Highlights

  • Audited FY2025 accounts showed a A$9.3 million loss, far wider than the preliminary loss before tax of A$275,449.
  • Unaudited FY26 Revenue climbed 23.9% to A$10.8 million, while Gross Profit fell 38.1% to A$1.5 million.
  • An Impairment of about A$4.4 million on the iRich Finance stake drove most of the FY26 preliminary loss.
  • The company held A$580,000 in cash at 30 September 2026 after receiving A$178,000 in director and Shareholder loans.

Victor Group Holdings (ASX:VIG) has worked through part of a reporting backlog, lodging audited accounts for the year to 30 June 2025 on 25 September 2026 and its half-year report to 31 December 2025 on 30 September 2026. Its shares nonetheless remain suspended.

In its 16 October 2026 list of long-term suspended entities, ASX recorded the company's full-year accounts due on 30 September 2026 as outstanding. The notice set 30 September 2027 as the deadline to lodge overdue reports and 1 October 2027 as the deadline to execute plans for trading to resume.

Audit Adjustments Widen the FY2025 Result

The audited FY2025 loss of A$9.33 million contrasted sharply with the preliminary report released in August 2025. A reconciliation lodged on 1 October 2026 attributed most of the gap to a A$4.28 million impairment of an Investment in an associate, a A$2.71 million impairment of contract Assets and a A$2.40 million increase in Depreciation and Amortisation after the company reassessed the useful lives of certain software assets.

FY2025 revenue edged up 3% to A$8.75 million. Revenue is concentrated in China, with four customers accounting for about 92% of the total. Auditor Stantons flagged a material uncertainty relating to going concern, citing a net current asset Deficit of A$2.66 million, while directors pointed to related-party support confirmations.

FY26 Preliminary Report Shows Higher Sales but Thinner Margins

The Victor Group operates through Chinese subsidiaries that provide infrastructure, platform and software-as-a-service solutions, cloud education platforms and e-learning for schools, students and parents, plus data management platforms for corporate and government clients.

Its unaudited FY26 report for the year to 30 June 2026 showed revenue of A$10.84 million. Cost of sales rose faster, to A$9.33 million, compressing gross profit. The loss after tax was A$5.36 million, including a A$4.43 million impairment of the 15% stake in iRich Finance, which was acquired through the issue of 97,834,000 shares in September 2025. Net assets fell to A$429,781 and cash stood at A$502,564, although operations generated a small cash inflow of A$118,199. The FY26 audit was still under way when the preliminary report was released.

Early-Stage Plans Sit Behind Lodging Audited FY26 Accounts

In the September 2026 quarter, customer receipts totalled A$984,000 and net operating cash outflow was A$12,000. The Shenghan Subsidiary signed about A$587,000 in new software contracts and invested around A$93,000 in intangible assets.

Management intends to keep developing its cloud solutions and generating cash from core operations. It is also evaluating an onshore Australian presence and expansion into renewable and new energy sectors, but these ideas are at an early stage and no binding agreements have been signed. Daybreak Corporation, the controlling shareholder, held 61.33% at 30 June 2025. Shares were unchanged at A$0.041 on 2 November 2026, with a Market Capitalisation of A$30.75 million and no change over 12 months.