Hi everyone. Good morning and good afternoon to everyone here today. My name is Clarissa from the AsiaFin marketing team and I'd like to welcome you to the AsiaFin Q1 2026 earnings webinar. Hosting the call today are our AsiaFin's founder and group CEO, KC Wong, and our CFO, Chanti Khairapu. At the end of the session, there will be a Q&A session. Please note that this call is also being recorded and a replay will be available on our AsiaFin website. Without further ado, I would like to turn this call over to Mr. Casey Wong, our founder and group CEO.
Hello, everyone. I'm Casey Wong, darling in from Riyadh, Saudi Arabia. Weather today here is 39 degrees, so very hot. Doing business out here can be very tough with the weather. Okay, so let me begin my script. In line with our strong revenue growth momentum for 2025, where we achieved over 50% revenue growth from approximately $3.2 million to $5.1 million revenue last year. Asiofin has now delivered another quarter of financial improvement in the first quarter of 2026, with revenue increasing more than 100% year-on-year to approximately 1.28%. It means 100% from the first quarter of last year. That's what it means. So, this growth is attributed mainly to our software-as-a-service model for our e-invoicing business, which continue to gain traction following our expansion efforts in 2022 or 2024 and 2025. We are also seeing strong recurring maintenance revenue contribution from our other business, including our Saudi Arabia business. We also achieved a significant improvement in gross margin during the quarter, moving from a negative gross margin in the first quarter of 2025 to a positive gross margin of 26.7% in the current quarter, which reflect our continuing commitment on reducing operating costs and strengthen revenue streams. At the same time, net losses were also substantially reduced compared to the same period last year. On the business expansion outside of Malaysia, we are also beginning to is willing to take root particularly within ASEAN and the Middle East okay at present we do not foresee any impact from the inline conflict on our current business operation as our projects are supported and delivered remotely nevertheless our main operating costs continue to be our manpower, which has increased in line with the rising costs of living. Okay, that's all I have. Shanti, our CFO, will walk us through the financial numbers in more detail. Over to you, Shanti.
Thank you, Casey. I will now walk through the group financials performance for the first quarter ended March 31st 2026. Cash and cash equivalents were approximately 1.69 million as of March 31st 2026 as compared to approximately 1.75 million as of December 31st 2025. Revenue for the quarter was approximately 1.28 million, an increase of 105.3% compared to approximately 621,000 in the first quarter of 2025. Gross profit was approximately 341,000 or 26.7% gross margin compared to a gross loss of approximately 6,900 or negative 1.1% gross margin in the first quarter of 2025. The improvement in gross margin reflects stronger revenue growth and improved operational efficiency during this quarter. Selling, general and administrative expenses were approximately $510,000, an increase of 4.9% compared to approximately $486,000 in the first quarter of 2025. Net loss was approximately 165 000 a decrease of 66.3 percent compared to a net loss of approximately 489 000 for the first quarter of 2025 net loss attributed to common shareholders was approximately 153 000 a decrease of 68.4 percent compared to a net loss of approximately 482 000 for the first quarter of 2025. Total comprehensive loss was approximately 144,000, a decrease of 69.2% compared to a comprehensive loss of approximately 468,000 for the first quarter of 2025. Net loss per share basis and diluted was zero compared to 0.01 cent for the first quarter of 2025. five. I will now pass to Clarissa.
Thank you, Changi. We will now begin our Q&A session. So if anybody has a question, you may submit it in our chat box or the Q&A box.
Operator
So we will now open the floor for questions. If anyone has any questions, please put it in the chat box.
If there are no questions i will hand this back to casey for the closing remarks okay uh hello okay so uh no question again uh i think some of you uh joined a bit late uh most of uh to the way we do uh earning call now is uh focus on the uh you know uh reading the earning call the earning report basically it is in the uh 10q that we have submitted to sec at the same time we also published the press release okay so uh of course some of you i see our friends so if you have any question you can always reach out to to me okay uh is there a question all right so uh thank you very much everyone uh this is so sweet uh for all you attending the call today i look forward to the next q2 earning call uh have a good evening to those joining us from aSEAN and have a good day to those that are outside. Thank you very much.
