Key Highlights:

  • Solowin Holdings shares fell 21.85% to $0.0590 on Friday, October 23, 2026.
  • A 1-for-200 reverse split is listed for October 26, 2026, according to market estimates.
  • Revenue for the year ended March 31, 2026 rose about 895% to $28.05 million.
  • Net loss for the same year was $13.29 million.
  • AI infrastructure revenue was about $22.2 million, or 79% of the group total.

Reverse Split Looms: Why Is Solowin Holdings Penny Stock Down 22%?

Solowin Holdings (NASDAQ:AXG) shares fell 21.85% to $0.0590 on Friday, October 23, 2026. The company has not announced a catalyst for the decline, and no press release dated October 22 or October 23 appears among its recent announcements.

The most relevant item on file is a report dated October 2, 2026, covering a proposed reverse split and a plan to give Class B shares 50 votes each, both put to a shareholder vote. Market estimates list a 1-for-200 reverse split for October 26, 2026, the next trading day.

Solowin is a Hong Kong-based company building an institutional digital finance business that spans stablecoin payments, tokenization and, more recently, artificial intelligence computing infrastructure.

Financing History: How Has the Share Count Grown?

The company filed a prospectus supplement on September 21, 2026 describing a $2 million cash deal that can trigger discounted share issuances. A same-day report said 5.25 million shares were being issued at $0.0001 each as part of new funding terms.

In June 2026, it filed for an offering of up to $6.48 million of Class A shares tied to an 8% pre-paid share arrangement.

Market estimates show about 212.9 million shares outstanding, which implies a market value near $12.6 million at $0.0590 (calculated). The stock is down about 97.5% over the past year, and its largest single-day move was an 84.6% decline on September 25, 2026.

Fiscal 2026 Results: Does Growth Offset the Loss?

For the year ended March 31, 2026, revenue rose about 895% to $28.05 million from $2.82 million, according to a release dated September 18, 2026. The net loss was $13.29 million.

AI infrastructure produced about $22.2 million of revenue, or 79% of the group, and digital asset tokens added about $5.6 million. Stablecoin and fiat trading volume reached $1.04 billion, up 395%, and client assets under administration rose 347% to $848.8 million.

At $0.0590, the market value equals roughly 0.45 times fiscal 2026 revenue (calculated).

AI Infrastructure Plans: What Has the Company Targeted?

On September 14, 2026, the company set a target of more than 100 megawatts of AI computing capacity by 2028, supported by a development pipeline above 1 gigawatt. On September 16, 2026, its AXG Digital unit appointed executives to run that expansion.

In June 2026, AX Coin Bahrain received a full stablecoin issuer license. Its AX ONE payments product processed $226 million of volume during the year.

Short interest was about 1.3 million shares, or 3.2% of the float, according to market estimates, up 218.4% from the prior period.

What to Watch Next: Does the Split Reset the Price on October 26?

Solowin fell 21.85% on October 23, 2026, with no company announcement attached to the move and a reverse split listed for the next trading day. The next dated event is the October 26, 2026 split, and the company has not announced a date for its next results.

The shares fell 21.85% to $0.0590, and the company has not announced a catalyst.

Market estimates list a 1-for-200 reverse split for October 26, 2026.

Revenue rose about 895% to $28.05 million, with a net loss of $13.29 million.