Yellowstone Group Posts First Revenue, Net Income After IPO

TL;DR

**Yellowstone Group is finally generating revenue and profit, but its extreme customer concentration makes it a high-risk bet.**

AI Summary

Yellowstone Group Ltd. reported significant growth in the six months ended September 30, 2025, with revenue reaching $18,667, up from $0 in the prior-year period. Net income for the six months was $5,191, also a substantial increase from $0 in the comparable period of 2024. The company's total assets grew to $66,088 as of September 30, 2025, from $13,135 as of March 31, 2025, primarily driven by an increase in cash and cash equivalents to $56,512 from $8,455. This cash increase was largely due to $36,000 in proceeds from an initial public offering of 2,400,000 shares at $0.015 per share. Operating expenses, specifically general and administrative expenses, totaled $13,476 for the six months ended September 30, 2025. A key risk highlighted is customer concentration, with three customers accounting for 100% of the company's revenues, and two customers (Customer A and Customer B) alone representing 91% of revenue for the six months ended September 30, 2025. The strategic outlook involves continuing to offer financial consulting services to small Australian and New Zealand companies seeking U.S. OTC listings.

Why It Matters

This filing marks Yellowstone Group Ltd.'s emergence from a pre-revenue stage, showing its first significant revenue and net income, which is crucial for investor confidence. The successful initial public offering, raising $36,000, provides capital for operations and growth, potentially enabling the company to expand its financial consulting services. However, the extreme customer concentration, with three customers generating all revenue, poses a substantial competitive risk; the loss of even one major client could severely impact future financial performance. For employees, this growth could signal job stability and potential expansion, while customers benefit from a more established service provider in the niche market of U.S. OTC listings for Australian/NZ companies.

Risk Assessment

Risk Level: high — The risk level is high due to extreme customer concentration: three customers accounted for 100% of the company's revenues for the six months ended September 30, 2025. Specifically, Customer A contributed 59% ($11,000) and Customer B contributed 32% ($6,000) of total revenue, meaning just two customers represent 91% of revenue. This dependency makes the company highly vulnerable to the loss of any single client.

Analyst Insight

Investors should approach Yellowstone Group Ltd. with extreme caution, recognizing its nascent revenue generation and high customer concentration. While the IPO provided capital, the lack of diversified revenue streams means any investment is speculative. Monitor future filings closely for signs of customer diversification and sustained profitability before considering a position.

Financial Highlights

debt To Equity

0.0

revenue

$18,667

operating Margin

N/A

total Assets

$66,088

total Debt

$0

net Income

$5,191

eps

N/A

gross Margin

N/A

cash Position

$56,512

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $18,667 — Revenue (for the six months ended September 30, 2025, up from $0 in 2024)
• $5,191 — Net Income (for the six months ended September 30, 2025, up from $0 in 2024)
• $56,512 — Cash and Cash Equivalents (as of September 30, 2025, a significant increase from $8,455 as of March 31, 2025)
• $36,000 — Proceeds from IPO (from the issuance of 2,400,000 shares in August and September 2025)
• 22,400,000 — Common Stock Outstanding (as of September 30, 2025)
• 100% — Customer Concentration (three customers accounted for all revenues for the six months ended September 30, 2025)
• 59% — Customer A Revenue Share (Customer A accounted for $11,000 of the total revenue)
• 32% — Customer B Revenue Share (Customer B accounted for $6,000 of the total revenue)
• $13,476 — General and Administrative Expenses (for the six months ended September 30, 2025)
• $40,371 — Total Stockholders' Equity (as of September 30, 2025, a significant improvement from an accumulated deficit of ($820) as of March 31, 2025)

Key Players & Entities

• Yellowstone Group Ltd. (company) — registrant issuer
• Jianing Yang (person) — subscribed 20,000,000 shares of common stock
• SEC (regulator) — Securities and Exchange Commission
• Customer A (company) — accounted for 59% of revenue
• Customer B (company) — accounted for 32% of revenue
• Nevada (regulator) — state of incorporation
• Australia (company) — headquarters location
• New Zealand (company) — target market for consulting services
• U.S. OTC markets (regulator) — market for client listings

FAQ

Risk Factors

• Extreme Customer Concentration [high — operational]: The company's revenue is entirely dependent on three customers, with two (Customer A and Customer B) accounting for 91% of total revenue ($11,000 and $6,000 respectively) for the six months ended September 30, 2025. This extreme reliance poses a significant risk if any of these key customers reduce or terminate their business.
• IPO Proceeds Dependence [medium — financial]: The substantial increase in cash to $56,512 as of September 30, 2025, is primarily from the $36,000 IPO proceeds. While this provides liquidity, the company's future growth and operations may be heavily reliant on continued access to capital markets or successful revenue generation from its consulting services.
• High General and Administrative Expenses [medium — operational]: General and administrative expenses totaled $13,476 for the six months ended September 30, 2025. As a percentage of revenue ($18,667), this represents approximately 72%, indicating high overhead relative to current revenue generation.

Industry Context

The financial consulting sector for companies seeking U.S. OTC listings is niche, catering to smaller businesses looking for access to U.S. capital markets. This market often involves companies with less established financial profiles, requiring specialized advisory services. Competition likely exists from other boutique firms and larger financial institutions offering similar services, though the specific landscape for Australian and New Zealand companies targeting U.S. OTC markets may be less crowded.

Regulatory Implications

As a 'smaller reporting company,' Yellowstone Group Ltd. benefits from reduced disclosure requirements under SEC regulations. However, the nature of its business, facilitating U.S. listings for foreign companies, may attract scrutiny regarding compliance with both U.S. securities laws and the regulations of the companies' home countries.

What Investors Should Do

1. Monitor customer concentration closely.
2. Evaluate the sustainability of high G&A expenses.
3. Assess the long-term strategy beyond IPO funding.

Key Dates

• 2025-09-30: Six Months Ended — Reporting period for significant revenue and net income growth, and substantial increase in cash post-IPO.
• 2025-03-31: Prior Fiscal Year End — Indicates a starting point of $8,455 in cash and an accumulated deficit of ($820), highlighting the company's recent transformation.
• 2025-08-01: IPO Share Issuance Began — Marks the start of the capital raise that significantly bolstered the company's cash reserves.

Glossary

Smaller Reporting Company

A company that meets certain SEC definitions, allowing it to file simplified reports and be exempt from some disclosure requirements. (Yellowstone Group Ltd. is classified as such, meaning it is not required to provide detailed market risk disclosures.)

U.S. OTC listings

Over-the-Counter listings on U.S. stock exchanges, typically for smaller companies not meeting the stringent requirements of major exchanges like NYSE or Nasdaq. (This is the target market for Yellowstone's financial consulting services.)

Accumulated Deficit

The cumulative net losses of a company since its inception, minus any cumulative net gains. (The company has moved from an accumulated deficit of ($820) at March 31, 2025, to positive total stockholders' equity of $40,371 by September 30, 2025, indicating a significant turnaround.)

Year-Over-Year Comparison

Yellowstone Group Ltd. has experienced a dramatic transformation since the prior reporting period. Revenue has surged from $0 to $18,667, and the company has moved from a net loss position (implied by an accumulated deficit) to a net income of $5,191. Total assets have grown significantly, driven by a substantial influx of cash from an IPO, which also eliminated the prior accumulated deficit. However, a new critical risk has emerged: extreme customer concentration, with 100% of revenue coming from just three clients.

Key Financial Figures

• $1 million — ources and annual turnover of less than $1 million USD, listed or seeking to list on the U
• $7,196 — dministrative expenses in the amount of $7,196. These were primarily comprised of bank
• $13,476 — dministrative expenses in the amount of $13,476. These were primarily comprised of bank
• $3,804 — ree months ended September 30, 2025 was $3,804. Our net income for the six months en
• $10,557 — sh provided by operating activities was $10,557 for the six months ended September 30,
• $579 — ed "cash used in investing activity" of $579. The cash used in investing activity wa
• $38,079 — zed "cash from financing activities" of $38,079, of which $2,079 was from related-party
• $2,079 — ancing activities" of $38,079, of which $2,079 was from related-party loans and $36,00
• $36,000 — $2,079 was from related-party loans and $36,000 from 2,400,000 shares of common stock i

Filing Documents

• form10-q.htm (10-Q) — 428KB
• ex31-1.htm (EX-31.1) — 16KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-25-022479.txt ( ) — 2447KB
• yell-20250930.xsd (EX-101.SCH) — 21KB
• yell-20250930_cal.xml (EX-101.CAL) — 33KB
• yell-20250930_def.xml (EX-101.DEF) — 63KB
• yell-20250930_lab.xml (EX-101.LAB) — 161KB
• yell-20250930_pre.xml (EX-101.PRE) — 132KB
• form10-q_htm.xml (XML) — 265KB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3 - 4 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 5 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 5 - 6 PART II OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 7 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 7 ITEM 4. MINE SAFETY DISCLOSURES 7 ITEM 5. OTHER INFORMATION 7 ITEM 6. EXHIBITS 7

SIGNATURES

SIGNATURES 8 -2- PART I — FINANCIAL INFORMATION ITEM 1. UNAUDITED FINANCIAL STATEMENTS YELLOWSTONE GROUP LTD BALANCE SHEET As of As of September 30, 2025 March 31, 2025 (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents $ 56,512 $ 8,455 Accounts receivable - - Prepayment and deposit 5,323 - Total current assets 61,834 8,455 Non - current asset Plant and equipment, net $ 4,253 $ 4,680 Total non - current asset 4,253 4,680 TOTAL ASSETS $ 66,088 $ 13,135 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 3,250 $ 8,500 Other payable 11,600 - Advances from customers 3,333 - Amounts due to a related party 7,534 5,455 Other payables 7,534 5,455 Total current liabilities 25,717 13,955 Total liabilities $ 25,717 $ 13,955 Stockholders' equity Common stock – Par value $ 0.0001 ; Authorized: 75,000,000 shares; Issued and outstanding: 22,400,000 shares as of September 30, 2025 and March 31, 2025 $ 2,240 $ 2,000 Additional paid in capital 35,760 - Accumulated deficit 2,371 ( 2,820 ) Total stockholders' equity $ 40,371 $ ( 820 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 66,088 $ 13,135 The accompanying notes are an integral part of these financial statements. F-1 YELLOWSTONE GROUP LTD OF OPERATIONS 2025 2024 2025 2024 Three months ended September 30 Six months ended September 30 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue $ 11,000 $ - $ 18,667 $ - Operating expenses General and administrative expenses 7,196 0 13,476 0 Total operating expenses 7,196 0 13,476 0 Loss from operations 3,804 0 5,191 0 Other income - - - 0 Net income 3,804 0 5,191 0 Earnings per share Net loss per common share – basic and diluted 0.0002 0 0.0003 0 Weighted average number of common stock Basic and diluted 20,836,304 0 20,420,437 0

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item. ITEM 4. CONTROLS AND PROCEDURES Disclosure

Controls and Procedures

Controls and Procedures We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports

View Full Filing

View this 10-Q filing on SEC EDGAR