Highlights

  • Revenue for fiscal 2026, ended 30 June 2026, fell to US$14.86 million from US$29.67 million a year earlier.
  • A US$18.52 million loss from changes in Warrant Fair Value drove the net loss to US$33.11 million.
  • Share-based compensation expense rose to US$11.67 million from US$2.21 million, lifting total operating expenses sharply.
  • The former U-BX Technology began trading on Nasdaq under the MindForge name and MF symbol on 20 July 2026.

Non-cash charges dominated the first Annual Report from MindForge Inc. (NASDAQ:MF) under its new name. The Beijing-based provider of AI-driven services to insurance carriers and Brokers reported a net loss of US$33.11 million for fiscal 2026, the year ended 30 June 2026, compared with a loss of US$2.72 million in fiscal 2025, as Revenue roughly halved.

The company, formerly U-BX Technology Ltd., completed its name change on 15 July 2026 and moved its Class A shares from the UBXG symbol to MF on the Nasdaq Capital Market on 20 July 2026.

Revenue Slides and Margins Turn Negative

Fiscal 2026 revenue declined to US$14.86 million from US$29.67 million, and US$51.60 million in fiscal 2024. Cost of revenues was US$14.94 million, leaving a gross loss of about US$81,000 against a Gross Profit of about US$252,000 a year earlier.

Operating expenses rose to US$14.51 million from US$3.36 million. Share-based compensation accounted for US$11.67 million, general and administrative costs climbed to US$2.03 million, and the company recorded US$0.81 million of Research and Development spending for the first time. Loss from operations widened to US$14.59 million from US$3.11 million.

Warrant Charge Deepens the Bottom Line

Below the operating line, a US$18.52 million loss from changes in the fair value of warrants pushed the pre-tax loss to US$33.16 million. Net loss per Class A share was US$29.31. Interest income fell to about US$2,000 from US$0.22 million. The company also recorded an income tax benefit of about US$51,000, compared with a benefit of US$0.24 million in fiscal 2025.

The Balance Sheet expanded during the year. Cash rose to US$12.33 million at 30 June 2026 from US$11.18 million, and total Assets reached US$38.80 million. Warrant liabilities of US$16.82 million made up most of total liabilities of US$18.20 million, while shareholders' Equity stood at US$20.59 million.

Business Model and Capital Structure Ahead

Through its operating entities in mainland China, established from 2018, MindForge offers digital promotion, risk assessment tools including its Magic Mirror auto insurance algorithm, value-added bundled benefits and sales of goods. It serves more than 300 city-level property and auto insurance carriers, and all revenue comes from mainland China. A new subsidiary, JZYH Technology, was incorporated on 25 February 2026, with no Business activity described yet.

The share base has changed significantly. A 1-for-25 reverse share split took effect on 22 May 2026, following a 1-for-16 consolidation in November 2024, and shareholders approved a dual-class structure in November 2025. Class A shares outstanding increased from 3,331,681 at 30 June 2026 to 6,061,683 by the annual report date, alongside 306,383 Class B shares. The company has not issued financial guidance, and it has said future follow-on offerings may require filings with China's securities regulator.