$PLUT

Plutus Financial Group Ltd

CIK:0001933021|SEC Filings

Consolidated Statements of Loss and Comprehensive Loss $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 HKD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2024 HKD ($) $ / shares shares	Dec. 31, 2023 HKD ($) $ / shares shares
Revenues:
Total revenues	$ 1,341	$ 10,439	$ 1,255	$ 9,748	$ 21,939
Expenses:
Compensation and benefits	1,616	12,575		8,633	7,550
Commission expense	297	2,309		2,538	2,037
Advertising and marketing	503	3,912	78	608	2,254
Lease expense	155	1,204	161	1,250	1,261
Legal and professional fee	2,101	16,352		2,077	2,356
Provision for (reversal of) allowance for expected credit losses, net	242	1,881		(1,403)	10,944
Other general and administrative	709	5,518	422	3,277	2,816
Total expenses	5,623	43,751	2,185	16,980	29,218
Loss from operations	(4,282)	(33,312)		(7,232)	(7,279)
Share of losses of associate	(6)	(43)
Impairment of investment under equity method	(501)	(3,900)
Other income:
Government subsidies				103
Others	127	989		493	207
Total other income	127	989	76	596	207
Loss before income taxes	(4,662)	(36,266)	$ (854)	(6,636)	(7,072)
Income tax expenses	397	3,087		(1,113)	(1,058)
Net loss and total comprehensive loss	$ (5,059)	$ (39,353)		$ (5,523)	$ (6,014)
Net loss per share attributable to ordinary shareholders
Basic \| (per share)	$ (0.35)	$ (2.71)		$ (0.46)	$ (0.50)
Diluted \| (per share)	$ (0.35)	$ (2.71)		$ (0.46)	$ (0.50)
Basic	14,514,081	14,514,081	12,000,000	12,000,000	12,000,000
Diluted	14,514,081	14,514,081	12,000,000	12,000,000	12,000,000
Securities Brokerage Commission [Member] \| Nonrelated Party [Member]
Revenues:
Total revenues	$ 217	$ 1,691		$ 1,635	$ 3,047
Securities Brokerage Commission [Member] \| Related Party [Member]
Revenues:
Total revenues	55	426		510	466
Securities Brokerage Handling Fee [Member]
Revenues:
Total revenues	49	378		349	261
Placing Services Fee [Member]
Revenues:
Total revenues					8,237
Asset Management Fee [Member] \| Nonrelated Party [Member]
Revenues:
Total revenues	403	3,140		2,845	2,944
Asset Management Fee [Member] \| Related Party [Member]
Revenues:
Total revenues	76	595		1,350	1,003
Interest Income Nonrelated Party [Member]
Revenues:
Total revenues	487	3,798		2,607	5,565
Interest Income Related Party [Member]
Revenues:
Total revenues	$ 54	$ 411		$ 452	$ 416

Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 HKD ($)	Dec. 31, 2023 HKD ($)
Cash flows from operating activities
Net loss	$ (5,059)	$ (39,353)	$ (5,523)	$ (6,014)
Adjustment:
Depreciation and amortization	251	1,951	350	8
Gain on bargain purchase		(3)
Share of losses of associate	6	43
Impairment on investment under equity method	501	3,900
Provision for (reversal of) allowance for expected credit losses, net	242	1,881	(1,403)	10,944
Changes in operating assets and liabilities:
Loans to customers	(5,954)	(46,338)	20,003	11,104
Receivables from customers and broker-dealers	79	614	10,525	(7,812)
Prepaid expenses and other current assets	(2,020)	(15,721)	248	(26)
Income taxes recoverable	22	171	(692)
Deferred tax assets	397	3,087	(982)	(1,791)
Refundable deposits	(4)	(28)	(218)
Payables to customers and clearing organizations	1,339	10,420	(30,501)	5,670
Accruals and other current liabilities	105	817	1,228	(831)
Accrued commission expenses	(54)	(418)	42	(1,714)
Lease liability	(150)	(1,169)
Income taxes payable			(1,165)	664
Cash generated from (used in) operating activities	(10,299)	(80,146)	(8,088)	10,202
Cash flows from investing activities
Acquisition of subsidiaries		2
Advance to related parties	(4)	(25)
Repayment from related parties	48	375
Purchase of property, plant and equipment	(5)	(37)
Purchase of intangible asset	(429)	(3,340)
Purchase of investment under equity method	(835)	(6,500)	(1,300)	(19)
Cash used in investing activities	(1,225)	(9,525)	(1,300)	(19)
Cash flows from financing activities
Loan from related parties	771	6,000
Deferred IPO cost			(1,052)	(161)
IPO proceed	7,734	60,176
Proceed from private offering	2,094	16,302
(Advance to) repayment from related parties			494	(7,013)
Cash (used in) generated from financing activities	10,599	82,478	(558)	(7,174)
Net change in cash, cash equivalents and cash segregated for regulatory purpose	(925)	(7,193)	(9,946)	3,009
Cash, cash equivalents and cash segregated for regulatory purpose at beginning of the year	5,215	40,587	50,533	47,524
Cash and cash equivalents and cash segregated for regulatory purpose at the end of the year	4,290	33,394	40,587	50,533
Supplementary cash flows information
Cash paid for income taxes	(22)	(171)	(1,727)	(69)
Supplemental schedule of non-cash investing and financing activities:
Dividends made through reduction in amount due from the shareholder				(13,322)
Initial recognition of lease obligations related to right-of-use assets			2,208
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	1,665	12,963	30,618	12,048
Cash segregated for regulatory purpose	2,625	20,431	9,969	38,485
Total cash, cash equivalents and cash segregated for regulatory purpose	$ 4,290	$ 33,394	$ 40,587	$ 50,533

Consolidated Balance Sheets $ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 HKD ($)
Current assets:
Cash and cash equivalents	$ 1,665	$ 12,963	$ 30,618
Cash segregated for regulatory purpose	2,625	20,431	9,969
Receivables from:
Broker-dealers, net of allowance of HKD9,000 and HKD9,000 as of December 31, 2024 and 2025, respectively	18	142	267
Clearing organization, net of allowance of nil and nil as of December 31, 2024 and 2025	50	387	696
Prepaid expenses and other current assets	2,044	15,910	5,485
Income tax recoverable	66	521	692
Total current assets	14,273	111,101	64,546
Non-current assets:
Property and equipment, net	72	560	966
Right-of-use assets	130	1,009	2,083
Intangible asset, net	456	3,550	600
Deferred tax assets			3,087
Investment under equity method	329	2,557
Refundable deposit	62	475	447
Total non-current assets	1,049	8,151	7,183
TOTAL ASSETS	15,322	119,252	71,729
Payables to:
Clearing organizations	4	35	25
Accruals and other current liabilities	451	3,510	2,686
Accrued commission expense	117	909	1,327
Lease liabilities - current	129	1,001	1,133
Total current liabilities	4,138	32,210	15,516
Non-current liabilities:
Lease liabilities - non-current			994
Total non-current liabilities			994
TOTAL LIABILITIES	4,138	32,210	16,510
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity
Preferred shares US$0.0001 par value per share; 3,000,000 authorized; nil and nil share issued and outstanding as of December 31, 2024 and 2025 Ordinary shares US$0.0001 par value per share; 300,000,000 authorized; 12,000,000 and 15,350,000 shares issued and outstanding as of December 31, 2024 and 2025	2	12	9
Additional paid-in capital	17,258	134,328	63,155
Accumulated deficit	(6,076)	(47,298)	(7,945)
Total shareholders’ equity	11,184	87,042	55,219
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	15,322	119,252	71,729
Nonrelated Party [Member]
Current assets:
Loans to customers	7,227	56,250	15,901
Receivables from:
Receivables from customers	31	239	167
Payables to:
Payables to customers	2,035	15,836	4,912
Related Party [Member]
Current assets:
Loans to customers	528	4,108
Receivables from:
Receivables from customers	11	91	343
Amount due from related parties	8	59	408
Payables to:
Payables to customers	631	4,919	5,433
Amount due to a related party	$ 771	$ 6,000