PMAX on Nasdaq
Powell Max Ltd
Miscellaneous business services company, listed on Nasdaq (PMAX). Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerPMAX on Nasdaq1
- IndustryServices-Miscellaneous Business Services1
- HeadquartersHong Kong, Hong Kong1
- Incorporated inVirgin Islands, British3
- Business address22/F., Euro Trade Centre,, 13-14 Connaught Road Central, Central, Hong Kong, K3 00003
- Filer categoryNon-accelerated filer, Emerging growth company3
- Legal formOther
- Kind of organizationPooled investment fund1
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Shares were issued to Bliss On upon such automatic conversion at the IPO price of US$4.00 per share.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024
39.4%Gross margin2
-44.0%Operating margin2
-49.6%Net margin2
-85.0%Return on equity2
-$1.7MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2024
- Cost of revenue49¢$2.8M
- Selling, general and admin16¢$907.5K
- Interest35¢$2.0M
Out of $4.7M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | 47.6M HKD | 36.5M HKD | 49.1M HKD |
| Cost of sales | -24.1M HKD | -22.1M HKD | -25.2M HKD |
| Gross profit | 23.6M HKD | 14.4M HKD | 23.9M HKD |
| Other income and gain | 3.5M HKD | 2.0M HKD | 54.1K HKD |
| General and administrative expenses | -29.1M HKD | -24.9M HKD | -10.9M HKD |
| Impairment loss on goodwill | -11.8M HKD | ||
| Selling and distribution expenses | -7.4M HKD | -7.0M HKD | -4.5M HKD |
| Allowance of expected credit loss - trade receivables | -1.6M HKD | -488.6K HKD | -914.8K HKD |
| Profit/(Loss) from operations | -22.8M HKD | -16.1M HKD | 7.6M HKD |
| Finance costs | -692.9K HKD | -2.0M HKD | -550.7K HKD |
| Profit/(Loss) before income tax | -23.5M HKD | -18.1M HKD | 7.1M HKD |
| Profit/(Loss) for the year | -23.5M HKD | -18.1M HKD | 7.1M HKD |
| Exchange differences on foreign currency translations | -118 HKD | 48.4K HKD | -47.4K HKD |
| Total comprehensive income/(loss) for the year | -23.5M HKD | -18.0M HKD | 7.0M HKD |
| Basic (in Dollars per share and Dollars per share) | -94.52 HKD | -109.72 HKD | 45.31 HKD |
| Diluted (in Dollars per share and Dollars per share) | -86.38 HKD | -109.72 HKD | 45.31 HKD |
| Basic (in Shares) | 248.6K shares | 164.7K shares | 156.2K shares |
| Diluted (in Shares) | 272.0K shares | 164.7K shares | 156.2K shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-11-30 |
|---|---|---|---|---|
| Goodwill | 8.4M HKD | |||
| Property, plant and equipment | 6.1M HKD | 4.3M HKD | ||
| Total non-current assets | 14.5M HKD | 4.3M HKD | ||
| Contingent consideration | 8.7M HKD | |||
| Trade and other receivables | 12.3M HKD | 16.1M HKD | ||
| Cash and bank balances | 6.9M HKD | 42.2M HKD | ||
| Total current assets | 27.9M HKD | 58.3M HKD | ||
| Total assets | 42.4M HKD | 62.6M HKD | ||
| Trade and other payables | 10.6M HKD | 13.0M HKD | ||
| Contract liabilities | 1.9M HKD | 1.3M HKD | ||
| Bank borrowings | 3.8M HKD | |||
| Lease liabilities | 3.0M HKD | 1.4M HKD | ||
| Derivative | 6.8M HKD | |||
| Convertible promissory notes | 13.9M HKD | |||
| Total current liabilities | 15.5M HKD | 40.1M HKD | ||
| Trade and other payables | 150.0K HKD | 150.0K HKD | ||
| Lease liabilities | 1.8M HKD | 1.0M HKD | ||
| Total non-current liabilities | 2.0M HKD | 1.2M HKD | ||
| Total liabilities | 17.5M HKD | 41.3M HKD | ||
| Share capital | 16.5K HKD | 11.5K HKD | ||
| Accumulated losses | -57.3M HKD | -33.8M HKD | ||
| Reserves | 82.1M HKD | 55.0M HKD | ||
| Total equity | 24.9M HKD | 21.3M HKD | -15.3M HKD | -22.3M HKD |
| Total liabilities and equity | 42.4M HKD | 62.6M HKD |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-11-30 |
|---|---|---|---|---|
| Goodwill | 8.4M HKD | |||
| Property, plant and equipment | 6.1M HKD | 4.3M HKD | ||
| Total non-current assets | 14.5M HKD | 4.3M HKD | ||
| Contingent consideration | 8.7M HKD | |||
| Trade and other receivables | 12.3M HKD | 16.1M HKD | ||
| Cash and bank balances | 6.9M HKD | 42.2M HKD | ||
| Total current assets | 27.9M HKD | 58.3M HKD | ||
| Total assets | 42.4M HKD | 62.6M HKD | ||
| Trade and other payables | 10.6M HKD | 13.0M HKD | ||
| Contract liabilities | 1.9M HKD | 1.3M HKD | ||
| Bank borrowings | 3.8M HKD | |||
| Lease liabilities | 3.0M HKD | 1.4M HKD | ||
| Derivative | 6.8M HKD | |||
| Convertible promissory notes | 13.9M HKD | |||
| Total current liabilities | 15.5M HKD | 40.1M HKD | ||
| Trade and other payables | 150.0K HKD | 150.0K HKD | ||
| Lease liabilities | 1.8M HKD | 1.0M HKD | ||
| Total non-current liabilities | 2.0M HKD | 1.2M HKD | ||
| Total liabilities | 17.5M HKD | 41.3M HKD | ||
| Share capital | 16.5K HKD | 11.5K HKD | ||
| Accumulated losses | -57.3M HKD | -33.8M HKD | ||
| Reserves | 82.1M HKD | 55.0M HKD | ||
| Total equity | 24.9M HKD | 21.3M HKD | -15.3M HKD | -22.3M HKD |
| Total liabilities and equity | 42.4M HKD | 62.6M HKD |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Profit/(Loss) before income tax | -23.5M HKD | -18.1M HKD | 7.1M HKD |
| Depreciation of property, plant and equipment | 3.6M HKD | 4.4M HKD | 5.0M HKD |
| Allowance for expected credit losses trade receivables | 1.6M HKD | 488.6K HKD | 914.8K HKD |
| Bad debt write-off | 40.4K HKD | 77.2K HKD | |
| Issuance of shares as compensation for advisory fee | 117.0K HKD | ||
| Change in fair value of contingent consideration | -717.6K HKD | ||
| Impairment of goodwill | 11.8M HKD | ||
| Interest expense - bank borrowings | 101.1K HKD | 155.0K HKD | 179.9K HKD |
| Interest expense - lease liabilities | 269.0K HKD | 211.3K HKD | 370.8K HKD |
| Interest expense - convertible promissory notes | 322.8K HKD | 1.6M HKD | |
| Change in fair value of embedded derivative liability | -1.5M HKD | -1.6M HKD | |
| Interest income | -96.2K HKD | -286.3K HKD | -48.2K HKD |
| Issuance of ordinary shares for commitment fee | 1.6M HKD | ||
| Gain arising from the drawdown of the SEPA | -1.0M HKD | ||
| Unrealized foreign exchange difference, net | 22.4K HKD | ||
| Operating cash flows before working capital changes | -9.0M HKD | -11.4M HKD | 13.6M HKD |
| Trade and other receivables | 2.4M HKD | -4.1M HKD | -5.7M HKD |
| Trade and other payables | -2.6M HKD | 4.3M HKD | 957.1K HKD |
| Contract liabilities | 499.0K HKD | -214.3K HKD | -1.8M HKD |
| Net cash generated from/(used in) operating activities | -8.7M HKD | -11.4M HKD | 7.1M HKD |
| Interest income | 96.2K HKD | 286.3K HKD | 48.2K HKD |
| Acquisition of a subsidiary | -28.1M HKD | ||
| Purchase of property, plant and equipment | -21.0K HKD | -1.5M HKD | -287.3K HKD |
| Net cash used in investing activities | -28.0M HKD | -1.2M HKD | -239.1K HKD |
| Advance from ultimate beneficial shareholder | -15.9K HKD | ||
| Interest paid | -101.1K HKD | -155.0K HKD | -179.9K HKD |
| Repayment of bank borrowings | -3.8M HKD | -922.0K HKD | -706.9K HKD |
| Repayment of lease liabilities | -3.2M HKD | -3.7M HKD | -3.7M HKD |
| Proceeds from issuance of ordinary shares, net of offering expenses | 32.2M HKD | ||
| Proceeds from underwriters exercise of over-allotment option | 3.1M HKD | ||
| Proceeds from issuance of convertible promissory notes, net of transaction costs | 20.6M HKD | ||
| Proceeds from issuance of shares pursuant to the SEPA, net of transaction costs | 5.4M HKD | ||
| Proceeds from private placement | 3.1M HKD | ||
| Net cash (used in)/generated from financing activities | 1.4M HKD | 51.2M HKD | -4.6M HKD |
| Net change in cash and bank balances | -35.4M HKD | 38.6M HKD | 2.3M HKD |
No quarter-by-quarter statement was filed.
Leadership
Who has led Powell Max Ltd, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
- Chief executive officerGeordan Garrett Pursglove May 14, 2026 to now6
- ChairGeordan Garrett Pursglove May 14, 2026 to now6
- Chief financial officerAnna Skowron Mar 10, 2026 to now7
Board members and other officers (1)
- Board memberLourdes Felix May 14, 2026 to now8
Timeline
- May 14, 2026New chief executive Geordan Garrett Pursglove becomes CEO6
Filings
66 filings to the SEC since October 2021: 2 annual reports, 3 insider forms, 1 large holders, 1 private raises, 59 other. The latest 20:
- Oct 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 25, 2026D EDGAR
- Aug 14, 2026EFFECT EDGAR
- Jul 31, 2026F-3 REGISTRATION STATEMENT EDGAR
- May 14, 20263 EDGAR
- May 14, 20263 EDGAR
- Apr 30, 202620-F ANNUAL REPORT EDGAR
- Apr 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Mar 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Mar 10, 20263 EDGAR
- Mar 5, 2026EFFECT EDGAR
- Mar 4, 2026CORRESP EDGAR
- Mar 3, 2026F-3 REGISTRATION STATEMENT EDGAR
- Feb 25, 2026UPLOAD EDGAR
- Feb 20, 2026DRS EDGAR
- Feb 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Feb 11, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Feb 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jan 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
The 66 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- ECF (BVI) LtdSCHEDULE 13D, 1 filing Jan 6, 20269
Money raised
Private offerings the company reported to the SEC on Form D.
- Aug 20, 2026Raised $1.7 million in a private offering of equity Form D: $4 million offered in all Form D
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARPowell Max Ltd filings on SEC EDGAR
- 2SEC EDGARPowell Max Ltd 10-K for fiscal 2024
- 3SEC EDGARPowell Max Ltd filings on SEC EDGAR
- 4
- 5
- 6
- 7
- 8SEC EDGARLourdes Felix, Board member
- 9