Kingfish Swings to Profit on Soaring Revenue, Cash Reserves Double

TL;DR

**Kingfish is finally swimming upstream, with strong revenue growth and a profit swing making it a compelling, albeit still risky, play.**

AI Summary

Kingfish Holding Corporation reported a significant turnaround, achieving net income of $579,843 for the nine months ended June 30, 2025, a substantial improvement from a net loss of $70,816 in the prior year period. Revenue surged to $4,017,704 for the nine months ended June 30, 2025, up from $2,652,443 in the same period of 2024, representing a 51.4% increase. Gross profit also saw a robust increase, reaching $1,810,372 compared to $1,078,911 year-over-year. The company's cash and cash equivalents more than doubled to $982,788 as of June 30, 2025, from $425,706 at September 30, 2024. Total current liabilities increased to $2,177,325 from $1,049,564, primarily due to related party loans being reclassified as current. A key business change was the merger with Renovo Resource Solutions, Inc. on April 19, 2024, which expanded its recycling operations in the South Tampa Bay region. The company also recognized a $95,150 gain on extinguishment of accounts payable during the nine months ended June 30, 2025. Despite the positive financial performance, the company still has significant related party loans, with $1,377,171 classified as current liabilities.

Why It Matters

This turnaround is critical for Kingfish Holding Corp., signaling a potential shift from a struggling entity to a growth-oriented recycling business. For investors, the substantial increase in revenue and net income, coupled with improved cash flow, suggests enhanced operational efficiency and market demand for its recycling services, potentially making it a more attractive investment. Employees benefit from a more stable and growing company, while customers in the Manatee and Sarasota Counties gain from a robust local recycling infrastructure. In the broader market, Kingfish's growth in the South Tampa Bay region intensifies competition within the recycling sector, particularly against smaller local players, and highlights the increasing importance of sustainable resource management.

Risk Assessment

Risk Level: medium — While Kingfish reported a significant net income of $579,843 for the nine months ended June 30, 2025, and increased cash to $982,788, its current liabilities surged to $2,177,325, largely driven by $1,377,171 in current related party loans. This high proportion of related party debt, now current, indicates potential liquidity challenges and dependence on these parties, despite the positive operational results.

Analyst Insight

Investors should closely monitor Kingfish's ability to manage its substantial related party loans, particularly the $1,377,171 now classified as current. While the revenue and profit growth are encouraging, a clear strategy for debt reduction or refinancing is crucial to sustain this positive momentum and mitigate liquidity risks.

Financial Highlights

debt To Equity

N/A

revenue

$4,017,704

operating Margin

18.2%

total Assets

$2,645,533

total Debt

$2,177,325

net Income

$579,843

eps

$0.69

gross Margin

45.1%

cash Position

$982,788

revenue Growth

+51.4%

Revenue Breakdown

Key Numbers

• $579,843 — Net Income (Swung from a $70,816 net loss in the prior year period for the nine months ended June 30, 2025.)
• $4,017,704 — Total Sales (Increased 51.4% from $2,652,443 in the prior year period for the nine months ended June 30, 2025.)
• $982,788 — Cash and Cash Equivalents (More than doubled from $425,706 at September 30, 2024.)
• $1,377,171 — Current Related Party Loans (Reclassified from long-term, significantly increasing current liabilities as of June 30, 2025.)
• $1,810,372 — Gross Profit (Increased from $1,078,911 in the prior year period for the nine months ended June 30, 2025.)
• $95,150 — Gain on Extinguishment of Accounts Payable (Contributed to other income for the nine months ended June 30, 2025.)
• 837,962 — Common Shares Outstanding (As of August 8, 2025, reflecting the recapitalization.)
• $0.69 — Basic Earnings Per Share (For the nine months ended June 30, 2025, up from a loss of $0.09 in the prior year.)

Key Players & Entities

• Kingfish Holding Corporation (company) — Registrant and primary business entity
• Renovo Resource Solutions, Inc. (company) — Company merged with Kingfish Holding Corporation on April 19, 2024
• SEC (regulator) — Securities and Exchange Commission
• $579,843 (dollar_amount) — Net income for the nine months ended June 30, 2025
• $4,017,704 (dollar_amount) — Sales revenue for the nine months ended June 30, 2025
• $982,788 (dollar_amount) — Cash and cash equivalents as of June 30, 2025
• $1,377,171 (dollar_amount) — Current related party loans as of June 30, 2025
• Delaware (regulator) — State of incorporation for Kingfish Holding Corporation
• Chief Executive Officer (person) — Identified as the Chief Operating Decision Maker
• FDIC (regulator) — Provides insurance coverage for cash deposits

FAQ

Risk Factors

• Significant Related Party Loans [high — financial]: The company has substantial related party loans, with $1,377,171 classified as current liabilities as of June 30, 2025. This reclassification from long-term debt significantly increased current liabilities from $1,049,564 in the prior year period to $2,177,325.
• Dependence on Merger Integration [medium — operational]: The positive financial turnaround is heavily influenced by the merger with Renovo Resource Solutions, Inc. Effective integration and continued operational synergy from this merger are critical for sustaining future performance.
• Fluctuations in Inventory [low — financial]: Inventory levels decreased from $195,977 at September 30, 2024, to $108,322 as of June 30, 2025. While this could indicate efficient inventory management, significant fluctuations may signal demand variability or supply chain challenges.

Industry Context

Kingfish Holding Corporation operates in the recycling industry, primarily serving the South Tampa Bay region. The sector involves the purchase, containerization, and resale of ferrous and non-ferrous materials. The industry is influenced by commodity prices, environmental regulations, and the demand from off-take partners. The recent merger with Renovo Resource Solutions, Inc. indicates a strategy of consolidation and expansion within this regional market.

Regulatory Implications

As a recycling operation, Kingfish Holding Corporation is subject to environmental regulations concerning waste management, material handling, and emissions. Compliance with local, state, and federal environmental laws is crucial. The company's financial reporting is governed by SEC regulations, requiring accurate disclosure of its operations, financial condition, and any material events like mergers or significant debt reclassifications.

What Investors Should Do

1. Monitor related party loan repayment and terms.
2. Assess the sustainability of revenue growth post-merger.
3. Analyze operating expense trends.
4. Evaluate the impact of the gain on extinguishment of accounts payable.

Key Dates

• 2024-04-19: Merger with Renovo Resource Solutions, Inc. — This merger is a primary driver for the company's expanded recycling operations and significant revenue growth in the current period.
• 2024-04-18: Reverse stock split (1-for-500) — A significant recapitalization event that preceded the merger, impacting share structure.
• 2025-06-30: End of nine-month reporting period — Period during which the company achieved a substantial net income of $579,843 and revenue of $4,017,704.
• 2024-09-30: End of prior fiscal year — Benchmark for comparison, showing a net loss of $70,816 and revenue of $2,652,443 for the comparable prior period.

Glossary

Gain on extinguishment of accounts payable

A financial gain recognized when a company settles its outstanding accounts payable for less than the amount owed, often through negotiation or a specific transaction. (Contributed $95,150 to other income in the nine months ended June 30, 2025, positively impacting net income.)

Related party loans, current

Debt owed to individuals or entities that have a close relationship with the company (e.g., major shareholders, management), which is due within one year. (A significant portion of current liabilities ($1,377,171) as of June 30, 2025, indicating potential financial dependence or strategic financing arrangements.)

Reverse stock split

A corporate action where a company reduces the total number of its outstanding shares by consolidating them, typically to increase the share price. (The company underwent a 1-for-500 reverse stock split on April 18, 2024, prior to its merger with Renovo.)

Merger

The combination of two companies into one, where one company typically survives and the other ceases to exist as an independent entity. (The merger with Renovo Resource Solutions, Inc. on April 19, 2024, is a key event driving the company's current operational and financial performance.)

Year-Over-Year Comparison

Kingfish Holding Corporation has demonstrated a significant turnaround compared to the prior year. Revenue for the nine months ended June 30, 2025, surged by 51.4% to $4,017,704, a substantial increase from $2,652,443. This revenue growth, coupled with improved cost management, led to a net income of $579,843, a dramatic swing from a net loss of $70,816 in the comparable period. Gross profit also saw a robust increase of 67.8%. However, total current liabilities more than doubled to $2,177,325, primarily due to the reclassification of related party loans, a key risk factor to monitor.

Key Financial Figures

• $0.0001 — Par Paid In (Accumulated Shares $0.0001 Capital Deficit) Total Balance
• $500 — d betterments acquired for greater than $500 and expense normal repairs and maintena

Filing Documents

• king_10q.htm (10-Q) — 774KB
• king_ex101.htm (EX-10.1) — 16KB
• king_ex102.htm (EX-10.2) — 36KB
• king_ex311.htm (EX-31.1) — 13KB
• king_ex312.htm (EX-31.2) — 13KB
• king_ex321.htm (EX-32.1) — 5KB
• king_ex322.htm (EX-32.2) — 5KB
• 0001477932-25-005767.txt ( ) — 3727KB
• king-20250630.xsd (EX-101.SCH) — 38KB
• king-20250630_lab.xml (EX-101.LAB) — 212KB
• king-20250630_cal.xml (EX-101.CAL) — 41KB
• king-20250630_pre.xml (EX-101.PRE) — 173KB
• king-20250630_def.xml (EX-101.DEF) — 67KB
• king_10q_htm.xml (XML) — 493KB

– Financial Information

PART I – Financial Information Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets – June 30, 2025 (Unaudited) and September 30, 2024 3 Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended June 30, 2025 and 2024 4 Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) for the Three and Nine Months Ended June 30, 2025 and 2024 5 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended June 30, 2025 and 2024 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32

– Other Information

PART II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3 Defaults on Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 35

Signatures

Signatures 36 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION KINGFISH HOLDING CORPORATION CONSOLIDATED BALANCE SHEETS

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS June 30, 2025 September 30, 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 982,788 $ 425,706 Accounts receivable, net 153,981 73,543 Inventory, net 108,322 195,977 Deferred income tax asset 41,648 120,474 Total current assets 1,286,739 815,700 Due from related party 1,009,580 1,009,580 Right of use asset, net 312,680 645,139 Property and equipment, net 35,574 41,589 Other assets 960 960 Total assets $ 2,645,533 $ 2,512,968 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 31,415 $ 126,212 Accrued interest payable 289,490 321,137 Related party loans, current 1,377,171 - Convertible notes payable to related party - 90,000 Taxes payable 166,569 64,444 Lease liability - current 312,680 447,771 Total current liabilities 2,177,325 1,049,564 Long term liabilities: Related party loans - 1,377,671 Lease liability - 197,368 Total liabilities 2,177,325 2,624,603 Commitments and contingencies (Note 12) Stockholders' equity (deficit): Preferred stock, par $ 0.0001 , 20,000,000 shares authorized, 0 shares issued and outstanding - - Common stock, par $ 0.0001 , 200,000,000 shares authorized, 837,962 shares issued and outstanding 84 84 Paid-in capital - - Retained earnings (accumulated deficit) 468,124 ( 111,719 ) Total stockholders' equity (deficit) 468,208 ( 111,635 ) Total liabilities and stockholders' equity (deficit) $ 2,645,533 $ 2,512,968 The accompanying notes are an integral part of the consolidated financial statements 3 Table of Contents KINGFISH HOLDING CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED For the three months ended For the nine months ended June 30, June 30, 2025 2024 2025 2024 Revenues: Sales $ 1,034,226 $ 950,039 $ 4,017,704 $ 2,652,443 Cost of goods sold 575,769

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025 Unaudited 1. Business: Our Business: Kingfish Holding Corporation (the "Company") was incorporated in the State of Delaware on April 11, 2006 as Offline Consulting, Inc. It became Kesselring Holding Corporation on June 8, 2007 and on November 25, 2014 it changed its name to Kingfish Holding Corporation. The primary business of the Company is to serve the recycling needs of the south Tampa Bay region. The Company built a recycling center on 10 plus acres in the southern area of the county to service customers of Manatee and Sarasota Counties. The Company purchases and containerizes both ferrous and non-ferrous materials for resale to a variety of off-take partners in more than 60 product categories. Customers are both residential and commercial in nature. As disclosed in the Company's previous filings, on April 19, 2024 (the "Closing Date"), the Company and Renovo Resource Solutions, Inc., a Florida corporation ("Renovo"), consummated a merger transaction pursuant to which Renovo was merged with and into the Company (the "Merger"), with the Company being the legal successor or surviving corporation in the Merger (the "Closing"). As a condition to the Merger, on April 18, 2024, the Company effected a reverse stock split at a ratio of one-for-five hundred , meaning that each 500 shares of the Company's common stock ("Common Stock") were converted into one share of the Common Stock. Subsequently, on the Closing Date, Kingfish and Renovo consummated the Merger and the transactions contemplated thereby, including the issuance of 600,000 shares of Common Stock (the "Merger Shares") to the owners of Renovo (the "Renovo Owners"). 2. Summary of Significant Accounting Policies: Basis of presentation and consolidation: The accompanying unaudited consolidated financial statements, which include the presentation and accounts of the Company and Renovo have been prepared in accordance with generally accepted

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