HWH International Inc (NASDAQ: HWH) is a consumer lifestyle company that operates physical café locations branded as Hapi Cafés, designed to serve as community gathering spaces while driving awareness of and sales for affiliated products and services. Revenue is generated through café operations and, per the company's model, through directing customers toward affiliated partner products and services. The company completed its business combination and began trading under the HWH name on January 9, 2024. As of the 10-K filed March 26, 2026, covering fiscal year ended December 31, 2025, the company had closed its Singapore café location (June 2024), its Ketomei Pte. Ltd. café (August 2025), and its Hapi Café Korea Inc. location (September 2025), leaving its operating footprint materially reduced. The company carries a stockholders' deficit, has relied on equity offerings and credit support from majority owner Alset Inc. to fund operations, and raised approximately $1.76 million gross in a January 2025 public offering at $0.40 per share.

Revenue model

Café operations generate transactional food and beverage revenue. The model also directs customers to affiliated third-party products and services, with Hapi Cafés functioning as customer acquisition channels for those affiliates. The filing does not disclose specific revenue figures by segment.

Products and services

Hapi Cafés: in-person, location-based café concepts positioned as community experiences and customer education venues for affiliated products and services. Proof-of-concept locations opened in Seoul (May 2022) and Singapore (July 2022), with a third Seoul location opened May 2024. The Singapore location closed June 2024, and the remaining Korea locations closed August and September 2025.

Customers and end markets

Retail consumers seeking community-oriented café experiences, with an emphasis on customers who may have interest in affiliated health or lifestyle products. The filing does not disclose customer counts, concentration data, or specific end-market breakdowns.

Value-chain role

HWH operates as a direct-to-consumer café operator and customer acquisition intermediary for affiliated product and service providers. It sits at the retail end of the value chain, interfacing with end consumers and funneling them toward affiliated businesses.

Geographic exposure

Operations have been conducted in South Korea and Singapore. As of August and September 2025, café closures eliminated the Korea and remaining Singapore presence. The filing does not confirm active café locations as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-26

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