Alset Inc. reported a total revenue of $21.1 million for the fiscal year ending December 31, 2024, a decrease of 4% from $22.1 million in 2023. The company experienced a significant reduction in net losses, reporting a loss of $4.2 million compared to a loss of $61.3 million in the previous year. This improvement in profitability was attributed to a decrease in operating expenses and a notable recovery in other income, which included a realized gain on securities investments of $461,247, contrasting with a substantial loss of $11.4 million in the prior year.
The company's real estate segment, which accounted for approximately 79% of total revenue in 2024, saw a decline in property sales, generating $19.6 million compared to $21 million in 2023. The digital transformation technology and biohealth segments did not contribute to revenue in 2024, reflecting a strategic shift as the company focuses on its core real estate and rental operations. The rental business generated $2.9 million in revenue, up from $2.8 million in 2023, indicating a steady growth trajectory in this area.
Alset Inc. has made strategic moves to enhance its operational footprint, including the acquisition of Hapi Travel Limited in June 2023, which was later sold in December 2024. The company also entered into significant contracts for the sale of residential lots in its Lakes at Black Oak project, with sales expected to generate approximately $23 million in funds from operations. Additionally, Alset has expanded its rental portfolio, owning 132 single-family homes in Texas, which are equipped with smart home technologies aimed at attracting tenants.
Operationally, Alset Inc. has faced challenges, including a material weakness in internal controls due to a limited staff, which has restricted the company's ability to segregate duties effectively. The management is actively working to address these weaknesses by planning to hire additional qualified personnel with financial expertise. Looking ahead, the company aims to leverage its diverse business segments to stabilize and grow revenue, particularly through its rental operations and potential acquisitions in the real estate sector. The management remains optimistic about future growth, emphasizing the importance of strategic acquisitions and operational efficiencies.
About Alset Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.