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Linkhome Holdings Inc.

Linkhome Holdings Inc.LHAI決算レポート

Nasdaq · 不動産 · 不動産仲介・管理（他人用）

Linkhome Holdings Inc. is an integrated residential rental and property management service provider primarily operating in the Chinese market. It offers furnished long-term and short-term rental apartments, property maintenance services, tenant support, and complementary value-added services to both property owners and individual renters across major first and second-tier Chinese cities.

What changed in Linkhome Holdings Inc.'s 10-K — 2024 vs 2025

Top changes in Linkhome Holdings Inc.'s 2025 10-K

179 paragraphs added · 177 removed · 117 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

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We believe we primarily compete based on: ● Efficient AI online chat capabilities; ● Financial innovation services, such as Cash Offer, that help clients quickly secure offers; ● Traffic to our website and mobile application; ● Our ability to recruit and retain agents who can provide the best customer service; ● The cost of our services and the price to consumers; ● Consumer awareness of our services and the effectiveness of our marketing efforts; and ● Innovation in artificial intelligence technology.
We believe we primarily compete based on: ● Efficient AI online agent and chat capabilities; ● Financial innovation services, such as Cash Offer, that help clients quickly secure offers; ● Traffic to our website and mobile application; ● Our ability to recruit and retain agents who can provide the best customer service; ● The cost of our services and the price to consumers; ● Consumer awareness of our services and the effectiveness of our marketing efforts; and ● Innovation in artificial intelligence technology.
Fintech: Financial Innovation Cash Offer — Quick Home Purchase: We believe Linkhome’s fintech product, Cash Offer, will significantly enhance the competitiveness of our clients’ offers, allowing them to secure their desired properties without merely relying on price competition. Compared to loan-based offers, most sellers prefer all-cash offers, as this enables sales to close more quickly.
Fintech: Financial Innovation Cash Offer — Quick Home Purchase : We believe, as we grow, Linkhome’s fintech product, Cash Offer, will significantly enhance the competitiveness of our clients’ offers, allowing them to secure their desired properties without merely relying on price competition. Compared to loan-based offers, most sellers prefer all-cash offers, as this enables sales to close more quickly.
Our platform combines a comprehensive AI-powered home-finding experience with financial innovation, allowing us to control all key operational and transactional elements and promote a fast, simple, and consistent user experience. A differentiated home buying experience. We have developed the Cash Offer home purchase model to use cash to help customers compete for target properties faster and more cost-effectively.
Our platform combines a comprehensive AI-powered home-finding experience with financial innovation, allowing us to control all key operational and transactional elements and promote a fast, simple, and consistent user experience. A differentiated home buying experience. We have developed a cash offer home purchase model to use cash to help customers compete for target properties faster and more cost-effectively.
Accordingly, we believe that the industry urgently requires sophisticated data analysis capabilities and personalized customer services that can filter and present information in a clear, actionable manner tailored to individual buyer needs. 2 Home Buying & Selling Difficulties. The conventional process of purchasing a home involves numerous challenges that can make the experience frustrating and often unsuccessful.
Accordingly, we believe that the industry urgently requires sophisticated data analysis capabilities and personalized customer services that can filter and present information in a clear, actionable manner tailored to individual buyer needs. Home Buying & Selling Difficulties The conventional process of purchasing a home involves numerous challenges that can make the experience frustrating and often unsuccessful.
We believe consumers are increasingly becoming accustomed to the high efficiency of AI-generated services and now expect to receive similar experiences in the realm of real estate. AI has become a key force driving the development of modern technology. AI demonstrates immense potential in solving complex problems and is leading a new industrial revolution.
We believe consumers are increasingly becoming accustomed to the high efficiency of AI-generated services and now also expect to receive similar experiences in the realm of real estate. AI has become a key force driving the development of modern technology. AI demonstrates immense potential in solving complex problems and is leading a new industrial revolution.
In the modern information era, we believe that potential homebuyers in the United States are overwhelmed with an abundance of property data, including listings, market trends, and historical sales information. However, this data is often scattered across different platforms and formats, making it difficult to navigate and analyze effectively.
Structural Inefficiencies In the modern information era, we believe that potential homebuyers in the United States are overwhelmed with an abundance of property data, including listings, market trends, and historical sales information. However, this data is often scattered across different platforms and formats, making it difficult to navigate and analyze effectively.
It is not only changing our way of life but also reshaping how various industries operate. The Problem We must also recognize that real estate is not accessible to everyone. Housing issues, especially in urban areas, have become a global challenge. Structural Inefficiencies.
It is not only changing our way of life but also reshaping how various industries operate. The Problem We must also recognize that real estate is not accessible to everyone. Housing issues, especially in urban areas, have become a global challenge.
Designed to simplify and expedite the home-buying journey, our integrated approach ensures clients navigate property transactions with ease, from initial purchase to ongoing management. By merging clarity, efficiency, and personalized support, Linkhome aims to transform real estate transactions into transparent, stress-free experiences, allowing clients to focus on the joy of finding their dream home. Advantages and competitive edge.
Designed to simplify and expedite the home-buying journey, our integrated approach ensures clients navigate property transactions with ease, from initial purchase to ongoing management. By merging clarity, efficiency, and personalized support, Linkhome aims to transform real estate transactions into transparent, stress-free experiences, allowing clients to focus on the joy of finding their dream home.
Our proprietary APP software and artificial intelligence quick quotation system allows us to quote prices for users selling their homes predictably and efficiently. Customers do not need to wait several days and can quickly sell their properties to Linkhome. We believe our platform will provide customers with a unique home-selling experience, thus setting us apart from our competitors.
Our proprietary APP software and artificial intelligence quick quotation system allow us to quote prices for users selling their homes predictably and efficiently. Customers do not need to wait several days and can quickly sell their properties to Linkhome. We believe we provide our customers with a unique home-selling experience. We believe this sets us apart from our competitors.
These expenses can be substantial for sellers, and the waiting period to sell the home is uncertain. Using the Flash Sell, the home can be sold immediately, reducing the costs of repairs, renovations, and 4-5% listing agent fees, which can amount to 8-12% of the home’s price. We only charge a 5% service fee, saving sellers both time and money.
Using the Flash Sell, the home can be sold immediately, reducing the costs of repairs, renovations, and 4 – 5% listing agent fees, which can amount to 8 – 12% of the home’s price. We only charge a 5% service fee, saving sellers both time and money.
In the future, assuming we obtain proper licensing, we intend to offer differentiated financing solutions to enable clients to select their preferred financing method from hundreds of pre-approved down payment and monthly payment combinations and enable us to generate property finance receivables, often sold at a premium to third-party financing partners. An efficient and engaging home selling experience.
We plan to offer differentiated financing solutions to enable clients to select their preferred financing method from hundreds of pre-approved down payment and monthly payment combinations and enable us to generate property finance receivables, often sold at a premium to third-party financing partners. An efficient and engaging home selling experience.
In Southern California, we conduct limited, in-person seminars to inform our customers about the complex and competitive market. Competitor Analysis As a company dedicated to artificial intelligence real estate technology, we operate in the highly competitive and fragmented U.S. housing market, with over five million residential real estate transactions annually.
At our offices, we periodically conduct limited in-person seminars to provide customers with information and insights regarding the complex and competitive real estate market. Competitor Analysis As a company dedicated to artificial intelligence real estate technology, we operate in the highly competitive and fragmented U.S. housing market, with over five million residential real estate transactions annually.
As of March 23, 2025, our platform, which aggregates listings from the California Regional Multiple Listing Service (the “CRMLS”), boasted more than 25,139 active listings for residential properties available for sale or rent. Users obtain home-buying information from our platform and consult with our AI tool, HomeGPT, for interactive home-buying advice.
As of Dec 31, 2025, our platform, which aggregates listings from Multiple Listing Service (the “MLS”), boasted more than 1 million active listings for residential properties available for sale or rent. Users obtain home-buying information from our platform and consult with our AI tool, HomeGPT, for interactive home-buying advice.
We have also introduced AI-driven real estate solutions for our agents, such as home price prediction, bidding recommendations, investment advice, and on-demand assistance in generating contracts and processing documents for future real estate needs.
We have also introduced AI-driven real estate solutions for our agents, such as home price prediction, bidding recommendations, investment advice, and on-demand assistance in generating contracts and processing documents for future real estate needs. For buyers, our AI chatbot offers an interactive experience directly through our app or website.
Our marketing focus extends to several areas: ● Social Media & Video Marketing: We engage in comprehensive digital marketing, utilizing platforms such as YouTube, Instagram, Facebook, and X (formerly known as Twitter) for both video and social media marketing.
Additionally, we’ve incorporated broad-reach channels to responsibly scale our brand awareness. 5 Our marketing focus extends to several areas: ● Social Media & Video Marketing: We engage in comprehensive digital marketing, utilizing platforms such as YouTube, Instagram, Facebook, and X (formerly known as Twitter) for both video and social media marketing.
This fragmentation means there is no centralized process or communication, leading to inefficiencies, misunderstandings, and a disjointed overall experience. We believe that the lack of a comprehensive, integrated solution makes it difficult for buyers to navigate the process smoothly and can lead to increased costs, delays, and a lower-quality home-buying experience.
We believe that the lack of a comprehensive, integrated solution makes it difficult for buyers to navigate the process smoothly and can lead to increased costs, delays, and a lower-quality home-buying experience.
We are working to develop a front-end data platform that will provide such information to customers in real-time. One-stop seamless experience. We understand the complexity of real estate transactions. Linkhome aims to provide a one-stop solution, offering tailored financing through our Cash Offer service, bespoke renovation services, comprehensive property management, and extensive third-party insurance options.
One-stop seamless experience We understand the complexity of real estate transactions; therefore, Linkhome aims to provide a one-stop solution, offering tailored financing through our Cash Offer service, bespoke renovation services, comprehensive property management, and extensive insurance options.
We believe that our customer-centric values and artificial intelligence technology, along with the application of financial innovations, set us apart from our competitors and give us a competitive edge in all of the above areas. Government Regulation We are subject to a wide variety of laws, rules, and regulations enforced by both governments and private organizations.
We believe that our customer-centric values and artificial intelligence technology, along with the application of financial innovations, set us apart from our competitors and give us a competitive edge in all of the above areas.
Our business model is designed to disrupt the traditional model of finding and buying a home. Linkhome’s main goal is to rapidly expand property sales by focusing on providing AI technology for house hunting and helping customers with investment analysis.
Advantages and Competitive Edge Our business model is designed to improve and streamline certain aspects of traditional real estate transactions. Linkhome’s main goal is to rapidly expand property sales by focusing on providing AI technology for house hunting and helping customers with investment analysis.
We plan to add additional services over time to further simplify transactions and support our customers. These services include title insurance, escrow and mortgage services, home insurance, property management and home maintenance services. ● Continue to develop our artificial intelligence real estate platform to enhance user experience.
These services include title insurance, escrow and mortgage services, home insurance, property management, and home maintenance services. ● Continue to develop our artificial intelligence real estate platform to enhance user experience. We intend to continue developing our artificial intelligence–powered real estate platform to enhance the user experience.
Since the formation of our subsidiary, Linkhome Realty, in 2021 and the commencement of our operational endeavors, our platform has facilitated an aggregate gross total value of more than $185,000,000 of agent brokerage transactions as of December 31, 2024.
Our vision is to help everyone own their home and achieve the dream of homeownership. Since the formation of our subsidiary, Linkhome Realty, in 2021 and the commencement of our operational endeavors, our platform has facilitated an aggregate gross total value of more than $180 million of agent brokerage transactions as of December 31, 2025.
To this end, we intend to invest in research and development to enhance our technology capabilities and service offerings. 5 Marketing Our marketing strategy employs a multi-channel approach aimed at efficient and low-cost growth while expanding our market footprint. We leverage AI algorithms to deploy ads targeting customer interests, significantly enhancing the precision of our customer targeting.
Marketing Our marketing strategy employs a multi-channel approach aimed at efficient and low-cost growth while expanding our market footprint. We leverage AI algorithms to deploy ads targeting customer interests, significantly enhancing the precision of our customer targeting. This optimization of our marketing strategy includes advanced audience segmentation methodologies, improved targeting, and attribution.
By offering Cash Offer, we believe our clients will be able to stand out among many offers, thus giving buyers who use our product more negotiation power and a stronger likelihood of purchasing their desired home at the right price. 3 Flash sell — A modern way to sell: By selling to Linkhome, homeowners can avoid the stress of open houses, home repairs, overlapping mortgages, and the uncertainty that can come with listing a home on the open market.
By offering Cash Offer, we believe our clients will be able to stand out among many offers, thus giving buyers who use our product more negotiation power and a stronger likelihood of purchasing their desired home at the right price.
We believe this provides us with a strong competitive edge as compared to our peers, who may only provide services related to one segment of the property transaction. Highly scalable business model. As of the close of our Fiscal Year, we cater only to the Southern California market, we intend to scale the enterprise to service additional markets.
We believe this provides us with a strong competitive edge as compared to our peers, who may only provide services related to one segment of the property transaction. Highly scalable business model. Currently, our operations are primarily focused in California. Over time, we intend to expand the scope of our business into additional geographic markets.
The goal of these technologies is to support our clients and enhance our productivity. We believe this will lead to being able to continuously provide better customer service at a lower cost.
HomeGPT can assist agents with the drafting and generation of contracts, reducing the time and effort required for administrative tasks increasing agent efficiency. The goal of these technologies is to support our clients and enhance our productivity. We believe this will lead to being able to continuously provide better customer service at a lower cost.
Delays in securing financing can result in buyers missing out on purchasing their desired properties, as sellers may opt for buyers with quicker, more reliable financing options. This uncertainty and time sensitivity can add significant stress and disappointment to the home-buying experience. Poor Experiences.
Delays in securing financing can result in buyers missing out on purchasing their desired properties, as sellers may opt for buyers with quicker, more reliable financing options.
Through our subsidiaries, we operate an artificial intelligence real estate platform with the goal of providing customers with end-to-end real estate solutions and services, initially comprising real estate brokerage services, Cash Offer, and other services like property rental management and home renovation.
Through our subsidiaries, we operate an artificial intelligence real estate platform with the goal of providing customers with end-to-end real estate solutions and services, initially comprising real estate brokerage services, Cash Offer, and mortgage service. Our mission is to redefine the real estate experience to be efficient and affordable for all consumers through artificial intelligence.
Currently, our front-end platforms, such as the website and app, are intended only to receive customer information. Our back-end software then generates a plan for the user, after which we establish a relationship with the user by having one of our agents communicate the plan to the user.
Our back-end software then generates a plan for the user, after which we establish a relationship with the user by having one of our agents communicate the plan to the user. We are working to develop a front-end data platform that will provide such information to customers in real-time.
We may also be required to modify or discontinue some or all of our offerings, and our ability to grow our business and our reputation may be harmed. 6
If we are unable to comply with them, we could be subject to civil and criminal liabilities, revocation, or suspension of our licenses or other adverse actions. We may also be required to modify or discontinue some or all of our offerings, and our ability to grow our business and our reputation may be harmed. 6
Upon the close of the IPO, we have granted the underwriter an option for a period of 45 days to purchase up to an additional 187,500 shares of our Common Stock solely to cover over-allotments, if any, less underwriting discounts and commissions.
On July 23, 2025, we priced the IPO of 1,500,000 shares of our common stock at a public offering price of $4.00 per share. We granted the underwriter a 45-day option to purchase up to an additional 225,000 shares of our common stock at the public offering price, less underwriting discounts, solely to cover over-allotments, if any.
We believe we have a highly scalable business model and can adapt our service offerings to cater to prevailing market and technology trends to maintain our competitive edge.
We believe we have a highly scalable business model and can adapt our service offerings to cater to prevailing market and technology trends to maintain our competitive edge. Our business is predominantly generated through our online website and mobile application platforms, which allows us to expand rapidly into new markets in a quick and cost-efficient manner.
Linkhome accomplishes this by purchasing the target property for cash, assuming ownership of the property, and then selling the property to the customer after the customer has secured the necessary financing from their lender.
Linkhome accomplishes this by purchasing the target property for cash, assuming ownership of the property, and then selling the property to the customer after the customer has secured the necessary financing from their lender. 1 Initial Public Offering On July 23, 2025, the Securities and Exchange Commission (the “SEC”) declared effective our Registration Statement on Form S-1 (File No. 333-280379) relating to our initial public offering (the “IPO”).
We have found that our users are more likely to buy and sell properties using the Company and select us for their real estate service needs. More importantly, we believe that we have just scratched the surface in the potential development of artificial intelligence as used in real estate and we believe artificial intelligence will transform the real estate market.
We aim to provide a platform that supports users throughout the real estate transaction process and encourages continued engagement. More importantly, we believe that we have just scratched the surface in the potential development of artificial intelligence as used in real estate and we believe artificial intelligence will transform the real estate market.
Our platform, which is presently only active in California, supports a growing network of users looking to list and search for properties online, seeking information on property transactions and other value-added services, through the comprehensive property-related solutions and services available on our platform.
Our platform supports a growing network of users who list and search for properties online, obtain information related to property transactions, and access a variety of value-added services through the comprehensive property-related solutions available on our platform. Over the past three years, customers have shown their desire for our artificial intelligence, financial innovation and real estate solutions.
This gives people the confidence and trust they need to buy properties on our platform. For buyers, using Cash Offer avoids the need for excessive overbidding to purchase a home. We charge a 1-2% platform usage fee, which saves a significant amount compared to overbidding. For example, for a $947,000 home, we charge a 1% service fee, approximately $9,470.
This gives people the confidence and trust they need to buy properties on our platform. For buyers, our Cash Offer program is intended to improve the competitiveness of purchase offers by reducing financing-related contingencies. We typically charge a platform usage fee ranging from approximately 1% to 2% of the transaction value.
As of the close of our Fiscal Year, we offer real estate brokerage services, Cash Offer, and other services like property rental management, and home renovation services. In line with our focus on providing a seamless experience, however, we are in the process of creating a digital one-stop moving experience, as well.
In line with our focus on providing a seamless experience, however, we are in the process of creating a digital one-stop moving experience. We plan to add additional services over time to further simplify transactions and support our customers.
The journey to home ownership involves multiple stages, including dealing with brokers, securing loans, property appraisals, purchasing home insurance, undertaking renovations, and organizing the move. Currently, each of these stages is typically handled by different service providers who operate in isolation from each other.
This uncertainty and time sensitivity can add significant stress and disappointment to the home-buying experience. 2 Poor Experiences The journey to home ownership involves multiple stages, including dealing with brokers, securing loans, property appraisals, purchasing home insurance, undertaking renovations, and organizing the move.
Currently, our funding for Cash Offer comes primarily from investments made by our CEO and existing shareholders. Following the close of our IPO, we plan to expand our Cash Offer program. We believe and are confident that our revenue will continue to grow, and we will become more profitable over time. Proprietary financing technology.
Currently, our funding for Cash Offer comes primarily from investments made by our CEO and shareholders. Following our initial public offering, we used, and may continue to use, a portion of the net proceeds from that offering to support the expansion of our Cash Offer program.
As our recognition grows, we’ll attract more home buyers and sellers to transact through Linkhome. ● Expand into new markets. While our business primarily serves the Southern California market, we believe we have a tremendous opportunity to expand our business coverage to major markets across the United States. ● Increase our service offerings and become an “all-in-one” property platform.
Although our operations are currently concentrated in California, we believe there is a significant opportunity to expand our platform and services into major markets across the United States over time. ● Increase our service offerings and become an “all-in-one” property platform. At present, we offer brokerage services, Cash Offer, and other services like property rental management, and home renovation services.
Without using Cash Offer, the same home may sell from $990,000 to $1,000,000. In this example, a buyer would save $40,000 to $50,000 on the transaction. 4 For sellers, traditional home selling services require expenses such as repairs, renovations, listing fees, and 4-5% agent fees.
In certain market conditions, this approach may help buyers compete more effectively and potentially reduce the need for higher bid prices. For sellers, traditional home selling services require expenses such as repairs, renovations, listing fees, and 4 – 5% agent fees. These expenses can be substantial for sellers, and the waiting period to sell the home is uncertain.
Using our mobile app and website, sellers can receive a competitive cash offer online. Post offer, we conduct an interior home inspection and a contact-free exterior assessment to verify the home data provided to the Company. Sellers can then select their preferred closing date and sell to Linkhome, closing quickly.
Post offer, we conduct a preliminary interior home inspection and a contact-free exterior assessment to verify the home data provided to the Company. If necessary, we will follow up with a licensed inspector for a more detailed home inspection.
Trade Up: For customers who are both selling and buying homes, we have built a trade-up product that enables them to buy and sell in a coordinated transaction. With the “Trade Up” service, Linkhome helps clients purchase a new home and move in without having to sell their old home first.
Sellers can then select their preferred closing date and sell to Linkhome, closing quickly. 3 Buy Before Sell: For customers who are both selling and purchasing a home, we offer a “Buy Before Sell” service that enables them to purchase a new home before selling their existing property.
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Our mission is to redefine the real estate experience to be efficient and affordable for all consumers through artificial intelligence. Our vision is to help everyone own their home and achieve the dream of homeownership.
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On July 24, 2025, the underwriter fully exercised the over-allotment option, which closed simultaneously with the closing of the IPO. Our common stock commenced trading on the Nasdaq Capital Market on July 24, 2025 under the symbol “LHAI,” and the IPO closed on July 25, 2025.
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Over the past three years, customers have shown their desire for our artificial intelligence, financial innovation and real estate solutions. In 2024, our total transaction volume for the real estate agency amounted to $48,566,719, compared to $15,438,435 in 2023.
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The total gross proceeds from the IPO, including the full exercise of the over-allotment option, were approximately $6.9 million, before deducting underwriting discounts and other offering expenses payable by us. Artificial Intelligence Technological Revolution & Opportunities Residential real estate is a massive offline market characterized by low efficiency, high labor consumption, and time-intensive processes.
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In 2023, when we rolled out the Cash Offer tool, we completed one transaction, with Haiyan Ma, a related party who is a beneficial owner of 12.41% of our voting securities, that represented 77% of our annual revenue for that year.
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Currently, each of these stages is typically handled by different service providers who operate in isolation from each other. This fragmentation means there is no centralized process or communication, leading to inefficiencies, misunderstandings, and a disjointed overall experience.
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As of the date of this Annual Report, the Company has only entered Cash Offer transactions with a few select clients. Upon completion of our IPO (as defined below), we believe the Company will have sufficient capital on hand to expand this service.
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HomeGPT can interpret and respond to complex real estate inquiries, generating professional and precise answers that help our users gain deeper insights into the real estate buying process. The virtual assistance feature of HomeGPT assists buyers by scheduling visits, providing virtual tours, and calculating mortgage payments.
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We believe that the combination of artificial intelligence with fintech could be a catalyst for the growth of our Company and could serve to transform the real estate industry. 1 Initial Public Offering In our Fiscal Year, we commenced activities to conduct our initial public offering to issue 1,250,000 shares of our Common Stock on a firm basis at $4 per share (the “IPO”).
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Our AI tools can also be used to predict a competitive bid by using AI to generate accurate property valuations by quickly analyzing vast datasets, to include historical pricing, market trends and property characteristics.
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On November 12, 2024, the Securities and Exchange Commission (the “SEC”) declared our Registration Statement on Form S-1 effective, we did not price or close the IPO.
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Flash sell — A modern way to sell: By selling to Linkhome, homeowners can avoid the stress of open houses, home repairs, overlapping mortgages, and the uncertainty that can come with listing a home on the open market. Using our mobile app and website, sellers can receive a competitive cash offer online.
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Industry Background and Market Opportunities The real estate sector, both for home buying and rental properties, accounts for nearly 18% of the gross domestic product in the United States as reported by National Association of Realtors (“NAR”), making it the country’s largest industry.
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Through collaboration with third-party financial institutions, Linkhome provides or facilitates access to financing that enables clients to acquire the new home and subsequently market and sell their prior property. This approach allows clients to avoid waiting for the sale of their existing home before purchasing a new one.
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Housing is the largest consumer expense in the U.S., surpassing transportation, food, insurance and medical expense, and it is a significant source of wealth for many Americans. According to data from the NAR, in 2023, there were more than 4.09 million homes sold in the United States, with transactions totaling over $1.5 trillion.
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The Buy Before Sell model is designed to provide homeowners with greater flexibility during the transition between homes, reduce the need for temporary housing and multiple moves, and allow clients to present stronger purchase offers when competing for desired properties. Currently, our front-end platforms, such as the website and app, are intended only to receive customer information.
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These transactions generated approximately $98.6 billion in commission revenue for real estate brokers. 65.9% of Americans live in their own homes, while 34.1% of Americans live in rental properties.
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We believe that these initiatives may contribute to revenue growth and improved profitability over time. 4 Proprietary financing technology.
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This 34.1% represents a large market to target for real estate purchase and sale transactions. 90% of buyers and sellers choose to work with a professional broker or brokerage company, indicating high user stickiness. Artificial Intelligence Technological Revolution & Opportunities Residential real estate is a massive offline market characterized by low efficiency, high labor consumption and time-intensive processes.
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Our Growth Strategy Our growth strategy is to innovate and execute on the following key strategic focuses: ● Increase penetration in existing markets. We are presently focused on increasing our penetration and market share in existing market. As our recognition grows, we’ll attract more home buyers and sellers to transact through Linkhome. ● Expand into new markets.
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Through collaboration with third-party financial institutions, Linkhome assists clients in purchasing the new home and then selling the old one. This avoids the hassle of finding temporary housing, moving furniture twice and dealing with storage concerns. We provide a more relaxed, seamless experience for clients, making the journey to swap homes easy.
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We plan to further advance our artificial intelligence technologies, improve the capabilities of our AI agents, and continue to enhance our platform and the solutions we provide to customers. To support these initiatives, we expect to increase our investment in research and development to strengthen our technological capabilities and expand our service offerings.
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Our business is predominantly generated through our online website and mobile application platforms, which, assuming we have obtained proper licensing, will allow us to expand rapidly into new markets in a quick and cost-efficient manner. Our Growth Strategy ● Increase penetration in existing market. We are focused on increasing our penetration and market share in the Southern California market.
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Our industry has rapidly evolved in recent years due to technological advances, changes in consumer preferences, and the introduction of new products. We anticipate that competition will intensify further with the emergence of new brokerage firms with AI-driven business models, as well as traditional brokerages adopting or developing new technologies or business strategies to enhance their offerings.
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We seek to continuously strengthen our artificial intelligence technologies to improve our platform and the solutions we can offer to our customers.
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Our provision of AI-driven home searches, data-driven decision-making support, and financial innovation in assisting users to purchase homes with cash offers further strengthen our position in the competitive landscape. Government Regulation We are subject to a wide variety of laws, rules, and regulations enforced by both governments and private organizations. Many of these rules and regulations are constantly evolving.
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Many of these rules and regulations are constantly evolving.
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If we are unable to comply with them, we may be unable to obtain the requisite licensing to conduct certain aspects of our planned business, such as offering insurance, escrow or mortgage services, and we could be subject to civil and criminal liabilities, revocation, or suspension of our licenses or other adverse actions.

Item 2. Properties

Properties — owned and leased real estate

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The Lease Agreement contains standard commercial lease terms including but not limited to provisions regarding utilities, alterations, maintenance and repair, insurance and indemnification. We believe that our current leased property is in good condition and suitable for the conduct of our business.
We believe that our current leased property is in good condition and suitable for the conduct of our business.
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Item 2. Properties. We lease our principal executive office which is located at 2 Executive Circle, Suite 100, Irvine, CA 92614 (the “Lease Agreement”). The Lease Agreement commenced on September 1, 2023 and terminates on July 31, 2025.
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ITEM 2. PROPERTIES We lease our principal executive offices located at 17901 Von Karman Avenue, Suite 450, Irvine, California (the “Lease”). The lease commenced on September 1, 2025 and will expire on February 28, 2029. The Lease Agreement contains standard commercial lease terms including but not limited to provisions regarding utilities, alterations, maintenance and repair, insurance and indemnification.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Item 3. Legal Proceedings. As of December 31, 2024, to the knowledge of our management, there was no material litigation, arbitration or governmental proceeding pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding.
ITEM 3. LEGAL PROCEEDINGS As of December 31, 2025, to the knowledge of our management, there was no material litigation, arbitration or governmental proceeding pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding. ITEM 4.
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MINE SAFETY DISCLOSURES. Not applicable 26 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Currently we expect that we will retain any earnings for use in our business operations and, accordingly, we do not expect that the Board will declare any dividends in the foreseeable future. Transfer Agent VStock Transfer, LLC., 18 Lafayette Place, Woodmere, New York 11598. Securities Authorized for Issuance under Equity Compensation Plans None.
Currently we expect that we will retain any earnings for use in our business operations and, accordingly, we do not expect that the Board will declare any dividends in the foreseeable future. Transfer Agent VStock Transfer, LLC., 18 Lafayette Place, Woodmere, New York 11598. Securities Authorized for Issuance under Equity Compensation Plans None. Recent Sales of Unregistered Securities None.
Dividends We have not paid any dividends on our Common Stock to date. The payment of cash dividends in the future will be dependent upon revenues and earnings, if any, capital requirements and general financial condition from time to time. The payment of any cash dividends will be within the discretion of the Board.
The payment of cash dividends in the future will be dependent upon revenues and earnings, if any, capital requirements and general financial condition from time to time. The payment of any cash dividends will be within the discretion of the Board.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our Common Stock is not currently listed on a publicly traded market or exchange. Holders As of March 27, 2025, there were 14,505,000 shares of our Common Stock, held by approximately 23 shareholders of record.
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our Common Stock trades on the Nasdaq Stock Market under the symbol “LHAI.” Holders of Record As of March 26, 2026, we had approximately 17 holders of record of our Common Stock.
Removed
Recent Sales of Unregistered Securities; Use of Proceeds from Registered Offerings From March 12 to March 25, 2024, the Company entered a series of subscription agreement with certain individual investors to issue 955,000 common shares of the Company for aggregate gross proceeds of $930,000. Such agreements provided for, among other things, certain restrictions on transferability and registration rights.
Added
The number of beneficial owners may be substantially greater than the number of stockholders of record because our Common Stock may be held in “street name” by brokers, banks, and other financial institutions. Dividends We have not paid any dividends on our Common Stock to date.
Removed
Unless otherwise stated, the sales of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or Regulation S promulgated thereunder), or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701.
Removed
The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed on the stock certificates issued in these transactions.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

70 edited+46 added−41 removed52 unchanged
As a result, these financial statements contained in our subsequent filings with the SEC may not be comparable to other public companies. 18 The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial statements: Use of Estimates The preparation of the consolidated financial statements in conformity with U.S.
As a result, these financial statements contained in our subsequent filings with the SEC may not be comparable to other public companies. 38 The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial statements: Use of Estimates The preparation of the consolidated financial statements in conformity with U.S.
If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on the above analysis, no impairment loss was recognized related to these assets for the years ended December 31, 2024 and 2023.
If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on the above analysis, no impairment loss was recognized related to these assets for the years ended December 31, 2025 and 2024.
For the Years Ended December 31, 2024 and 2023 Property Purchases and Sales Through Cash Offer For the year ended December 31, 2024, the Company purchased three properties in cash for $2,884,882 from unrelated parties and subsequently sold them to Haiyan Ma for $2,940,544.
For the Years Ended December 31, 2025 and 2024 Property Purchases and Sales Through Cash Offer For the year ended December 31, 2024, the Company purchased three properties in cash for $2,884,882 from unrelated parties and subsequently sold them to Haiyan Ma for $2,940,544.
The Company is evaluating the impact that ASU 2024-03 will have on its consolidated financial statements and related disclosures. The Company does not believe that any other recently issued but not yet effective authoritative guidance, if adopted currently, would have a material impact on its consolidated financial statements or related disclosures. 22
The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and related disclosures. The Company does not believe that any other recently issued but not yet effective authoritative guidance, if adopted currently, would have a material impact on its consolidated financial statements or related disclosures.
Trend Information Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.
Trend Information Other than as disclosed elsewhere in this Annual Report on Form 10-K, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.
The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023, using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The was no transition adjustment of the adoption of CECL.
The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023, using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures.
Accounts are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2024 and 2023, the Company had allowances for credit losses of $0 and $9,092, respectively.
Accounts are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2025 and 2024, the Company had no allowances for credit losses.
The Company maintains allowances for credit losses for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances.
The Company reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances.
For the year ended December 31, 2024, the Company provided real estate agency services to Zhen Qin and Na Li, assisting with the purchase of a property, for which the Company earned $50,000 in real estate agency commission. 10 For the year ended December 31, 2024, the Company provided real estate agency services to two minority shareholders, assisting one shareholder with selling a property and the other shareholder with purchasing a property, for which the Company earned a total of $15,550 in real estate agency commission.
For the year ended December 31, 2024, the Company provided real estate agency services to two minority shareholders, assisting one shareholder with selling a property and the other shareholder with purchasing a property, for which the Company earned real estate agency commission of $15,550 in total.
Real Estate Agency Service For the year ended December 31, 2024, the Company provided real estate agency services to Haiyan Ma, assisting with the sale of two properties and the purchase of one property, for which the Company earned a total of $62,650 in real estate agency commission.
For the year ended December 31, 2024, the Company provided real estate agency services to Haiyan Ma, assisting with the sale of two properties and the purchase of one property, for which the Company earned a total of $62,650 in real estate agency commission. 30 For the year ended December 31, 2024, the Company provided real estate agency services to Zhen Qin and Na Li, assisting with the purchase of a property, for which the Company earned $50,000 in real estate agency commission.
The Company’s accounts receivable and prepaid expense in the consolidated balance sheets are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses on an individual basis.
There was no transition adjustment upon the adoption of CECL. 40 The Company’s accounts receivable and prepaid expense in the consolidated balance sheets are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses on an individual basis.
You should read the following discussion in conjunction with “Selected Historical Financial and Other Data” and our audited consolidated financial statements and related notes which are included elsewhere in this prospectus.
You should read the following discussion in conjunction with “Selected Historical Financial and Other Data” and our audited consolidated financial statements and related notes which are included elsewhere in this Annual Report on Form 10-K.
We believe that the critical accounting policies disclosed in this prospectus reflect the more significant judgments and estimates used in preparation of our consolidated financial statements.
We believe that the critical accounting policies disclosed in this Annual Report on Form 10-K reflect the more significant judgments and estimates used in preparation of our consolidated financial statements.
Related Party Transactions Related Parties The following individuals are considered related parties due to their roles and shareholdings in the Company: ● Haiyan Ma: Shareholder with 12.41% ownership. ● Zhen Qin: Chairman of the Board, Chief Executive Officer (“CEO”), and shareholder with 52.74% ownership.
Related Party Transactions Related Parties The following individuals are considered related parties due to their roles and shareholding in the Company: ● Haiyan Ma: The Company’s shareholder. ● Zhen Qin: Chairman of the Board, Chief Executive Officer (“CEO”), and major shareholder.
References to “we”, “us”, “our,” or the “Company” are to Linkhome Holdings Inc. and its subsidiary, except where the context requires otherwise. Overview Linkhome Holdings Inc. (“Linkhome,” “Linkhome Holdings,” the “Company,” or “We”) is a corporation incorporated under the laws of Nevada on November 6, 2023. Linkhome was incorporated as a holding company with no material operations of its own.
References to “we”, “us”, “our,” or the “Company” are to Linkhome Holdings Inc. and its subsidiary, except where the context requires otherwise. Overview Linkhome Holdings Inc. (“Linkhome,” “Linkhome Holdings,” the “Company,” “we,” “our,” or “us”) is a holding company incorporated in the State of Nevada on November 6, 2023.
Net Cash Provided by Financing Activities Net cash provided by financing activities was $1,027,395 for the year ended December 31, 2024, which primarily consisted of proceeds from equity financing of $980,000 and related party advances of $880,000, partially offset by repayments of $825,000 to the related party and $7,605 on an auto loan.
Net cash provided by financing activities was $327,896 for the year ended December 31, 2024, which primarily consisted of proceeds from equity financing of $980,000 and proceeds from related party advances of $880,000, partially offset by repayments of related party advances of $825,000, payment of offering costs of $699,499, and repayments of auto loan principal of $7,605.
We derive our cost of revenues from two revenue streams: (i) property purchases and sales through Cash Offer and (ii) real estate services.
We derive our cost of revenues from two revenue streams: (i) property purchases and sales through Cash Offer and (ii) real estate services. The following table presents our cost of revenues by revenue stream for the periods presented.
Despite these challenges, higher interest rates have reduced competition among buyers, creating opportunities for some to view this as an advantageous time to purchase real estate. Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance with U.S.
Despite these challenges, higher interest rates have reduced competition among buyers, which may create opportunities for certain buyers in the real estate market. Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance with U.S.
Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other portions of this prospectus. This prospectus includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events.
Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other portions of this Annual Report on Form 10-K. This Annual Report on Form 10-K includes forward-looking statements.
For these services, the Company also acts as an agent and charges a service fee. Revenue from ongoing property management is recognized over time as the services are rendered, as the landlord simultaneously receives and consumes the benefits of the Company’s efforts.
Revenue from ongoing property management is recognized over time as the services are rendered, as the landlord simultaneously receives and consumes the benefits of the Company’s efforts.
As of December 31, 2024 and 2023 Due to Related Party On May 1, 2024, Zhen Qin lent $530,000 to the Company to support its operational needs. As of December 31, 2024, the Company repaid $475,000 to Zhen Qin, and there was an outstanding balance of $55,000.
As of December 31, 2025 and 2024 Due to Related Party On May 1, 2024, Zhen Qin lent $530,000 to the Company to support its operational needs. As of December 31, 2025, the Company had fully repaid the outstanding balance to Zhen Qin, resulting in no amount due to the related party.
For the years ended December 31, 2024 and 2023, the Company did not take any uncertain positions that would necessitate recording a tax related liability. 21 Prior to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRS”) as an S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow through to the stockholders of the company for federal tax purposes.
Prior to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRS”) as a S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow through to the shareholders of the company for federal income tax purposes.
Zhen Qin also serves as a licensed real estate agent acting on behalf of the Company. ● Na Li: Chief Financial Officer (“CFO”), Director, and shareholder with 1.72% ownership. Na Li is the spouse of Zhen Qin.
Zhen Qin is also a licensed real estate broker affiliated with the Company. ● Na Li: Chief Financial Officer (“CFO”) and Director. Na Li is the spouse of Zhen Qin.
A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.
A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. 41 The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
The increase was primarily driven by a higher volume of transactions in 2024 compared to 2023. Cost of real estate services increased by $154,661, or 251.89%, from $61,400 for the year ended December 31, 2023, to $216,061 for the year ended December 31, 2024.
The increase was primarily driven by a higher volume of Cash Offer transactions in 2025 compared to 2024. Cost of real estate services remained relatively stable, increasing by $472, from $216,061 for the year ended December 31, 2024 to $216,533 for the year ended December 31, 2025.
Commission Expense For the year ended December 31, 2023, the Company incurred commission expenses of $61,400, which were paid to Zhen Qin for real estate transactions conducted on behalf of the Company. This amount was recorded in cost of revenues.
Commission Expense For the year ended December 31, 2025, the Company incurred commission expenses of $45,000 paid to Na Li in connection with real estate transactions. This amount was recorded in cost of revenues.
Cash Flows For the Years Ended December 31, 2024 and 2023 As of December 31, 2024, we had cash and cash equivalents of $1,670,949, other current assets of $1,652,699, current liabilities of $944,447, net working capital of $2,379,201, and a current ratio of 3.52:1. 16 The following table presented a summary of our cash flows for the years ended December 31, 2024 and 2023: Year Ended December 31, 2024 Year Ended December 31, 2023 Net cash (used in) provided by operating activities $ (4,844 ) $ 223,314 Net cash used in investing activities (3,513 ) (40,522 ) Net cash provided by financing activities 1,027,395 280,156 Net increase in cash and cash equivalents 1,019,038 462,948 Cash and cash equivalents, beginning of period 651,911 188,963 Cash and cash equivalents, end of period $ 1,670,949 $ 651,911 Net Cash (Used in) Provided by Operating Activities Net cash used in operating activities was $4,844 for the year ended December 31, 2024, primarily derived from (i) net income of $778,236, adjusted for noncash activities including lease expense of $45,347 and depreciation of $18,762, partially offset by a decrease in allowance for credit losses of $9,092; (ii) net changes in operating assets and liabilities as of December 31, 2024 compared to December 31, 2023, primarily consisting of (a) an increase in real estate held for sale of $907,061, (b) an increase in deferred IPO costs of $699,499, (c) a decrease in operating lease liabilities of $45,062, (d) an increase in accounts receivable of $8,676, and (e) an increase in prepaid expenses and other receivables of $2,971, partially offset by (a) an increase in other current liabilities of $820,575 and (b) an increase in accounts payable of $4,597.
Net cash provided by operating activities was $694,655 for the year ended December 31, 2024, primarily derived from (i) net income of $778,236, adjusted for non-cash items including lease expense of $45,347 and depreciation of $18,762, partially offset by a decrease in allowance for credit losses of $9,092; (ii) net changes in operating assets and liabilities as of December 31, 2024 compared to December 31, 2023, primarily consisting of (a) an increase in other current liabilities of $820,575 and (b) an increase in accounts payable of $4,597, partially offset by (a) an increase in real estate held for sale of $907,061, (b) a decrease in operating lease liabilities of $45,062, (c) an increase in accounts receivable of $8,676, and (d) an increase in prepaid expenses and other receivables of $2,971.
When GDP growth and employment rates are strong, we typically see higher consumer confidence and spending power. On the other hand, rising inflation can lead to increased interest rates, potentially reducing consumer buying power and making it more expensive for consumers to purchase homes. ● Operational Efficiency: The process of real estate transaction includes multiple steps.
On the other hand, rising inflation can lead to increased interest rates, potentially reducing consumer buying power and making it more expensive for consumers to purchase homes. ● Operational Efficiency: Real estate transactions involve multiple operational steps, including marketing, negotiation, escrow coordination and closing.
If the Company recovers amounts that were previously written off, the recovered amounts are recognized as a reduction to the provision for credit losses in the consolidated statements of income. 20 Accounts Receivable, Net Accounts receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying amount net of allowance for credit losses.
Accounts Receivable, Net Accounts receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying amount net of allowance for credit losses. The Company maintains allowances for credit losses for estimated losses.
The renovation period is usually within one to three months; the Company recognizes revenue when the renovation service is completed, on a gross basis with corresponding costs incurred. 19 In addition, the Company collaborates with lending institutions and mortgage brokers to assist clients in seeking and securing mortgage services, and aiding clients in the process of obtaining loans or financing for property purchases.
In addition, the Company collaborates with lending institutions and mortgage brokers to assist clients in seeking and securing mortgage services, and aiding clients in the process of obtaining loans or financing for property purchases. Revenue is recognized when the related loan transaction is completed and the Company becomes entitled to the referral fee.
Revenue from tenant placement is recognized at a point in time when a tenant is secured, and the lease contract is executed. Additionally, the Company provides ongoing property management services, which may include collecting rent on behalf of the landlord, coordinating maintenance and repairs, and addressing tenant inquiries during the lease term.
Additionally, the Company provides ongoing property management services, which may include collecting rent on behalf of the landlord, coordinating maintenance and repairs, and addressing tenant inquiries during the lease term. For these services, the Company also acts as an agent and charges a service fee.
To give buyers an edge in competitive markets, we offer the Cash Offer program to enable buyers to make all-cash offers on properties, even if they require financing. Through our Cash Offer program, we provide the funds to make a cash offer once the client identifies a property.
To give buyers an edge in competitive markets, we offer the Cash Offer program to enable buyers to make all-cash offers on properties, even if they require financing. Through the Cash Offer program, we facilitate cash offers for clients and may temporarily acquire properties before transferring them to the clients within a short period of time.
Real Estate Service Revenue We offer comprehensive real estate services tailored to meet the diverse needs of our clients. Our real estate service revenue consists primarily of real estate agency commissions for buying and selling properties for clients, and revenue generated from property management, home renovation and mortgage referral services.
Our real estate service revenue consists primarily of real estate agency commissions for buying and selling properties for clients, and revenue generated from property management, home renovation and mortgage referral services. Real estate service revenue accounted for 4.00% and 13.75% of net revenues for the years ended December 31, 2025 and 2024, respectively.
This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer, as well as higher renovation costs related to the expansion of our home renovation services.
The increase was primarily driven by higher costs associated with property purchases and sales through the Cash Offer program as the number and value of Cash Offer transactions increased significantly in 2025 compared to 2024.
The Company adopted ASU 2023-07 in the fourth quarter of 2024 and the adoption did not have a material impact on its consolidated financial statements and related disclosures.
ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and the adoption did not have a material impact on its consolidated financial statements and related disclosures.
Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income.
Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. For the years ended December 31, 2025 and 2024, the Company did not take any uncertain positions that would necessitate recording a tax related liability.
This increase was primarily due to (i) an increase in cash outflow of $907,061 on real estate held for sale, (ii) an increase in cash outflow of $699,499 on deferred IPO costs, (iii) a decrease in cash inflow of $114,965 on accounts receivable, and (iv) an increase in cash outflow of $30,232 on operating lease liabilities, partially offset by (i) a decrease in cash outflow of $806,027 on other current liabilities, (ii) an increase in cash inflow of $660,903 on net income adjusted for noncash activities, (iii) a decrease in cash outflow of $30,397 on accounts payable, (iv) a decrease in cash outflow of $22,037 on prepaid expenses, and (v) a decrease in cash outflow of $4,235 on security deposits.
This decrease was primarily due to (i) an increase in cash outflow of $954,078 on operating lease liabilities, (ii) an increase in cash outflow of $617,625 on long-term prepaid expenses, (iii) a decrease in cash inflow of $600,898 on net income adjusted for noncash items, (iv) a decrease in cash inflow of $83,132 on accounts receivable, and (v) an increase in cash outflow of $29,019 on security deposits, partially offset by (i) a decrease in cash outflow of $1,814,122 on real estate held for sale, (ii) a decrease in cash outflow of $219,884 on other current liabilities, (iii) a decrease in cash outflow of $67,838 on accounts payable, and (iv) a decrease in cash outflow of $12,683 on prepaid expenses.
For the year ended December 31, 2023, other expenses primarily consisted of interest expense of $967 and other miscellaneous expenses of $4,871, partially offset by credit card rebates of $108. 15 Income Tax Expenses Income tax expenses for the years ended December 31, 2024 and 2023 were $309,352 and $1,925, respectively, representing an increase of $307,427, or 15,970.23%.
Other expenses in 2024 primarily consisted of interest expense, partially offset by credit card rebates and bank rewards. Income Tax Expense Income tax expense for the years ended December 31, 2025 and 2024 were $51,333 and $309,352, respectively, representing a decrease of $258,019, or 83.41%.
We strive to differentiate ourselves through our comprehensive services, innovative solutions and exceptional customer service. Continuous assessment of competitor strategies and market positioning informs our efforts to maintain a competitive advantage. ● Economic Factors: We aim to continuously evaluate Macroeconomic factors, such as GDP growth, employment rates, inflation, which can influence real estate market dynamics and consumer behavior.
Our ability to differentiate our services through technology, service quality and transaction efficiency is critical to maintaining and expanding our market position. ● Economic Factors: We aim to continuously evaluate macroeconomic factors, such as GDP growth, employment rates, inflation, which can influence real estate market dynamics and consumer behavior.
The following table presents our net revenues by revenue stream for the periods presented: Years Ended December 31, 2024 2023 Change Amount % Amount % Amount % Revenue from property purchases and sales through Cash Offer $ 6,568,404 86.25 % $ 1,069,072 78.04 % $ 5,499,332 514.40 % Real estate service revenue Real estate agency commission 781,351 10.26 % 261,705 19.10 % 519,646 198.56 % Property management service 16,276 0.21 % 17,225 1.26 % (949 ) (5.51 )% Home renovation service 245,226 3.22 % 8,353 0.61 % 236,873 2,835.78 % Mortgage referral fee 4,050 0.05 % 13,500 0.99 % (9,450 ) (70.00 )% Total real estate service revenue 1,046,903 13.75 % 300,783 21.96 % 746,120 248.06 % Total net revenues $ 7,615,307 100.00 % $ 1,369,855 100.00 % $ 6,245,452 455.92 % 11 Revenue from Property Purchases and Sales Through Cash Offer In a competitive real estate market, a buyer who pays in cash is more likely to secure a property.
The following table presents our net revenues by revenue stream for the periods presented: Years Ended December 31, 2025 2024 Change Amount % Amount % Amount % Revenue from property purchases and sales through Cash Offer $ 20,154,262 96.00 % $ 6,568,404 86.25 % $ 13,585,858 206.84 % Real estate service revenue Real estate agency commission 657,914 3.13 % 781,351 10.26 % (123,437 ) (15.80 )% Property management service 35,148 0.17 % 16,276 0.21 % 18,872 115.95 % Home renovation service 82,769 0.39 % 245,226 3.22 % (162,457 ) (66.25 )% Mortgage referral fee 64,254 0.31 % 4,050 0.05 % 60,204 1,486.52 % Total real estate service revenue 840,085 4.00 % 1,046,903 13.75 % (206,818 ) (19.76 )% Total net revenues $ 20,994,347 100.00 % $ 7,615,307 100.00 % $ 13,379,040 175.69 % 31 Revenue from Property Purchases and Sales Through Cash Offer In a competitive real estate market, a buyer who pays in cash is more likely to secure a property.
Our general and administrative expenses primarily consist of professional service costs, payroll and payroll related costs, rent and other overhead costs.
Our general and administrative expenses primarily consist of professional service costs, payroll and payroll-related costs, rent and other overhead costs. As a public company, we expect to incur additional costs associated with regulatory compliance, legal, accounting and other professional services.
We believe that our current cash and cash flows provided by operating activities will be sufficient to meet our working capital needs for existing business over the next 12 months from the issuance date of the financial statements. However, we plan to use part of the proceeds from this offering to support our business expansion described above.
We believe that our current cash position and expected operating cash flows will be sufficient to meet our working capital and operating requirements for at least the next twelve months from the date of issuance of the consolidated financial statements.
Cost of Revenues Years Ended December 31, 2024 2023 Change Percentage Change Cost of property purchases and sales through Cash Offer $ 5,928,865 $ 1,056,370 $ 4,872,495 461.25 % Cost of real estate services 216,061 61,400 154,661 251.89 % Total cost of revenues $ 6,144,926 $ 1,117,770 $ 5,027,156 449.75 % As a percentage of net revenues 80.69 % 81.60 % Cost of revenues for the years ended December 31, 2024 and 2023 was $6,144,926 and $1,117,770, respectively, representing an increase of $5,027,156, or 449.75%.
Cost of Revenues Years Ended December 31, 2025 2024 Change Percentage Change Cost of property purchases and sales through Cash Offer $ 20,004,797 $ 5,928,865 $ 14,075,932 237.41 % Cost of real estate services 216,533 216,061 472 0.22 % Total cost of revenues $ 20,221,330 $ 6,144,926 $ 14,076,404 229.07 % As a percentage of net revenues 96.32 % 80.69 % Cost of revenues for the years ended December 31, 2025 and 2024 was $20,221,330 and $6,144,926, respectively, representing an increase of $14,076,404, or 229.07%.
The decrease in revenue was primarily due to a lower average revenue per tenant placement in 2024 and the initial implementation of ongoing property management services, which are structured to generate recurring revenue over time rather than upfront payments. 12 Cost of Revenues Our cost of revenues consists primarily of (i) costs related to property purchases made under Linkhome Realty’s name, which properties are subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents working for the Company and renovation costs incurred for home renovation services.
In addition, the number of properties under ongoing property management increased to six properties as of December 31, 2025, compared to three properties as of December 31, 2024. 32 Cost of Revenues Our cost of revenues consists primarily of (i) costs related to property purchases made through the Cash Offer program, which properties are subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents and renovation costs incurred for home renovation services.
Real estate agency commission increased by $519,646, or 198.56%, from $261,705 for the year ended December 31, 2023, to $781,351 for the year ended December 31, 2024. This increase was primarily driven by a 214.58% increase in transaction volume, resulting from a 130.00% increase in the number of real estate transactions and a 36.78% increase in the average transaction price.
Real estate agency commission revenue decreased by $123,437, or 15.80%, from $781,351 for the year ended December 31, 2024 to $657,914 for the year ended December 31, 2025. The decrease was primarily driven by a decrease in the number of real estate transactions and overall transaction volume.
Revenue from property purchases and sales through our Cash Offer program accounted for 86.25% and 78.04% of net revenues for the years ended December 31, 2024 and 2023, respectively. Our revenue from this program increased by $5,499,332, or 514.40%, from $1,069,072 for the year ended December 31, 2023, to $6,568,404 for the year ended December 31, 2024.
Our property purchases and sales through Cash Offer primarily involve residential properties. Revenue from property purchases and sales through our Cash Offer program accounted for 96.00% and 86.25% of net revenues for the years ended December 31, 2025 and 2024, respectively.
Net cash used in operating activities was $4,844 for the year ended December 31, 2024, compared to net cash provided by operating activities of $223,314 for the year ended December 31, 2023, representing an increase in cash outflow of $228,158.
Net cash provided by operating activities was $524,430 for the year ended December 31, 2025, compared to $694,655 for the year ended December 31, 2024, representing a decrease in cash inflow of $170,225.
Receivables are written off against the allowance when all collection efforts have been exhausted and recovery is deemed remote.
Receivables are written off against the allowance when all collection efforts have been exhausted and recovery is deemed remote. If the Company recovers amounts that were previously written off, the recovered amounts are recognized as a reduction to the provision for credit losses in the consolidated statements of income.
The Company provides property management services, which include two primary activities: tenant placement and ongoing property management. Tenant placement services involve marketing the property, identifying suitable tenants, and facilitating the rental agreement. For these services, the Company acts as an agent and charges a rental commission, either as a percentage of the first year’s rent or a fixed fee.
For these services, the Company acts as an agent and charges a rental commission, either as a percentage of the first year’s rent or a fixed fee. Revenue from tenant placement is recognized at a point in time when a tenant is secured, and the lease contract is executed.
Gross Profit and Gross Margin Years Ended December 31, 2024 2023 Gross Profit Gross Margin Gross Profit Gross Margin Property purchases and sales through Cash Offer $ 639,539 8.40 % $ 12,702 0.93 % Real estate services 830,842 10.91 % 239,383 17.47 % Total $ 1,470,381 19.31 % $ 252,085 18.40 % 14 Gross profit for the years ended December 31, 2024 and 2023 was $1,470,381 and $252,085, respectively, representing an increase of $1,218,296, or 483.29%.
Cost of real estate services remained relatively stable, increasing slightly from $216,061 in 2024 to $216,533 in 2025. 34 Gross Profit and Gross Margin Years Ended December 31, 2025 2024 Gross Profit Gross Margin Gross Profit Gross Margin Property purchases and sales through Cash Offer $ 149,465 0.71 % $ 639,539 8.40 % Real estate services 623,552 2.97 % 830,842 10.91 % Total $ 773,017 3.68 % $ 1,470,381 19.31 % Gross profit for the years ended December 31, 2025 and 2024 was $773,017 and $1,470,381, respectively, representing a decrease of $697,364, or 47.43%.
If the seller accepts the cash offer, we purchase the property in cash to secure its ownership and subsequently sell it to the client within a short period of time. Our property purchases and sales through Cash Offer focus primarily on residential and commercial properties.
Revenue from Property Purchases and Sales through Cash Offer The Company’s revenue from purchases and sales through its Cash Offer program primarily consists of purchasing residential properties and subsequently reselling those properties to customers within a short period of time.
Linkhome conducts substantially all of the operations through its subsidiary, Linkhome Realty Group, a California corporation (“Linkhome Realty”). Located in Irvine, California, Linkhome Realty is presently focused on serving the Southern California market, and, over time, intends to establish a nationwide marketing network covering multiple states.
The Company conducts substantially all of its operations through its wholly owned subsidiary, Linkhome Realty Group, a California corporation (“Linkhome Realty”). Headquartered in Irvine, California, the Company currently focuses on the California markets and is gradually expanding its operations into additional markets across the United States.
The following table presents our cost of revenues by revenue stream for the periods presented: Years Ended December 31, 2024 2023 Change Amount % Amount % Amount % Cost of property purchases and sales through Cash Offer $ 5,928,865 96.48 % $ 1,056,370 94.51 % $ 4,872,495 461.25 % Cost of real estate services 216,061 3.52 % 61,400 5.49 % 154,661 251.89 % Total cost of revenues $ 6,144,926 100.00 % $ 1,117,770 100.00 % $ 5,027,156 449.75 % Cost of property purchases and sales through Cash Offer increased by $4,872,495, or 461.25%, from $1,056,370 for the year ended December 31, 2023, to $5,928,865 for the year ended December 31, 2024, as we launched this revenue stream in late 2023.
Years Ended December 31, 2025 2024 Change Amount % Amount % Amount % Cost of property purchases and sales through Cash Offer $ 20,004,797 98.93 % $ 5,928,865 96.48 % $ 14,075,932 237.41 % Cost of real estate services 216,533 1.07 % 216,061 3.52 % 472 0.22 % Total cost of revenues $ 20,221,330 100.00 % $ 6,144,926 100.00 % $ 14,076,404 229.07 % Cost of property purchases and sales through Cash Offer increased by $14,075,932, or 237.41%, from $5,928,865 for the year ended December 31, 2024 to $20,004,797 for the year ended December 31, 2025.
General and Administrative Expenses The following table summarized our general and administrative expenses for the years ended December 31, 2024 and 2023: Years Ended December 31, 2024 2023 Change Percentage Change Legal and accounting expenses $ 99,363 $ 12,267 $ 87,096 710.00 % Payroll expense 152,256 45,300 106,956 236.11 % Payroll tax expense 13,795 4,782 9,013 188.47 % Rent expense 46,572 15,114 31,458 208.13 % Depreciation expense 18,762 6,042 12,720 210.54 % Other general and administrative expenses 34,459 5,256 29,203 555.65 % Total general and administrative expenses $ 365,207 $ 88,761 $ 276,446 311.45 % As a percentage of net revenues 4.80 % 6.47 % General and administrative expenses for the years ended December 31, 2024 and 2023 were $365,207 and $88,761, respectively, representing an increase of $276,446, or 311.45%.
General and Administrative Expenses The following table summarized our general and administrative expenses for the years ended December 31, 2025 and 2024: Years Ended December 31, 2025 2024 Change Percentage Change Legal and accounting expenses $ 218,250 $ 99,363 $ 118,887 119.65 % Payroll expense 180,834 152,256 28,578 18.77 % Payroll tax expense 16,469 13,795 2,674 19.38 % Rent expenses 108,570 46,572 61,998 133.12 % Depreciation and amortization expenses 47,002 18,762 28,240 150.52 % Other general and administrative expenses 91,319 34,459 56,860 165.01 % Total general and administrative expenses $ 662,444 $ 365,207 $ 297,237 81.39 % As a percentage of net revenues 3.16 % 4.80 % General and administrative expenses for the years ended December 31, 2025 and 2024 were $662,444 and $365,207, respectively, representing an increase of $297,237, or 81.39%.
For the year ended December 31, 2024, other expenses primarily consisted of interest expense of $3,115, bank fees of $456, and other miscellaneous expenses of $107, partially offset by credit card rebates of $1,166 and bank rewards of $680.
Other Income (Expenses), Net Other income (expenses), net was income of $49,775 for the year ended December 31, 2025, compared to expense of $1,832 for the year ended December 31, 2024. Other income in 2025 primarily consisted of interest income and other miscellaneous income, partially offset by interest expense and realized loss on trading securities.
For the year ended December 31, 2024, we achieved a total transaction volume of $48,566,719 by completing 46 real estate transactions at an average transaction price of $1.06 million, while we achieved a total transaction volume of $15,438,435 by completing 20 real estate transactions at an average transaction price of $0.77 million for the year ended December 31, 2023.
For the year ended December 31, 2025, we completed 22 real estate transactions with total transaction volume of approximately $29.5 million, compared to 46 transactions with total transaction volume of approximately $48.6 million for the year ended December 31, 2024. The average transaction price increased from approximately $1.06 million in 2024 to $1.34 million in 2025.
We anticipate our general and administrative expenses will increase in the short term as a result of increased costs associated with being a public company, which will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, attorneys, and accountants; however, we expect our general and administrative expenses as a percentage of net revenues to decrease over the long term as we continue to enhance overall cost control to improve operating margin. 13 Results of Operations Comparison of the Years Ended December 31, 2024 and 2023 The following table summarized our consolidated results of operations for the years ended December 31, 2024 and 2023: Years Ended December 31, 2024 % of Revenues 2023 % of Revenues Change Percentage Change Net revenues $ 7,615,307 100.00 % $ 1,369,855 100.00 % $ 6,245,452 455.92 % Cost of revenues 6,144,926 80.69 % 1,117,770 81.60 % 5,027,156 449.75 % Gross profit 1,470,381 19.31 % 252,085 18.40 % 1,218,296 483.29 % Operating expenses Selling expenses 15,754 0.21 % 4,476 0.33 % 11,278 251.97 % General and administrative expenses 365,207 4.80 % 88,761 6.47 % 276,446 311.45 % Total operating expenses 380,961 5.01 % 93,237 6.80 % 287,724 308.59 % Operating income 1,089,420 14.30 % 158,848 11.60 % 930,572 585.83 % Other expenses, net (1,832 ) (0.02 )% (5,730 ) (0.42 )% 3,898 (68.03 )% Income before income taxes 1,087,588 14.28 % 153,118 11.18 % 934,470 610.29 % Income tax expenses 309,352 4.06 % 1,925 0.14 % 307,427 15,970.23 % Net income $ 778,236 10.22 % $ 151,193 11.04 % $ 627,043 414.73 % Net Revenues Net revenues for the years ended December 31, 2024 and 2023 were $7,615,307 and $1,369,855, respectively, representing an increase of $6,245,452, or 455.92%.
While these costs may increase our general and administrative expenses in absolute amounts, we expect our general and administrative expenses as a percentage of net revenues to decrease over the long term as we continue to scale our operations and improve operating efficiency. 33 Results of Operations Comparison of the Years Ended December 31, 2025 and 2024 The following table summarized our consolidated results of operations for the years ended December 31, 2025 and 2024: Years Ended December 31, 2025 % of Revenues 2024 % of Revenues Change Percentage Change Net revenues $ 20,994,347 100.00 % $ 7,615,307 100.00 % $ 13,379,040 175.69 % Cost of revenues 20,221,330 96.32 % 6,144,926 80.69 % 14,076,404 229.07 % Gross profit 773,017 3.68 % 1,470,381 19.31 % (697,364 ) (47.43 )% Operating expenses Selling expenses 34,141 0.16 % 15,754 0.21 % 18,387 116.71 % General and administrative expenses 662,444 3.16 % 365,207 4.80 % 297,237 81.39 % Total operating expenses 696,585 3.32 % 380,961 5.01 % 315,624 82.85 % Operating income 76,432 0.36 % 1,089,420 14.30 % (1,012,988 ) (92.98 )% Other income (expenses), net 49,775 0.24 % (1,832 ) (0.02 )% 51,607 (2,816.98 )% Income before income taxes 126,207 0.60 % 1,087,588 14.28 % (961,381 ) (88.40 )% Income tax expense 51,333 0.24 % 309,352 4.06 % (258,019 ) (83.41 )% Net income $ 74,874 0.36 % $ 778,236 10.22 % $ (703,362 ) (90.38 )% Net Revenues Net revenues for the years ended December 31, 2025 and 2024 were $20,994,347 and $7,615,307, respectively, representing an increase of $13,379,040, or 175.69%.
The Company purchases a property in cash with ownership transferred to Linkhome Realty. Subsequently, Linkhome Realty sells the property to the customer within a short period of time. Both purchase and sales transactions go through an escrow company.
Under the Cash Offer program, the Company may purchase residential properties using its own capital, with title transferred to Linkhome Realty, and subsequently resell the properties to customers. Both purchase and sales transactions go through an escrow company.
This increase was primarily driven by a $5,499,332 increase in revenue from property purchases and sales through Cash Offer, along with a $746,120 increase in real estate service revenue.
This increase was primarily driven by a $13,585,858 increase in revenue from property purchases and sales through Cash Offer, partially offset by a $206,818 decrease in real estate service revenue. The growth in Cash Offer revenue was primarily attributable to a higher number of property transactions completed through the Cash Offer program in 2025 compared to 2024.
Gross profit from property purchases and sales through Cash Offer as a percentage of revenue from property purchases and sales through Cash Offer was 9.74% for the year ended December 31, 2024, compared to 1.19% for the year ended December 31, 2023.
The blended gross margin was 3.68% for the year ended December 31, 2025, compared to 19.31% for the year ended December 31, 2024. The decrease in gross margin was primarily attributable to lower margins on property purchases and sales through the Cash Offer program as the Company significantly increased transaction volume in 2025.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.
Recent Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which is intended to improve disclosures about a public business entity’s expenses and provide more detailed information about the nature of expenses included in commonly presented expense captions, such as cost of revenues and selling, general and administrative expenses.
Selling, General and Administrative Expenses Our selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography and videography. We expect our selling expenses as a percentage of net revenues to modestly increase in the foreseeable future to achieve high-quality growth.
In contrast, home renovation service costs decreased from $201,017 in 2024 to $69,724 in 2025, reflecting the lower number of renovation projects in 2025 compared to 2024. Selling, General and Administrative Expenses Our selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography and videography.
Recent Accounting Pronouncements Pending Adoption In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024.
The Company adopted ASU 2023-07 for the year ended December 31, 2024, and the adoption did not have a material impact on its consolidated financial statements and related disclosures. 42 In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced income tax disclosures, including additional information in the rate reconciliation and income taxes paid by jurisdiction.
The slight decrease was primarily due to higher renovation costs, partially offset by lower commission expenses paid to our CEO. As part of our real estate services, we began providing home renovation services in late 2023. Gross profit from home renovation services as a percentage of home renovation service revenue was 18.03% for the year ended December 31, 2024.
The change in cost of real estate services was primarily attributable to higher real estate agency service costs, partially offset by lower home renovation service costs. Real estate agency service costs increased from $12,926 in 2024 to $146,810 in 2025, primarily due to increased commission expenses associated with real estate agency transactions.
Selling Expenses Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the years ended December 31, 2024 and 2023 were $15,754 and $4,476, respectively, representing an increase of $11,278, or 251.97%. This increase was primarily driven by higher advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.
Selling Expenses Selling expenses for the years ended December 31, 2025 and 2024 were $34,141 and $15,754, respectively, representing an increase of $18,387, or 116.71%. The increase was primarily attributable to higher advertising and marketing expenditures as the Company continued to expand its marketing efforts to support the growth of its real estate transaction volume.
We completed 15 home renovation projects for the year ended December 31, 2024, compared to one project for the year ended December 31, 2023. Revenue from mortgage referral service decreased by $9,450, or 70.00%, from $13,500 for the year ended December 31, 2023, to $4,050 for the year ended December 31, 2024.
Revenue from home renovation services decreased by $162,457, or 66.25%, from $245,226 for the year ended December 31, 2024 to $82,769 for the year ended December 31, 2025. The decrease was primarily attributable to a lower number of renovation projects. We completed three renovation projects in 2025, compared to 15 renovation projects in 2024.
Revenue is recognized when the agency service is provided, usually at the closing of the escrow. The Company’s CEO has owned his personal real estate salesperson license since 2020 and obtained a personal real estate broker license on August 8, 2023.
Revenue is recognized when the agency service is provided, usually at the closing of the escrow. Prior to November 17, 2023, the Company conducted real estate transactions through a licensed third-party brokerage firm.
Net cash provided by financing activities was $280,156 for the year ended December 31, 2023, which primarily consisted of proceeds from capital contribution of $303,000, partially offset by dividend payments of $21,154 and repayments of $1,690 on an auto loan. 17 Contractual Obligations Our contractual obligations as of December 31, 2024 were as follows: 1 Year or Less More Than 1 Year Total Operating lease liabilities $ 29,980 $ — $ 29,980 Auto loan payable 8,102 35,381 43,483 Total $ 38,082 $ 35,381 $ 73,463 Off-Balance Sheet Arrangements We did not have any off-balance sheet arrangements as of December 31, 2024 and 2023.
Contractual Obligations Our contractual obligations as of December 31, 2025 were as follows: 1 Year or Less More Than 1 Year Total Operating lease liabilities $ 109,711 $ 266,282 $ 375,993 Auto loan payable 8,631 26,754 35,385 Total $ 118,342 $ 293,036 $ 411,378 Off-Balance Sheet Arrangements We did not have any off-balance sheet arrangements as of December 31, 2025 and 2024.
Net Cash Used in Investing Activities Net cash used in investing activities was $3,513 for the year ended December 31, 2024, which primarily included purchases of office equipment for $1,082, furniture for $982, and trademarks for $1,449.
Net cash used in investing activities was $3,513 for the year ended December 31, 2024, which primarily consisted of purchases of property and equipment of $2,064 and purchases of trademarks of $1,449. 37 Net Cash Provided by Financing Activities Net cash provided by financing activities was $5,751,278 for the year ended December 31, 2025, which primarily consisted of proceeds from the issuance of common stock of $6,203,000 and proceeds from related party advances of $465,347, partially offset by repayments of related party advances of $520,347, payment of offering costs of $388,624, and repayments of auto loan principal of $8,098.
This decrease was primarily due to reduced client demand for mortgage referrals, reflecting higher interest rates during 2024. We assisted one client in securing a mortgage for the year ended December 31, 2024, compared to six clients for the year ended December 31, 2023.
Revenue from mortgage referral services increased by $60,204, or 1,486.52%, from $4,050 for the year ended December 31, 2024 to $64,254 for the year ended December 31, 2025. The increase was primarily driven by an increase in the number of mortgage referrals. We assisted 12 clients in securing mortgage loans in 2025, compared to one client in 2024.
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Linkhome Realty focuses on comprehensive real estate activities as a one-stop destination for a variety of real estate needs. By using Artificial Intelligence (“AI”) to streamline the property search and transaction process, we facilitate property transactions as a real estate agency and provide efficient property management services.
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We have based these forward-looking statements on our current expectations and projections about future events.
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We aim to offer comprehensive assistance to our clients in real estate investments by diversifying our services and providing clients with access to a wide range of real estate solutions. Further, we aim to provide personalized services to both buyers and sellers to meet their various real estate needs, and help our clients buy and sell property more efficiently.
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Linkhome is developing an artificial intelligence–enabled real estate services platform designed to improve the efficiency, transparency and accessibility of residential real estate transactions. Our platform integrates traditional real estate brokerage services with technology-driven tools that streamline property search, transaction coordination and related services for homebuyers and sellers.
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Additionally, where possible and when we have sufficient cash on hand to permit such a purchase, we purchase and sell real estate for our clients through our Cash Offer program. We developed the Cash Offer program with the intent of increasing the successful rate in our clients’ acquisition of their desired houses.
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Through our operating subsidiary, Linkhome Realty, we provide a range of real estate-related services, including residential real estate brokerage services, fintech-enabled services, property management services and mortgage advisory services. Our objective is to provide clients with a comprehensive service ecosystem that supports multiple stages of the real estate transaction lifecycle.
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We also use this service as a marketing tool to help us attract more clients. We use cash to purchase the target property first, and then sell it to our customer. This service is particularly effective in the competitive U.S. real estate market, where buyers often face competition and bidding for popular properties during the home purchase bid.
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In addition, as part of our fintech initiatives, we operate a Cash Offer program designed to help homebuyers compete more effectively in competitive real estate markets by enabling them to present all-cash offers on properties.
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Our ability to make all-cash offers helps our clients secure desired properties quickly, thereby enhancing their chances of success. Our ultimate strategic goal is to become the premier AI driven real estate technology company, utilizing artificial intelligence to transform the real estate industry, making property transactions more user-friendly, transparent, and efficient.
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Under this program, the Company may temporarily acquire residential properties using its own capital and subsequently transfer those properties to the end buyer within a short period of time. We believe this program enhances our ability to attract clients and facilitates more efficient real estate transactions.

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