Also trades as: MDEVF (OTC) · $vol 0M · MDEVY (OTC) · $vol 0M

HK$2.65 ($0.34)

-0.04 (-1.30%)

Weekly Expected Move ±4.9%

HK$2 HK$3 HK$3 HK$3 HK$3

HKSE · Consumer Cyclical · Gambling, Resorts & Casinos · Tech Score Strong Sell · Power 33 · HK$6.1B mcap · 848M float · 0.424% daily turnover

Revenue

$36.2B +102.4% ▲

5Y CAGR: +7.7%

Gross Profit

$28.3B +352.8% ▲

5Y CAGR: +23.6%

Operating Income

$2.6B +47.7% ▲

5Y CAGR: -11.7%

Net Income

-$785M +55.0% ▲

EPS (Diluted)

$-0.52 +55.2% ▲

EBITDA

$7.1B +37.3% ▲

5Y CAGR: -7.6%

View Full Income Statement

Line Item	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	$7.6B	$9.1B	$6.7B	$17.9B	$36.2B
YoY Growth	-69.7%	+20.0%	-25.9%	+165.4%	+102.4%
Cost of Revenue	$11.8B	$11.4B	$10.0B	$11.6B	$7.8B
Gross Profit	-$4.2B	-$2.3B	-$3.2B	$6.3B	$28.3B
Gross Margin	-56.0%	-25.1%	-48.1%	35.0%	78.3%
R&D Expenses	$194M	$243M	$0	$9M	$42M
SG&A Expenses	$676M	$753M	$557M	$4.5B	$2.1B
Operating Expenses	$3.9B	$3.0B	$2.9B	$4.5B	$25.7B
Operating Income	-$8.1B	-$5.3B	-$6.2B	$1.8B	$2.6B
Operating Margin	-107.3%	-58.6%	-91.7%	10.0%	7.3%
Interest Expense	$2.9B	$3.0B	$3.3B	$4.3B	$4.3B
Income Before Tax	-$12.3B	-$7.9B	-$10.0B	-$3.4B	-$1.6B
Tax Expense	$33M	$43M	$6M	$98M	$49M
Net Income	-$6.3B	-$3.8B	-$5.1B	-$1.7B	-$785M
Net Margin	-83.8%	-41.9%	-75.9%	-9.8%	-2.2%
EPS (Diluted)	$-4.19	$-2.52	$-3.40	$-1.16	$-0.52
EBITDA	-$3.7B	$556M	-$2.1B	$5.2B	$7.1B
Shares Outstanding	1.51B	1.51B	1.51B	1.51B	1.51B

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$3.0B	$7.8B	$10.1B	$10.6B	$18.4B	$20.0B	$12.5B	$12.4B
Cost of Revenue	$4.8B	$5.6B	$6.3B	$6.4B	$4.1B	$4.3B	$7.1B	$7.3B
Gross Profit	-$1.8B	$2.2B	$3.8B	$4.2B	$14.3B	$15.6B	$5.4B	$5.1B
Gross Margin	-57.9%	28.2%	37.8%	39.9%	77.8%	78.3%	43.2%	41.1%
R&D Expenses	$0	$0	$9M	$0	$42M	$0	$0	$0
SG&A Expenses	$1.5B	$1.8B	$693M	$2.3B	$873M	$867M	$2.4B	$2.5B
Operating Expenses	$1.5B	$1.8B	$2.3B	$2.3B	$13.5B	$13.1B	$2.7B	$2.5B
Operating Income	-$3.2B	$366M	$1.5B	$1.9B	$827M	$2.6B	$2.7B	$2.6B
Operating Margin	-105.7%	4.7%	14.5%	18.1%	4.5%	12.9%	21.4%	20.7%
Interest Expense	$2.1B	$2.3B	$2.3B	$2.2B	$2.1B	$2.1B	$2.0B	$2.0B
Income Before Tax	-$5.4B	-$1.4B	-$2.0B	-$351M	-$1.3B	$648M	$929M	$592M
Tax Expense	-$18M	-$11M	$110M	$92M	-$43M	$123M	-$83M	$111M
Net Income	-$2.7B	-$733M	-$1.0B	-$253M	-$531M	$351M	$707M	$309M
Net Margin	-89.8%	-9.4%	-10.0%	-2.4%	-2.9%	1.8%	5.7%	2.5%
EPS (Diluted)	$-1.82	$-0.49	$-0.67	$-0.17	$-0.35	$0.17	$0.31	$0.13
EBITDA	-$1.7B	$2.8B	$2.6B	$4.1B	$4.1B	$4.6B	$4.9B	$2.6B
Shares Outstanding	1.50B	1.51B	1.51B	1.50B	1.51B	2.01B	2.26B	2.32B

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