HIHONasdaqMiscellaneous Fabricated Metal ProductsUS GAAP · USD

Highway Holdings Limited

Highway Holdings Ltd is a U.S.-listed international manufacturer of custom components, subassemblies, and quality parts for equipment makers, with administrative offices in Hong Kong and manufacturing facilities in Myanmar and China. Its business combines contract manufacturing for OEM customers with related technical and service capabilities across Asia and Europe.

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Revenue4.8m USD
−35.2 %y/y
Operating profit (EBIT)-2.3m USD
−331.2 %y/y
EBIT margin-48.0%
−40.8 ppy/y
Net income-1.5m USD
−1,537.7 %y/y
Free cash flow-1.5m USD
−228.4 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-5051015m USD2021: 9.2 m USD2021: EBIT -0.62 m USD20212022: 12 m USD2022: EBIT 0.57 m USD20222023: 10 m USD2023: EBIT -0.48 m USD20232024: 6.3 m USD2024: EBIT -1.6 m USD20242025: 7.4 m USD2025: EBIT -0.54 m USD20252026: 4.8 m USD2026: EBIT -2.3 m USD20264.8-2.3
RevenueOperating profit (EBIT)
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Business

Share of revenue
OEM components and subassemblies75 %

Metal parts and subassemblies produced for customer assembly into finished goods.

Manufacturing services15 %

Contract manufacturing, assembly, and related production services for industrial customers.

BESS products and distribution5 %

Battery energy storage system products sold or distributed through the international platform.

Technical and warranty support5 %

Project management, customer service, warranty support, and marketing services tied to BESS.

Products

Reported · share of revenue
99.7%FY2026100 %
  • Sale of Products99.7 %
  • Other Service Income0.3 %

Source: 20-F FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells mainly to manufacturers, especially European-owned companies that use its parts and subassemblies in finished goods made in their own facilities in China and Europe. Its customer base is concentrated, with a few large customers accounting for a substantial share of net sales, while the newer energy storage initiative targets commercial and project customers in multiple international markets.

OEM manufacturers

Buy components and subassemblies for use in finished goods production.

European-owned industrial customers

Purchase parts and manufacturing services for assembly in China and Europe.

Energy storage project customers

Buy BESS products, distribution support, and related technical services.

Commercial customers in emerging markets

Procure smaller-scale energy storage systems for business use in Africa and Southeast Asia.

Prospective European customers

Seek technically demanding energy storage solutions with service and warranty support.

Strategy

The company is broadening beyond traditional OEM manufacturing by using its manufacturing base and European relationships to build an international BESS platform. It is also seeking higher utilization of existing facilities through product sales, distribution, SKD manufacturing, and service support in targeted overseas markets.

Build an international BESS growth platformShort term

Creates a new product and market base beyond legacy OEM work.

Leverage European market relationshipsShort term

European customers value reliable service, availability, and warranty support.

Expand manufacturing and SKD optionsMedium term

Localizing or semi-localizing production can improve competitiveness and scale.

Geography

Highway Holdings operates internationally, with administrative functions in Hong Kong and manufacturing sites in Yangon, Myanmar and Shenzhen, China. Historically, its products have been sold primarily to European customers, and its newer energy storage platform is aimed at Africa, Southeast Asia, Europe, the United States, and selected South American markets.

Risks

The company is exposed to customer concentration, since a small number of customers account for most sales and the loss of any major customer could materially affect operations. It also faces execution, geopolitical, and supply-chain risks from operating across Myanmar, China, Europe, and new energy-storage markets, where demand, regulation, and service expectations can vary materially.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Geopolitical and operating-country risk2New business execution risk3Customer service and warranty obligations4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: High

    Three customers accounted for 80.4% of net sales in fiscal 2026.

    Exposure: Loss of a major customer or order reduction

  2. Geopolitical and operating-country riskImpact: HighLikelihood: Medium

    Manufacturing and operations span Myanmar and China, which can face trade, political, and logistics disruptions.

    Exposure: Production continuity and cross-border fulfillment

  3. New business execution riskImpact: MediumLikelihood: Medium

    BESS expansion requires distribution, technical support, and project execution in new markets.

    ExposurePartnership rolloutCustomer adoptionScaling
  4. Customer service and warranty obligationsImpact: MediumLikelihood: Medium

    Energy storage customers in mature markets require dependable support and warranty coverage.

    Exposure: Margin pressure and service delivery performance

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Accounting

Judgemental items
Revenue recognition

Revenue is recorded when control transfers or services are satisfied, so shipment and service timing affect reported sales.

Impact: Can shift revenue between periods

Contract liabilities

Customer deposits are recorded as liabilities until performance obligations are met.

Impact: Affects deferred revenue and future sales recognition

Expected credit losses

Receivables require allowance estimates based on collection risk.

Impact: Affects bad debt expense and net receivables

Lease accounting

Long-term factory leases create recognized right-of-use assets and lease obligations.

Impact: Affects balance sheet leverage and operating expense presentation

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Last updated: 28/09/2026