UZXNasdaqRetail-Catalog & Mail-Order HousesUS GAAP · USD

Linkage Global Inc

Linkage Global Inc is a holding company that provides cross-border e-commerce integrated services through operating subsidiaries in Japan, Hong Kong, mainland China, and the United States. Its business combines cross-border product sales with e-commerce support services, and it also reports trademark and patent licensing activity tied to headset-related intellectual property.

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Revenue5.1m USD
−50.5 %y/y
Operating profit (EBIT)-4.6m USD
−5,922.2 %y/y
EBIT margin-90.4%
−89.7 ppy/y
Net income-7.4m USD
−1,577.1 %y/y
Free cash flow-4.9m USD

Fiscal year 2025 · change from previous year

Development 2021–2025

-100102030m USD2021: 15 m USD2021: EBIT 0.88 m USD20212022: 22 m USD2022: EBIT 1.4 m USD20222023: 13 m USD2023: EBIT -0.57 m USD20232024: 10 m USD2024: EBIT -0.08 m USD20242025: 5.1 m USD2025: EBIT -4.6 m USD20255.1-4.6
RevenueOperating profit (EBIT)
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Business

Share of revenue
Cross-border sales50 %

Sale of products across national borders through the group's operating entities.

Integrated e-commerce services30 %

Support services for e-commerce sellers, including platform and campaign support.

Digital marketing services10 %

Online marketing services used to acquire traffic and support seller activity.

Training and consulting5 %

Training and advisory services for e-commerce sellers and related operators.

IP licensing5 %

Trademark and patent licensing related to headset intellectual property.

Products

Reported · share of revenue
72.9%24.0%FY2025100 %
  • Fully Managed E Commerce Operation Services72.9 %
  • Cross Border Sales24.0 %
  • Others1.6 %
  • Digital Marketing Services1.5 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves e-commerce sellers and cross-border trading customers that need help selling into Japan, Hong Kong, and China-linked markets. It also appears to license intellectual property tied to headset branding and patents, which adds a smaller non-operating customer group. Demand is tied to online seller activity, cross-border trade flows, and the need for outsourced e-commerce execution and support.

E-commerce sellers

Buy integrated e-commerce services, marketing support, and consulting to expand online sales.

Cross-border product customers

Purchase products sold through the group's cross-border sales channels.

Training clients

Use training and consulting services to build internal e-commerce capabilities.

IP licensees

Use headset trademark and patent rights under licensing arrangements.

Strategy

Linkage Global's strategy centers on combining product sales with e-commerce support services so it can serve sellers across multiple parts of the value chain. The group also appears to diversify beyond services with selective licensing activity, while its share repurchase program suggests an emphasis on capital allocation and shareholder returns. Its operating model depends on building a cross-border service system that can support sellers, traffic generation, and market entry across Asia-related trade routes.

Expand integrated e-commerce offeringMedium term

A broader service stack increases relevance to sellers and can deepen customer relationships.

Grow cross-border operating footprintMedium term

Regional subsidiaries support access to Japan, Hong Kong, and China-linked commerce flows.

Monetize intellectual property selectivelyLong term

Licensing can diversify revenue away from pure trading and service activity.

Maintain capital flexibilityShort term

Repurchases and funding discipline can support capital allocation choices across a small, developing platform.

Geography

The company is headquartered in Tokyo and operates through subsidiaries in Hong Kong, mainland China, and the United States. Its core business is concentrated around Japan, Hong Kong, and the PRC, which makes the group exposed to cross-border trade rules, platform dynamics, and regional demand conditions. The U.S. subsidiary appears to be a holding entity rather than the main operating market.

Risks

The company is exposed to execution risk because its business depends on coordinating product sales, service delivery, and cross-border operations across several jurisdictions. It also faces customer concentration and market-cycle risk typical of e-commerce service businesses, where demand can shift quickly with platform changes, seller activity, and trade conditions. As a smaller holding company with multiple subsidiaries, it must also manage credit, tax, and equity-related accounting judgments carefully.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer and platform dependence1Cross-border regulatory and trade risk2Credit and impairment risk3Liquidity risk from capital allocation4Tax and deferred tax valuation risk5
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 and platform dependenceImpact: HighLikelihood: High

    Integrated e-commerce services rely on ongoing seller activity and third-party platforms for demand generation.

    Exposure: Cross-border sales and digital marketing services

  2. Cross-border regulatory and trade riskImpact: HighLikelihood: Medium

    The business operates across Japan, Hong Kong, China, and the U.S., so customs, platform, and compliance rules can change quickly.

    Exposure: Operating subsidiaries and seller-facing services

  3. Credit and impairment riskImpact: MediumLikelihood: Medium

    The company discloses allowance for doubtful accounts and impairment assessments for short-term loans and receivables.

    Exposure: Accounts receivable and third-party loans

  4. Liquidity risk from capital allocationImpact: MediumLikelihood: Medium

    Repurchases and business funding compete for cash, making liquidity management important for a small issuer.

    Exposure: Share repurchases and operating funding

  5. Tax and deferred tax valuation riskImpact: MediumLikelihood: Medium

    Deferred tax assets require valuation allowances and depend on future taxable income estimates.

    Exposure: Deferred tax assets and tax positions

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Accounting

Judgemental items
Revenue recognition

Different business lines may recognize revenue at different points or over time, affecting quarter-to-quarter comparability.

Impact: Core driver of reported top-line timing

Allowance for doubtful accounts

E-commerce and cross-border counterparties can create collection uncertainty.

Impact: Directly affects receivables and earnings

Short-term loan impairment

The company recognizes interest straight-line and tests third-party loans for impairment each period.

Impact: Can create volatile non-operating losses

Deferred tax valuation allowance

Deferred tax assets are only realizable if future taxable income is expected.

Impact: Can materially change tax expense and equity

Stock-based compensation

Fair value estimates and vesting assumptions affect operating expenses.

Impact: Impacts reported compensation cost

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Last updated: 28/09/2026

Linkage Global Inc (UZX) Revenue, Earnings & Financials 2025 – Clarifo