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Luda Technology Group Ltd

Luda Technology Group Ltd is a steel pipe and tubes company, listed on NYSE (LUD).1

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Last updated Oct 21, 2026.

Overview

$33.5MRevenue, fiscal 20252
$556.8KNet income, fiscal 20252

Compare with Huadi International Group Co., Ltd., NWPX Infrastructure, Inc. or Allegheny Technologies, or pick any stock.

  • TickerLUD on NYSE1
  • IndustrySteel Pipe & Tubes1
  • Business addressRooms 1604-1605, 16/F, Yf Life Centre, 38 Gloucester Road, Wanchai3
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Incorporated on October 25, 2021 under the laws of the BVI as an investment holding company and owned by Diamond Horses Group Limited prior to the reorganization. As part of the reorganization, Luda Cayman has entered into a sale and purchase agreement to acquire Luda BVI on August 14, 2023. The reorganization was completed on December 19, 2023.4 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 2025

17.7%Gross margin2
-3.2%Operating margin2
1.7%Net margin2
-25.3%Revenue growth, 20252
2.5%Return on equity2
0.08×Debt to equity2
-$2.2MFree cash flow2

What sells

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

Products and services

Self Manufactured Production Sales Revenue brought in 37% of the revenue Luda Technology Group Ltd broke down this way in fiscal 2025.

  1. Self Manufactured Production Sales Revenue$24.6M237%down 35% from 2024
  2. Flanges$21.7M232%down 30% from 2024
  3. Fittings$11.0M216%down 19% from 2024
  4. Trading Sales Revenue$9.0M213%up 23% from 2024
  5. Product and Service, Other$784.7K21%up 143% from 2024
Products and services by year
Products and services202320242025
Self Manufactured Production Sales Revenue$46.0M$37.6M$24.6M
Flanges$40.8M$30.9M$21.7M
Fittings$9.8M$13.6M$11.0M
Trading Sales Revenue$5.5M$7.3M$9.0M
Product and Service, Other$869.7K$322.6K$784.7K

Regions

China brought in 67% of the revenue Luda Technology Group Ltd broke down this way in fiscal 2025.

  1. China$22.4M267%down 39% from 2024
  2. South America$6.7M220%up 64% from 2024
  3. Asia Excluding PRCMember$2.3M27%up 162% from 2024
  4. AT$1.0M23%down 43% from 2024
  5. North America$828.0K22%up 18% from 2024
  6. Europe$220.0K21%down 40% from 2024
  7. Others Country$78.4K20%down 50% from 2024
Regions by year
Regions202320242025
China$45.2M$36.9M$22.4M
South America$2.8M$4.1M$6.7M
Asia Excluding PRCMember$888.6K$871.8K$2.3M
AT$1.4M$1.8M$1.0M
North America$445.4K$699.0K$828.0K
Europe$666.8K$368.8K$220.0K
Others Country$47.3K$157.4K$78.4K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue82¢$27.6M
  • Research and development4¢$1.5M
  • Other costs10¢$3.5M
  • Income tax1¢$434.4K
  • Profit2¢$556.8K

Out of $33.5M in revenue.2

Financial statements

Revenue52$33.5M in 2025−33% since 2022
0$20.0M$40.0M$60.0M2022: $49.9M$49.9M20222023: $51.4M$51.4M2023+3%2024: $44.9M$44.9M2024−13%2025: $33.5M$33.5M2025−25%
Gross profit52$5.9M in 2025−42% since 2022
0$5.0M$10.0M$15.0M2022: $10.3M$10.3M20222023: $10.9M$10.9M2023+6%2024: $11.4M$11.4M2024+5%2025: $5.9M$5.9M2025−48%
Operating income52-$1.1M in 2025
-$2.0M0$2.0M$4.0M2022: $3.8M$3.8M20222023: $3.9M$3.9M2023+1%2024: $455.9K$455.9K2024−88%2025: -$1.1M-$1.1M2025
Net income52$556.8K in 2025−82% since 2022
-$1.0M0$1.0M$2.0M$3.0M$4.0M2022: $3.1M$3.1M20222023: $3.0M$3.0M2023−1%2024: -$361.0K-$361.0K20242025: $556.8K$556.8K2025

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

Period ending2025-12-312024-12-312023-12-31
Revenues$33.5M$44.9M$51.4M
Cost of sales-$27.6M-$33.5M-$40.5M
Gross profit$5.9M$11.4M$10.9M
Selling expenses-$1.8M-$6.3M-$2.7M
General and administrative expenses-$3.7M-$3.2M-$3.0M
Research and development expenses-$1.5M-$1.4M-$1.4M
Total operating expenses-$7.0M-$10.9M-$7.0M
(Loss) income from operations-$1.1M$455.9K$3.9M
Interest expenses-$520.9K-$556.2K-$406.7K
Other income, net$2.6M$3.5K$15.2K
Total other income (expenses), net$2.1M-$552.7K-$391.5K
Income (loss) before income taxes$991.2K-$96.8K$3.5M
Income taxes-$434.4K-$264.2K-$446.9K
Net income (loss)$556.8K-$361.0K$3.0M
Foreign currency translation adjustment$605.9K-$344.9K-$566.4K
Comprehensive income (loss)$1.2M-$705.9K$2.5M
Basic (in Shares)22.2M shares20.0M shares20.0M shares
Diluted (in Shares)22.2M shares20.0M shares20.0M shares
Basic (in Dollars per share)$0.03-$0.02$0.15
Diluted (in Dollars per share)$0.03-$0.02$0.15

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Corporate structure

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

Major holders of Luda Technology Group Ltd

  • Luda Technology Group Ltd

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

What it owns

What Luda Technology Group 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
Property and equipment, before depreciation$10.2M2 Dec 31, 2025$9.7M2 Dec 31, 2024+5.0%
Accumulated depreciation$5.2M2 Dec 31, 2025$4.6M2 Dec 31, 2024+13.7%
Property and equipment, net$5.0M2 Dec 31, 2025$5.1M2 Dec 31, 2024−2.8%
Operating-lease assets (leased space)$483.4K2 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.5M2 Dec 31, 2025$8.1M2 Dec 31, 2024−44.5%
Equity securities at fair value$5.7M2 Dec 31, 2025$1.4M2 Dec 31, 2024+312.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$711.2K2 Dec 31, 2025$701.2K2 Dec 31, 2024+1.4%
Accumulated amortization$303.2K2 Dec 31, 2025$270.6K2 Dec 31, 2024+12.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.7M2 Dec 31, 2025$4.9M2 Dec 31, 2024−3.4%
Raw materials$3.5M2 Dec 31, 2025$3.1M2 Dec 31, 2024+13.3%
Work in process$2.0M2 Dec 31, 2025$1.9M2 Dec 31, 2024+7.8%
Finished goods$696.2K2 Dec 31, 2025$666.4K2 Dec 31, 2024+4.5%

Leadership

Who has led Luda Technology Group Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Biu Ma2026–now

Chief financial officer

  1. Chi Man Yung2026–now
  • Chief executive officerBiu Ma Mar 18, 2026 to now6
  • Chief financial officerChi Man Yung Mar 18, 2026 to now7
Board members and other officers (5)

Timeline

  1. Mar 18, 2026New chief executive Biu Ma becomes CEO6

Filings

81 filings to the SEC since October 2021: 4 annual reports, 7 insider forms, 1 large holders, 69 other. The latest 20:

  1. Oct 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Oct 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Sep 30, 2026EFFECT EDGAR
  4. Sep 15, 2026F-3/A AMENDMENT NO. 1 TO FORM F-3 EDGAR
  5. Sep 8, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Sep 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Aug 20, 2026F-3 REGISTRATION STATEMENT EDGAR
  8. Jul 31, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Jul 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Jul 6, 202620-F/A AMENDMENT NO. 2 TO FORM 20-F EDGAR
  11. Jun 26, 202620-F/A AMENDMENT NO. 1 TO FORM 20-F EDGAR
  12. Jun 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Jun 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Jun 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Jun 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. May 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. May 19, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. May 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. May 15, 202620-F ANNUAL REPORT EDGAR
  20. Apr 29, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR

The 81 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 Luda Technology Group Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLuda Technology Group Ltd1
  • CIK0001984124
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Industry code (SIC)3317 Steel Pipe & Tubes1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressRooms 1604-1605, 16/F, Yf Life Centre, 38 Gloucester Road, Wanchai, Hong Kong, Hong Kong1
  • Phone852 2994 87741
  • Shares outstanding22,690,000 shares as of Dec 31, 20254
  • AuditorAOGB CPA Limited, Hong Kong, Hong Kong PCAOB ID 7020; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 22, 20231
  • Filings81 in all: 6-K (27), CORRESP (8), F-1/A (8), 3 (7), UPLOAD (6), EFFECT (3), 20-F (2), 20-F/A (2)1
    All 21 form types

    8-A12B (2), CERT (2), DRS/A (2), DRSLTR (2), F-1 (2), 424B4 (1), DRS (1), F-3 (1), F-3/A (1), FWP (1), NT 20-F (1), RW (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (20-F) May 15, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value HK$0.25 (equivalent to US$0.03)LUDNYSE American LLC

From the cover page of the 20-F filed May 15, 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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