| Revenue and segment reporting |
23.Revenue and segment reporting During the year ended December 31, 2024, the Group operated in a single business segment which was development of digital asset platform and provision of digital asset service and solutions. Upon the consummation of the merger as discussed in Note 5.1 to the consolidated financial statements, the Group operates in two operating segments for the year ended December 31, 2025: (i) Digital Assets Services and Solutions — development of digital asset platform and provision of digital asset service and solutions. (ii) Online Advertising and SaaS Solutions — provision of online advertising services and provision of digitalized operational solutions. 23.Revenue and segment reporting (Continued) The CODM allocates resources to and assess the performance of each operating segment using information about the segment’s revenue and operating profit/(loss). The CODM regularly reviews the Company’s revenue, cost and gross profit/loss derived from each revenue stream and is also provided with information of segment expenses. | | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | Digital Assets Services and Solutions | | | | | | | Wealth management solutions | | 1,617 | | 6,194 | | 34,909 | Execution solutions | | 138 | | 320 | | 11,243 | Payment solutions | | 979 | | 961 | | 4,086 | | | 2,734 | | 7,475 | | 50,238 | Online Advertising and SaaS Solutions | | | | | | | Sales agent | | — | | — | | 1,261 | Cost-plus | | — | | — | | 1,497 | Specified actions | | — | | — | | 6,509 | SaaS products and services | | — | | — | | 6,584 | | | — | | — | | 15,851 | | | | | | | | Total segment revenues | | 2,734 | | 7,475 | | 66,089 | | | | | | | | Timing of revenue recognition: | | | | | | | - At a point in time | | 1,161 | | 1,311 | | 26,906 | - Over time | | 1,573 | | 6,164 | | 39,183 | | | 2,734 | | 7,475 | | 66,089 |
The following table breaks down revenue by geographic location of the Group’s revenue. The geographical location is based on the geographical location where customers are located. | | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | Asia | | 988 | | 1,562 | | 20,848 | North America | | 1,338 | | 3,946 | | 20,915 | Africa | | 303 | | 1,848 | | 24,212 | Europe | | 98 | | 87 | | 13 | Others | | 7 | | 32 | | 101 | | | 2,734 | | 7,475 | | 66,089 |
23.Revenue and segment reporting (Continued) (b)Reconciliation of (loss)/profit before income tax | | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | Segment operating (loss)/profit: | | | | | | | - Digital Assets Services and Solutions | | (3,644) | | (5,306) | | 4,380 | - Online Advertising and SaaS Solutions | | — | | — | | 3,010 | - Other segment * | | — | | — | | (4,795) | | | (3,644) | | (5,306) | | 2,595 | | | | | | | | Finance (costs)/income, net | | (145) | | 104 | | 548 | Other (loss)/gains, net | | (9,747) | | (18,071) | | 505 | Share of losses from an equity investee | | — | | — | | (50) | (Loss)/profit from continuing operations before income tax credit | | (13,536) | | (23,273) | | 3,598 |
| * | Other segment refers to head office and group services |
(c)Other profit or loss disclosures | | | | | | | | | | | | | | | | | | | | | Share of | | | Depreciation | | | | | | | | losses from | | | and | | Finance | | | | Income tax | | an equity | | | amortization | | income | | Finance costs | | credit | | investee | Year ended December 31, 2023 | | | | | | | | | | | Digital Assets Services and Solutions | | (740) | | — | | (145) | | — | | — | Online Advertising and SaaS Solutions | | — | | — | | — | | — | | — | | | (740) | | — | | (145) | | — | | — | | | | | | | | | | | | Year ended December 31, 2024 | | | | | | | | | | | Digital Assets Services and Solutions | | (379) | | 150 | | (46) | | — | | — | Online Advertising and SaaS Solutions | | — | | — | | — | | — | | — | | | (379) | | 150 | | (46) | | — | | — | | | | | | | | | | | | Year ended December 31, 2025 | | | | | | | | | | | Digital Assets Services and Solutions | | (406) | | 131 | | (22) | | 7 | | — | Online Advertising and SaaS Solutions | | (1,045) | | 297 | | (49) | | 1,060 | | — | Other segment * | | — | | 191 | | — | | — | | (50) | | | (1,451) | | 619 | | (71) | | 1,067 | | (50) |
*Other segment refers to head office and group services 23.Revenue and segment reporting (Continued) | (d) | Segment assets and liabilities |
| | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | Segment assets | | | | | | | Digital Assets Services and Solution | | 36,851 | | 129,834 | | 167,574 | Online Advertising and SaaS Solutions | | — | | — | | 75,267 | Total segment assets | | 36,851 | | 129,834 | | 242,841 | | | | | | | | Intersegment eliminations | | — | | — | | (6,087) | Discontinued operations | | — | | — | | 17 | Unallocated items | | — | | — | | 19,608 | Total assets as per the statement of financial position | | 36,851 | | 129,834 | | 256,379 | | | | | | | | Additions to non-current assets | | | | | | | Digital Assets Services and Solution | | — | | 800 | | 420 | Online Advertising and SaaS Solutions | | — | | — | | 42,570 | | | — | | 800 | | 42,990 | | | | | | | | Segment liabilities | | | | | | | Digital Assets Services and Solution | | 41,399 | | 100,049 | | 132,379 | Online Advertising and SaaS Solutions | | — | | — | | 17,996 | Total segment liabilities | | 41,399 | | 100,049 | | 150,375 | | | | | | | | Intersegment eliminations | | — | | — | | (6,085) | Discontinued operations | | — | | — | | 1,277 | Unallocated items | | — | | — | | 500 | Total liabilities as per the statement of financial position | | 41,399 | | 100,049 | | 146,067 |
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