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GSIW on Nasdaq

Garden Stage Ltd

Garden Stage Ltd is a security and commodity brokers company in the Cayman Islands.1 Its shares trade on Nasdaq under the symbol GSIW.1

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Last updated Oct 21, 2026.

Overview

$7.3MRevenue, fiscal 20262
-$13.8MNet income, fiscal 20262

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  • TickerGSIW on Nasdaq1
  • IndustrySecurity & Commodity Brokers, Dealers, Exchanges & Services1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business address30Th Fl, China Insurance Group Building, 141 Des Voeux Road Central, Central3
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Garden Stage Limited was incorporated on August 11, 2022 in the Cayman Islands under Cayman Islands law. Prior to the Reorganization as described below, we historically conducted our business through I Win Holdings Limited (“I Win Holdings HK”), a company incorporated under the laws of Hong Kong, and its subsidiaries, namely, I Win Securities Limited (“I Win Securities”) and I Win Asset Management Limited (“I Win Asset Management”), both incorporated under the laws of Hong Kong.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

-190.1%Net margin2
33.2%Revenue growth, 20262
-57.1%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Introducing And Referral Income brought in 33% of the revenue Garden Stage Ltd broke down this way in fiscal 2026.

  1. Introducing And Referral Income$2.4M233%down 49% from 2025
  2. Underwriting And Placement Income$1.4M220%up 1164% from 2025
  3. Handling Income$1.3M218%up 924% from 2025
  4. Brokerage Commissions$974.4K213%up 222% from 2025
  5. Advisory Fees$392.6K25%up 3595% from 2025
  6. Investment Management Fee Income$377.4K25%up 529% from 2025
  7. Interest Income And Others$253.8K23%up 316% from 2025
  8. Investment management fee income-related party$117.7K22%
  9. Brokerage Commissionsrelated Parties$5.9K20%down 78% from 2025
  10. Interest Income And Othersrelated Parties$1.2K20%down 49% from 2025
  11. Handling Incomerelated Parties$9120%
Products and services by year
Products and services202420252026
Introducing And Referral Income$264.9K$4.7M$2.4M
Underwriting And Placement Income$152.6K$114.1K$1.4M
Handling Income$125.7K$127.7K$1.3M
Brokerage Commissions$391.1K$302.4K$974.4K
Advisory Fees$420.9K$10.6K$392.6K
Investment Management Fee Income$60.0K$377.4K
Interest Income And Others$42.5K$61.0K$253.8K
Investment management fee income-related party$117.7K
Brokerage Commissionsrelated Parties$7.1K$26.9K$5.9K
Interest Income And Othersrelated Parties$1.4K$2.3K$1.2K
Handling Incomerelated Parties$2.1K$91

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Other costs100¢$7.3M
  • Income tax0¢$22.8K

Out of $7.3M in revenue.2 The company lost money this year.

Financial statements

Revenue562$7.3M in 2026+216% since 2022
0$2.0M$4.0M$6.0M$8.0M2022: $2.3M$2.3M20222023: $3.3M$3.3M2023+41%2024: $1.4M$1.4M2024−57%2025: $5.5M$5.5M2025+288%2026: $7.3M$7.3M2026+33%
Net income562-$13.8M in 2026+2609% since 2022
-$15.0M-$10.0M-$5.0M02022: -$510.9K-$510.9K20222023: -$207.2K-$207.2K2023−59%2024: -$4.6M-$4.6M2024+2115%2025: -$4.3M-$4.3M2025−6%2026: -$13.8M-$13.8M2026+221%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2026-03-312025-03-312024-03-31
Total revenues$7.3M$5.5M$1.4M
Allowance for expected credit losses, net of reversal$36.8K$98.0K$7.7K
Amortization of intangible assets$1.0M
Brokerage, clearing and exchange fees$4.0M$1.4M$69.7K
Brokerage, Clearing and Exchange Fees-Related Parties$130.5K
Communications and technology$2.7M$1.8M$437.7K
Compensation and benefits$4.0M$3.7M$3.3M
Depreciation$107.9K$58.8K$9.4K
Fair value loss on equity securities investments$11.1K
Loss on disposal of property and equipment$15.3K
Occupancy costs$149.9K$169.9K$95.4K
Professional fees$5.8M$770.9K$377.3K
Travel and business development$3.0M$1.5M$1.6M
Other administrative expenses$173.5K$148.1K$89.1K
Total expenses$21.1M$9.7M$6.0M
Loss before income taxes-$13.9M-$4.3M-$4.6M
Income tax benefits (expenses)$22.8K-$43.2K-$13.4K
Net loss-$13.8M-$4.3M-$4.6M
Foreign currency translation adjustments-$279.4K$49.9K-$81.8K
Total comprehensive loss-$14.1M-$4.3M-$4.7M
Loss per share Basic (in Dollars per share)$1.38$0.47$0.49
Loss per share Diluted (in Dollars per share)$1.38$0.47$0.49
Weighted average number of ordinary shares outstanding Ordinary shares - Basic (in Shares)10.0M shares9.3M shares9.3M shares
Weighted average number of ordinary shares outstanding Ordinary shares Diluted (in Shares)10.0M shares9.3M shares9.3M shares

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Corporate structure

Garden Stage Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Garden Stage Ltd

  • Garden Stage Ltd E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Garden Stage Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Furniture and fixtures$1.0K2 Mar 31, 2026$1.0K2 Mar 31, 2025−0.7%
Computer equipment and software$19.1K2 Mar 31, 2026$19.2K2 Mar 31, 2025−0.7%
Leasehold improvements$314.8K2 Mar 31, 2026$212.1K2 Mar 31, 2025+48.5%
Accumulated depreciation$174.5K2 Mar 31, 2026$67.5K2 Mar 31, 2025+158.7%
Property and equipment, net$160.5K2 Mar 31, 2026$164.8K2 Mar 31, 2025−2.7%
Operating-lease assets (leased space)$88.2K2 Mar 31, 2026$185.7K2 Mar 31, 2025−52.5%

Investments

ItemLatestA year beforeChange
Equity securities at fair value$31.1K2 Mar 31, 2026

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$11.1M2 Mar 31, 2026$64.3K2 Mar 31, 2025+17173.8%
Accumulated amortization-$1.0M2 Mar 31, 2026
Finite-lived intangibles, net$11.0M2 Mar 31, 2026

Inventory

ItemLatestA year beforeChange
Inventory, total$947.6K2 Mar 31, 2026
Raw materials$947.6K2 Mar 31, 2026

Filings

104 filings to the SEC since October 2021: 3 annual reports, 13 large holders, 88 other. The latest 20:

  1. Oct 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Sep 8, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Aug 20, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Jul 31, 202620-F ANNUAL REPORT EDGAR
  5. Jun 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Mar 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Mar 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Feb 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Jan 20, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Jan 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Dec 2, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Nov 14, 2025SCHEDULE 13G/A EDGAR
  13. Nov 13, 2025SCHEDULE 13G/A EDGAR
  14. Nov 6, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Oct 2, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Sep 22, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Sep 17, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Sep 17, 2025424B5 PROSPECTUS SUPPLEMENT EDGAR
  19. Jul 31, 202520-F ANNUAL REPORT EDGAR
  20. Jul 31, 2025SCHEDULE 13G EDGAR

The 104 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Garden Stage Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGarden Stage Ltd1
  • CIK0001954269
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsMarch 311
  • Industry code (SIC)6200 Security & Commodity Brokers, Dealers, Exchanges & Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address30Th Fl, China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong, Hong Kong1
  • Phone00852 2688 63331
  • Shares outstanding1,462,399 Common Class A shares; 9,250,000 Common Class B shares as of Mar 31, 20264
  • AuditorJ&S Associate PLT, Kuala Lumpur, Malaysia PCAOB ID 6743; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 13, 20221
  • Filings104 in all: 6-K (23), CORRESP (17), UPLOAD (10), 144 (7), F-1/A (6), 424B5 (5), SC 13D (5), SCHEDULE 13G (4)1
    All 25 form types

    20-F (3), EFFECT (3), SCHEDULE 13G/A (3), 424B4 (2), DRS (2), F-1 (2), F-3/A (2), 144/A (1), 424B3 (1), 8-A12B (1), CERT (1), DRS/A (1), DRSLTR (1), F-1MEF (1), F-3 (1), S-8 (1), SC 13D/A (1)

  • Latest filingsAnnual report (20-F) Jul 31, 2026

Securities registered for trading

ClassSymbolExchange
Class A Ordinary shares, par value $0.02 per shareGSIWThe Nasdaq Stock Market LLC

From the cover page of the 20-F filed Jul 31, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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