Financial Analysis

The following represents the Companys revenue segmented by geographic region for the six months ended October 31, 2025 and 2024. SCHEDULE OF REVENUE SEGMENT REPORTING BY GEOGRAPHIC REGION Location For the six months ended October 31, 2025 For the six months ended October 31, 2024 Hong Kong $ 2,500,000 $ 2,727,273 United Kingdom 1,500,000 1,636,363 United States of America 2,000,000 2,181,818 Total $ 6,000,000 $ 6,545,454 …

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Recent accounting pronouncements The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows, or disclosures. AiRWA, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income Expense Disaggregation Disclosures, which focuses on improving the disclosures about a public business entitys expenses and addresses requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows. In November 2024, the FASB issued ASU 2024-04, Debt Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments . The amendments provide guidance on accounting for induced conversions of convertible debt …

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Note 11: AMOUNT DUE FROM RELATED PARTY Nature of relationships with related party SCHEDULE OF RELATED PARTY TRANSACTIONS Name Relationship with the Company Hongyu Zhou Shareholder and director of the Company Transaction with related party Name As of October 31, 2025 As of April 30, 2025 Amount due from related party Hongyu Zhou 2,670,000 2,827,528 Amount due to related party Hongyu Zhou 784,091 775,406 The balances of $ 2,670,000 and $ 2,827,528 as of October 31, 2025 and April 30, 2025, respectively, represent amounts receivable from a director under the downside guarantee arrangement relating to the Companys investment in Brightstar Technology Group Co., Ltd. Under the guarantee arrangement, the director is obligated to compensate the Company for any decline in the investments fair value below the guaranteed amount. Such compensation is recognized as Shares guarantee income in the statement of profit or loss. Management expects this receivable to be fully settled in the normal course of business. The balances of $ 784,091 and $ 775,406 as of October 31, 2025 and April 30, 2025, respectively, represent amounts payable to a director for expenses paid on behalf of the Company. AiRWA, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS …

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Note 5 : REVENUE SEGMENT REPORTING BY GEOGRAPHIC REGION The following represents the Companys revenue segmented by geographic region for the six months ended October 31, 2025 and 2024. SCHEDULE OF REVENUE SEGMENT REPORTING BY GEOGRAPHIC REGION Location For the six months ended October 31, 2025 For the six months ended October 31, 2024 Hong Kong $ 2,500,000 $ 2,727,273 United Kingdom 1,500,000 1,636,363 United States of America 2,000,000 2,181,818 Total $ 6,000,000 $ 6,545,454 …

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Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. Principles of consolidation A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power, or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at board meetings, or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders. The accompanying consolidated financial statements include the consolidated financial statements of the Company and its wholly owned subsidiary. A subsidiary is an entity over which the Company has control. Control is achieved when the Company has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect those returns. A subsidiary is consolidated from the date on which the Company obtains control. The Company reassesses whether it controls an inves …

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Note 13: SHAREHOLDERS EQUITY The Company has 1,000,000,000 shares of common stock authorized with a par value of $ 0.001 per share. As of October 31, 2025 and 2024, the Company had 18,981,535 and 128,709 shares of common stock issued and outstanding, respectively (on a split-adjusted basis). AiRWA, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 13: SHAREHOLDERS EQUITY (cont.) For the period from May 1, 2024 through July 31, 2024, the Company issued 16,613 shares of common stock to true-up shares related to the February 22, 2022 acquisition of PlaySight Interactive Ltd., for services rendered, for the exercise of warrants, and to round up fractional shares as part of a 1-for-20 reverse stock split. For the period from August 1, 2024 through October 31, 2024, the Company issued 75,527 shares of common stock for the exercise of warrants. For the period from November 1, 2024 through July 31, 2025, the Company issued 162,552 shares of common stock to complete the acquisition of YYEM. On August 19, 2025, in connection with a private placement entered into on June 30, 2025, the Company issued 400,000 shares of common stock (together with five-year warrants to purchase 800,000 shares of common stock at an exercise price of $ 44.50 ). At $ 11.50 per unit (each consisting of a share and two warrants), the private placement raised $ 4,600,000 for the Company. For the period from August 1, 2025 through October 31, 2025, apart from the private placement, the Company issued 39,26 …

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Note 15: SUBSEQUENT EVENTS In the month of November 2025, the Company sold 3,516,625 shares under its ATM facility, generating $ 3,604,594 of gross proceeds ($ 3,485,598 after the payment of commission, fees and expenses). On December 22, 2025, the Company closed a registered direct offering, selling 15,382,378 shares at $ 1.02 and raising $ 15,689,990 (approximately $ 14,773,528 after the payment of commission, fees and expenses).

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