Inno Holdings Inc (NASDAQ: INHD) is a consumer electronics recycling and trading company that sources pre-owned smartphones and tablets and sells them to wholesale customers. Revenue is transactional, generated entirely from wholesale sales of recycled consumer electronic devices, with recycled iPhones accounting for 100% of revenue for the fiscal year ended September 30, 2025. The company operates through two Hong Kong subsidiaries, Lear Group Limited and Baymax High Technology Co., Limited, both acquired in late 2024. It discontinued its prior cold-formed-steel manufacturing business in Q2 FY2025, completing the disposition of all related subsidiaries by April 2025. Incorporated in Texas on September 8, 2021, the company reported cost of goods sold of $2,790,500 for FY2025, up from nil in FY2024, reflecting the new electronics trading business that began in October 2024. Operating loss was $4,362,473 for FY2025. Wholesale customers resell the devices primarily in Southeast Asia.

Revenue model

Transactional wholesale revenue from selling recycled consumer electronic devices (iPhones, iPads) to wholesalers who resell in Southeast Asia. Recycled iPhones represented 100% of revenue for the fiscal year ended September 30, 2025.

Products and services

Recycled iPhones (100% of FY2025 revenue) and iPads. The company has stated intentions to expand into MacBooks, smartwatches, and headphones, but these were not revenue-generating as of the 10-K filed December 15, 2025.

Customers and end markets

All revenues derived from wholesale customers as of the fiscal year ended September 30, 2025. Wholesale customers purchase recycled devices and resell them in Southeast Asia. No individual customer concentration percentages disclosed in the filing excerpts.

Value-chain role

Middleman trader and distributor. Sources pre-owned consumer electronics from suppliers and sells to wholesale distributors. Operating subsidiaries Lear Group Limited and Baymax High Technology Co., Limited are located in Hong Kong and serve as the procurement and distribution entities.

Geographic exposure

Operations based in Hong Kong through Lear Group Limited and Baymax High Technology Co., Limited. End-market distribution focused on Southeast Asia via wholesale customers. Parent company incorporated in Texas.

Source: SEC 10-K, filed 2025-12-15

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