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Aurelion Inc.

AURE
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Business Summary

Aurelion Inc. (formerly Prestige Wealth Inc.) is a wealth management services provider based in Hong Kong, targeting high net worth and ultra-high net worth individuals in Asia, and also provides AI solutions services to enterprise clients . The company has recently implemented an XAUt treasury strategy, where Tether Gold (XAUt), a digital asset backed by physical gold, serves as its primary treasury reserve asset . The company's operations are conducted through wholly-owned subsidiaries including PPWM, PWM, SPW, InnoSphere Tech, and Tokyo Bay .

The company's core business model involves generating revenue from wealth management services through referral fees from licensed product brokers, primarily insurance brokers, based on the value of wealth management products purchased by clients . Additionally, Aurelion Inc. generates revenue from AI Solutions services provided to wealth management-related enterprise clients . The company's revenue streams are primarily transactional, with referral fees recognized at the point of policy origination .

Aurelion Inc.'s product and service lines include Wealth Management Services and AI Solutions Services. For the fiscal year ended September 30, 2025, wealth management services generated $569 in revenue, accounting for approximately 0.03% of total net revenue. This revenue is derived from referral fees on insurance products, predominantly savings plans and critical illness policies . The referral fees ranged from 2.85% to 14.25% with an average of approximately 8.55% of total policy premiums purchased upon policy origination for fiscal year 2025 .

AI Solutions services, introduced in fiscal year 2025, generated $1,785,000 in revenue, representing approximately 99.97% of the total net revenue for the period . This segment, operated through InnoSphere Tech, focuses on providing AI solution technology services to wealth management-related enterprise clients, including privatized language model research and deployment, enterprise knowledge base construction, and intelligent customer service system integration . The "WealthAI 360 System" processes vast amounts of data and supports the training of a specialized large model for the wealth management sector . The subsidiary Wealth AI also operates the "MyWealthAI.com" website, offering AI-driven wealth management solutions to high net worth and ultra-high net worth clients, though it had not generated revenue as of September 30, 2025 .

For the fiscal year ended September 30, 2025, Aurelion Inc. reported total net revenue of $1,785,569 . The company experienced a gross margin of $(2,323,148) and a loss from operations of $(22,790,912) . The net loss from continuing operations was $(22,541,476) , with a basic and diluted EPS from continuing operations of $(0.439) . Cash and cash equivalents stood at $5,024 as of September 30, 2025. Total liabilities were $323,275 , and total shareholders' equity (deficit) was $(291,659) . Net cash used in operating activities from continuing operations was $2,314,102 .

Comparing fiscal year 2025 to 2024, total net revenue increased significantly from $263,697 to $1,785,569 , primarily driven by the new AI Solutions services. Wealth management services revenue decreased by approximately 95.79% from $13,505 in 2024 to $569 in 2025. Asset management services revenue decreased by 100% from $250,192 in 2024 to nil in 2025, due to discontinuation of these services . Operating costs and expenses increased substantially, with selling, general and administrative expenses rising from $7,190,705 in 2024 to $20,467,764 in 2025, largely due to impairment losses on goodwill of $9,686,164 and intangible assets of $418,509 , and increased share-based compensation of $2,899,450 .

During fiscal year 2025, Aurelion Inc. introduced AI Solutions services and completed the acquisitions of Wealth AI PTE LTD, InnoSphere Tech Inc., and Tokyo Bay Management Inc. in November and December 2024, respectively . The company also disposed of Prestige Assets International Inc. (PAII) and its subsidiaries, ceasing asset management business from August 8, 2024 . In October 2025, Aurelion Inc. completed a $100 million private placement of equity securities and entered into a $50 million three-year term loan, with proceeds primarily used to acquire $134 million in Tether Gold (XAUt) at an average price of $4,021.81 per XAUt .

Business Outlook

Aurelion Inc. intends to increase XAUt held per share through reinvestment of cash flows and disciplined capital markets activity . The company also plans to generate a leveraged return from its $50 million term loan and technology-related fees on unencumbered gold holdings . The unencumbered gold holdings will be provided to Antalpha, the controlling shareholder, as collateral to generate technology-related fees, with Antalpha assuming all default risk on funding derived from this collateral .

A major growth vector for Aurelion Inc. is its XAUt Treasury Strategy, which involves focusing on the accumulation of XAUt for long-term investment . The company sees a strong need for tokenized gold as a buffer against inflation, currency devaluation, and crypto volatility, noting that digital gold in exchange-traded funds has a market capitalization of over $200 billion , with only about 1% currently on the blockchain . The company intends to use a majority of its cash and cash flows to effect on-XAUt blockchain purchases to build and maintain its XAUt position . On October 14, 2025, the company purchased $134 million in XAUt at an average price of $4,021.81 per XAUt, using proceeds from the PIPE Financing .

Another significant growth area is the AI Solutions services, which were introduced in fiscal year 2025 . Through its subsidiary InnoSphere Tech, the company maintains the "WealthAI 360 System" to process vast amounts of data and enhance the training of a specialized large model for the wealth management sector . In April 2025, InnoSphere Tech secured a commercial contract with an Asian wealth management financial service provider to create a secure and controllable privatized large-scale model system . The scope of services includes privatized language model research and deployment, enterprise knowledge base construction, semantic indexing system development, intelligent customer service system, and department-level AI Agent system integration and training and operation support .

The company expects its operating costs and expenses to continue to increase as its subsidiaries' business expands and as it operates as a public company . This includes plans to recruit additional client relationship managers for wealth management and asset management professionals, and to incur additional expenses in brand marketing and client experience optimization . The company also anticipates additional legal, accounting, and other professional service fees associated with being a publicly traded company in the United States .

Aurelion Inc. plans to finance its operations through cash flow from operating activities and funds raised from equity and/or debt after the filing of this Annual Report . The company has a 2025 Share Incentive Plan with a maximum aggregate of 76,187,375 ordinary shares initially issuable, subject to an automatic annual increase of 1.5% of total outstanding shares, shares issuable upon exercise of outstanding rights, warrants or options, and shares reserved under the plan as of December 31 of the immediately preceding calendar year, not to exceed 10% of such total shares at any time . As of the date of the Annual Report, 913,333 restricted share units have been granted and remain outstanding . The company currently intends to retain any future earnings to finance the operation and expansion of its business and does not expect to declare or pay any dividends in the foreseeable future .

Risk Factors

Aurelion Inc. faces several material risks. The wealth management business may not sustain its historical revenue growth rate, and the company cannot assure that it will not incur net losses in the future due to economic factors, industry competition, and its decision to implement an XAUt treasury strategy . The company is subject to concentration risk, having generated approximately 99.97% of its total revenue for the fiscal year ended September 30, 2025, from wealth management based artificial intelligence solution services to a single customer . The company's financial results and the market price of its ordinary shares are closely linked to the volatile market prices of gold and XAUt, exposing investors to inherent volatility in gold and digital asset markets . The XAUt treasury strategy introduces complex liquidity risks across both traditional and digital asset markets, which may limit the company's ability to execute its strategy effectively . Redemption risk, pricing risk, and regulatory risk associated with XAUt as a stablecoin, including past regulatory actions against Tether's operators, may adversely affect XAUt's price . The company operates in a highly competitive market for gold and digital assets, facing established financial institutions, bullion banks, ETF sponsors, precious metals dealers, and emerging blockchain-native platforms . Investing in XAUt exposes the company to risks such as price volatility, limited liquidity, potential market abuse and manipulation, theft, and compliance failures at exchanges . The concentration of XAUt holdings enhances these risks, as significant declines in XAUt price would have a more pronounced impact on financial condition . XAUt holdings are less liquid than cash and cash equivalents and may not serve as a source of liquidity to the same extent . The use of XAUt as collateral in financing arrangements, including leveraged purchasing, exposes the company to significant counterparty risk, as it will not have direct control over rehypothecated XAUt . Regulatory actions to classify XAUt as a security could lead to the company's classification as an "investment company" under the Investment Company Act of 1940, potentially requiring actions inconsistent with business interests and preventing public sale of securities in the United States . The company's prior lack of effective internal controls over financial reporting, including limited accounting staff and resources with appropriate U.S. GAAP and SEC reporting knowledge, and insufficient documented financial closing policies, may affect its ability to accurately report financial results or prevent fraud .

Management Priorities

Management's message to shareholders emphasizes a strategic shift towards an XAUt treasury strategy and AI Solutions services, while acknowledging the discontinuation of asset management services. The company has applied proceeds from a $100 million private placement and a $50 million three-year term loan to acquire $134 million in Tether Gold (XAUt) at an average price of $4,021.81 per XAUt, signaling a strong commitment to this new treasury strategy. Key strategic priorities include the accumulation of XAUt for long-term investment, increasing XAUt held per share through reinvestment of cash flows and disciplined capital markets activity, and generating leveraged returns and technology-related fees on unencumbered gold holdings by providing them as collateral to Antalpha . Management also highlights the introduction and development of AI Solutions services, such as the "WealthAI 360 System," as a significant new revenue stream and a means to improve customer service quality and efficiency in the wealth management sector .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 5, Operating Results — Overview
  2. [2] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  3. [3] Item 4, Information on the Company — Our Corporate Structure
  4. [4] Item 4, Information on the Company — B. Business Overview — Wealth Management Business
  5. [5] Item 4, Information on the Company — B. Business Overview — AI-driven wealth management and AI Solutions services
  6. [6] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Wealth management services
  7. [7] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Total net revenue
  8. [8] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Total net revenue
  9. [9] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Wealth management services
  10. [10] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Wealth management services
  11. [11] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Wealth management services
  12. [12] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Wealth management services
  13. [13] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Total net revenue
  14. [14] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Total net revenue
  15. [15] Item 5, Operating Results — Key Components of Consolidated Statements of Comprehensive Income — Total net revenue
  16. [16] Item 4, Information on the Company — B. Business Overview — AI-driven wealth management and AI Solutions services
  17. [17] Item 4, Information on the Company — B. Business Overview — AI-driven wealth management and AI Solutions services
  18. [18] Item 4, Information on the Company — B. Business Overview — AI-driven wealth management and AI Solutions services
  19. [19] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Total net revenue
  20. [20] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Gross Margin
  21. [21] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Loss from operations
  22. [22] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Net loss from continuing operations
  23. [23] Item 8, Financial Information — A. Consolidated Statements and Other Financial Information — Consolidated Statements of Comprehensive (Loss)/Income — Loss per ordinary share from continuing operations
  24. [24] Item 5, Operating Results — B. Liquidity and Capital Resources
  25. [25] Item 8, Financial Information — A. Consolidated Statements and Other Financial Information — Consolidated Balance Sheets — Total liabilities
  26. [26] Item 8, Financial Information — A. Consolidated Statements and Other Financial Information — Consolidated Balance Sheets — Total shareholders’ equity (deficit)
  27. [27] Item 5, Operating Results — B. Liquidity and Capital Resources — Comparison of Cash Flows for the Years Ended September 30, 2025 and 2024 — Net cash used in operating activities from continuing operations
  28. [28] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Total net revenue
  29. [29] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Total net revenue
  30. [30] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Revenue
  31. [31] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Revenue
  32. [32] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Revenue
  33. [33] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Revenue
  34. [34] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Revenue
  35. [35] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Revenue
  36. [36] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Selling, general and administrative expenses
  37. [37] Item 5, Operating Results — Comparison of Results of Operations for the Years Ended September 30, 2025 and 2024 — Selling, general and administrative expenses
  38. [38] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Operation cost and expenses
  39. [39] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Operation cost and expenses
  40. [40] Item 5, Operating Results — Fiscal Year Ended September 30, 2025 Compared to Fiscal Year Ended September 30, 2024 — Operation cost and expenses
  41. [41] Item 4, Information on the Company — A. History and Development of the Company
  42. [42] Item 4, Information on the Company — A. History and Development of the Company
  43. [43] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  44. [44] Item 4, Information on the Company — A. History and Development of the Company
  45. [45] Item 4, Information on the Company — A. History and Development of the Company
  46. [46] Item 4, Information on the Company — A. History and Development of the Company
  47. [47] Item 4, Information on the Company — A. History and Development of the Company
  48. [48] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  49. [49] Item 4, Information on the Company — A. History and Development of the Company
  50. [50] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  51. [51] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  52. [52] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  53. [53] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  54. [54] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  55. [55] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  56. [56] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  57. [57] Item 4, Information on the Company — A. History and Development of the Company
  58. [58] Item 4, Information on the Company — A. History and Development of the Company
  59. [59] Item 4, Information on the Company — A. History and Development of the Company
  60. [60] Item 5, Operating Results — AI Solutions services
  61. [61] Item 5, Operating Results — AI Solutions services
  62. [62] Item 5, Operating Results — AI Solutions services
  63. [63] Item 5, Operating Results — AI Solutions services
  64. [64] Item 5, Operating Results — Factors Affecting Our Results of Operations — Operating Costs and Expenses
  65. [65] Item 5, Operating Results — Factors Affecting Our Results of Operations — Operating Costs and Expenses
  66. [66] Item 5, Operating Results — Factors Affecting Our Results of Operations — Operating Costs and Expenses
  67. [67] Item 5, Operating Results — B. Liquidity and Capital Resources
  68. [68] Item 6, Directors, Senior Management and Employees — B. Compensation of Directors and Executive Officers — Share Incentive Plans — 2025 Plan
  69. [69] Item 6, Directors, Senior Management and Employees — B. Compensation of Directors and Executive Officers — Share Incentive Plans — 2025 Plan
  70. [70] Item 6, Directors, Senior Management and Employees — B. Compensation of Directors and Executive Officers — Share Incentive Plans — 2025 Plan
  71. [71] Item 6, Directors, Senior Management and Employees — B. Compensation of Directors and Executive Officers — Share Incentive Plans — 2025 Plan
  72. [72] Item 6, Directors, Senior Management and Employees — B. Compensation of Directors and Executive Officers — Share Incentive Plans — 2025 Plan
  73. [73] Item 6, Directors, Senior Management and Employees — B. Compensation of Directors and Executive Officers — Share Incentive Plans — 2025 Plan
  74. [74] Item 3, Key Information — D. Risk Factors — Risks Related to Our Class A Ordinary Shares — We do not intend to pay dividends for the foreseeable future.
  75. [75] Item 3, Key Information — D. Risk Factors — Risks Related to Our Businesses — Risks Related to our Wealth Management Business — Our wealth management business may not sustain its historical revenue growth rate.
  76. [76] Item 3, Key Information — D. Risk Factors — Risks Related to Our Businesses — We are subject to concentration risk because we generated the majority of our revenues through a limited number of customers.
  77. [77] Item 3, Key Information — D. Risk Factors — Risks Related to Our Businesses — We are subject to concentration risk because we generated the majority of our revenues through a limited number of customers.
  78. [78] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — Our financial results and the market price of the ordinary shares may be affected by the prices of gold and XAUt.
  79. [79] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — Our XAUt treasury strategy may expose it to complex liquidity risks across both traditional and digital asset markets, which could adversely affect our financial results.
  80. [80] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — The redemption risk, pricing risk, and regulatory risk associated with XAUt as a stablecoin may adversely affect the price of XAUt, and thus our business, financial condition, and results of operations.
  81. [81] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — We operate in a highly competitive market, and established market participants with greater resources, regulatory positioning, or brand recognition may outperform it.
  82. [82] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — Investing in XAUt will expose us to certain risks associated with XAUt, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, theft, compliance and internal control failures at exchanges and other risks inherent in our electronic, virtual form and decentralized network.
  83. [83] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — The concentration of our XAUt holdings may enhance the risks inherent in our XAUt strategy.
  84. [84] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — Our XAUt holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents.
  85. [85] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — The use of XAUt as collateral may subject us to significant risks and uncertainties.
  86. [86] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business relating to XAUT Strategy and Holdings — Regulatory actions to classify XAUt as a security could result in our classification as an “investment company” under the Investment Company Act of 1940, which could require us to take actions inconsistent with our business interests and prevent us from publicly selling our securities in the United States.
  87. [87] Item 3, Key Information — D. Risk Factors — Risks Related to Our Class A Ordinary Shares — Our prior lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Class A Ordinary Shares.
  88. [88] Item 4, Information on the Company — A. History and Development of the Company
  89. [89] Item 4, Information on the Company — A. History and Development of the Company
  90. [90] Item 4, Information on the Company — A. History and Development of the Company
  91. [91] Item 4, Information on the Company — A. History and Development of the Company
  92. [92] Item 4, Information on the Company — B. Business Overview — XAUt Treasury Strategy
  93. [93] Item 4, Information on the Company — B. Business Overview — AI-driven wealth management and AI Solutions services

Analysis on 5/22/2026