$HIHO

HIGHWAY HOLDINGS LTD

CIK:0001026785|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenue from contracts with customers	$ 4,805	$ 7,412	$ 6,321
Cost of sales	(3,439)	(4,942)	(4,613)
Gross profit	1,366	2,470	1,708
Selling, general and administrative expenses	(3,548)	(3,005)	(2,477)
Impairment of property, plant and equipment	(19)		(335)
Impairment of right of use assets	(106)		(527)
Operating loss	(2,307)	(535)	(1,631)
Non-operating income:
Exchange gain, net	22	124	198
Interest income, net	159	203	248
Other income	21	22	30
Gain on disposal of property, plant and equipment	75	333	16
Total non-operating income	277	682	492
(Loss) income before income taxes	(2,030)	147	(1,139)
Income taxes (note 4)	486	(38)	161
Net (loss) income	(1,544)	109	(978)
Net loss (Profit) attributable to non-controlling interests	20	(3)	19
Net (loss) income attributable to Highway Holdings Limited’s shareholders	$ (1,524)	$ 106	$ (959)
Net (loss) income per share:
- basic (in Dollars per share)	$ (0.33)	$ 0.02	$ (0.22)
- diluted (in Dollars per share)	$ (0.33)	$ 0.02	$ (0.22)
Weighted average number of shares outstanding:
- basic (in Shares)	4,554,360	4,401,825	4,373,236
- diluted (in Shares)	4,554,360	4,401,825	4,373,236

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net (loss) income	$ (1,544)	$ 109	$ (978)
Depreciation of property, plant and equipment	31	9	159
Amortization of operating lease right-of-use assets	687	600	599
Loss on termination of operating lease right of use assets	9
Amortization of Intangible assets	5
Expected credit loss (reversal) provision	(82)	66	(513)
Write-down of inventories	106	71	86
Impairment of property, plant and equipment	19		335
Impairment of operating lease right of use assets	106		527
Gain on disposal of property, plant and equipment	(75)	(333)	(16)
Reversal of income tax provision	(496)
Share-based compensation expenses	182	61	58
Changes in operating assets and liabilities:
Accounts receivable	338	168	1,133
Deferred tax			(107)
Inventories	119	356	(272)
Prepaid expenses and other current assets	210	(230)	46
Accounts payable	(268)	(326)	36
Accrued expenses and other current liabilities	117	(511)	(118)
Operating lease liabilities	(717)	(576)	(527)
Income tax payable	6		(59)
Income tax recoverable			3
Long-term accrued expenses	3	(17)	23
Long-term deposits	(167)	193
Net cash provided by (used in) operating activities	(1,411)	(360)	415
Cash flows from investing activities:
Purchase of property, plant and equipment	(103)	(101)	(118)
Proceeds from disposal of property, plant and equipment	82	333	16
Repayment from a long-term loan	20
Payment for acquisition of a subsidiary	(701)
Cash received from the acquired subsidiary	593
Net cash provided by (used in) investing activities	(109)	232	(102)
Cash flows from financing activities:
Share options exercised			59
Cash dividends paid		(492)	(616)
Long term loan Repayment	(25)
Net cash used in financing activities	(25)	(492)	(557)
Net decrease in cash and cash equivalents	(1,545)	(620)	(244)
Cash and cash equivalents at the beginning of year	5,972	6,601	6,952
Effect of exchange rate changes on cash and cash equivalents	(18)	(9)	(107)
Cash and cash equivalents at the end of year	4,409	5,972	6,601
Supplemental disclosure of cash flow information:
Cash paid for income taxes	3	38	3
Cash paid for interest expenses	1
Non-Cash investing and financing activities:
Operating lease right-of-use assets obtained in exchange of operating lease liabilities	(617)
Common share issued for business combination	$ 57

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

Current assets:

Cash and cash equivalents (note 5)

$ 4,409

$ 5,972

Accounts receivable, net (note 6)

1,023

1,022

Inventories (note 7)

1,452

1,146

Prepaid expenses and other current assets, net (note 8)

253

430

Total current assets

7,137

8,570

Property, plant and equipment, net (note 9)

389

Intangible assets, net (note 10)

532

Goodwill (note 11)

260

^[1]

Operating lease right-of-use assets, net (note 15)

2,424

784

Long-term deposits

179

Long-term loan receivable (note 12)

Investments in equity method investees (note 13)

TOTAL ASSETS

10,996

9,554

Current liabilities:

Accounts payable

437

613

Operating lease liabilities, current (note 15)

844

623

Accrued expenses and other current liabilities (note 14)

1,509

1,274

Current portion of long-term loan payable (note 16)

162

Income tax payable

162

486

Dividend payable

Total current liabilities

3,195

3,077

Operating lease liabilities, non-current (note 15)

1,742

187

Deferred tax liabilities

190

Long term accrued expenses (note 14)

Non current portion of long-term loan payable (note 16)

407

Total liabilities

5,560

3,287

Commitments and contingencies (note 17)

Shareholders’ equity:

Preferred shares, $0.01 par value (Authorized: 20,000 shares; no shares issued and outstanding as of March 31, 2025 and 2026)

Common shares, $0.01 par value (Authorized: 20,000,000 shares; 4,401,825 and 4,626,676 shares as of March 31, 2025 and 2026 issued and outstanding)

Additional paid-in capital

12,417

12,178

Accumulated deficit

(6,961)

(5,437)

Accumulated other comprehensive loss

(610)

(516)

Total Highway Holdings shareholder’s equity

4,892

6,269

Non-controlling interests

544

(2)

Total Equity

5,436

6,267

TOTAL LIABILITIES AND EQUITY

$ 10,996

$ 9,554

[1]	Goodwill primarily represents the expected synergies arising from the acquisition, including expansion of the Group’s manufacturing capabilities in Germany, access to an established customer base and workforce. Goodwill is not expected to be deductible for tax purposes.