Key Highlights

● Revenue rose 630% to US$7,147,697.

● Net loss widened to US$13,248,423.

● Cash was US$271,072 on 30 April 2026.

● The filing raises substantial going-concern doubt.

Jiuzi Holdings, Inc. (NASDAQ:JZXN) is in focus because its interim results for the six months ended 30 April 2026 show a company that has reshaped itself from a new energy vehicle dealer into a seller of batteries and electrical equipment, with revenue up sharply but a much larger loss and an explicit going-concern warning. Revenue was US$7,147,697 and net loss was US$13,248,423, according to unaudited statements furnished to the US Securities and Exchange Commission on Form 6-K.

From vehicle dealer to battery seller

The 6-K describes Jiuzi as a Cayman Islands Holding Company that sells proprietary-brand batteries, electronic power equipment, mobile phones and accessories through wholly owned subsidiaries in China. The Business is characterised as new energy battery sales in China, split between proprietary products and the resale of third-party equipment, with electric two-wheelers, three-wheeled scooters and slow-speed vehicles among its offerings. The filing also refers to planned Manufacturing of electric two-wheelers, three-wheelers and low-speed vehicles in Southeast Asia. As a foreign private issuer, it reports on Form 6-K and Form 20-F rather than US domestic forms.

What the six months show

Management's discussion puts revenue at US$7,147,697, compared with US$978,564 in the six months ended 30 April 2025, an increase of 630%. It attributes the rise to higher sales Volume of new energy batteries and electrical equipment. Gross Profit was only US$41,025, against US$14,124 a year earlier, so margins remain extremely thin. Operating expenses were US$9,909,788, including US$7.7 million of stock-based compensation, compared with US$639,085 in the prior-year period. Net loss widened from US$675,742 to US$13,248,423. The statements show US dollar figures, with the Renminbi noted as the functional currency.

Cash and the going-concern warning

Cash stood at US$271,072 on 30 April 2026, and Operating Activities used US$3,671,556 over the six months. The filing states that the accumulated Deficit and net loss raise substantial doubt about the company's ability to continue as a going concern. Management says in the notes that actions being taken to obtain additional funding and implement its strategic plan provide the opportunity to continue as a going concern.

Digital Assets and new ventures

The statements describe a digital assets purchase agreement under which 40 million ordinary shares were to be issued at US$1.50 each, for US$60 million, settled in AWA tokens. A digital assets consideration receivable of US$60.0 million is recorded, alongside remeasurement losses of US$1.4 million on digital assets and US$1.8 million on a contract asset. The company also holds 100 Bitcoin, made an AI equipment prepayment of US$4.1 million to Blue Cedarwood Ltd., and entered three Loan agreements with Changsha Liandai Commercial Management Co., Ltd. totalling RMB195,000 at 3.6% annual interest over two years. The company has also mentioned a cooperation agreement with an AI imaging and data platform company and plans for electric heavy-duty trucks in Vietnam.

Revenue Surges, Losses Outrun It

The company has a Market Capitalisation of US$599.93 thousand on 512.76 thousand shares outstanding and a 52-week range of US$0.75 to US$95.20. The company pays no dividend.

The risks are considerable. Revenue is tiny relative to costs, much of the loss stems from share-based pay and asset remeasurement, Liquidity is very limited, and value attached to token-settled consideration may be hard to realise. The business model is also changing quickly, which makes comparison with earlier periods difficult.

Investors can watch for the next Form 6-K or Form 20-F, which should show whether the funding referred to in the going-concern note is secured, how the US$60 million receivable is treated, and whether the Southeast Asian manufacturing plans move forward.