Company Overview - Brillia, Inc. was established in 2023 and specializes in the design, production, and distribution of women's intimate apparel across global markets, including North America, the European Union, the Asia-Pacific, Latin America, and the Middle East. The product range includes bras, panties, bodysuits, swimwear, dresses, and related apparel [2]. Financial Performance - For the fiscal year ended March 31, 2025, Brillia reported revenue of $64.39 million, reflecting a 15% increase from $55.96 million in FY 2024, outperforming the forecast of $60.65 million. The growth was primarily driven by strong sales of brassieres, tops, and swimsuits, although partially offset by weaker bodysuit sales [4]. - The company's gross profit margin expanded by 100 basis points to 15.8%, attributed to improved cost controls, efficient material sourcing, and better management of manufacturing expenses [4]. - Operating expenses increased by 46.6%, mainly due to higher depreciation charges, employee-related costs, and professional fees linked to the company's listing activities. Consequently, net earnings declined to $2.82 million ($0.12 per share) from $3.28 million ($0.15 per share) in FY 2024, though it remained ahead of the estimate of $0.09 per share [4]. - Cash and cash equivalents rose to $7.70 million from $6.38 million, supported by $6.71 million in net financing cash inflows, partially offset by an operating cash outflow of $4.52 million [4]. Strategic Initiatives - Brillia expects sustained growth momentum in North America and a potential rebound in European sales through collaboration with Maison Lejaby. The company anticipates an additional $5 million in revenue for FY 2026 from its Cambodia expansion and preferential EU trade benefits [4]. - The anticipated rollout of the DIANA brand across ASEAN markets is expected to drive meaningful revenue contributions and strengthen Brillia's international market presence [4]. - In June 2025, Brillia established a wholly owned subsidiary, Bra Pro Pte. Ltd., in Singapore, aimed at enhancing global design capabilities and solidifying its creative competencies [4]. Valuation Insights - Brillia is transitioning to a high-growth phase with multiple drivers that could enhance its long-term valuation. Key catalysts include the expansion of the DIANA brand across ASEAN markets, cost-efficient manufacturing expansion in Cambodia, and strengthened positioning in European markets through its partnership with Maison Lejaby [4]. - The updated valuation model reflects the latest financial results and revised forecasts, maintaining a valuation of $6.00 per share, contingent upon successful execution by the company [4].