What changed in this filing

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Item 1. Business

2026-03-26 compared with 2025-03-27 · 180 added, 176 removed, 162 unchanged (69% of the section changed)

Linkhome is an artificial intelligence-driven

property technology company.

By using HomeGPT, a Linkhome-developed real estate artificial intelligence model, combined with financial

innovation and in conjunction with our dedicated team of agents, we have made significant and cost-effective improvements to the business

model of buying and selling homes.

Through our subsidiaries, we operate an artificial intelligence real estate platform with the goal

of providing customers with end-to-end real estate solutions and services, initially comprising real estate brokerage services, Cash Offer,

and other services like property rental management and home renovation.

Our mission is to redefine the real estate experience to be efficient

and affordable for all consumers through artificial intelligence.

Our vision is to help everyone own their home and achieve the dream

of homeownership.

Linkhome is an artificial

intelligence-driven property technology company.

By using HomeGPT, a Linkhome-developed real estate artificial intelligence model, combined

with financial innovation and in conjunction with our dedicated team of agents, we have made significant and cost-effective improvements

to the business model of buying and selling homes.

Through our subsidiaries, we operate an artificial intelligence real estate platform

with the goal of providing customers with end-to-end real estate solutions and services, initially comprising real estate brokerage services,

Cash Offer, and mortgage service.

Our mission is to redefine the real estate experience to be efficient and affordable for all consumers

through artificial intelligence.

Our vision is to help everyone own their home and achieve the dream of homeownership.

Since the formation of our

subsidiary, Linkhome Realty, in 2021 and the commencement of our operational endeavors, our platform has facilitated an aggregate gross

total value of more than $185,000,000 of agent brokerage transactions as of December 31, 2024.

Our platform, which is presently only active

in California, supports a growing network of users looking to list and search for properties online, seeking information on property transactions

and other value-added services, through the comprehensive property-related solutions and services available on our platform.

past three years, customers have shown their desire for our artificial intelligence, financial innovation and real estate solutions.

In 2024, our total transaction volume for the real estate agency amounted to $48,566,719, compared to $15,438,435 in 2023.

23, 2025, our platform, which aggregates listings from the California Regional Multiple Listing Service (the “CRMLS”), boasted

more than 25,139 active listings for residential properties available for sale or rent.

Users obtain home-buying information from our

platform and consult with our AI tool, HomeGPT, for interactive home-buying advice.

We have found that our users are more likely to buy

and sell properties using the Company and select us for their real estate service needs.

total value of more than $180 million of agent brokerage transactions as of December 31, 2025.

Our platform supports a growing network

of users who list and search for properties online, obtain information related to property transactions, and access a variety of value-added

services through the comprehensive property-related solutions available on our platform.

Over the past three years, customers have shown

their desire for our artificial intelligence, financial innovation and real estate solutions.

As of Dec 31, 2025, our platform, which

aggregates listings from Multiple Listing Service (the “MLS”), boasted more than 1 million active listings for residential

properties available for sale or rent.

Users obtain home-buying information from our platform and consult with our AI tool, HomeGPT, for

interactive home-buying advice.

We aim to provide a platform that supports users throughout the real

estate transaction process and encourages continued engagement.

More importantly, we believe

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to the customer after the customer has secured the necessary financing from their lender.

In 2023, when we rolled out the Cash Offer tool,

we completed one transaction, with Haiyan Ma, a related party who is a beneficial owner of 12.41% of our voting securities, that represented

77% of our annual revenue for that year.

As of the date of this Annual Report, the Company has only entered Cash Offer transactions with

a few select clients.

Upon completion of our IPO (as defined below), we believe the Company will have sufficient capital on hand to expand

this service.

We believe that the combination of artificial intelligence with fintech could be a catalyst for the growth of our Company

and could serve to transform the real estate industry.

Initial Public Offering

In our Fiscal Year, we commenced

activities to conduct our initial public offering to issue 1,250,000 shares of our Common Stock on a firm basis at $4 per share (the

On November 12, 2024, the Securities and Exchange Commission (the “SEC”) declared our Registration Statement

on Form S-1 effective, we did not price or close the IPO.

Upon the close of the IPO, we have granted the underwriter an option for a

period of 45 days to purchase up to an additional 187,500 shares of our Common Stock solely to cover over-allotments, if any,

less underwriting discounts and commissions.

Industry Background and Market Opportunities

The real estate sector, both

for home buying and rental properties, accounts for nearly 18% of the gross domestic product in the United States as reported by National

Association of Realtors (“NAR”), making it the country’s largest industry.

Housing is the largest consumer expense in

the U.S., surpassing transportation, food, insurance and medical expense, and it is a significant source of wealth for many Americans.

According to data from the

NAR, in 2023, there were more than 4.09 million homes sold in the United States, with transactions totaling over $1.5 trillion.

transactions generated approximately $98.6 billion in commission revenue for real estate brokers.

65.9% of Americans live in their own

homes, while 34.1% of Americans live in rental properties.

This 34.1% represents a large market to target for real estate purchase and

sale transactions.

90% of buyers and sellers choose to work with a professional broker or brokerage company, indicating high user stickiness.

On July 23, 2025, the Securities

and Exchange Commission (the “SEC”) declared effective our Registration Statement on Form S-1 (File No.

333-280379) relating

to our initial public offering (the “IPO”).

On July 23, 2025, we priced the IPO of 1,500,000 shares of our common stock at

a public offering price of $4.00 per share.

We granted the underwriter a 45-day option to purchase up to an additional 225,000 shares

of our common stock at the public offering price, less underwriting discounts, solely to cover over-allotments, if any.

On July 24, 2025,

the underwriter fully exercised the over-allotment option, which closed simultaneously with the closing of the IPO.

Our common stock commenced

trading on the Nasdaq Capital Market on July 24, 2025 under the symbol “LHAI,” and the IPO closed on July 25, 2025.

gross proceeds from the IPO, including the full exercise of the over-allotment option, were approximately $6.9 million, before deducting

underwriting discounts and other offering expenses payable by us.

Artificial Intelligence Technological Revolution

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We believe consumers are increasingly becoming accustomed to the

high efficiency of AI-generated services and now expect to receive similar experiences in the realm of real estate.

high efficiency of AI-generated services and now also expect to receive similar experiences in the realm of real estate.

AI has become a key force driving

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AI demonstrates immense potential in solving complex problems and is leading a new industrial revolution.

Based on work by the McKinsey Global Institute, as reported in Our Insights — Real estate can use generative AI to turn the industry’s

data into treasure in seven steps , we believe that generative AI could generate $110 billion to $180 billion or more in

value for the real estate industry, making AI technology one of the most exciting innovations of our era.

It is not only changing our

way of life but also reshaping how various industries operate.

Based on work by the McKinsey Global Institute, as reported in Our Insights — Real estate can use generative AI to

turn the industry’s data into treasure in seven steps , we believe that generative AI could generate $110 billion to $180 billion

or more in value for the real estate industry, making AI technology one of the most exciting innovations of our era.

It is not only changing

our way of life but also reshaping how various industries operate.

We must also recognize that

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In the modern information era,

we believe that potential homebuyers in the United States are overwhelmed with an abundance of property data, including listings,

market trends, and historical sales information.

However, this data is often scattered across different platforms and formats, making

it difficult to navigate and analyze effectively.

Additionally, we are of the opinion that there is a lack of uniformity in real estate

brokerage services, meaning the quality and type of service can vary greatly from one broker to another.

This inconsistency complicates

the process for buyers who can benefit from comprehensive, personalized advice and data-driven insights to make informed decisions.

we believe that the industry urgently requires sophisticated data analysis capabilities and personalized customer services that can filter

and present information in a clear, actionable manner tailored to individual buyer needs.

we believe that potential homebuyers in the United States are overwhelmed with an abundance of property data, including listings, market

trends, and historical sales information.

However, this data is often scattered across different platforms and formats, making it difficult

to navigate and analyze effectively.

Additionally, we are of the opinion that there is a lack of uniformity in real estate brokerage services,

meaning the quality and type of service can vary greatly from one broker to another.

This inconsistency complicates the process for buyers

who can benefit from comprehensive, personalized advice and data-driven insights to make informed decisions.

Accordingly, we believe that

the industry urgently requires sophisticated data analysis capabilities and personalized customer services that can filter and present

information in a clear, actionable manner tailored to individual buyer needs.

Home Buying & Selling Difficulties

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book visits or virtual tours, calculate mortgage requirements and so on.

We have also introduced AI-driven real estate solutions for

our agents, such as home price prediction, bidding recommendations, investment advice, and on-demand assistance in generating contracts

and processing documents for future real estate needs.

We have also introduced AI-driven real estate solutions for our

agents, such as home price prediction, bidding recommendations, investment advice, and on-demand assistance in generating contracts and

processing documents for future real estate needs.

For buyers, our AI chatbot

offers an interactive experience directly through our app or website.

HomeGPT can interpret and respond to complex real estate inquiries,

generating professional and precise answers that help our users gain deeper insights into the real estate buying process.

assistance feature of HomeGPT assists buyers by scheduling visits, providing virtual tours, and calculating mortgage payments.

tools can also be used to predict a competitive bid by using AI to generate accurate property valuations by quickly analyzing vast datasets,

to include historical pricing, market trends and property characteristics.

For sellers, our agents can

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thereby selling their homes more effectively and at reduced costs.

HomeGPT can assist agents with the drafting and generation of contracts,

reducing the time and effort required for administrative tasks increasing agent efficiency.

The goal of these technologies

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Cash Offer — Quick Home Purchase :

We believe Linkhome’s fintech product, Cash Offer, will significantly

enhance the competitiveness of our clients’ offers, allowing them to secure their desired properties without merely relying on price

Compared to loan-based offers, most sellers prefer all-cash offers, as this enables sales to close more quickly.

Cash Offer, we believe our clients will be able to stand out among many offers, thus giving buyers who use our product more negotiation

power and a stronger likelihood of purchasing their desired home at the right price.

We believe, as we grow, Linkhome’s fintech product,

Cash Offer, will significantly enhance the competitiveness of our clients’ offers, allowing them to secure their desired properties

without merely relying on price competition.

Compared to loan-based offers, most sellers prefer all-cash offers, as this enables sales

to close more quickly.

By offering Cash Offer, we believe our clients will be able to stand out among many offers, thus giving buyers

who use our product more negotiation power and a stronger likelihood of purchasing their desired home at the right price.

Flash sell — A

modern way to sell:

By selling to Linkhome, homeowners can avoid the stress of open houses, home repairs, overlapping

mortgages, and the uncertainty that can come with listing a home on the open market.

Using our mobile app and website, sellers can receive

a competitive cash offer online.

Post offer, we conduct an interior home inspection and a contact-free exterior assessment to verify the

home data provided to the Company.

By selling to Linkhome, homeowners can avoid the stress of open houses, home repairs,

overlapping mortgages, and the uncertainty that can come with listing a home on the open market.

Using our mobile app and website, sellers

can receive a competitive cash offer online.

Post offer, we conduct a preliminary interior home inspection and a contact-free exterior

assessment to verify the home data provided to the Company.

If necessary, we will follow up with a licensed inspector for a more detailed

home inspection.

Sellers can then select their preferred closing date and sell to Linkhome, closing quickly.

customers who are both selling and buying homes, we have built a trade-up product that enables them to buy and sell in a coordinated transaction.

With the “Trade Up” service, Linkhome helps clients purchase a new home and move in without having to sell their old home

Through collaboration with third-party financial institutions, Linkhome assists clients in purchasing the new home and then selling

This avoids the hassle of finding temporary housing, moving furniture twice and dealing with storage concerns.

a more relaxed, seamless experience for clients, making the journey to swap homes easy.

For customers who are both selling and purchasing a home, we offer a “Buy Before Sell” service that

enables them to purchase a new home before selling their existing property.

Through collaboration with third-party financial

institutions, Linkhome provides or facilitates access to financing that enables clients to acquire the new home and subsequently

market and sell their prior property.

This approach allows clients to avoid waiting for the sale of their existing home before

purchasing a new one.

The Buy Before Sell model is designed to provide homeowners with greater flexibility during the transition

between homes, reduce the need for temporary housing and multiple moves, and allow clients to present stronger purchase offers when

competing for desired properties.

Currently, our front-end platforms,

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of real estate transactions;

Linkhome aims to provide a one-stop solution, offering tailored financing through our Cash Offer service,

bespoke renovation services, comprehensive property management, and extensive third-party insurance options.

Designed to simplify and

expedite the home-buying journey, our integrated approach ensures clients navigate property transactions with ease, from initial purchase

to ongoing management.

By merging clarity, efficiency, and personalized support, Linkhome aims to transform real estate transactions into

transparent, stress-free experiences, allowing clients to focus on the joy of finding their dream home.

therefore, Linkhome aims to provide a one-stop solution, offering tailored financing through our Cash Offer

service, bespoke renovation services, comprehensive property management, and extensive insurance options.

Designed to simplify and expedite

the home-buying journey, our integrated approach ensures clients navigate property transactions with ease, from initial purchase to ongoing

By merging clarity, efficiency, and personalized support, Linkhome aims to transform real estate transactions into transparent,

stress-free experiences, allowing clients to focus on the joy of finding their dream home.

Advantages and Competitive Edge

Our business model is designed

to disrupt the traditional model of finding and buying a home.

Linkhome’s main goal is to rapidly expand property sales by focusing

on providing AI technology for house hunting and helping customers with investment analysis.

Since our founding in 2021, we have been

developing and leveraging the following key advantages of our platform, which we believe provide significant competitive advantages.

A purpose-built artificial intelligence

housing search platform.

Our business model is

designed to improve and streamline certain aspects of traditional real estate transactions.

Linkhome’s main goal is to rapidly

expand property sales by focusing on providing AI technology for house hunting and helping customers with investment analysis.

our founding in 2021, we have been developing and leveraging the following key advantages of our platform, which we believe provide

significant competitive advantages.

A purpose-built artificial intelligence housing

search platform.

Our platform combines a comprehensive

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A differentiated home buying experience.

We have developed the Cash

Offer home purchase model to use cash to help customers compete for target properties faster and more cost-effectively.

This gives people

the confidence and trust they need to buy properties on our platform.

For buyers, using Cash Offer

avoids the need for excessive overbidding to purchase a home.

We charge a 1-2% platform usage fee, which saves a significant amount compared

to overbidding.

For example, for a $947,000 home, we charge a 1% service fee, approximately $9,470.

Without using Cash Offer, the same

home may sell from $990,000 to $1,000,000.

In this example, a buyer would save $40,000 to $50,000 on the transaction.

We have developed a cash offer

home purchase model to use cash to help customers compete for target properties faster and more cost-effectively.

This gives people the

confidence and trust they need to buy properties on our platform.

For buyers, our Cash Offer

program is intended to improve the competitiveness of purchase offers by reducing financing-related contingencies.

We typically charge

a platform usage fee ranging from approximately 1% to 2% of the transaction value.

In certain market conditions, this approach may help

buyers compete more effectively and potentially reduce the need for higher bid prices.

For sellers, traditional home

selling services require expenses such as repairs, renovations, listing fees, and 4 – 5% agent fees.

These expenses can be substantial for

sellers, and the waiting period to sell the home is uncertain.

Using the Flash Sell, the home can be sold immediately, reducing the costs

of repairs, renovations, and 4-5% listing agent fees, which can amount to 8-12% of the home’s price.

We only charge a 5% service

fee, saving sellers both time and money.

These expenses can

be substantial for sellers, and the waiting period to sell the home is uncertain.

Using the Flash Sell, the home can be sold immediately,

reducing the costs of repairs, renovations, and 4 – 5% listing agent fees, which can amount to 8 – 12%

of the home’s price.

We only charge a 5% service fee, saving sellers both time and money.

Currently, our funding for

Cash Offer comes primarily from investments made by our CEO and existing shareholders.

Following the close of our IPO, we plan to expand

our Cash Offer program.

We believe and are confident that our revenue will continue to grow, and we will become more profitable over time.

Cash Offer comes primarily from investments made by our CEO and shareholders.

Following our initial public offering, we used, and may

continue to use, a portion of the net proceeds from that offering to support the expansion of our Cash Offer program.

We believe that

these initiatives may contribute to revenue growth and improved profitability over time.

Proprietary financing technology.

In the future, assuming we

obtain proper licensing, we intend to offer differentiated financing solutions to enable clients to select their preferred financing method

from hundreds of pre-approved down payment and monthly payment combinations and enable us to generate property finance receivables, often

sold at a premium to third-party financing partners.

We plan to offer

differentiated financing solutions to enable clients to select their preferred financing method from hundreds of pre-approved down

payment and monthly payment combinations and enable us to generate property finance receivables, often sold at a premium to

third-party financing partners.

An efficient and engaging home selling experience.

Our proprietary APP software

and artificial intelligence quick quotation system allows us to quote prices for users selling their homes predictably and efficiently.

and artificial intelligence quick quotation system allow us to quote prices for users selling their homes predictably and efficiently.

Customers do not need to wait several days and can quickly sell their properties to Linkhome.

We believe our platform will provide customers

with a unique home-selling experience, thus setting us apart from our competitors.

We believe we provide our customers with

a unique home-selling experience.

We believe this sets us apart from our competitors.

Large-scale real estate transaction infrastructure.

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Highly scalable business model.

As of the close of our Fiscal

Year, we cater only to the Southern California market, we intend to scale the enterprise to service additional markets.

We believe we

have a highly scalable business model and can adapt our service offerings to cater to prevailing market and technology trends to maintain

Currently, our operations are

primarily focused in California.

Over time, we intend to expand the scope of our business into additional geographic markets.

we have a highly scalable business model and can adapt our service offerings to cater to prevailing market and technology trends to maintain

our competitive edge.

Our business is predominantly generated through our online website and mobile application platforms, which, assuming

we have obtained proper licensing, will allow us to expand rapidly into new markets in a quick and cost-efficient manner.

Our business is predominantly generated through our online website and mobile application platforms, which allows

us to expand rapidly into new markets in a quick and cost-efficient manner.

Our Growth Strategy

● Increase penetration in existing market.

are focused on increasing our penetration and market share in the Southern California market.

As our recognition grows, we’ll attract

more home buyers and sellers to transact through Linkhome.

Our growth strategy is to innovate and execute

on the following key strategic focuses:

Increase penetration in existing markets.

We are presently focused on increasing our penetration and market share in existing market.

As our recognition grows, we’ll attract more home buyers and sellers to transact through Linkhome.

Expand into new markets.

our business primarily serves the Southern California market, we believe we have a tremendous opportunity to expand our business coverage

to major markets across the United States.

● Increase our service offerings and become an “all-in-one”

property platform.

As of the close of our Fiscal Year, we offer real estate brokerage services, Cash Offer,

and other services like property rental management, and home renovation services.

In line with our focus on providing a seamless experience,

however, we are in the process of creating a digital one-stop moving experience, as well.

We plan to add additional services over time

to further simplify transactions and support our customers.

These services include title insurance, escrow and mortgage services, home

insurance, property management and home maintenance services.

● Continue to develop our artificial intelligence real estate

platform to enhance user experience.

We seek to continuously strengthen our artificial intelligence technologies

to improve our platform and the solutions we can offer to our customers.

To this end, we intend to invest in research and development

to enhance our technology capabilities and service offerings.

Although our operations are currently concentrated in California, we believe there is a significant opportunity to expand our platform and services into major markets across the United States over time.

Increase our service offerings and become an “all-in-one” property platform.

At present, we offer brokerage services, Cash Offer, and other services like property rental management, and home renovation services.

In line with our focus on providing a seamless experience, however, we are in the process of creating a digital one-stop moving experience.

We plan to add additional services over time to further simplify transactions and support our customers.

These services include title insurance, escrow and mortgage services, home insurance, property management, and home maintenance services.

Continue to develop our artificial intelligence real estate platform to enhance user experience.

We intend to continue developing our artificial intelligence–powered real estate platform to enhance the user experience.

We plan to further advance our artificial intelligence technologies, improve the capabilities of our AI agents, and continue to enhance our platform and the solutions we provide to customers.

To support these initiatives, we expect to increase our investment in research and development to strengthen our technological capabilities and expand our service offerings.

Our marketing strategy employs

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ads targeting customer interests, significantly enhancing the precision of our customer targeting.

Our marketing focus extends

to several areas:

This optimization of our marketing

strategy includes advanced audience segmentation methodologies, improved targeting, and attribution.

Additionally, we’ve incorporated

broad-reach channels to responsibly scale our brand awareness.

Our marketing focus extends to several areas:

● Social Media & Video Marketing:

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● Online and Offline Seminars:

organize online seminars to educate and engage with our audience, offering valuable insights and building trust.

In Southern California,

we conduct limited, in-person seminars to inform our customers about the complex and competitive market.

We organize online seminars to educate and engage with our audience, offering valuable insights and building trust.

At our offices, we

periodically conduct limited in-person seminars to provide customers with information and insights regarding the complex and competitive

real estate market.

Competitor Analysis

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competition from a growing number of internet-based brokerages and companies operating with new business models.

Our industry has rapidly evolved

in recent years due to technological advances, changes in consumer preferences, and the introduction of new products.

We anticipate

that competition will intensify further with the emergence of new brokerage firms with AI-driven business models, as well as traditional

brokerages adopting or developing new technologies or business strategies to enhance their offerings.

We believe we primarily compete

● Efficient AI online chat capabilities;

● Efficient AI online agent and chat capabilities;

● Financial innovation services, such as Cash Offer, that help

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and give us a competitive edge in all of the above areas.

Our provision of AI-driven home searches, data-driven decision-making support,

and financial innovation in assisting users to purchase homes with cash offers further strengthen our position in the competitive landscape.

Government Regulation

We are subject to a wide

variety of laws, rules, and regulations enforced by both governments and private organizations.

Many of these rules and regulations are

constantly evolving.

If we are unable to comply with them, we may be unable to obtain the requisite licensing to conduct certain aspects

of our planned business, such as offering insurance, escrow or mortgage services, and we could be subject to civil and criminal liabilities,

revocation, or suspension of our licenses or other adverse actions.

We may also be required to modify or discontinue some or all of our

offerings, and our ability to grow our business and our reputation may be harmed.

We are subject to a wide variety

of laws, rules, and regulations enforced by both governments and private organizations.

Many of these rules and regulations are constantly

If we are unable to comply with them, we could be subject to civil and criminal liabilities, revocation, or suspension of our

licenses or other adverse actions.

We may also be required to modify or discontinue some or all of our offerings, and our ability to grow

our business and our reputation may be harmed.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business