Linkage Global Inc

What they do

Linkage Global Inc, through its subsidiaries, provides cross-border e-commerce services including product sales, e-commerce operation training, and software support (e.g., the Honeybee product shelving software). It also operates an advertising business through an authorized agent model that procures merchants to purchase ad inventory from media. The company is headquartered in Tokyo, Japan and is listed on the NASDAQ Capital Market under the symbol LGCB.

Revenue drivers

• Cross-border e-commerce services — Revenue from selling products to cross-border e-commerce sellers and providing training and software support; this is the core business, with total revenue declining from $15.5M in 2021 to $5.1M in 2025.
• Online advertising platform — An authorized agent model that facilitates media ad inventory purchases for merchants; contributes to revenue but specific segment breakdown is not provided in the excerpts.

Recent performance

For fiscal year 2025, revenue fell to $5.1M from $10.3M in 2024, a sharp decline. Net loss widened to $7.4M in 2025 from a loss of $439,336 in 2024, with diluted EPS dropping to -$1.27. Operating cash flow was negative $4.7M in 2025, continuing a trend of cash burn. As of September 30, 2025, the company had $734,711 in cash and equivalents, total assets of $21.4M, and shareholder equity of $16.3M.

Strategy

The filing does not detail a forward-looking strategy, but the company's structure indicates a focus on cross-border e-commerce services and ad platform growth. Management has not disclosed specific new investments or priorities in the provided excerpts. The company is expanding its operational footprint through subsidiaries in Japan, Hong Kong, and mainland China. Historical revenue volatility suggests a need to stabilize the core business.

Risks

• Revenue decline — Revenue has fallen for three consecutive years, from $22.0M in 2022 to $5.1M in 2025, indicating significant business contraction.
• Cash burn — Operating cash flow has been negative since 2023, and cash and equivalents are only $734,711, raising liquidity concerns.
• Net losses — The company has reported net losses for three straight years, with the 2025 loss of $7.4M far exceeding prior losses.
• Geographic concentration — Operations in Japan, Hong Kong, and mainland China expose the company to regional regulatory and economic risks, including PRC legal risks as noted in the filing.

Outlook

Management has not provided specific forward-looking guidance in the filed excerpts. The company faces ongoing liquidity constraints and operational losses, which may require capital raises or cost reductions. The continued focus on cross-border e-commerce and advertising may help stabilize revenue if market conditions improve.