HWH International Inc. reported a total revenue of $1.25 million for the fiscal year ending December 31, 2024, marking a significant increase from $830,519 in the previous year. The company experienced a net loss of $2.61 million, compared to a loss of $1.08 million in 2023. The increase in revenue was primarily attributed to the expansion of its food and beverage operations, particularly following the acquisition of Ketomei Pte. Limited in Singapore and the opening of new Hapi Café locations in South Korea.
The company underwent a substantial transformation during the fiscal year, completing a merger on January 9, 2024, which resulted in a name change from Alset Capital Acquisition Corp. to HWH International Inc. This merger was part of a strategic plan to enhance its operational capabilities and market presence. HWH has also restructured its membership model, transitioning from a one-time fee structure to a tiered annual subscription model, which is expected to resume in the near future.
Operationally, HWH International Inc. reported a customer base of approximately 9,811 founding members, with plans to expand its membership offerings through the Hapi Marketplace, which launched in November 2024. The marketplace features over 6,500 products and aims to enhance customer engagement and product adoption rates. The company also opened proof-of-concept Hapi Cafés in Seoul and Singapore, with plans for further expansion as part of its growth strategy.
The company’s financial position showed a cash increase to $4.34 million as of December 31, 2024, up from $1.16 million the previous year. Total liabilities decreased from $6.21 million to $3.53 million, while total assets dropped significantly from $23.71 million to $6.41 million, largely due to the closure of the Trust Account following the merger. HWH has secured a credit facility of up to $1 million from its majority shareholder, Alset Inc., to support its operations and expansion plans.
Looking ahead, HWH International Inc. remains focused on leveraging its café and marketplace operations to build a community-centric business model. The company anticipates that its strategic initiatives, including the launch of the Hapi Wealth Builder program and further geographic expansion, will enhance its market share and operational sustainability. However, the company acknowledges the challenges posed by ongoing losses and the need for additional capital to support its growth objectives.
About HWH International Inc.
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