# Linkhome Holdings Inc.: Form 10-Q for the period ended Jun 30, 2025

- Company: [Linkhome Holdings Inc.](/companies/lhai.md) (CIK 2017758)
- Form: 10-Q
- Filed: 2025-08-12
- Accepted by EDGAR: Aug 12, 2025, 20:42 ET
- Period: 2025-06-30
- Accession: 0001213900-25-075008
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/2017758/000121390025075008/ea0252522-10q_linkhome.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/2017758/000121390025075008/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-04-01 to 2025-06-30 | $4.8m | us-gaap:Revenues |
| Revenue | 6 months, 2025-01-01 to 2025-06-30 | $10.5m | us-gaap:Revenues |
| Cost of revenue | 3 months, 2025-04-01 to 2025-06-30 | $4.7m | us-gaap:CostOfRevenue |
| Cost of revenue | 6 months, 2025-01-01 to 2025-06-30 | $10.1m | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2025-04-01 to 2025-06-30 | $109.5k | us-gaap:GrossProfit |
| Gross profit | 6 months, 2025-01-01 to 2025-06-30 | $371.5k | us-gaap:GrossProfit |
| Operating income | 3 months, 2025-04-01 to 2025-06-30 | $13.3k | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2025-01-01 to 2025-06-30 | $137.1k | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2025-04-01 to 2025-06-30 | $6.4k | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2025-01-01 to 2025-06-30 | $37.9k | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-04-01 to 2025-06-30 | $14.4k | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2025-01-01 to 2025-06-30 | $95.0k | us-gaap:NetIncomeLoss |
| Basic EPS | 3 months, 2025-04-01 to 2025-06-30 | $0.00 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2025-01-01 to 2025-06-30 | $0.01 | us-gaap:EarningsPerShareBasic |
| Operating cash flow | 6 months, 2025-01-01 to 2025-06-30 | $808.6k | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2025-04-01 to 2025-06-30 | $4.7m | us-gaap:PaymentsToAcquireProductiveAssets |
| Capital expenditure | 6 months, 2025-01-01 to 2025-06-30 | $10.2m | us-gaap:PaymentsToAcquireProductiveAssets |
| Cash and equivalents | at 2025-06-30 | $2.6m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-06-30 | $3.5m | us-gaap:AssetsCurrent |
| Total assets | at 2025-06-30 | $3.6m | us-gaap:Assets |
| Current liabilities | at 2025-06-30 | $974.4k | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-06-30 | $1.0m | us-gaap:Liabilities |
| Shareholders' equity | at 2025-06-30 | $2.5m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 71,216 characters.

### MANAGEMENT’S DISCUSSION AND ANALYSIS OF

### FINANCIAL CONDITION AND RESULTS OF OPERATIONS

*This management’s discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with those statements. You should read the following discussion in conjunction with “Selected Historical Financial and Other Data” and our audited consolidated financial statements and related notes which are included elsewhere in this Quarterly Report on Form 10-Q. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other portions of this Quarterly Report on Form 10-Q.*

### Overview

Linkhome Holdings Inc. (“Linkhome,” “Linkhome Holdings,” the “Company,” or “We”) is a corporation incorporated under the laws of Nevada on November 6, 2023. Linkhome was incorporated as a holding company with no material operations of its own. Linkhome conducts substantially all of the operations through its subsidiary, Linkhome Realty Group, a California corporation (“Linkhome Realty”). Located in Irvine, California, Linkhome Realty is presently focused on serving the Southern California market, and, over time, intends to establish a nationwide marketing network covering multiple states.

Linkhome Realty focuses on comprehensive real estate activities as a one-stop destination for a variety of real estate needs. By using Artificial Intelligence (“AI”) to streamline the property search and transaction process, we facilitate property transactions as a real estate agency and provide efficient property management services. We aim to offer comprehensive assistance to our clients in real estate investments by diversifying our services and providing clients with access to a wide range of real estate solutions. Further, we aim to provide personalized services to both buyers and sellers to meet their various real estate needs, and help our clients buy and sell property more efficiently.

Additionally, where possible and when we have sufficient cash on hand to permit such a purchase, we purchase and sell real estate for our clients through our Cash Offer program. We developed the Cash Offer program with the intent of increasing the successful rate in our clients’ acquisition of their desired houses. We also use this service as a marketing tool to help us attract more clients. We use cash to purchase the target property first, and then sell it to our customer. This service is particularly effective in the competitive U.S. real estate market, where buyers often face competition and bidding for popular properties during the home purchase bid. Our ability to make all-cash offers helps our clients secure desired properties quickly, thereby enhancing their chances of success. Our ultimate strategic goal is to become the premier AI driven real estate technology company, utilizing artificial intelligence to transform the real estate industry, making property transactions more user-friendly, transparent, and efficient. Currently, our funding for the Cash Offer comes primarily from investments made by our CEO and shareholders. With the funds generated from this offering, we plan to expand our Cash Offer program. We believe and are confident that, over time, our revenue will continue to grow and we will become more profitable over time.

### Key Factors that Affect Our Results of Operations

- Market Conditions: Fluctuations in the real estate market, including changes in supply and demand dynamics, interest rate, economic conditions, and regulatory policies, can significantly impact on our business. We closely monitor market trends and adapt our strategies in order to mitigate risks and capitalize on opportunities.
- Technology Integration: As we strive to become the premier AI real estate company, our ability to effectively integrate AI and other innovative technologies into our operations is crucial.
- Client Preferences and Demands: We continuously assess client feedback, market research and industry trends to improve our services.
- Competition: The real estate industry is highly competitive, with numerous companies competing for market share and client attention. We strive to differentiate ourselves through our comprehensive services, innovative solutions and exceptional customer service. Continuous assessment of competitor strategies and market positioning informs our efforts to maintain a competitive advantage.
- Economic Factors: We aim to continuously evaluate Macroeconomic factors, such as GDP growth, employment rates, inflation, which can influence real estate market dynamics and consumer behavior. When GDP growth and employment rates are strong, we typically see higher consumer confidence and spending power. On the other hand, rising inflation can lead to increased interest rates, potentially reducing consumer buying power and making it more expensive for consumers to purchase homes.
- Operational Efficiency: The process of real estate transaction includes multiple steps. We continuously optimize our processes, invest in staff training and development, and leverage technology to enhance productivity.

### Related Party Transactions

### Related Parties

The following individuals are considered related parties due to their roles in the Company:

- Haiyan Ma: The Company’s shareholder.
- Zhen Qin: Chairman of the Board, Chief Executive Officer (“CEO”), and major shareholder. Zhen Qin also serves as a licensed real estate agent acting on behalf of the Company.
- Na Li: Chief Financial Officer (“CFO”) and Director. Na Li is the spouse of Zhen Qin.

### For the Three Months Ended June 30, 2025 and 2024

#### Property Purchases and Sales Through Cash Offer

For the three months ended June 30, 2024, the Company purchased two properties in cash for $1,969,220 under the Company’s name, and subsequently sold them to Haiyan Ma for $2,016,000.

#### Real Estate Agency Service

For the three months ended June 30, 2024, the Company provided real estate agency services to two minority shareholders, assisting one shareholder in selling the property and the other shareholder in purchasing the property, for which the Company earned real estate agency commission of $15,550 in total.

#### Home Renovation Services

For the three months ended June 30, 2024, the Company provided home renovation services to Haiyan Ma on three home renovation projects, for which the Company earned home renovation service revenue of $53,112 and incurred renovation costs of $43,332.

For the three months ended June 30, 2024, the Company provided home renovation services to Na Li on one home renovation project, for which the Company earned home renovation service revenue of $4,000 and incurred renovation costs of $1,300.

### For the Six Months Ended June 30, 2025 and 2024

#### Property Purchases and Sales Through Cash Offer

For the six months ended June 30, 2024, the Company acquired a property for $ 2,884,882 in cash from an unrelated party, holding title in its name, and subsequently sold the property to Haiyan Ma for $ 2,940,544.

#### Real Estate Agency Service

For the six months ended June 30, 2025, the Company provided real estate agency services to Na Li, assisting with the sale of a property. The Company earned $126,000 in real estate agency commission from Na Li but paid a referral fee of $28,440 to Haiyan Ma for introducing the buyer, resulting in net revenue of $97,560 recognized on a net basis.

For the six months ended June 30, 2024, the Company provided real estate agency services to two shareholders with less than 1% ownership, assisting one shareholder in selling the property and the other shareholder in purchasing the property, for which the Company earned real estate agency commission of $15,550 in total.

#### Home Renovation Services

For the six months ended June 30, 2024, the Company provided home renovation services to Haiyan Ma on three home renovation projects, for which the Company earned home renovation service revenue of $53,112 and incurred renovation costs of $43,332.

For the six months ended June 30, 2024, the Company provided home renovation services to Na Li on one home renovation project, for which the Company earned home renovation service revenue of $4,000 and incurred renovation costs of $1,300.

### As of June 30, 2025 and December 31, 2024

#### Due to Related Party

On May 1, 2024, Zhen Qin lent $530,000 to the Company to support its operational needs. As of June 30, 2025, the Company had partially repaid the loan to Zhen Qin, leaving an outstanding balance of $139,347. As of December 31, 2024, the Company had repaid $475,000 to Zhen Qin, leaving an outstanding balance of $55,000.

### Selected Income Statement Items

### Net Revenues

We derive our net revenues from (i) real estate purchases and sales made through Cash Offer, and (ii) real estate services including acting as real estate agency for buying and selling properties, property management, home renovation and mortgage referral services. The following table presents our net revenues by revenue stream for the periods presented:

|  | Three Months Ended June 30, 2025 Amount% |  | 2024 Amount% |  | Change Amount% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue from property purchases and sales through Cash Offer | $4,680,100 | 97.51% | $2,016,000 | 90.81% | $2,664,100 | 132.15% |
| Real estate service revenue |  |  |  |  |  |  |
| Real estate agency commission | 24,569 | 0.51% | 84,509 | 3.81% | (59,940) | (70.93)% |
| Property management service | 1,767 | 0.04% | 1,986 | 0.09% | (219) | (11.03)% |
| Home renovation service | 72,817 | 1.52% | 117,426 | 5.29% | (44,609) | (37.99)% |
| Mortgage referral fee | 20,303 | 0.42% | - | -% | 20,303 | -% |
| Total real estate service revenue | 119,456 | 2.49% | 203,921 | 9.19% | (84,465) | (41.42)% |
| Total net revenues | $4,799,556 | 100.00% | $2,219,921 | 100.00% | $2,579,635 | 116.20% |

26

#### Revenue from Property Purchases and Sales Through Cash Offer

In a competitive real estate market, a buyer who pays in cash is more likely to secure a property. To give buyers an edge in competitive markets, we offer the Cash Offer program to enable buyers to make all-cash offers on properties, even if they require financing. Through our Cash Offer program, we provide the funds to make a cash offer once the client identifies a property. If the seller accepts the cash offer, we purchase the property in cash to secure its ownership and subsequently sell it to the client within a short period of time. Our property purchases and sales through Cash Offer focus primarily on residential and commercial properties.

#### Comparison of the Three Months Ended June 30, 2025and 2024

Revenue from property purchases and sales through our Cash Offer program accounted for 97.51% and 90.81% of net revenues for the three months ended June 30, 2025 and 2024, respectively. Our revenue from this program increased by $2,664,100, or 132.15%, from $2,016,000 for the three months ended June 30, 2024, to $4,680,100 for the three months ended June 30, 2025. This significant increase was due to the expansion of our Cash Offer program, which commenced in late 2023. For the three months ended June 30, 2025 and 2024, we purchased and sold seven and two properties, respectively, through the Cash Offer program, with average transaction prices of $0.67 million and $0.97 million, respectively.

#### Real Estate Service Revenue

We offer comprehensive real estate services tailored to meet the diverse needs of our clients. Our real estate service revenue consists primarily of real estate agency commissions for buying and selling properties for clients, and revenue generated from property management, home renovation and mortgage referral services.

#### Comparison of the Three Months Ended June 30, 2025and 2024

Real estate service revenue accounted for 2.49% and 9.19% of net revenues for the three months ended June 30, 2025 and 2024, respectively. Our real estate service revenue decreased by $84,465, or 41.42%, from $203,921 for the three months ended June 30, 2024, to $119,456 for the three months ended June 30, 2025. This decrease was primarily driven by a drop in Property management service revenue, real estate agency commission and home renovation service revenue.

Real estate agency commission decreased by $ 59,940, or 70.93%, from $ 84,509 for the three months ended June 30, 2024, to $ 24,569 for the three months ended June 30, 2025. This decrease was primarily driven by a 69.33% drop in gross commission, which drop from $127,134 for the three months ended June 30, 2024, to $38,993 for the same period in 2025. Rebates also decreased by 66.16%, from $42,625 for the three months ended June 30, 2024, to $14,423 for the three months ended June 30, 2025. Also, total transaction volume decreased by 57.26%, primarily due to a 66.67% decrease in the number of real estate transactions, partially offset by a 28.21% increase in the average transaction price. For the three months ended June 30, 2025, we achieved a total transaction volume of $2,069,500 by completing two real estate transactions at an average transaction price of $1.03 million, while we achieved a total transaction volume of $4,842,426 by completing six real estate transactions at an average transaction price of $0.81 million for the same period in 2024. The overall decrease in gross commission was primarily driven by a significant decline in the number of transactions and total transaction volume, despite a slight increase in average transaction price.

Revenue from home renovation service decreased by $44,609, or 37.99%, from $ 117,426 for the three months ended June 30, 2024, to $ 72,817 for the three months ended June 30, 2025. This decrease was primarily driven by a lower number of completed home renovation projects in 2025. For the three months ended June 30, 2025 and 2024, we completed two and five home renovation projects respectively.

Revenue from mortgage referral service increased by $20,303 from $0 for the three months ended June 30, 2024, to $20,303 for the three months ended June 30, 2025. This increase was primarily driven by a higher number of mortgage loans secured during the period. We assisted clients in securing three mortgage loans for the three months ended June 30, 2025, compared to zero mortgage loan for the same period in 2024.

Revenue from property management service decreased by $219, or 11.03%, from $1,986 for the three months ended June 30, 2024, to $1,767 for the three months ended June 30, 2025. This decrease was primarily due to lower tenant placement service revenue, as we did not complete any tenant placements for the three months ended June 30, 2025, compared to two tenant placements for the same period in 2024. Additionally, ongoing property management service revenue remained limited, as this service commenced in the third quarter of 2024. For the three months ended June 30, 2025, we managed three properties under ongoing property management service, while no properties were managed for the same period in 2024.

### Cost of Revenues

Our cost of revenues consists primarily of (i) costs related to property purchases made under Linkhome Realty’s name, which properties are subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents working for the Company and renovation costs incurred for home renovation services.

We derive our cost of revenues from two revenue streams: (i) property purchases and sales through Cash Offer and (ii) real estate services. The following table presents our cost of revenues by revenue stream for the periods presented:

|  | Three Months Ended June 30, 2025 Amount% |  | 2024 Amount% |  | Change Amount% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cost of property purchases and sales through Cash Offer | $4,627,790 | 98.67% | $1,969,220 | 95.36% | $2,658,570 | 135.01% |
| Cost of real estate services | 62,224 | 1.33% | 95,801 | 4.64% | (33,577) | (35.05)% |
| Total cost of revenues | $4,690,014 | 100.00% | $2,065,021 | 100.00% | $2,624,993 | 127.12% |

28

Cost of property purchases and sales through Cash Offer increased by $2,658,570, or 135.01%, from $ 1,969,220 for the three months ended June 30, 2024, to $ 4,627,790 for the three months ended June 30, 2025. This increase was primarily driven by a higher volume of transactions during the three months ended June 30, 2025, compared to the same period in 2024.

Cost of real estate services was $62,224 for the three months ended June 30, 2025, compared to $95,801 for the three months ended June 30, 2024. This decrease was primarily driven by lower number of completed home renovation projects in 2025.

### Selling, General and Administrative Expenses

Our selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography and videography. We expect our selling expenses as a percentage of net revenues to modestly increase in the foreseeable future to achieve high-quality growth.

Our general and administrative expenses primarily consist of professional service costs, payroll and payroll related costs, rent and other overhead costs. We anticipate our general and administrative expenses will increase in the short term as a result of increased costs associated with being a public company, which will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, attorneys, and accountants; however, we expect our general and administrative expenses as a percentage of net revenues to decrease over the long term as we continue to enhance overall cost control to improve operating margin.

### Results of Operations

### Comparison of the three Months Ended June 30, 2025 and 2024

The following table summarized our consolidated results of operations for the three months ended June 30, 2025 and 2024:

|  | Three Months Ended June 30, 2025 | % of Revenues | 2024 | % of Revenues | Change | Percentage Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Net revenues | $4,799,556 | 100.00% | $2,219,921 | 100.00% | $2,579,635 | 116.20% |
| Cost of revenues | 4,690,014 | 97.72% | 2,065,021 | 93.02% | 2,624,993 | 127.12% |
| Gross profit | 109,542 | 2.28% | $154,900 | 6.98% | (45.358) | (29.28)% |
| Operating expenses |  |  |  |  |  |  |
| Selling expenses | 7,455 | 0.16% | 1,760 | 0.08% | 5,695 | 323.58% |
| General and administrative expenses | 88,813 | 1.85% | 83,509 | 3.76% | 5,304 | 6.35% |
| Total operating expenses | 96,268 | 2.01% | 85,269 | 3.84% | 10,999 | 12.90% |
| Operating income | 13,274 | 2.08% | 69,631 | 3.14% | (56,357) | (80.94)% |
| Other (expenses) income, net | 7,590 | 0.16% | (963) | (0.04)% | 8,553 | (888.16)% |
| Income before income taxes | 20,864 | 0.43% | 68,668 | 3.09% | (47,804) | (69.62)% |
| Income tax expenses | 6,446 | 0.13% | 17,780 | 0.80% | (11,334) | (63.75)% |
| Net income | $14,418 | 0.30% | $50,888 | 2.29% | $(36,470) | (71.67)% |

29

### Net Revenues

Net revenues for the three months ended June 30, 2025 and 2024 were $4,799,556 and $2,219,921, respectively, representing an increase of $2,579,635, or 116.20%. This increase was primarily driven by a $2,664,100 increase in revenue from property purchases,partially offset by a decrease of $84,465 in real estate service revenue.

### Cost of Revenues

|  | Three Months Ended June 30, 2025 | 2024 | Change | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Cost of property purchases and sales through Cash Offer | $4,627,790 | $1,969,220 | $2,658,570 | 135.01% |
| Cost of real estate services | 62,224 | 95,801 | (33,577) | (35.05)% |
| Total cost of revenues | $4,690,014 | $2,065,021 | $2,624,993 | 127.12% |
| As a percentage of net revenues | 97.72% | 93.02% |  |  |

Cost of revenues for the three months ended June 30, 2025 and 2024 was $4,690,014 and $2,065,021, respectively, representing an increase of $2,624,993, or 127.12%. This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer.

### Gross Profit and Gross Margin

|  | Three Months Ended June 30, 2025 Gross Profit | Gross Margin | 2024 Gross Profit | Gross Margin |
| --- | ---: | ---: | ---: | ---: |
| Property purchases and sales through Cash Offer | $52,310 | 1.09% | $46,781 | 2.11% |
| Real estate services | 57,232 | 1.19% | 108,119 | 4.87% |
| Total | $109,542 | 2.28% | $154,900 | 6.98% |

Gross profit for the three months ended June 30, 2025 and 2024 was $109,542 and $154,900, respectively, representing a decrease of $45,358, or 29.28%. The blended gross margin was 2.28% for the three months ended June 30, 2025, compared to 6.98% for the same period in 2024.

Gross profit from property purchases and sales through Cash Offer, as a percentage of revenue from property purchases and sales through Cash Offer, was 1.12% for the three months ended June 30, 2025, compared to 2.32% for the same period in 2024. We expect that our Cash Offer program may continue to adversely affect our gross margin in the short term but will provide significant long-term growth opportunities by allowing us to differentiate ourselves in a highly competitive real estate market, attract more clients, and increase market share.

Gross profit from real estate services, as a percentage of real estate service revenue, was 47.91% for the three months ended June 30, 2025, compared to 53.02% for the same period in 2024. This decrease was primarily due to a drop in real estate agency service and home renovation service in 2025.

### Selling Expenses

Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the three months ended June 30, 2025 and 2024 were $7,455 and $1,760, respectively, representing an increase of $5,695, or 323.58%. This increase was primarily driven by higher advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.

### General and Administrative Expenses

The following table summarized our general and administrative expenses for the three months ended June 30, 2025 and 2024:

|  | Three Months Ended June 30, 2025 | 2024 | Change | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Legal and accounting expenses | $6,445 | $28,899 | $(22,454) | (77.70)% |
| Payroll expense | 45,442 | 33,600 | 11,842 | 35.24% |
| Payroll tax expense | 3,791 | 2,570 | 1,221 | 47.49% |
| Rent expense | 11,999 | 11,335 | 664 | 5.86% |
| Depreciation expense | 4,768 | 4,703 | 65 | 1.37% |
| Other general and administrative expenses | 16,368 | 2,402 | 13,966 | 581.66% |
| Total general and administrative expenses | $88,813 | $83,509 | $5,304 | 6.35% |
| As a percentage of net revenues | 1.85% | 3.76% |  |  |

General and administrative expenses for the three months ended June 30, 2025 and 2024 were $88,813 and $83,509, respectively, representing an increase of $5,304, or 6.35%. This increase was primarily due to a rise in increases in depreciation expense of $65, payroll expense of $11,842, payroll tax expense of $1,221, rent expense of $664, and other G&A expenses of $13,966, partially offset by legal and accounting expenses of $22,454. Legal and accounting expenses decreased primarily due to a lower volume of advisory services utilized during the period. Payroll and payroll tax expenses increased primarily due to the hiring of new employees. Rent expense increased primarily due to a scheduled rent adjustment under the office lease, effective from September 2024.

### Other Income (Expenses), Net

Other income was $7,590 for the three months ended June 30, 2025, compared to other expense of $963 for the three months ended June 30, 2024. For the three months ended June 30, 2025, other income primarily consisted of unrealized gain on trading securities of $11,007 and other income, net of $1, partially offset by realized loss on trading securities of $2,651, interest expense of $647, and bank fees of $120. For the three months ended June 30, 2024, other expenses primarily consisted of interest expense of $770 and bank fees of $193.

### Income Tax Expenses

Income tax expenses for the three months ended June 30, 2025 and 2024 were $6,446 and $ 17,780, respectively, representing a decrease of $11,334 or 63.75%. This decrease was primarily due to a lower effective tax rate in 2025.

### Net Income

Net income for the three months ended June 30, 2025 and 2024 was $14,418 and $50,888, respectively, representing a decrease of $36,470, or 71.67%. This decrease was primarily attributable to lower gross profit and higher operating expenses

### Net Revenues

We derive our net revenues from (i) real estate purchases and sales made through Cash Offer, and (ii) real estate services including acting as real estate agency for buying and selling properties, property management, home renovation and mortgage referral services. The following table presents our net revenues by revenue stream for the periods presented:

|  | Six Months Ended June 30, 2025 Amount% |  | 2024 Amount% |  | Change Amount% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue from property purchases and sales through Cash Offer | $10,159,990 | 96.68% | $2,940,544 | 87.42% | $7,219,446 | 245.51% |
| Real estate service revenue |  |  |  |  |  |  |
| Real estate agency commission | 236,086 | 2.25% | 291,891 | 8.68% | (55,805) | (19.12)% |
| Property management service | 3,534 | 0.03% | 7,738 | 0.23% | (4,204) | (54.33)% |
| Home renovation service | 82,769 | 0.79% | 119,626 | 3.56% | (36,857) | (30.81)% |
| Mortgage referral fee | 26,603 | 0.25% | 4,050 | 0.12% | 22,553 | 556.85% |
| Total real estate service revenue | 348,992 | 3.32% | 423,305 | 12.58% | (74,313) | (17.56)% |
| Total net revenues | $10,508,982 | 100.00% | $3,363,849 | 100.00% | $7,145,133 | 212.41% |

32

#### Revenue from Property Purchases and Sales Through Cash Offer

#### Comparison of the Six Months Ended June 30, 2025and 2024

Revenue from property purchases and sales through our Cash Offer program accounted for 96.68% and 87.42% of net revenues for the six months ended June 30, 2025 and 2024, respectively. Our revenue from this program increased by $7,219,446, or 245.51%, from $ 2,940,544 for the six months ended June 30, 2024, to $10,159,990 for the six months ended June 30, 2025. This significant increase was due to the expansion of our Cash Offer program, which commenced in late 2023. For the six months ended June 30, 2025 and 2024, we purchased and sold 13 and 3 properties, respectively, through the Cash Offer program, with average transaction prices of $0.78 million and $0.95 million, respectively.

#### Real Estate Service Revenue

#### Comparison of the Six Months Ended June 30, 2025and 2024

Real estate service revenue accounted for 3.32% and 12.58% of net revenues for the six months ended June 30, 2025 and 2024, respectively. Our real estate service revenue decreased by $74,313, or 17.56%, from $423,305 for the six months ended June 30, 2024, to $ 348,992 for the six months ended June 30, 2025. This decrease was primarily driven by drop in Property management service revenue, real estate agency commission and home renovation service revenue.

Real estate agency commission decreased by $55,805, or 19.12%, from $ 291,891 for the six months ended June 30, 2024, to $236,086 for the six months ended June 30, 2025. This decrease was primarily driven by a 19.46% drop in gross commission, which drop from $ 372,471 for the six months ended June 30, 2024, to $ 299,993 for the same period in 2025, partially offset by higher rebates. Rebates decreased by 20.69%, from $80,580 for the six months ended June 30, 2024, to $63,906 for the six months ended June 30, 2025. Also, total transaction volume decreased by 45.89%, primarily due to a 47.37% decrease in the number of real estate transactions and a 2.82% increase in the average transaction price. For the six months ended June 30, 2025, we achieved a total transaction volume of $ 9,163,291 by completing 10 real estate transactions at an average transaction price of $0.92 million, while we achieved a total transaction volume of $ 16,933,255 by completing 19 real estate transactions at an average transaction price of $0.89 million for the same period in 2024. The overall decrease in gross commission was primarily driven by a significant decline in the number of transactions and total transaction volume, despite a slight increase in average transaction price.

Revenue from home renovation service decreased by $ 36,857, or 30.81%, from $ 119,626 for the six months ended June 30, 2024, to $ 82,769 for the six months ended June 30, 2025. This decrease was primarily driven by a lower number of completed home renovation projects in 2025. For the six months ended June 30, 2025 and 2024, we completed three and six home renovation projects respectively.

Revenue from mortgage referral service increased by $22,553, or 556.85%, from $4,050 for the six months ended June 30, 2024, to $26,603 for the six months ended June 30, 2025. This increase was primarily driven by a higher number of mortgage loans secured during the period. We assisted clients in securing six mortgage loans for the six months ended June 30, 2025, compared to one mortgage loan for the same period in 2024.

Revenue from property management service decreased by $ 4,204, or 54.33%, from $ 7,738 for the six months ended June 30, 2024, to $ 3,534 for the six months ended June 30, 2025. This decrease was primarily due to lower tenant placement service revenue, as we did not complete any tenant placements for the six months ended June 30, 2025, compared to six tenant placements for the same period in 2024. Additionally, ongoing property management service revenue remained limited, as this service commenced in the third quarter of 2024. For the six months ended June 30, 2025, we managed three properties under ongoing property management service, while no properties were managed for the same period in 2024.

### Cost of Revenues

Our cost of revenues consists primarily of (i) costs related to property purchases made under Linkhome Realty’s name, which properties are subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents working for the Company and renovation costs incurred for home renovation services.

We derive our cost of revenues from two revenue streams: (i) property purchases and sales through Cash Offer and (ii) real estate services. The following table presents our cost of revenues by revenue stream for the periods presented:

|  | Six Months Ended June 30, 2025 Amount% |  | 2024 Amount% |  | Change Amount% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cost of property purchases and sales through Cash Offer | $10,065,714 | 99.29% | $2,884,882 | 96.79% | $7,180,832 | 248.91% |
| Cost of real estate services | 71,809 | 0.71% | 95,801 | 3.21% | (23,992) | (25.04)% |
| Total cost of revenues | $10,137,523 | 100.00% | $2,980,683 | 100.00% | $7,156,840 | 240.11% |

Cost of property purchases and sales through Cash Offer increased by $7,180,832, or 248.91%, from $ 2,884,882 for the six months ended June 30, 2024, to $ 10,065,714 for the six months ended June 30, 2025. This increase was primarily driven by a higher volume of transactions during the six months ended June 30, 2025, compared to the same period in 2024.

Cost of real estate services was $71,809 for the six months ended June 30, 2025, compared to $95,801 for the six months ended June 30, 2024. This decrease was primarily driven by lower number of completed home renovation projects in 2025.

### Selling, General and Administrative Expenses

Our selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography and videography. We expect our selling expenses as a percentage of net revenues to modestly increase in the foreseeable future to achieve high-quality growth.

Our general and administrative expenses primarily consist of professional service costs, payroll and payroll related costs, rent and other overhead costs. We anticipate our general and administrative expenses will increase in the short term as a result of increased costs associated with being a public company, which will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, attorneys, and accountants; however, we expect our general and administrative expenses as a percentage of net revenues to decrease over the long term as we continue to enhance overall cost control to improve operating margin.

### Results of Operations

### Comparison of the Six Months Ended June 30, 2025 and 2024

The following table summarized our consolidated results of operations for the six months ended June 30, 2025 and 2024:

|  | Six Months Ended June 30, 2025 | % of Revenues | 2024 | % of Revenues | Change | Percentage Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Net revenues | $10,508,982 | 100.00% | $3,363,849 | 100.00% | $7,145,133 | 212.41% |
| Cost of revenues | 10,137,523 | 96.47% | 2,980,683 | 88.61% | 7,156,840 | 240.11% |
| Gross profit | 371,459 | 3.53% | 383,166 | 11.39% | (11,707) | (3.06)% |
| Operating expenses |  |  |  |  |  |  |
| Selling expenses | 24,796 | 0.24% | 2,660 | 0.08% | 22,136 | 832.18% |
| General and administrative expenses | 209,567 | 1.99% | 237,942 | 7.07% | (28,375) | (11.93)% |
| Total operating expenses | 234,363 | 2.23% | 240,602 | 7.15% | (6,239) | (2.59)% |
| Operating income | 137,096 | 1.30% | 142,564 | 4.24% | (5,468) | (3.84)% |
| Other expenses, net | (4,159) | (0.04)% | (1,256) | (0.04)% | (2,903) | 231.13% |
| Income before income taxes | 132,937 | 1.26% | 141,308 | 4.20% | (8,371) | (5.92)% |
| Income tax expenses | 37,890 | 0.36% | 50,128 | 1.49% | (12,238) | (24.41)% |
| Net income | $95,047 | 0.90% | $91,180 | 2.71% | $3,867 | 4.24% |

### Net Revenues

Net revenues for the six months ended June 30, 2025 and 2024 were $ 10,508,982 and $ 3,363,849, respectively, representing an increase of $ 7,145,133, or 212.41%. This increase was primarily driven by a $ 7,219,446 increase in revenue from property purchases, partially offset by decreases of $74,313 in real estate service revenue.

### Cost of Revenues

|  | Six Months Ended June 30, 2025 | 2024 | Change | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Cost of property purchases and sales through Cash Offer | $10,065,714 | $2,884,882 | $7,180,832 | 248.91% |
| Cost of real estate services | 71,809 | 95,801 | (23,992) | (25.04)% |
| Total cost of revenues | $10,137,523 | $2,980,683 | $7,156,840 | 240.11% |
| As a percentage of net revenues | 96.47% | 88.61% |  |  |

35

Cost of revenues for the six months ended June 30, 2025 and 2024 was $10,137,523 and $ 2,980,683, respectively, representing an increase of $ 7,156,840, or 240.11%. This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer.

### Gross Profit and Gross Margin

|  | Six Months Ended June 30, 2025 Gross Profit | Gross Margin | 2024 Gross Profit | Gross Margin |
| --- | ---: | ---: | ---: | ---: |
| Property purchases and sales through Cash Offer | $94,276 | 0.90% | $55,663 | 1.65% |
| Real estate services | 277,183 | 2.63% | 327,503 | 9.74% |
| Total | $371,459 | 3.53% | $383,166 | 11.39% |

Gross profit for the six months ended June 30, 2025 and 2024 was $371,459 and $383,166, respectively, representing a decrease of $11,707, or 3.06%. The blended gross margin was 3.53% for the six months ended June 30, 2025, compared to11.39% for the same period in 2024.

Gross profit from property purchases and sales through Cash Offer, as a percentage of revenue from property purchases and sales through Cash Offer, was 0.93% for the six months ended June 30, 2025, compared to 1.89% for the same period in 2024. We expect that our Cash Offer program may continue to adversely affect our gross margin in the short term but will provide significant long-term growth opportunities by allowing us to differentiate ourselves in a highly competitive real estate market, attract more clients, and increase market share.

Gross profit from real estate services, as a percentage of real estate service revenue, was 79.42% for the six months ended June 30, 2025, compared to 77.37 % for the same period in 2024. This decrease was primarily due to a lower number of completed home renovation projects in 2025.

### Selling Expenses

Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the six months ended June 30, 2025 and 2024 were $24,796 and $2,660, respectively, representing an increase of $22,136, or 832.18%. This increase was primarily driven by higher advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.

### General and Administrative Expenses

The following table summarized our general and administrative expenses for the six months ended June 30, 2025 and 2024:

|  | Six Months Ended June 30, 2025 | 2024 | Change | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Legal and accounting expenses | $46,571 | $115,279 | $(68,708) | (59.60)% |
| Payroll expense | 92,767 | 75,300 | 17,467 | 23.20% |
| Payroll tax expense | 8,572 | 7,195 | 1,377 | 19.14% |
| Rent expense | 24,049 | 22,855 | 1,194 | 5.22% |
| Depreciation expense | 9,407 | 9,355 | 52 | 0.55% |
| Other general and administrative expenses | 28,201 | 7,958 | 20,243 | 254.37% |
| Total general and administrative expenses | $209,567 | $237,942 | $(28,375) | (11.93)% |
| As a percentage of net revenues | 1.99% | 7.07% |  |  |

General and administrative expenses for the six months ended June 30, 2025 and 2024 were $209,567 and $237,942, respectively, representing a decrease of $28,375, or 11.93%. This decrease was primarily due to a reduction in legal and accounting expenses of $68,708, partially offset by increases in depreciation expense of $52, payroll expense of $17,467, payroll tax expense of $1,377, rent expense of $1,194, and other G&A expenses of $20,243. Legal and accounting expenses decreased primarily due to a lower volume of advisory services utilized during the period. Payroll and payroll tax expenses increased primarily due to the hiring of new employees. Rent expense increased primarily due to a scheduled rent adjustment under the office lease, effective from September 2024.

### Other Income (Expenses), Net

Other expenses were $4,159 for the six months ended June 30, 2025, compared to $1,256 for the six months ended June 30, 2024. For the six months ended June 30, 2025, other expenses primarily consisted of realized loss on trading securities of $2,651, interest expense of $1,329, and bank fees of $180, offset by other income, net of $1. For the six months ended June 30, 2024, other expenses primarily consisted of interest expense of $1,570 and bank fees of $193, partially offset by other income, net of $507.

### Income Tax Expenses

Income tax expenses for the six months ended June 30, 2025 and 2024 were $37,890 and $50,128, respectively, representing a decrease of $12,238 or 24.41%. This decrease was primarily due to a lower effective tax rate in 2025.

### Net Income

Net income for the six months ended June 30, 2025 and 2024 was $95,047 and $91,180, respectively, representing an increase of $3,867, or 4.24%. This increase was primarily driven by significant growth in net revenues and lower operating expenses.

### Liquidity and Capital Resources

In assessing liquidity, management monitors and analyzes the Company’s cash on-hand, ability to generate sufficient revenue sources in the future, and operating and capital expenditure commitments. Historically, we have funded our working capital, operations and other capital requirements primarily through equity contributions from stockholders and cash flow from operations. Our ability to meet our current expenses and obligations depends on the future realization of our current assets. Management has considered historical experience, current economic conditions, reasonable and supportable forecasts of future economic conditions, and trends in the real estate industry to evaluate the expected collectability of accounts receivable as of June 30, 2025 and December 31, 2024. Our liquidity may be affected by general economic, competitive, and other factors, many of which are beyond our control.

We plan to expand our real estate business, develop our artificial intelligence real estate platform, and increase our own real estate investment. To accomplish such expansion plan, we estimate the total related capital investment and expenditures to be approximately $2 million over the next 12 months.

We believe that our current cash and cash flows provided by operating activities will be sufficient to meet our working capital needs for existing business over the next 12 months from the issuance date of the financial statements. However, we plan to use part of the proceeds from this offering to support our business expansion described above. We may also seek additional financing, to the extent needed, and there can be no assurance that such financing will be available on favorable terms, or at all. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to our existing stockholders. If it is determined that the cash requirements exceed the Company’s amounts of cash on hand, the Company may also seek to issue additional debt or obtain financial support from stockholders. The principal stockholders of the Company have made a commitment to provide financial support to the Company whenever necessary and will continue to provide support following the consummation of this offering.

### Cash Flows For the six Months Ended June 30, 2025 and 2024

As of June 30, 2025, we had cash and cash equivalents of $2,557,245, other current assets of $918,526, current liabilities of $974,439, net working capital of $2,501,332, and a current ratio of 3.57:1. As of December 31, 2024, we had cash and cash equivalents of $1,670,949, other current assets of $1,652,699, current liabilities of $944,447, net working capital of $2,379,201, and a current ratio of 3.52:1.

The following table presented a summary of our cash flows for the six months ended June 30, 2025 and 2024:

|  | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 |
| --- | ---: | ---: |
| Net cash (used in) provided by operating activities | $808,583 | $(11,999) |
| Net cash used in investing activities | (2,651) | (2,463) |
| Net cash (used in) provided by financing activities | 80,364 | 1,023,257 |
| Net (decrease) increase in cash and cash equivalents | 886,296 | 1,008,795 |
| Cash and cash equivalents, beginning of period | 1,670,949 | 651,911 |
| Cash and cash equivalents, end of period | $2,557,245 | $1,660,706 |

#### Net Cash Used in Operating Activities

Net cash provided by operating activities was $808,583 for the six months ended June 30, 2025, primarily derived from (i) net income of $ $95,048 , adjusted for noncash activities including lease expense of $ 22,673, realized loss on trading securities of $ 2,651, and depreciation of $ 9,407; (ii) net changes in operating assets and liabilities as of June 30, 2025 compared to December 31, 2024, primarily consisting of (a) a decrease of accounts receivable of $18,160, (b) a decrease of real estate held for sale of $907,061, (c) a decrease of prepaid expenses and other receivables of $9,979, partially offset by (a) an increase of deferred tax assets of $3,080, (b) and increase of deferred IPO cost of $201,027, (c) a decrease of accounts payable of $21,300, (d) a decrease of other current liabilities of $7,888, and (e) a decrease of payment of lease liabilities of $23,101.

Net cash used in operating activities was $11,999 for the six months ended June 30, 2024, primarily derived from (i) net income of $91,180 adjusted for noncash activities including: (a) lease expense of $22,673, and (b) depreciation of $9,355, which was partially offset by change in allowance for credit losses of $9,092; (ii) net changes of operating assets and liabilities at June 30, 2024 compared with operating assets and liabilities at December 31, 2023, principally consisting of (a) an increase in deferred IPO costs of $435,677, (b) a decrease in operating lease liabilities of $22,246, (c) an increase in accounts receivable of $18,202, (d) a decrease in accounts payable of $13,203, (e) an increase of prepaid expenses of $7,792, and (f) an increase in security deposits of $2,000, which was partially offset by an increase in other current liabilities of $373,005.

Net cash provided by operating activities was $808,583 for the six months ended June 30, 2025, compared to $11,999 used by operating activities for the same period in 2024, representing an increase in cash inflow of $ 820,582. This increase was primarily due to (i) an increase in cash inflow of $36,362 on accounts receivable, (ii) an increase in cash inflow of $907,061 on real estate held of sale, (iii) a decrease in cash outflow of $17,771 on prepaid expenses and other receivables, (iv) a decrease in cash outflow of $234,650 on deferred IPO costs, (v) an increase in cash inflow of $2,000 on security deposits, and (vi)an increase in cash inflow of $15,663 on net income adjusted for noncash activities, partially offset by (i) an increase in cash outflow of $3,080 on deferred tax assets, (ii) an increase in cash outflow of $8,097 on accounts payables, (iii) an increase in cash outflow of $380,893 on other current liabilities, and (iv) an increase in cash outflow of $855 on payments of lease liabilities.

#### Net Cash Used in Investing Activities

Net cash used in investing activities was $2,651 for the six months ended June 30, 2025, which primarily consisted of purchases of trading securities for $274,718 and proceeds from sale of trading securities for $272,067.

Net cash used in investing activities was $2,463 for the six months ended June 30, 2024, which primarily consisted of purchases of furniture and equipment of $2,064 and a trademark for $399.

#### Net Cash (Used in) Provided by Financing Activities

Net cash provided by financing activities was $80,364 for the six months ended June 30, 2025, which primarily included proceeds from related party advance of $465,347, partially offset by repayments to related party advance of $381,000, and repayments to auto loan of $3,983.

Net cash provided by financing activities was $1,023,257 for the six months ended June 30, 2024, which primarily included proceeds from shares issued in equity financing of $930,000, and proceeds from related party advance of $530,000, partially offset by repayments to related party advance of $433,000, and repayments to auto loan of $3,743.

### Contractual Obligations

Our contractual obligations as of June 30, 2025 were as follows:

|  | 1 Year or Less | More Than 1 Year | Total |
| --- | ---: | ---: | ---: |
| Operating lease liabilities | $7,631 | $— | $7,631 |
| Auto loan payable | 8,362 | 31,137 | 39,499 |
| Total | $15,993 | $31,137 | $47,130 |

### Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of June 30, 2025 and December 31, 2024.

### Trend Information

Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

### Inflation

Inflation and rising interest rates have significantly influenced the economic environment, impacting our operations and financial performance. Monetary authorities, in response to heightened inflationary pressures, have raised interest rates, which has increased borrowing costs and reduced the availability of financing. These changes have directly affected the real estate market by making mortgages less affordable for potential homebuyers, leading to decreased demand for real estate. We continue to monitor inflation, monetary policy changes, and their potential adverse effects on our business. Despite these challenges, higher interest rates have reduced competition among buyers, creating opportunities for some to view this as an advantageous time to purchase real estate.

### Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe that the critical accounting policies disclosed in this prospectus reflect the more significant judgments and estimates used in preparation of our consolidated financial statements. Further, as an emerging growth company, we have elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for emerging growth companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements contained in our subsequent filings with the SEC may not be comparable to other public companies.

The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial statements:

### Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. These estimates and judgments include, but are not limited to, revenue recognition, allowance for credit losses, income taxes, the useful lives of long-lived assets and assumptions used in assessing impairment of long-lived assets. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Although actual amounts may differ from the estimated amounts, such differences are not likely to be material.

### Revenue Recognition

In accordance with ASC 606, “Revenue from Contracts with Customers,” revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these goods or services. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when (or as) it satisfies the performance obligation.

The Company derives its revenues primarily from real estate services and real estate purchases and sales through Cash Offer.

#### Real Estate Service Revenue

The Company’s real estate service revenue consists primarily of real estate agency commission for buying and selling properties for clients, revenue generated from property management service, home renovation service, and mortgage referral service.

The Company earns agency commission revenue, usually at a fixed percentage of property’s selling price, through facilitating the buy or sale of various types of properties, including residential, commercial, and land parcels. The Company is considered an agent for these services provided, and reports service revenue earned through these transactions on a net basis. Revenue is recognized when the agency service is provided, usually at the closing of the escrow.

The Company’s CEO has owned his personal real estate salesperson license since 2020 and obtained a personal real estate broker license on August 8, 2023. Prior to obtaining the broker license, the Company performed real estate transactions as a sales agent under a real estate brokerage firm owned by an unrelated third party and earned sales commissions at fixed rate. On November 17, 2023, Linkhome Realty obtained a real estate broker license for the Company. Thus, the Company gradually transitioned from operating as a sales agent under a third-party real estate broker to a real estate broker independently. This transition marks a significant shift in the Company’s business model, as it no longer relies on other firms to conduct real estate transactions.

The Company provides property management services, which include two primary activities: tenant placement and ongoing property management. Tenant placement services involve marketing the property, identifying suitable tenants, and facilitating the rental agreement. For these services, the Company acts as an agent and charges a rental commission, either as a percentage of the first year’s rent or a fixed fee. Revenue from tenant placement is recognized at a point in time when a tenant is secured, and the lease contract is executed. Additionally, the Company provides ongoing property management services, which may include collecting rent on behalf of the landlord, coordinating maintenance and repairs, and addressing tenant inquiries during the lease term. For these services, the Company also acts as an agent and charges a service fee. Revenue from ongoing property management is recognized over time as the services are rendered, as the landlord simultaneously receives and consumes the benefits of the Company’s efforts.

The Company also offers a full range of home renovation services, from bathroom and kitchen renovations to customized home renovations and extensions, helping clients prepare their homes for sale or personalize newly purchased properties. The Company considers itself as a principal for this service as it has control of the specified service at any time before it is transferred to the customer, which is evidenced by (i) the Company is primarily responsible for fulfilling the promises to provide home renovation services meeting customer specifications, and assumes fulfillment risk (i.e., risk that the performance obligation will not be satisfied); and (ii) the Company has discretion in selecting third-party renovation contractors and establishing the price, and bears the risk for services that are not fully paid for by customers. The renovation period is usually within one to six months; the Company recognizes revenue when the renovation service is completed, on a gross basis with corresponding costs incurred.

In addition, the Company collaborates with lending institutions and mortgage brokers to assist clients in seeking and securing mortgage services, and aiding clients in the process of obtaining loans or financing for property purchases. The Company receives a referral fee as a percentage of the loan amount and recognizes revenue when the loan is approved.

#### Revenue from Property Purchases and Sales through Cash Offer

The Company’s revenue from purchases and sales through Cash Offer consists primarily of the Company’s purchasing a hot property in cash and then selling it to a customer. The Company purchases a property in cash with ownership transferred to Linkhome Realty. Subsequently, Linkhome Realty sells the property to the customer within a short period of time. Both purchase and sales transactions go through an escrow company. The Company is the principal of these transactions and recognizes revenue and cost when the property purchased is sold and escrow is closed. This type of revenue does not contain a financing component due to there being no difference between the amount of promised consideration and the cash selling price of the promised goods or services, and the length of time between when the Company transfers the promised goods or services to the customer and when the customer pays for those goods is very short, usually within a few weeks or a few months.

### Credit Losses

On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities if management does not intend to sell and does not believe that it is more likely than not they will be required to sell.

The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023, using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The was no transition adjustment of the adoption of CECL.

The Company’s accounts receivable and prepaid expense in the consolidated balance sheets are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, creditworthiness of customers and debtors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

Expected credit losses are recorded as an allowance for credit losses, which is netted against accounts receivable in the consolidated balance sheets, and are recognized as an expense in the consolidated statements of income. Receivables are written off against the allowance when all collection efforts have been exhausted and recovery is deemed remote. If the Company recovers amounts that were previously written off, the recovered amounts are recognized as a reduction to the provision for credit losses in the consolidated statements of income.

### Accounts Receivable, Net

Accounts receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying amount net of allowance for credit losses. The Company maintains allowances for credit losses for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including historical losses, the age of the receivable balance, the customer’s historical payment patterns and creditworthiness, current economic conditions, and reasonable and supportable forecasts of future economic conditions. Accounts are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2025 and December 31, 2024, the Company had no allowances for credit losses.

### Impairment of Long-lived Assets

Long-lived assets, which include property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.

The Company evaluates events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of those assets, the Company records an impairment charge in the period in which such a determination is made. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on the above analysis, no impairment loss was recognized related to these assets for the six months ended June 30, 2025 and 2024.

### Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets also include the prior years’ net operating losses carried forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. For the six months ended June 30, 2025 and 2024, the Company did not take any uncertain positions that would necessitate recording a tax related liability.

Prior to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRS”) as an S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow through to the stockholders of the company for federal tax purposes. Effective January 1, 2024, Linkhome Realty’s tax status became C-corporation, and is subject to a federal income tax rate of 21% and California state income tax rate of 8.84%. As a parent holding company of Linkhome Realty, Linkhome Holdings was incorporated in the State of Nevada on November 6, 2023, and is only subject to a federal income tax rate of 21%. Effective for the tax year beginning January 1, 2024, and continuing thereafter unless revoked, Linkhome Holdings and Linkhome Realty have elected to file a consolidated federal income tax return.

### New Accounting Pronouncements

The Company considers the applicability and impact of all ASUs and periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

#### Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in the ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors to better understand an entity’s overall performance” and assess “potential future cash flows.” The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

#### Recent Accounting Pronouncements Pending Adoption

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact that ASU 2023-09 will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2024-03 will have on its consolidated financial statements and related disclosures.

The Company does not believe that any other recently issued but not yet effective authoritative guidance, if adopted currently, would have a material impact on its consolidated financial statements or related disclosures.

## Market risk

As filed, 163 characters.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

## Controls and procedures

As filed, 2,022 characters.

### Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

#### Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2025. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were effective.

### Management’s Report on Internal Controls Over Financial Reporting

This Quarterly Report on Form 10-Q does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

### Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 254 characters.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” of our Prospectus dated July 25, 2025, which could materially affect our business, financial condition or future results.

Filed Aug 12, 2025.
Source: SEC EDGAR, the filing index for accession 0001213900-25-075008. Last ingested by Listed: Oct 24, 2026, 15:06 ET. No prices; not investment advice.