HashKey Holdings (SEHK:3887) Stock Carries Rising Losses Behind Revenue Growth

HashKey Holdings closed at HK$2.635 after a choppy few months that left the stock down over the past quarter but still sharply higher over 30 days. The market is trading short term noise. The real story in these half year numbers is the growing loss profile sitting under a high revenue growth narrative.

H1 2026 revenue came in at HK$342.524 million while the company reported a net loss of HK$691.102 million and a basic loss per share of HK$0.249857. With the stock valued at roughly 9.3x sales, the key question now is how long investors are willing to fund this loss trajectory.

Is HashKey Holdings really priced for future growth or just carrying an expensive loss story at 9.3x sales? See whether that valuation looks stretched or justified in our valuation analysis for HashKey Holdings.

H1 2026 Earnings Summary

• Revenue (H1 2026 vs. H1 2025): HK$342.524 million vs. HK$283.967 million (higher revenue in the latest half year)
• Net Loss (H1 2026 vs. H1 2025): HK$691.102 million loss vs. HK$506.314 million loss (wider loss in the latest half year)
• Basic EPS (H1 2026 vs. H1 2025): HK$0.249857 loss per share vs. HK$0.375047 loss per share (lower loss per share in the latest half year)
• Trailing 12 Month Net Loss (H1 2026 TTM vs. H1 2025 TTM): HK$1,271.66 million loss vs. HK$918.33 million loss (wider loss over the trailing 12 months)

Prefer clean charts instead of scrolling through more earnings tables and loss figures? See HashKey Holdings' full visual financial picture with a clear focus on its valuation in the company report for HashKey Holdings.

HashKey bullish story leans on revenue traction

For bullish investors, the latest half points to HashKey Holdings gaining commercial traction even while losses remain heavy. Revenue of HK$342.524 million for H1 2026 is higher than H1 2025, which supports the idea that a regulated, multi line digital asset platform can attract activity and fees. The smaller basic loss per share despite a wider net loss suggests some dilution of the loss burden per share. That can be read as the market having been willing to fund the build out so far.

Loss profile keeps bearish concerns in focus

The bearish story around HashKey Holdings is firmly grounded in the current numbers. The company reported a net loss of HK$691.102 million for H1 2026 and a trailing 12 month loss of HK$1.272b. Both figures are larger than a year earlier. That points to a business model still heavily reliant on external funding rather than internal cash generation. With the stock down over 90 days but sharply higher over 30 days, recent trading highlights how quickly sentiment can swing around this ongoing loss profile.

After a half year that combined heavier losses with a volatile share price, it is fair to ask whether HashKey Holdings faces deeper structural vulnerabilities than the headline figures suggest. Review our independent risk analysis for HashKey Holdings which shows 2 important warning signs

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HashKey Holdings has combined strong revenue figures with a heavy loss profile, which makes timing and valuation crucial. Register for free with Simply Wall St and add HashKey Holdings to your Watchlist to watch how the share price moves compared to fair value and decide when conditions look right. Once you hold the stock, stay focused on what matters using the Portfolio Command Center, which filters out noise and highlights key changes to the business and your positions. For a longer term view, use the Community to compare your thinking with thousands of other investors so you can spot potential catalysts or risks early and stay a step ahead of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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