INHDHIGH SIGNALOPERATIONAL10-K

INHD has completely pivoted from a cold-formed steel construction company to a recycled consumer electronics business through acquisitions of two Hong Kong subsidiaries.

This represents a fundamental business transformation that essentially creates an entirely new investment proposition for shareholders. The company has abandoned its steel-framing technology focus and entered the consumer electronics recycling market serving Southeast Asia, Middle East, and Europe. The dramatic increase in outstanding shares from 3.1 million to 97.9 million suggests significant dilution likely related to financing these acquisitions.

Comparing 2025-12-15 vs 2024-12-09View on EDGAR →
FINANCIAL ANALYSIS

The financial results show mixed signals during this transition period, with operating losses expanding to $4.4 million from $3.4 million as SG&A expenses grew 20% to $4.4 million, likely reflecting costs associated with the business transformation. However, the company meaningfully reduced its debt burden, with current liabilities declining 64% to $468K and total liabilities falling 39% to $839K, suggesting improved balance sheet positioning despite the operational challenges of the business pivot.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-64.3%
$1.3M$468K

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-38.9%
$1.4M$839K

Liabilities reduced 38.9% — deleveraging improves balance sheet strength and financial flexibility.

Operating Income
P&L
-29.3%
-$3.4M-$4.4M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

SG&A Expense
P&L
+20%
$3.7M$4.4M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2025-12-15
PRIOR — 2024-12-09
ADDED
As of December 15, 2025, there were 97,948,480 shares of common stock, no par value, issued and outstanding.
and its subsidiaries; year or fiscal year means the year ending September 30; all dollar or $ references, when used in this prospectus, refer to United States dollars; Hong Kong or HK refers to the Hong Kong Special Administrative Region of the People s Republic of China; HKD, HK$ or H.K.
Dollars refers to the official legal currency of Hong Kong; Common stock refers to Inno Holdings Inc.
( INNO, we, us, or Company ) is an innovative technology company that engages in the business of recycled consumer electronic devices.
We source and purchase pre-owned consumer electronic devices such as smartphones and tablets from suppliers and sell the electronic devices to wholesalers that re-sell these products to their wholesale and/or retail customers in Southeast Asia, Middle East Asia, Europe and other regions.
We conduct our business of recycled consumer electronic devices through two Hong Kong-based wholly-owned subsidiaries Lear Group Limited and Baymax High Technology Co., Limited, acquired by the Company in October and December 2024, respectively.
Previously the Company engaged in the business of manufacturing cold-formed-steel and offering a range of services required to transform raw materials into precise steel framing products and prefabricated homes.
In the second quarter of 2025, the Company decided to discontinue its cold-formed-steel business and sold all of the Company s ownership in the subsidiaries through which the Company conducted its cold-formed-steel business.
From March 2025 till April 2025, the Company completed the disposition of all its ownership or membership interests in its former wholly- and partially-owned subsidiaries, namely Inno Metal Studs Corp, Inno AI Tech Corp., Inno Disrupts Inc., and Castor Building Tech LLC.
Our Products Recycled consumer electronic devices The recycled consumer electronic devices offered by us include smartphones (various models of iPhone) and tablets (various models of iPad).
REMOVED
As of December 3, 2024, there were 3,057,043 shares of common stock, no par value, issued and outstanding.
( INNO, we, us, or Company ) is an innovative building-technology company with a mission to transform the construction industry with our proprietary cold-formed steel-framing technology and other building innovations.
INNO recognized the inherent inefficiency and waste in traditional lumber-based construction techniques and sought to develop steel-based construction technologies to solve the problems.
INNO takes its name from innovation and is committed to the research and development of steel studs/tracks/headers, providing higher performance and greater efficiencies in all aspects of construction, making better structural solutions for both commercial and residential buildings, resulting in substantial labor cost savings, in our view.
The Company s products are created using a combination of intelligent machines and cutting-edge techniques to provide an optimal design solution of framing for engineers, builders, and construction companies.
We are currently a manufacturer of cold-formed-steel members and we offer a full range of services required to transform raw materials into precise steel framing products and prefabricated homes.
We sell these finished products either to businesses or directly to customers.
The finished products and cold-formed-steel members are used in a variety of building types, including residential, commercial, industrial, and infrastructure.
We hope to transform the building industry by reducing construction times while providing more affordable, environmentally sustainable, and durable solutions compared to traditional construction materials and methods.
We believe we are also well positioned to disrupt the construction industry, which now accounts for $10 trillion of the global economy.
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