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Side-by-side financial comparison of HWH International Inc. (HWH) and TREASURE GLOBAL INC (TGL). Click either name above to swap in a different company.
HWH International Inc. is the larger business by last-quarter revenue ($206.8K vs $182.5K, roughly 1.1× TREASURE GLOBAL INC). HWH International Inc. runs the higher net margin — -140.7% vs -1169.1%, a 1028.4% gap on every dollar of revenue. On growth, TREASURE GLOBAL INC posted the faster year-over-year revenue change (-12.0% vs -40.2%). HWH International Inc. produced more free cash flow last quarter ($-217.9K vs $-2.4M).
HWH International Inc operates in the global luxury hospitality and lifestyle services industry, providing premium travel membership programs, curated high-end travel experiences, and exclusive access to luxury resorts, fine dining venues, and premium leisure facilities. Its key markets include North America, Asia Pacific, and Europe, serving high-net-worth individuals and corporate clients.
Treasure Global Inc is a consumer technology company offering integrated digital commerce solutions, customer loyalty rewards programs, and cashless payment services. It primarily operates across Southeast Asian markets, serving individual users and small-to-medium enterprise clients.
HWH vs TGL — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $206.8K | $182.5K |
| Net Profit | $-291.0K | $-2.1M |
| Gross Margin | 59.8% | 0.7% |
| Operating Margin | -142.7% | -953.5% |
| Net Margin | -140.7% | -1169.1% |
| Revenue YoY | -40.2% | -12.0% |
| Net Profit YoY | 46.9% | -124.5% |
| EPS (diluted) | — | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $206.8K | $182.5K | ||
| Q2 25 | $310.4K | $1.2M | ||
| Q1 25 | — | $666.5K | ||
| Q4 24 | $287.1K | $301.9K | ||
| Q3 24 | $345.5K | $207.4K | ||
| Q2 24 | $334.9K | $293.0K | ||
| Q1 24 | $286.1K | $1.6M | ||
| Q4 23 | — | $6.7M |
| Q3 25 | $-291.0K | $-2.1M | ||
| Q2 25 | $83.4K | — | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $-476.7K | $-232.3K | ||
| Q3 24 | $-548.5K | $-950.7K | ||
| Q2 24 | $-387.9K | — | ||
| Q1 24 | $-1.3M | $-1.7M | ||
| Q4 23 | — | $-1.2M |
| Q3 25 | 59.8% | 0.7% | ||
| Q2 25 | 48.0% | 68.2% | ||
| Q1 25 | — | 73.0% | ||
| Q4 24 | 39.6% | 74.2% | ||
| Q3 24 | 46.3% | 83.0% | ||
| Q2 24 | 49.2% | 31.0% | ||
| Q1 24 | 57.1% | 13.6% | ||
| Q4 23 | — | 5.1% |
| Q3 25 | -142.7% | -953.5% | ||
| Q2 25 | 24.5% | — | ||
| Q1 25 | — | -6.5% | ||
| Q4 24 | -170.2% | -229.5% | ||
| Q3 24 | -155.5% | -391.4% | ||
| Q2 24 | -120.5% | — | ||
| Q1 24 | -467.1% | -85.9% | ||
| Q4 23 | — | -16.2% |
| Q3 25 | -140.7% | -1169.1% | ||
| Q2 25 | 26.9% | — | ||
| Q1 25 | — | 189.0% | ||
| Q4 24 | -166.1% | -77.0% | ||
| Q3 24 | -158.7% | -458.5% | ||
| Q2 24 | -115.8% | — | ||
| Q1 24 | -467.2% | -107.3% | ||
| Q4 23 | — | -17.9% |
| Q3 25 | — | $-0.38 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.09 | ||
| Q4 24 | — | $-11.32 | ||
| Q3 24 | — | $-17.62 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-116.03 | ||
| Q4 23 | — | $-2.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8M | $12.0M |
| Total Assets | $5.2M | $16.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $2.9M | — | ||
| Q2 25 | $3.7M | — | ||
| Q1 25 | — | $2.5K | ||
| Q4 24 | $4.4M | $504.3K | ||
| Q3 24 | $836.3K | $44.1K | ||
| Q2 24 | $958.9K | $171.6K | ||
| Q1 24 | $1.1M | — | ||
| Q4 23 | — | — |
| Q3 25 | $2.8M | $12.0M | ||
| Q2 25 | $3.2M | $10.7M | ||
| Q1 25 | — | $29.1M | ||
| Q4 24 | $2.8M | $18.4M | ||
| Q3 24 | $-374.9K | $6.3M | ||
| Q2 24 | $-3.6M | $3.4M | ||
| Q1 24 | $-3.1M | $3.1M | ||
| Q4 23 | — | $3.7M |
| Q3 25 | $5.2M | $16.6M | ||
| Q2 25 | $10.6M | $14.9M | ||
| Q1 25 | — | $30.4M | ||
| Q4 24 | $6.4M | $19.1M | ||
| Q3 24 | $2.9M | $7.1M | ||
| Q2 24 | $3.1M | $4.3M | ||
| Q1 24 | $2.6M | $4.2M | ||
| Q4 23 | — | $4.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-199.9K | $-1.8M |
| Free Cash FlowOCF − Capex | $-217.9K | $-2.4M |
| FCF MarginFCF / Revenue | -105.4% | -1318.2% |
| Capex IntensityCapex / Revenue | 8.7% | 353.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-199.9K | $-1.8M | ||
| Q2 25 | $26.9K | $-9.5M | ||
| Q1 25 | — | $-4.2M | ||
| Q4 24 | $-415.2K | $-606.2K | ||
| Q3 24 | $-275.0K | $-976.3K | ||
| Q2 24 | $-490.8K | $-4.7M | ||
| Q1 24 | $-638.2K | $-1.1M | ||
| Q4 23 | — | $-1.2M |
| Q3 25 | $-217.9K | $-2.4M | ||
| Q2 25 | — | $-9.5M | ||
| Q1 25 | — | $-4.2M | ||
| Q4 24 | $-415.5K | — | ||
| Q3 24 | $-277.1K | — | ||
| Q2 24 | $-516.8K | $-4.7M | ||
| Q1 24 | $-640.3K | $-1.1M | ||
| Q4 23 | — | $-1.2M |
| Q3 25 | -105.4% | -1318.2% | ||
| Q2 25 | — | -822.4% | ||
| Q1 25 | — | -635.6% | ||
| Q4 24 | -144.7% | — | ||
| Q3 24 | -80.2% | — | ||
| Q2 24 | -154.3% | -1614.2% | ||
| Q1 24 | -223.8% | -67.1% | ||
| Q4 23 | — | -17.9% |
| Q3 25 | 8.7% | 353.3% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 7.7% | 5.7% | ||
| Q1 24 | 0.7% | 0.0% | ||
| Q4 23 | — | 0.1% |
| Q3 25 | — | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | — | -3.36× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
