net loss was $6.7M in fiscal 2026 and $6.0M in fiscal 2025. The most recent quarterly revenue declined sequentially to $281,962 for the quarter ended May 31, 2026, from $341,443 in the prior quarter. Operating cash flow was negative $2.1M in fiscal 2026. As of May 31, 2026, the company had $107,201 in cash and equivalents, total liabilities of $40.0M, and shareholder equity of negative $32.3M.

Strategy

The 10-K and 10-Q excerpts describe the company's structure and historical transactions but do not disclose specific strategic initiatives or investment plans. The company operates through VIE Agreements that provide control and economic benefits over the Chinese VIEs. Management's discussion focuses on the corporate history, the 2023 share exchange, and forward-looking statement disclaimers. No product roadmap, capital expenditure plan, or growth strategy is detailed in the provided excerpts.

Risks

• VIE structure enforceability — The VIE Agreements have not been tested in a Chinese court and may not be effective in providing control over the VIEs, which could result in loss of control over the operating businesses.
• Chinese regulatory action — The company may be subject to sanctions by the CSRC or Chinese government actions that disallow the VIE structure, which could materially change operations or render securities worthless.
• Going concern and liquidity — As of May 31, 2026, the company had $107,201 in cash, $40.0M in total liabilities, negative shareholder equity of $32.3M, and negative operating cash flow of $2.1M for fiscal 2026.
• Revenue concentration — All revenue is derived from the VIEs in mainland China, and total annual revenue declined from $2.1M in fiscal 2025 to $1.5M in fiscal 2026.

Outlook

The provided excerpts do not include management guidance or specific forward-looking financial targets. The 10-Q includes a forward-looking statements disclaimer but no revenue or earnings projection. Management says it does not assume responsibility for the accuracy of forward-looking statements and disclaims any obligation to update them except as required by law.