$EVOH · EvoAir Holdings Inc.
EvoAir Holdings filed its FY2026 10-K for the year ended August 31, 2026. Revenue was $319,052 (+12.1% YoY), gross profit was just $21,531 (6.7% margin), and the net loss attributable to equity holders was $4.09M ($0.15/share). Operating expenses of $4.23M consumed over 13x revenue. Intangible assets stand at $41.58M net of $27.51M in accumulated impairment, with prior-year impairment of $6.93M driven by sales significantly below projections and delayed regulatory approvals.
- Revenue of $319,052 with gross margin of just 6.7%, yielding only $21,531 in gross profit for the full year.
- Operating expenses consumed $4.23M, producing a loss from operations of $4.21M and an operating margin of -1,318.9%.
- Net loss attributable to equity holders was $4.09M ($0.15/share), improved from $14.63M ($0.55/share) in FY2025.
- Intangible assets carry a net book value of $41.58M after $27.51M in accumulated impairment, with $6.93M impairment taken in FY2025.
- Accumulated deficit reached $58.12M against shareholders' equity of $37.98M; the company warns it may need to adjust or curtail operations.
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A company with a $325M+ market cap (per last February close) generated only $319K in annual revenue and carries $41.6M in intangible assets already impaired by $27.5M.
EvoAir operates in the eco-friendly HVAC space in Asia, a market with growing demand but high barriers to adoption for novel technologies. The company's micro-cap revenue and persistent losses contrast sharply with established HVAC peers.
The company's core EvoAir product sales were "significantly below projections" for three years, triggering a $6.93M impairment in FY2025. Management cites slower market adoption and regulatory approval delays. The $41.58M in remaining intangible assets face further impairment risk if adoption does't
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