Treasure Global reported a sharply reduced topline for QQ1 2025 alongside a continued negative bottom line. Revenue stood at 207,371 with a strong gross margin of 83.0%, producing a gross profit of 172,172. However, the company posted an operating loss of 811,677 and a net loss of 950,707, with EBITDA of -604,632. The drag on profitability is driven by outsized general and administrative expenses (SG&A) totaling 936,640, plus 47,209 in research and development and other operating costs, resulting in negative operating and net margins. On the cash side, operating cash flow was -976,319, and free cash flow mirrored that level, despite financing activities delivering a sizable cash influx of 2,437,271 from common stock activity. Cash at period-end was 72,561, with a starting balance of 200,013, implying a net cash decrease of 127,452. The balance sheet shows a large intangible asset base (4,230,726) and substantial accumulated deficits (retained earnings of -38,980,781), yet a solid equity base (6,278,271) aided by other stockholders’ equity items. Liquidity metrics are modest but adequate for near-term operations (current ratio 1.454; quick ratio 1.427; cash ratio 0.0875). The results imply ongoing runway dependence on equity or financing activities to fund losses as the company pursues platform monetization and scale in a competitive tech-enabled ecommerce segment. The absence of an earnings call transcript in the provided data limits direct quotes from management for QQ1 2025, though the financials suggest a strategic emphasis on platform development, user/merchant growth, and potential monetization avenues over the near term.