← Public Policy Holding Company, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $90k | $56k | $5k | $110k | $25.7m | $59.0m | $5.4m | $7.6m | $14.5m | $20.4m | |
| Contract receivables, net | — | — | — | — | — | — | — | $17.4m | $18.3m | $21.9m | |
| Income taxes receivable | — | — | — | — | — | — | — | — | $3.2m | $2.1m | |
| Prepaid post-combination compensation, current portion | — | — | — | — | — | — | — | — | $6.1m | $3.6m | |
| Prepaid expenses and other current assets | $8k | $14.9m | $11.2m | $13.9m | $76.7m | $85.3m | $116.7m | $79.4m | $2.7m | $9.6m | |
| Notes receivable - related parties, long term | — | — | — | — | — | — | — | — | $1.1m | $900k | |
| Prepaid post-combination compensation, long term | $845k | $1.5m | $1.5m | — | — | — | — | — | $888k | $4.7m | |
| Other current assets | $9k | $7k | $7k | — | — | — | — | $1.6m | $1.6m | $999k | |
| Prepaid expenses | — | — | — | — | $71k | — | — | $797k | $1.1m | $1.4m | |
| Restricted cash – non-current | — | — | — | — | — | — | — | — | $2.1m | $4.4m | |
| Prepayments, other receivables and other assets, net | — | — | — | — | — | $34.1m | $110.2m | $22.1m | $3.7m | — | |
| Inventories, net | — | — | — | — | $950k | $7.3m | $778k | $81.1m | $55.2m | $40.1m | |
| Trade receivables, net | — | — | — | — | $181.7m | $111.1m | $9.3m | $22.8m | $12.0m | — | |
| Prepayments, other receivables and other assets | — | — | — | — | $95.4m | $95.2m | $110.2m | $22.1m | $3.7m | — | |
| Short-term investments | — | — | — | — | — | $168.5m | $128.1m | $69.8m | — | $4.0m | |
| Accounts receivable, net | — | $77k | $77k | $33k | $45.0m | $45.7m | $49.2m | $76.7m | $50.1m | $29.3m | |
| Receivable for issuance of ordinary shares | — | — | — | — | ($9k) | ($413.4m) | ($164.7m) | ($83.4m) | ($16.0m) | ($6.2m) | |
| Receivable for issuance of preferred shares | — | — | — | — | ($94.8m) | — | — | — | — | — | |
| Prepaid interest held in escrow | — | — | — | $451k | — | — | — | — | — | — | |
| Accounts Receivable | $143k | $77k | $77k | $33k | $35k | $116k | $6k | $25.1m | $33.0m | $41.6m | |
| Inventory | $107k | — | — | — | — | — | — | — | — | — | |
| Long‑term prepaid expenses and other | — | — | $1.5m | $2.0m | $4.9m | $4.2m | $7.7m | $6.3m | $7.1m | $7.7m | |
| Total current assets | $234k | $140k | $89k | $1.8m | $239.0m | $212.3m | $53.3m | $30.1m | $45.7m | $58.6m | |
| Total current assets before funds held for clients | $95.6m | $120.4m | $152.6m | $201.7m | $335.9m | $273.2m | $243.9m | $427.0m | $572.4m | $607.8m | |
| Long-term investments | — | — | — | — | $73.4m | $74.3m | $82.3m | $75.6m | $65.9m | $65.0m | |
| Property and equipment at cost, less accumulated depreciation | $391k | $294k | $205k | $648k | $5.0m | $8.4m | $7.8m | $7.6m | $751k | $598k | |
| Property, plant and equipment | — | — | — | — | $18.1m | $60.4m | $9.1m | $315k | $56k | — | |
| Capitalized internal-use software, net | $11.4m | $17.4m | $21.1m | $27.5m | $36.5m | $45.0m | $62.0m | $86.1m | $116.4m | $132.3m | |
| Goodwill | $1.3m | $6.0m | $9.6m | $9.6m | $237.2m | $237.2m | $764k | $764k | $64.3m | $57.0m | |
| Other intangible assets, net of accumulated amortization | $111k | — | — | — | $33.5m | $29.5m | $25.5m | $128k | $32.1m | $37.1m | |
| Intangible assets | — | — | — | — | $263.1m | $492.3m | $66.2m | $165.3m | $182.6m | $14.7m | |
| Intangible assets, net | $10.4m | $8.9m | $13.0m | $10.8m | $13.4m | $13.0m | $45.5m | $34.5m | $28.3m | $92.7m | |
| Operating lease right of use asset | — | — | — | $1.3m | $15.0m | $29.2m | $38.6m | $49.7m | $18.4m | $18.8m | |
| Other long-term assets | — | — | — | — | $11.0m | $4.1m | $4.9m | $6.6m | $189k | $276k | |
| Right-of-use assets – finance leases | — | — | — | — | — | — | — | $479k | $309k | $746k | |
| Right-of-use assets | — | — | — | — | $14.9m | $3.1m | $7.1m | $3.9m | $4.6m | — | |
| Total other assets | $1.5m | — | — | — | — | — | — | — | — | — | |
| Notes receivable - related parties, current portion | — | — | — | — | — | — | — | $2.4m | $863k | $750k | |
| Amounts due from related parties | — | — | — | — | $6.0m | $11.5m | $11.7m | $9.4m | $0 | $266k | |
| Deferred income tax asset | — | — | $22.1m | $6.5m | $5.0m | $11.6m | $19.1m | $15.8m | $11.0m | $24.6m | |
| Other liability, current portion | — | — | — | — | — | — | — | $704k | $1.7m | $1.4m | |
| Deferred revenue | — | — | — | — | $7.7m | $3.9m | $7.0m | $424k | $3.1m | $3.3m | |
| Contingent consideration, current portion | — | — | — | — | — | — | — | — | $2.1m | $3.1m | |
| Notes payable, current portion, net | $26k | $29k | $29k | $200k | — | — | — | — | $6.0m | $9.1m | |
| Notes payable, long term, net | $97k | $58k | $32k | $8.7m | $30k | $36k | — | — | $26.0m | $37.9m | |
| Contingent consideration, long term | — | — | — | — | — | — | — | — | $8.8m | $9.9m | |
| Other liability, long term | — | — | $1.1m | $1.7m | $1.7m | $2.0m | $3.7m | $3.7m | $3.7m | $10.6m | |
| Operating lease liability, long term | — | — | — | $1.2m | $5.4m | $20.0m | $28.2m | $37.7m | $16.8m | $16.5m | |
| Income taxes payable | — | — | — | — | — | — | — | $2.7m | $58k | — | |
| Convertible notes | $38k | $187k | $423k | $197k | $197k | $98k | $98k | — | — | $5.3m | |
| Finance lease liabilities – current | — | — | — | — | — | — | — | $198k | $156k | $386k | |
| Finance lease liabilities – non-current | — | — | — | — | — | — | — | $291k | $170k | $398k | |
| Cash | — | — | — | — | — | — | — | $6.6m | $7.9m | — | |
| Deferred share issuance costs | — | — | — | — | — | — | — | $1.3m | — | — | |
| Due from related parties | $9k | — | — | — | — | — | — | $1.0m | — | — | |
| Investments in associates and joint ventures | — | — | — | — | $491k | $0 | — | $2.4m | — | — | |
| Due from related parties, net | — | — | — | — | $1.8m | $306k | $2.4m | $303k | $29.7m | $266k | |
| Due from shareholders, net | — | — | — | — | — | $100k | $99k | $1.9m | — | — | |
| Issued capital | — | — | — | — | $162k | $194k | $198k | $221k | $355k | — | |
| Reserves | — | — | — | — | $655.9m | $936.4m | $58.3m | $21.5m | $37.8m | — | |
| Equity attributable to equity holders of the parent | — | — | — | — | $656.1m | $936.6m | $58.5m | $21.7m | $38.1m | — | |
| Non-controlling interests | — | — | — | — | $5.1m | $5.0m | $2.3m | $1.8m | ($304k) | $29.8m | |
| Interest-bearing loans and borrowings | — | — | — | — | $0 | $6.0m | $69.0m | $3.0m | $1.2m | — | |
| Contract liabilities | — | — | — | — | $587k | $366k | $415k | $12.4m | $9.2m | — | |
| Lease liabilities | — | — | — | — | $9.8m | $793k | $4.7m | $2.5m | $3.2m | — | |
| Trade payables | — | — | — | — | $27.3m | $30.5m | $35.0m | $34.8m | $52.7m | — | |
| Other payables and accruals | — | — | — | — | $67.1m | $58.2m | $50.2m | $87.9m | $88.8m | — | |
| Due to shareholders | — | — | — | — | $7.2m | $325k | $325k | $12.6m | $1.0m | — | |
| Due to related parties | — | — | — | — | — | — | $488k | $531k | $0 | $266k | |
| Income tax payable | — | — | — | — | $10.4m | $2.5m | $1.0m | $1.1m | $323k | — | |
| Deferred tax assets | — | — | — | — | $8.9m | $7.7m | — | — | — | — | |
| Equity investment at fair value through profit or loss | — | — | — | — | $0 | $1.0m | — | — | — | — | |
| Net investments in subleases | — | — | — | — | $202k | $355k | — | — | — | — | |
| Due from shareholders | — | — | — | — | $100k | $100k | — | — | — | — | |
| Due to a shareholder | — | — | — | — | $325k | $325k | — | — | — | — | |
| Amounts due from related parties, non-current | — | — | — | — | — | — | — | $3.0m | $5.7m | $4.9m | |
| Short-term borrowings (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB10,213 and RMB 63 as of March 31, 2024 and 2025, respectively) | $10k | $6k | $7k | $73k | $75.2m | $85.6m | $161.1m | $86.3m | $15.2m | $9.1m | |
| Salary and welfare payable (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB440 and RMB 57 as of March 31, 2024 and 2025, respectively) | $10k | $6k | $7k | $73k | $4.5m | $6.3m | $6.9m | $6.9m | $3.0m | $1.9m | |
| Accrued liabilities and other current liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB6,759 and RMB 3,563 as of March 31, 2024 and 2025, respectively) | $10k | $6k | $7k | $73k | $37.9m | $30.1m | $27.3m | $22.1m | $16.7m | $11.9m | |
| Derivative liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of Nil as of March 31, 2024 and 2025, respectively) | $10k | $6k | $7k | $73k | $14.4m | $10.0m | $9.1m | $10.7m | $5.7m | $5k | |
| Other debts, non-current (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB11,500 and RMB 200 as of March 31, 2024 and 2025, respectively) | $10k | $6k | $7k | $73k | $165.8m | $433.3m | $181.1m | $102.8m | $43.9m | $38.6m | |
| Redeemable non-controlling interests | — | — | — | — | $2.0b | $5.9m | $6.5m | $7.2m | $8.0m | $8.8m | |
| Statutory reserves | — | — | — | — | $2.6m | $3.0m | $3.4m | $3.9m | $3.9m | $3.9m | |
| Amounts due to related parties, current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB4 and RMB21 as of March 31, 2022 and 2023, respectively) | $281k | $589k | $612k | $615k | $45k | $910k | $219k | $471k | $0 | $266k | |
| Long-term borrowings (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB872 and nil as of March 31, 2021 and 2022, respectively) | — | — | — | — | $53.1m | $68.1m | — | — | — | — | |
| Other debts, current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of nil as of March 31, 2020 and 2021, respectively) | — | — | — | — | $76.3m | — | — | — | — | — | |
| Amounts due to related parties, non-current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB10,450 and nil as of March 31, 2020 and 2021, respectively) | — | — | — | — | $11.5m | — | — | — | $0 | $266k | |
| Other Non-Current Assets | — | — | — | $5.7m | $23k | $23k | $24k | — | — | — | |
| Other Current Liabilities | $37k | $101k | $204k | $547k | $173k | $147k | $152k | $143.3m | $158.3m | $193.1m | |
| Advances from related parties | — | — | — | $615k | $615k | $615k | $620k | — | — | — | |
| Convertible notes payable, related party | $322k | $403k | $409k | $409k | $408k | $408k | $408k | — | — | — | |
| Notes payable, net of discounts | — | — | — | $200k | $200k | $200k | $200k | — | — | — | |
| Assets Held for Sale | — | — | — | — | $179k | — | — | — | — | — | |
| Other Non-Operating Non-Current Assets | $3k | $7k | — | — | $8.7m | — | — | — | — | — | |
| Other Non-Operating Current Liabilities | $281k | $589k | $612k | $615k | $1.2m | — | — | — | — | — | |
| Other Non-Operating Non-Current Liabilities | $1.0m | — | — | — | $10.8m | — | — | — | — | — | |
| Other Non-Operating Current Assets | — | — | — | $1.2m | $77k | — | — | — | — | — | |
| Convertible Debt, Non-Current | — | — | — | — | $500k | — | — | — | — | — | |
| Vehicle installment notes payable, current portion | — | — | $29k | — | — | — | — | — | — | — | |
| Vehicle installment notes payable, net of current portion | — | — | $32k | — | — | — | — | — | — | — | |
| Convertible notes payable, related party, net of discounts and current portion | $75k | — | — | — | — | — | — | — | — | — | |
| Vendor deposits | $62k | — | — | — | — | — | — | — | — | — | |
| Warranty and Other Provisions | $58k | — | — | — | — | — | — | — | — | — | |
| Deferred contract costs | — | — | — | $21.7m | $32.3m | $44.2m | $59.5m | $78.1m | $97.9m | $117.2m | |
| Funds held for clients | $1.2b | $942.5m | $1.2b | $1.4b | $1.3b | $1.8b | $4.0b | $2.6b | $3.0b | $2.7b | |
| Long-term deferred contract costs | — | — | — | $81.4m | $125.7m | $170.7m | $229.1m | $294.2m | $348.0m | $393.7m | |
| Client fund obligations | $1.2b | $942.5m | $1.2b | $1.4b | $1.3b | $1.8b | $4.0b | $2.6b | $3.0b | $2.7b | |
| Corporate investments | — | — | $732k | $29.3m | $34.6m | $4.5m | $0 | — | — | — | |
| Deferred rent | $4.6m | $14.6m | $22.8m | $31.3m | — | — | — | — | — | — | |
| Total stockholders’ equity | ($1.9m) | ($1.7m) | ($2.7m) | ($3.6m) | ($2.0b) | $82.7m | $199.2m | $25.3m | $81.3m | $74.9m | |
| Total non-current assets | — | — | — | — | $638.4m | $897.0m | $193.5m | $194.8m | $190.9m | $93.8m | |
| Total equity | — | — | — | — | $661.2m | $941.7m | $60.8m | $23.6m | $37.8m | — | |
| Total non-current liabilities | — | — | — | — | $11.9m | $8.6m | $5.1m | $17.9m | $13.6m | $41.9m | |
| Total equity and liabilities | $581k | $433k | $294k | $9.3m | $877.4m | $1.1b | $246.7m | $248.5m | $261.3m | $202.6m | |
| Total mezzanine equity | — | — | — | — | $1.9b | $5.9m | $6.5m | $7.2m | $8.0m | $8.8m | |
| Total shareholders’ equity | — | — | ($2.7m) | ($4.1m) | ($2.0b) | $127.7m | $241.8m | $217.8m | $252.9m | $219.6m | |
| TOTAL ASSETS | $625k | $433k | $294k | $9.3m | $877.4m | $1.1b | $246.7m | $88.6m | $174.5m | $202.6m | |
| Accounts payable and accrued expenses | $1.0m | — | — | — | — | — | — | $8.5m | $20.0m | $30.8m | |
| Operating lease liability, current portion | — | — | — | $88k | $8.0m | $8.1m | $10.0m | $12.1m | $4.8m | $5.1m | |
| Accrued payroll liabilities | — | — | — | — | — | — | — | $263k | $405k | $283k | |
| Accounts payable (including accounts payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB2,279 and RMB 421 as of March 31, 2024 and 2025, respectively) | $572k | $188k | $245k | $281k | $88.0m | $71.8m | $94.2m | $56.0m | $24.3m | $19.6m | |
| Accrued compensation to officer | $378k | $451k | $631k | $768k | $930k | $1.1m | $1.3m | — | — | — | |
| Accrued expenses, related party | $450k | $27k | $32k | $65k | $96k | $125k | $158k | — | — | — | |
| Dividends Payable | $3k | $13k | $19k | $22k | $22k | $22k | $22k | — | — | — | |
| Deferred Revenue, Current | $30k | — | — | — | — | — | — | — | — | — | |
| Deferred Revenue, Non-Current | $404k | — | — | — | — | — | — | — | — | — | |
| Total current liabilities | $2.1m | $2.1m | $3.0m | $3.5m | $204.3m | $159.0m | $180.9m | $24.5m | $37.8m | $52.9m | |
| Total current liabilities before client fund obligations | $26.6m | $32.3m | $45.2m | $61.6m | $81.6m | $107.3m | $132.8m | $149.4m | $166.9m | $210.4m | |
| Deferred income tax liabilities | — | — | — | $6.9m | $10.6m | $9.0m | $4.8m | $735k | $1.5m | $32.6m | |
| Deferred tax liabilities | — | — | — | — | $1.4m | $1.4m | — | $4.1m | $3.2m | $2.4m | |
| Long-Term Debt | $173k | — | — | — | $100.0m | — | — | — | $0 | $162.5m | |
| Total long term debt | $1.8m | — | — | — | — | — | — | — | — | — | |
| Total liabilities | $2.5m | $2.1m | $3.0m | $13.5m | $216.2m | $167.6m | $186.0m | $63.2m | $93.2m | $127.6m | |
| Common stock, $0.001 par value, 1,000,000,000 shares authorized, 25,174,492 and 24,017,599 shares issued and outstanding as of December 31, 2025, and 2024, respectively | 10k | 6k | 7k | 73k | 97k | 446k | 454k | 400 | 23k | 24k | |
| Additional paid-in capital | $739k | $3.2m | $3.9m | $4.7m | $4.7m | $3.3b | $3.3b | $9.0m | $197.5m | $237.1m | |
| Accumulated deficit | ($2.7m) | ($4.9m) | ($6.6m) | ($8.3m) | ($2.0b) | ($2.8b) | ($2.9b) | $16.3m | ($115.7m) | ($163.4m) | |
| Accumulated other comprehensive income (loss) | — | — | ($139k) | $112k | $11.2m | ($20.2m) | ($46.1m) | ($37.2m) | ($536k) | $1.2m | |
| Preferred Stock | $200 | $1k | $1k | $1k | $1k | $0 | $0 | $0 | $0 | $0 | |
| Noncontrolling Interest | — | — | — | ($591k) | ($1.4m) | — | — | — | — | — | |
| TOTAL LIABILITIES AND EQUITY | $581k | $433k | $294k | $9.3m | $457.2m | $880.6m | $778.3m | $88.6m | $174.5m | $202.6m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.