Core Viewpoint - DarkIris Inc., a mobile game developer based in Hong Kong, has filed an F-1 registration statement with the SEC to go public on NASDAQ, aiming to leverage its strong revenue generation capabilities despite a small workforce [1][2]. Company Overview - DarkIris Inc. was established in May 2024 in the Cayman Islands and primarily engages in mobile digital game development, publishing, and operations [2][3]. - The company operates through two Hong Kong subsidiaries, Quantum and Stellar, with Quantum being the main revenue source [2][3]. - DarkIris is closely related to Xiqi Network, which previously listed on the New Third Board and underwent a restructuring to separate its gaming business [1][5]. Financial Performance - For the fiscal year ending September 30, 2024, DarkIris reported revenues of approximately $7.92 million (about 57 million RMB), a significant increase from $3.95 million (about 28 million RMB) in the previous fiscal year [10][11]. - The company achieved a net profit of approximately $1.1 million (about 7.86 million RMB) for the same period, marking a turnaround from a loss of $1.26 million in the previous year [13][11]. - DarkIris has a small workforce of 24 employees, resulting in an impressive average net profit contribution of about 330,000 RMB per employee [13][9]. Revenue Sources - The majority of DarkIris's revenue comes from a few key games, with self-developed and agency-published titles contributing significantly to total income [14]. - The game "Nine Heavens Spirit Snake Record" generated $209,000 in revenue in 2023 and $188,000 in 2024, but its user base has sharply declined from 140,000-190,000 to just over 4,000 in the first half of 2025 [14][15]. - Other successful titles include "The Story of Wei, Shu, and Wu" and "Floating Myth," which have shown stable performance and significant revenue contributions in 2024 [15]. Legal Issues - Shortly after announcing its IPO plans, DarkIris faced a legal challenge from Shanghai DarkIris Technology Co., which claimed that DarkIris's branding and actions could lead to confusion and brand infringement [8].

Group 1 - DarkIris Inc., a mobile game company, plans to go public in the U.S., but the focus is on its Chinese name "黑瞳科技," which is identical to Shanghai Heitong Technology Co., Ltd. [2] - Shanghai Heitong Technology issued a statement accusing DarkIris of malicious confusion, brand hijacking, and infringement, claiming ownership of 9 classes and 36 categories of registered trademarks for the "黑瞳" brand [4] - DarkIris's prospectus indicates it is engaged in mobile digital game development, distribution, and operation, with plans to issue 1.5 million Class A shares at an initial price of $4 per share, aiming to raise $6 million and achieve a market valuation of $70 million [6] Group 2 - For the fiscal years 2023, 2024, and the first half of 2025, DarkIris reported revenues of $3.95 million, $7.92 million, and $5.20 million, with net profits of -$1.26 million, $1.10 million, and $0.91 million respectively [7] - DarkIris's key products include the MMORPG "九霄灵蛇录," the turn-based strategy card game "大话魏蜀吴," and the casual RPG "浮空神话," which contributed 53% and 62% of total revenue in fiscal years 2023 and 2024 respectively [8] - Shanghai Heitong Technology, established in June 2018, focuses on anti-fraud technology development and operates several anti-fraud applications with a user base of 700 million [9]