Masonglory Ltd, a Hong Kong-focused wet trades subcontractor listed on Nasdaq since mid-2025, reported a marginal revenue increase to $23.56 million for FY2026 but swung to a net loss of $8.0 million largely due to substantial share-based compensation and margin compression. The company’s project backlog more than doubled to $31.4 million, driven by new infrastructure and residential contracts, signaling strong tendering success. However, growing material costs, project delays, and intense competition are eroding gross profit margins, particularly in public sector works. Concurrently, Masonglory approved a share consolidation and equity reclassification to restructure its capital base by August 2026, highlighting its early-stage growth and governance evolution.