UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to____________________

Commission File Number: 001-42652

Linkhome Holdings Inc.

(Exact name of registrant as specified in its charter)

Nevada		93-4316797
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

17901 Von Karman Ave, Ste 450 Irvine, CA		92614
(Address of principal executive offices)		(Zip Code)

(800) 680 - 9158

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $0.001		LHAI		The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

As of May 13, 2026 the registrant had a total of 16,230,000 shares of its common stock, par value $0.001 per share, issued and outstanding.

TABLE OF CONTENTS

		Page #
PART I - FINANCIAL INFORMATION		1
Item 1. Financial Statements		1
Consolidated Balance Sheets – March 31, 2026 (Unaudited) and December 31, 2025		1
Unaudited Consolidated Statements of (Loss) Income - Three Months Ended March 31, 2026 and 2025		2
Unaudited Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March 31, 2026 and 2025		3
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025		4
Notes to Unaudited Consolidated Financial Statements		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20
Item 3. Quantitative and Qualitative Disclosures About Market Risk		34
Item 4. Controls and Procedures		34
PART II - OTHER INFORMATION		35
Item 1. Legal Proceedings		35
Item 1A. Risk Factors		35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		35
Item 3. Defaults Upon Senior Securities		35
Item 4. Mine Safety Disclosure		35
Item 5. Other Information		35
Item 6. Exhibits		35
Signatures		36

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor created thereby. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in our periodic reports on Form 10-K, 10-Q and 8-K, as well as in any documents incorporated by reference that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements.

Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after completion of this Quarterly Report on Form 10-Q to conform these statements to actual results or revised expectations.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

LINKHOME HOLDINGS INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

	March 31,		December 31,
	2026		2025
	(Unaudited)
Assets

Current Assets
Cash and cash equivalents	$	3,471,824	$	7,018,931
Accounts receivable		27,975		109,968
Loan receivable		252,000		-
Real estate held for sale		1,665,203		-
Advances to contractors		12,853		-
Prepaid expenses and other receivables		18,267		18,267
Total Current Assets		5,448,122		7,147,166

Noncurrent Assets
Property and equipment, net		316,897		335,540
Operating lease right-of-use assets, net		1,218,893		1,265,993
Intangible assets, net		536,603		564,753
Deferred tax assets, net		36,261		742
Investment under cost method		50,000		50,000
Long-term prepaid expenses, net		583,875		617,625
Security deposits		33,254		33,254
Total Noncurrent Assets		2,775,783		2,867,907
Total Assets	$	8,223,905	$	10,015,073

Liabilities and Stockholders’ Equity

Current Liabilities
Accounts payable	$	4,300	$	93,735
Auto loan payable, current		8,768		8,631
Operating lease liabilities, current		111,681		109,711
Other current liabilities		332,272		1,870,524
Total Current Liabilities		457,021		2,082,601

Noncurrent Liabilities
Auto loan payable, noncurrent		24,506		26,754
Operating lease liabilities, noncurrent		237,612		266,282
Total Noncurrent Liabilities		262,118		293,036
Total Liabilities		719,139		2,375,637

Commitments and Contingencies

Stockholders’ Equity
Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025		-		-
Common stock, $0.001 par value, 100,000,000 shares authorized, 16,230,000 shares issued and outstanding at March 31, 2026 and December 31, 2025		16,230		16,230
Paid-in capital		6,389,842		6,389,842
Retained earnings		1,098,694		1,233,364
Total Stockholders’ Equity		7,504,766		7,639,436
Total Liabilities and Stockholders’ Equity	$	8,223,905	$	10,015,073

The accompanying notes are an integral part of these consolidated financial statements.

LINKHOME HOLDINGS INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(UNAUDITED)

	Three Months Ended March 31,
	2026			2025
Net Revenues (including $0 and $97,560 from related parties for the three months ended March 31, 2026 and 2025, respectively)	$	4,907,470		$	5,709,426
Cost of Revenues		(4,721,442	)		(5,447,509	)
Gross Profit		186,028			261,917

Operating Expenses
Selling expenses		6,970			17,341
General and administrative expenses		393,358			120,754
Total Operating Expenses		400,328			138,095
Operating (Loss) Income		(214,300	)		123,822

Other Income (Expenses)
Interest income		24,765			-
Interest expense		(546	)		(682	)
Unrealized loss on trading securities		-			(11,007	)
Other income (expenses), net		23,609			(60	)
Total Other Income (Expenses), Net		47,828			(11,749	)
(Loss) Income before Income Taxes		(166,472	)		112,073
Income Tax (Benefit) Expense		(31,802	)		31,444
Net (Loss) Income	$	(134,670	)	$	80,629
(Loss) Earnings per Share – Basic and Diluted	$	(0.01	)	$	0.01
Weighted Average Number of Common Stock Outstanding – Basic and Diluted		16,230,000			14,505,000

The accompanying notes are an integral part of these unaudited consolidated financial statements.

LINKHOME HOLDINGS INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(UNAUDITED)

	Preferred stock				Common stock				Additional paid-in		Retained			Total stockholder’s
	Shares		Amount		Shares		Amount		capital		earnings			equity
Balance at December 31, 2025		-	$	-		16,230,000	$	16,230	$	6,389,842	$	1,233,364		$	7,639,436
Net loss		-		-		-		-		-		(134,670	)		(134,670	)
Balance at March 31, 2026		-	$	-		16,230,000	$	16,230	$	6,389,842	$	1,098,694		$	7,504,766

Balance at December 31, 2024		-	$	-		14,505,000	$	14,505	$	1,276,690	$	1,158,490		$	2,449,685
Net income		-		-		-		-		-		80,629			80,629
Balance at March 31, 2025		-	$	-		14,505,000	$	14,505	$	1,276,690	$	1,239,119		$	2,530,314

The accompanying notes are an integral part of these unaudited consolidated financial statements.

LINKHOME HOLDINGS INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(UNAUDITED)

	Three Months Ended March 31,
	2026			2025
Cash Flows from Operating Activities
Net (loss) Income	$	(134,670	)	$	80,629
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Unrealized loss on trading securities		-			11,007
Depreciation and amortization		47,143			4,639
Operating lease expense		53,654			11,337
Deferred income taxes		(35,519	)		(3,080	)
Changes in operating assets and liabilities:
Accounts receivable		81,993			(1,815,840	)
Real estate held for sale		(1,665,203	)		907,061
Advances to contractors		(12,853	)		(26,873	)
Prepaid expenses and other receivables		-			9,979
Long-term prepaid expenses		33,750			-
Accounts payable		(89,435	)		(21,300	)
Other current liabilities		(1,538,252	)		9,160
Payments for operating leases		(33,254	)		(11,551	)
Net Cash Used in Operating Activities		(3,292,646	)		(844,832	)

Cash Flows from Investing Activities
Purchase of trading securities		-			(136,000	)
Capitalized intangible assets		(350	)		-
Issuance of loan receivable		(252,000	)		-
Net Cash Used in Investing Activities		(252,350	)		(136,000	)

Cash Flows from Financing Activities
Repayments of auto loan payable		(2,111	)		(1,974	)
Proceeds from related party dues		-			326,000
Repayments of related party dues		-			(381,000	)
Payment of offering costs		-			(49,000	)
Net Cash Used in Financing Activities		(2,111	)		(105,974	)
Net Decrease in Cash and Cash Equivalents		(3,547,107	)		(1,086,806	)

Cash and Cash Equivalents, Beginning of Period		7,018,931			1,670,949
Cash and Cash Equivalents, End of Period	$	3,471,824		$	584,143

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid for Interest	$	546		$	682
Cash Paid for Income Taxes	$	-		$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

LINKHOME HOLDINGS INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 — ORGANIZATION AND DESCRIPTION OF BUSINESS

Organization and Business

Linkhome Holdings Inc. (“Linkhome”, “Linkhome Holdings”, or the “Company”) was incorporated in the State of Nevada, United States on November 6, 2023. The Company is a holding company with no material operations of its own. The Company conducts substantially all of its operations through its wholly owned subsidiary, Linkhome Realty Group (“Linkhome Realty”), which was incorporated in the State of California on July 13, 2021.

The Company operates an AI-powered real estate technology platform designed to facilitate residential property transactions. The platform integrates property search capabilities, real estate transaction services, and financing-related solutions.

The Company’s services primarily include:

●

AI-powered residential real estate brokerage services;

●

transaction solutions through the Company’s Cash Offer fintech program;

●

property management services;

●

home renovation services; and

●

AI-powered mortgage brokerage services.

Through its Cash Offer program, the Company may temporarily acquire residential properties using its capital in order to facilitate transactions for clients. The property is subsequently sold to the client once the client’s financing is finalized. The Company generates revenue primarily from real estate brokerage commissions, real estate transaction activities through its Cash Offer program, property management services, renovation services, and mortgage referral fees.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding consolidated financial reporting. The consolidated financial statements include the accounts of Linkhome Holdings and Linkhome Realty. All intercompany transactions and balances between the Company and its subsidiary have been eliminated upon consolidation. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments, unless otherwise indicated) considered necessary for a fair presentation of the Company’s financial position at such date and the operating results and cash flows for such periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. These estimates and judgments include, but are not limited to, revenue recognition, allowance for credit losses, income taxes, the useful lives of long-lived assets and assumptions used in assessing impairment of long-lived assets. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Although actual amounts may differ from the estimated amounts, such differences are not likely to be material.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers cash, money market funds, investments in interest bearing demand deposit accounts, time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalent readily convertible to known amounts of cash are subject to an insignificant risk of changes in value.

Investments in Trading Securities

The Company classifies investments in trading securities as financial instruments acquired with the intent to sell them in the near term for profit. Trading securities are initially recorded at cost and subsequently measured at fair value, with both realized and unrealized gains or losses recognized in the consolidated statements of income under “Other Income/Expenses.” Unrealized gains or losses arising from changes in the fair value of trading securities are recognized in the consolidated statements of income at each reporting period, while realized gains or losses are calculated based on the difference between the sale proceeds and the carrying value of the securities sold.

The Company opened an investment account with J.P. Morgan Chase in January 2025. For the three months ended March 31, 2025, the Company purchased trading securities totaling $136,000. As of March 31, 2025, investments in trading securities totaled $124,993, with an unrealized loss of $11,007 recognized in the consolidated statements of income under “Other Income/Expenses.” The investment account balance was withdrawn in June 2025, and no trading securities were held as of March 31, 2026 and December 31, 2025. There was no trading activity during the three months ended March 31, 2026.

Credit Losses

On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities if management does not intend to sell and does not believe that it is more likely than not they will be required to sell.

The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023, using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. There was no transition adjustment upon the adoption of CECL.

The Company’s accounts receivable, loan receivable and certain other financial assets included in the consolidated balance sheets are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, creditworthiness of customers and debtors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

Expected credit losses are recorded as an allowance for credit losses, which is netted against accounts receivable in the consolidated balance sheets, and are recognized as an expense in the consolidated statements of income. Receivables are written off against the allowance when all collection efforts have been exhausted and recovery is deemed remote. If the Company recovers amounts that were previously written off, the recovered amounts are recognized as a reduction to the provision for credit losses in the consolidated statements of income.

Accounts Receivable, Net

Accounts receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the historical carrying amount net of allowance for credit losses. The Company maintains allowances for credit losses for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including historical losses, the age of the receivable balance, the customer’s historical payment patterns and creditworthiness, current economic conditions, and reasonable and supportable forecasts of future economic conditions. Accounts are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of March 31, 2026 and December 31, 2025, the Company had no allowances for credit losses.

Real Estate Held for Sale

Real estate properties acquired on behalf of clients as part of the Company’s Cash Offer program are classified as real estate held for sale in accordance with the criteria outlined in FASB ASC Topic 360, “Property, Plant, and Equipment.” Under this classification, properties held for sale are measured at the lower of cost or fair value less costs to sell.

As of March 31, 2026, the Company recorded one property as real estate held for sale with a carrying value of $1,665,203, which was acquired in March 2026 under the Cash Offer program to facilitate a transaction for a client. The property had not been sold as of March 31, 2026. As of December 31, 2025, the Company had no real estate held for sale.

Advances to Contractors

Advance to contractor represents amounts paid to contractors in advance for home renovation projects that are not yet completed, from which the Company expects to receive future economic benefits within its normal operating cycle. Home renovation projects are generally completed within one to three months from the date the advance payment is made. Advances to contractors were $12,853 and $0 as of March 31, 2026 and December 31, 2025, respectively.

Deferred Initial Public Offering (“IPO”) Costs

The Company accounts for deferred IPO costs in accordance with the requirement of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering.” Deferred offering costs consist of underwriting, legal, consulting, and other expenses incurred up to the balance sheet date that are directly attributable to the planned IPO. In July 2025, the Company successfully completed its initial public offering, and the deferred offering costs were reclassified to additional paid-in capital as a reduction of the IPO proceeds.

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any. Expenditures for maintenance and repairs are expensed as incurred, while additions, renewals and improvements that extend the useful lives of property and equipment are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts, and any resulting gain or loss is reflected in the consolidated statements of income. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives by asset classification are generally as follows:

		Estimated Useful Life
Furniture and fixtures		3 – 7 years
Office equipment		3 – 5 years
Vehicles		5 years
Leasehold improvements		Shorter of lease term or useful life

Intangible Assets, Net

Intangible assets consist primarily of internally developed software and trademarks. Internally developed software is capitalized in accordance with ASC 350-40, “Internal-Use Software.” Costs incurred during the application development stage are capitalized and amortized using the straight-line method over the estimated useful life of the software once the asset is placed in service. Trademarks are considered indefinite-lived intangible assets and are not amortized but are evaluated for impairment annually or more frequently if events or changes in circumstances indicate the asset may be impaired.

In December 2025, the Company placed into service internally developed software related to its AI-driven real estate platform, including the Linkhome website and the Linkhome AI mobile application. The internally developed software is amortized using the straight-line method over its estimated useful life of five years.

Investment under Cost Method

The Company accounts for investments with less than 20% of the voting shares and does not have the ability to exercise significant influence over the operating and financial policies of the investee using the cost method. The Company elects the measurement alternative and records investments in equity securities at historical cost in its consolidated financial statements. Such investments are subject to evaluation for impairment. Dividends received from the net accumulated earnings of the investee are recognized as income, while dividends received in excess of such earnings are considered a return of investment and recorded as a reduction of the cost of the investment.

In October 2025, the Company invested $50,000 in the common stock of a privately held company, representing an approximate 2.5% ownership interest. Investment under cost method was $50,000 as of March 31, 2026 and December 31, 2025. No impairment was recorded during the three months ended March 31, 2026.

Impairment of Long-Lived Assets

Long-lived assets, which include property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.

The Company evaluates events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of those assets, the Company records an impairment charge in the period in which such a determination is made. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No such events or changes in circumstances were identified during the three months ended March 31, 2026 and 2025, and no impairment loss was recognized related to these assets.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets also include the prior years’ net operating losses carried forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. For the three months ended March 31, 2026 and 2025, the Company did not take any uncertain positions that would necessitate recording a tax related liability.

Prior to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRC”) as an S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow through to the shareholders of the company for federal income tax purposes. Effective January 1, 2024, Linkhome Realty’s tax status became C-corporation, and is subject to a federal income tax rate of 21% and California state income tax rate of 8.84%. As a parent holding company of Linkhome Realty, Linkhome Holdings was incorporated in the State of Nevada on November 6, 2023, and is only subject to a federal income tax rate of 21%. Effective for the tax year beginning January 1, 2024, and continuing thereafter unless revoked, Linkhome Holdings and Linkhome Realty have elected to file a consolidated federal income tax return.

Revenue Recognition

In accordance with ASC 606, “Revenue from Contracts with Customers,” revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these goods or services. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when (or as) it satisfies the performance obligation.

The Company derives its revenues primarily from real estate services and real estate purchases and sales through Cash Offer.

Real Estate Service Revenue

The Company’s real estate service revenue consists primarily of real estate agency commission for buying and selling properties for clients, and revenue generated from property management, home renovation, and mortgage referral services.

The Company earns agency commission revenue, usually at a fixed percentage of the property’s selling price, through facilitating the buy or sale of various types of properties, including residential, commercial, and land parcels. The Company is considered an agent for these services provided, and reports service revenue earned through these transactions on a net basis. Revenue is recognized when the agency service is provided, usually at the closing of escrow.

Prior to November 17, 2023, the Company conducted real estate transactions through a licensed third-party brokerage firm. On November 17, 2023, Linkhome Realty obtained its own real estate broker license, allowing the Company to conduct brokerage transactions independently.

The Company provides property management services, which include two primary activities: tenant placement and ongoing property management. Tenant placement services involve marketing the property, identifying suitable tenants, and facilitating the rental agreement. For these services, the Company acts as an agent and charges a rental commission, either as a percentage of the first year’s rent or a fixed fee. Revenue from tenant placement is recognized at a point in time when a tenant is secured, and the lease contract is executed. Additionally, the Company provides ongoing property management services, which may include collecting rent on behalf of the landlord, coordinating maintenance and repairs, and addressing tenant inquiries during the lease term. For these services, the Company also acts as an agent and charges a service fee. Revenue from ongoing property management is recognized over time as the services are rendered, as the landlord simultaneously receives and consumes the benefits of the Company’s efforts.

The Company also offers a full range of home renovation services, from bathroom and kitchen renovations to customized home renovations and extensions, helping clients prepare their homes for sale or personalize newly purchased properties. The Company considers itself as a principal for this service as it has control of the specified service at any time before it is transferred to the customer, which is evidenced by (i) the Company is primarily responsible for fulfilling the promises to provide home renovation services meeting customer specifications, and assumes fulfilment risk (i.e., risk that the performance obligation will not be satisfied); and (ii) the Company has discretion in selecting third-party renovation contractors and establishing the price, and bears the risk for services that are not fully paid for by customers. The renovation period is usually within one to three months; the Company recognizes revenue when the renovation service is completed, on a gross basis with corresponding costs incurred.

In addition, the Company collaborates with lending institutions and mortgage brokers to assist clients in seeking and securing mortgage services, and aiding clients in the process of obtaining loans or financing for property purchases. Revenue is recognized when the related loan transaction is completed and the Company becomes entitled to the referral fee.

Revenue from Property Purchases and Sales through Cash Offer

The Company’s revenue from purchases and sales through its Cash Offer program primarily consists of purchasing residential properties and subsequently reselling those properties to customers within a short period of time. Under the Cash Offer program, the Company may purchase residential properties using its own capital, with title transferred to Linkhome Realty, and subsequently resell the properties to customers. Both purchase and sales transactions go through an escrow company. The Company is the principal of these transactions and recognizes revenue and cost when the property purchased is sold and escrow is closed. This type of revenue does not contain a financing component due to there being no difference between the amount of promised consideration and the cash selling price of the promised goods or services, and the length of time between when the Company transfers the promised goods or services to the customer and when the customer pays for those goods is very short, usually within a few weeks or a few months.

Disaggregation of Revenue

The following table provides information about disaggregated revenue by revenue stream.

	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Real estate service revenue
Real estate agency commission	$	54,500	$	211,517
Property management service		6,857		1,767
Home renovation service		—		9,952
Mortgage referral fee		13,113		6,300
Total real estate service revenue		74,470		229,536
Revenue from property purchases and sales through Cash Offer		4,833,000		5,479,890
Total revenues	$	4,907,470	$	5,709,426

Cost of Revenues

Cost of revenues consists primarily of (i) costs related to property purchases made under Linkhome Realty’s name, which are subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents working for the Company and renovation costs incurred for home renovation services.

Segment Information

On October 1, 2024, the Company adopted ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The Company applies the “management approach” to identify operating segments, as required by ASC 280-10-50. Under this approach, operating segments are components of the business whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to assess performance and allocate resources. The Company’s CODM is the senior executive committee, which includes the Chief Executive Officer and the Chief Financial Officer.

The CODM manages the Company’s operations as a single operating and reportable segment, referred to as the Real Estate Solutions segment, which includes all activities related to the Company’s integrated real estate platform. The Company manages its business activities on a consolidated basis, including two principal business lines: (1) Cash Offer transactions, in which the Company purchases and resells properties for customers; and (2) real estate services, including real estate agency services, property management services, home renovation services, and mortgage referral services. See “Revenue Recognition” for a breakdown of revenues by stream.

The accounting policies of the Real Estate Solutions segment are the same as those described elsewhere in the summary of significant accounting policies. The CODM assesses segment performance and allocates resources primarily based on consolidated net income, which is also reported in the Company’s consolidated statements of income. The CODM does not review segment assets or liabilities separately and receives financial reporting on a consolidated basis.

Net income is used by the CODM to evaluate the return on segment assets and determine whether to reinvest profits in the business, fund acquisitions, or return capital to shareholders. Net income is also used to compare actual performance against budget and to benchmark the Company’s performance against industry peers. These evaluations form the basis for internal performance assessments and management compensation decisions.

The following table presents the segment revenues, segment profit or loss, and significant segment expenses included in the measure of segment performance for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Segment revenues⁽¹⁾	$	4,907,470		$	5,709,426
Less:
Cost of revenues		4,721,442			5,447,509
Segment gross profit		186,028			261,917
Less:
Payroll and payroll tax expenses		69,449			52,107
Legal and accounting expenses		167,713			40,126
Rent expense		53,654			12,050
Other segment items⁽²⁾		13,995			40,240
Depreciation and amortization		47,143			4,639
Interest expense		546			682
Income tax (benefit) expense		(31,802	)		31,444
Segment net (loss) income	$	(134,670	)	$	80,629

Reconciliation of profit or loss
Adjustments and reconciling items		—			—
Consolidated net (loss) income	$	(134,670	)	$	80,629

(1)	Segment revenues represent revenues from external customers and are consistent with consolidated net revenues as reported in the Company’s consolidated statements of income. The Company had no intersegment sales during the periods presented.

(2)	Other segment items include marketing expenses, insurance expenses, office expenses, and other overhead expenses.

The following table presents segment assets and expenditures for segment assets. Segment assets are reviewed on a consolidated basis and reflect total consolidated assets as reported in the Company’s consolidated balance sheets. Expenditures for segment assets include additions to long-lived assets.

March 31,

2026

December 31,
2025

Segment assets

8,223,905

10,015,073

Three Months Ended

March 31,

2026

Three Months Ended

March 31,

2025

Expenditures for segment assets⁽¹⁾

350

—

(1)	Expenditures for segment assets represent capital expenditures, including purchases of property and equipment and capitalized intangible assets.

All of the Company’s revenues and long-lived assets were attributable to operations in the United States for the three months ended March 31, 2026 and 2025. All customers resided in the United States, and all properties purchased and sold by the Company were located in the United States. Therefore, no geographical disaggregation is presented.

For the three months ended March 31, 2026, revenues from five customers accounted for approximately 23.09%, 22.82%, 19.77%, 16.44%, and 16.36% of the Company’s total revenues, respectively. For the three months ended March 31, 2025, revenues from six customers accounted for approximately 16.50%, 16.25%, 16.03%, 15.87%, 15.73%, and 15.60% of the Company’s total revenues, respectively.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company has concentrated its credit risk for cash by maintaining deposits in the financial institutions in the United States. Deposits in these financial institutions may, from time to time, exceed the Federal Deposit Insurance Corporation (“FDIC”)’s federally insured limits. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The bank deposits exceeding the standard insurance amount will not be covered. The Company did not incur any losses on its cash and cash equivalents as of March 31, 2026 and December 31, 2025.

Fair Value of Financial Instruments

The Company applies the fair value measurement accounting standard in accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” whenever other accounting pronouncements require or permit fair value measurements. Fair value is defined in ASC 820-10 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels (Level 1 is the highest priority and Level 3 is the lowest priority):

●

Level 1 — Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

●

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or other observable inputs that can be corroborated by observable market data.

●

Level 3 — Unobservable inputs that are not supported by market data. Unobservable inputs are developed based on the best information available, which might include the Company’s own data.

As of March 31, 2026 and December 31, 2025, the Company did not have any assets or liabilities that were required to be remeasured at fair value on a recurring basis. The carrying values of financial instruments included in current assets and current liabilities approximate their fair values because of their short maturities.

Leases

Under ASC 842, “Leases,” a contract is or contains a lease when the Company has the right to control the use of an identified asset. The Company determines if an arrangement is a lease at inception of the contract, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. The commencement date of the lease is the date that the lessor makes an underlying asset available for use by the Company.

The Company determines if the lease is an operating or finance lease at the lease commencement date based upon the terms of the lease and the nature of the asset. The lease term used to calculate the lease liability includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company’s office lease is classified as an operating lease, reflected in the operating lease right-of-use assets, current portion of operating lease liabilities and non-current portion of operating lease liabilities in the consolidated balance sheets. Certain technology infrastructure and digital asset arrangements are also evaluated under ASC 842 and may result in the recognition of right-of-use assets.

The lease liability is measured at the present value of future lease payments, discounted using the discount rate for the lease at the commencement date. As the Company is typically unable to determine the implicit rate, the Company uses an incremental borrowing rate based on the lease term and economic environment at commencement date. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The right-of-use (“ROU”) asset is initially measured as the amount of lease liability, adjusted for any initial lease costs, prepaid lease payments, and reduced by any lease incentives. Certain prepaid lease arrangements may result in the recognition of ROU assets without corresponding lease liabilities.

ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment guidance in ASC 360, “Property, Plant, and Equipment,” as ROU assets are long-lived nonfinancial assets.

ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU assets are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. As of March 31, 2026 and December 31, 2025, the Company recognized no impairment of ROU assets.

Related Parties and Transactions

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards.

Parties, which can be a corporation or individual, are related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

Earnings per Share

Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding and potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. For the three months ended March 31, 2026 and 2025, the Company had no dilutive securities.

Commitments and Contingencies

Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. As of March 31, 2026 and December 31, 2025, the Company had no such contingencies.

On March 18, 2026, a civil lawsuit was filed in the United States District Court for the Central District of California relating to a private transaction involving 70,000 restricted shares of the Company’s common stock between private parties. The complaint names certain private parties, as well as the Company and the Company’s Chief Executive Officer, as defendants, and seeks damages of approximately $560,000, among other relief. The Company was not a party to the underlying stock purchase agreement and did not receive any proceeds from the transaction. The Company and its Chief Executive Officer deny the allegations and intend to defend the matter vigorously. The Company has notified its directors and officers liability insurance carrier regarding the matter.

The litigation remains in a preliminary stage. Based on currently available information, management has concluded that a loss is neither probable nor reasonably estimable as of March 31, 2026 or through the date of issuance of these condensed consolidated financial statements, and accordingly no liability has been accrued in the accompanying condensed consolidated financial statements. The Company will reassess this conclusion as the matter progresses. See Part II, Item 1, “Legal Proceedings,” for additional information.

New Accounting Pronouncements

The Company considers the applicability and impact of all ASUs and periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced income tax disclosures, including additional information in the rate reconciliation and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which is intended to improve disclosures about a public business entity’s expenses and provide more detailed information about the nature of expenses included in commonly presented expense captions, such as cost of revenues and selling, general and administrative expenses. The amendments require entities to disclose, in the notes to the financial statements, specified information about certain expense categories, including employee compensation, depreciation, and amortization, within relevant income statement captions. The amendments also require tabular disclosures of such disaggregated expense information, as well as qualitative descriptions of the remaining amounts not separately disaggregated.

In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. As clarified, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and related disclosures.

The Company does not believe that any other recently issued but not yet effective authoritative guidance, if adopted currently, would have a material impact on its consolidated financial statements or related disclosures.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, offering costs of $49,000 previously presented within operating activities in the consolidated statement of cash flows for the three months ended March 31, 2025 have been reclassified to financing activities to conform to the current period presentation. This reclassification had no impact on net income or total cash flows.

NOTE 3 — ACCOUNTS RECEIVABLE

Accounts receivable, net consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Accounts receivable, gross	$	27,975	$	109,968
Less: allowance for credit losses		—		—
Accounts receivable	$	27,975	$	109,968

NOTE 4 — LOAN RECEIVABLE

In February 2026, the Company entered into a short-term bridge loan arrangement with a third party to facilitate a real estate acquisition transaction. The loan bears interest at 8.99% per annum, is unsecured, and matures on June 22, 2026. As of March 31, 2026 and December 31, 2025, loan receivable was $252,000 and $0, respectively. No allowance for credit losses was recorded as of March 31, 2026.

NOTE 5 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
Furniture and fixtures	$	222,325		$	222,325
Office equipment		2,238			2,238
Vehicles		88,028			88,028
Leasehold improvements		86,650			86,650
Total		399,241			399,241
Less: accumulated depreciation		(82,344	)		(63,701	)
Property and equipment, net	$	316,897		$	335,540

For the three months ended March 31, 2026 and 2025, depreciation expense amounted to $18,643 and $4,639, respectively.

NOTE 6 — INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
Internally developed software	$	570,000		$	570,000
Trademarks		3,224			2,874
Total		573,224			572,874
Less: accumulated amortization		(36,621	)		(8,121	)
Intangible assets, net	$	536,603		$	564,753

In December 2025, the Company placed into service internally developed software related to its AI-driven real estate platform, including the Linkhome website and the Linkhome AI mobile application. The Company capitalized $570,000 of total development costs associated with the platform and began amortization when the software was placed into service on December 5, 2025.

The internally developed software is amortized using the straight-line method over its estimated useful life of five years. Amortization expense related to the internally developed software was $28,500 for the three months ended March 31, 2026. No amortization expense was recognized during the three months ended March 31, 2025.

The following table presents the estimated future amortization expense related to finite-lived intangible assets as of March 31, 2026:

Year Ended December 31,	Amount
Remaining 2026 (4/1/2026 – 12/31/2026)	$	85,500
2027		114,000
2028		114,000
2029		114,000
2030		105,879
Total	$	533,379

Trademarks are considered indefinite-lived intangible assets and are not amortized but are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired.

NOTE 7 — LONG-TERM PREPAID EXPENSES, NET

Long-term prepaid expenses consist of advance payments for services to be received beyond one year.

In July 2025, the Company entered into a financing advisory agreement with a third-party advisor for a five-year term. Under the agreement, the Company made a one-time prepaid advisory fee of $675,000. The prepaid advisory fee is being amortized on a straight-line basis over the contractual service period and recognized as general and administrative expense in the consolidated statements of income. The unamortized balance of the prepaid advisory fee was $583,875 and $617,625 as of March 31, 2026 and December 31, 2025, respectively.

NOTE 8 — OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Payroll and payroll tax payable	$	5,191	$	6,157
Federal income tax payable		229,483		229,483
State income tax payable		74,372		70,655
Credit card payable		15,176		11,030
Accrued expenses		5,550		50,614
Tenant-contributed emergency reserve		2,500		2,500
Other payable		—		1,500,085
Total other current liabilities	$	332,272	$	1,870,524

In December 2025, the Company received $1,500,085 from the same third party described in Note 4 — Loan Receivable in connection with a proposed joint real estate investment. The funds were intended to be used toward the acquisition of a property for investment purposes. The transaction was cancelled on December 31, 2025, and the amount was recorded in other current liabilities as of December 31, 2025. The amount was repaid in full in January 2026, and no other payable balance remained outstanding as of March 31, 2026.

NOTE 9 — AUTO LOAN PAYABLE

On September 3, 2023, the Company entered into a loan agreement with an unrelated third party for acquiring a vehicle. The auto loan, in the form of a promissory note, matures on September 18, 2029 and bears interest at a rate of 6.34% per annum, payable monthly beginning October 18, 2023. For the three months ended March 31, 2026 and 2025, interest expense related to this loan amounted to $546 and $682, respectively.

NOTE 10 — LEASE

The Company previously leased office space in Irvine, California under a lease agreement entered into on July 31, 2023 with a lease term of 24 months, commencing on September 1, 2023 and expiring on August 31, 2025. The initial monthly rental payment was $3,708 from September 1, 2023 to August 31, 2024, with an annual 3.85% increase to $3,850 beginning on September 1, 2024.

In August 2025, the Company entered into a sublease agreement for office space located at 17901 Von Karman Avenue in Irvine, California with a lease term of approximately 42 months, commencing on September 1, 2025 and expiring on February 28, 2029. The monthly base rent under the sublease is $11,084.80.

In July and August 2025, the Company entered into several operating lease arrangements related to technology infrastructure and digital assets used in its operations, including AI computing servers, database and content delivery network services, and the domain name “Linkhome.ai.” These leases generally have contractual terms ranging from 10 to 20 years. Certain of these leases required upfront payments at the commencement of the lease term. As a result, the Company recognized right-of-use assets associated with the prepaid lease payments, which are recognized as lease expense over the respective lease terms.

The following tables present the Company’s operating lease costs, lease components, remaining lease term and discount rate:

Three Months Ended

March 31,

2026

Three Months Ended

March 31,

2025

Operating lease costs

53,654

11,337

	March 31, 2026		December 31, 2025
Operating lease right-of-use assets	$	1,218,893	$	1,265,993
Operating lease liabilities – current	$	111,681	$	109,711
Operating lease liabilities – non-current		237,612		266,282
Total operating lease liabilities	$	349,293	$	375,993

	March 31, 2026
Remaining lease term (years)		2.92
Discount rate		7.38	%

The following table is a schedule, by years, of the minimum lease payments as of March 31, 2026:

Year Ended December 31,	Operating Lease Liabilities
Remaining 2026 (4/1/2026 – 12/31/2026)	$	99,764
2027		133,018
2028		133,018
2029		22,168
Total lease payments		387,968
Less: imputed interest		(38,675	)
Present value of lease liabilities	$	349,293

NOTE 11 — INCOME TAXES

Linkhome Holdings was incorporated in the State of Nevada in November 2023 and is subject to a 21% corporate federal income tax rate. There is no state income tax in Nevada. Linkhome Holdings serves as a holding company for Linkhome Realty.

Effective July 13, 2021, Linkhome Realty elected to be taxed as an S-corporation, a pass-through entity, for which the income, losses, deductions, and credits flow through to the shareholders of the Company for federal tax purposes. The California state annual income tax for S-corporation is the greater of 1.5% of the corporation’s net income or $800. Effective January 1, 2024, Linkhome Realty’s tax status changed to C-corporation, subject to a 21% corporate federal income tax rate and an 8.84% California state income tax rate.

Effective for the tax year beginning January 1, 2024, and continuing thereafter unless revoked, Linkhome Holdings and Linkhome Realty have elected to file a consolidated federal income tax return. As a result, Linkhome Holdings’ net operating losses (“NOLs”) can be used to offset Linkhome Realty’s taxable income, reducing the Company’s overall tax liability.

The Company’s provision for income taxes consisted of the following:

	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Current:
Federal income tax expense	$	—		$	23,614
State income tax expense		3,717			10,910
Deferred:
Federal income tax benefit		(35,519	)		(2,311	)
State income tax benefit		—			(769	)
Total income tax (benefit) expense	$	(31,802	)	$	31,444

The following tables reconciled the federal statutory income tax rate to the Company’s effective tax rate for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Federal statutory income tax rate		21.00	%		21.00	%
State statutory income tax rate, net of federal benefit		(1.77	)%		7.01	%
Permanent difference (non-deductible expenses)		(0.13	)%		0.05	%
Effective tax rate		19.10	%		28.06	%

As of March 31, 2026 and December 31, 2025, the net deferred tax assets consisted of the following:

	March 31, 2026		December 31, 2025
Deferred tax assets:
Capital loss carryforward	$	742	$	742
Net operating loss carryforward		35,519		—
Less: valuation allowance		—		—
Deferred tax assets, net	$	36,261	$	742

The Company evaluates its valuation allowance requirements at the end of each reporting period by reviewing all available evidence, both positive and negative, and assessing whether, based on the weight of that evidence, a valuation allowance is needed. As of March 31, 2026 and December 31, 2025, the Company had deferred tax assets of $36,261 and $742, respectively, primarily related to net operating loss carryforwards and capital loss carryforwards. Management evaluated the available evidence regarding the realizability of these deferred tax assets and concluded that a valuation allowance was not required as of March 31, 2026 and December 31, 2025.

NOTE 12 — RELATED PARTY TRANSACTIONS

Net Revenues — Related Party

Name of Related Party

Nature

Relationship

Three Months
Ended

March 31,

2026

Three Months
Ended

March 31,

2025

Na Li

Real estate service revenue – real estate agency commission

Chief Financial Officer and Director

—

97,560

Total

—

97,560

For the three months ended March 31, 2025, the Company provided real estate agency services to Na Li, assisting with the sale of one property. The Company earned $126,000 in real estate agency commission revenue and paid a referral fee of $28,440 in connection with the transaction, resulting in net revenue of $97,560 recognized by the Company.

NOTE 13 — STOCKHOLDERS’ EQUITY

Linkhome Holdings was incorporated in the State of Nevada on November 6, 2023. The authorized number of shares of preferred stock is 1,000,000 shares with $0.001 par value; no shares of preferred stock were issued or outstanding as of March 31, 2026 and December 31, 2025. The authorized number of shares of common stock is 100,000,000 shares with $0.001 par value. As of March 31, 2026 and December 31, 2025, the Company had 16,230,000 shares of common stock issued and outstanding.

In July 2025, the Company completed its initial public offering of 1,725,000 shares of common stock (including the full exercise of the over-allotment option) at a public offering price of $4.00 per share. The Company received gross proceeds of $6,900,000. Underwriting discounts and offering expenses totaling $697,000 were deducted from the gross proceeds, resulting in net proceeds of $6,203,000 received by the Company. Net proceeds were recorded in common stock and additional paid-in capital, with offering costs recorded as a reduction of additional paid-in capital.

NOTE 14 — SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of the issuance of the consolidated financial statements and no subsequent event has been identified.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This management’s discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other portions of this Quarterly Report on Form 10-Q.

This Quarterly Report on Form 10-Q includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to “we,” “us,” “our,” or the “Company” are to Linkhome Holdings Inc. and its subsidiary, except where the context requires otherwise.

Overview

Linkhome Holdings Inc. (“Linkhome,” “Linkhome Holdings,” the “Company,” “we,” “our,” or “us”) is a holding company incorporated in the State of Nevada on November 6, 2023. The Company conducts substantially all of its operations through its wholly owned subsidiary, Linkhome Realty Group, a California corporation (“Linkhome Realty”). Headquartered in Irvine, California, the Company currently focuses on the California markets and is gradually expanding its operations into additional markets across the United States.

Linkhome is developing an artificial intelligence–enabled real estate services platform designed to improve the efficiency, transparency and accessibility of residential real estate transactions. Our platform integrates traditional real estate brokerage services with technology-driven tools that streamline property search, transaction coordination and related services for homebuyers and sellers.

Through our operating subsidiary, Linkhome Realty, we provide a range of real estate-related services, including residential real estate brokerage services, fintech-enabled services, property management services and mortgage advisory services. Our objective is to provide clients with a comprehensive service ecosystem that supports multiple stages of the real estate transaction lifecycle.

In addition, as part of our fintech initiatives, we operate a Cash Offer program designed to help homebuyers compete more effectively in competitive real estate markets by enabling them to present all-cash offers on properties. Under this program, the Company may temporarily acquire residential properties using its own capital and subsequently transfer those properties to the end buyer within a short period of time. We believe this program enhances our ability to attract clients and facilitates more efficient real estate transactions.

Historically, funding for the Cash Offer program primarily came from investments made by our Chief Executive Officer and other shareholders. Following our initial public offering in 2025, we expect to continue expanding the program using a combination of available capital, operating cash flows and other financing sources.

Our long-term strategy is to continue developing a technology-driven real estate platform that integrates artificial intelligence with real estate and financial services, enabling us to improve transaction efficiency, expand our service capabilities and support the long-term growth of our business.

Technology and AI Platform Strategy

We are developing an artificial intelligence–enabled real estate platform designed to enhance the efficiency, transparency and accessibility of residential real estate transactions. Our technology strategy focuses on integrating data, artificial intelligence and digital tools into the real estate transaction process to improve property discovery, transaction coordination and client engagement.

Our platform is designed to support multiple stages of the real estate transaction lifecycle, including property search, client matching, transaction management and related financial services. By leveraging artificial intelligence and data analytics, we aim to provide users with more relevant property information, improve transaction efficiency and enhance the overall customer experience.

Over time, we intend to expand the capabilities of our platform to include additional technology-enabled services, such as automated property analysis, intelligent client matching and digital transaction management tools. We believe that integrating technology with traditional real estate services will enable us to scale our operations more efficiently and strengthen our competitive position in the real estate market.

Our long-term objective is to build a technology-driven real estate platform that connects property search, brokerage services and financial services within a unified ecosystem. We believe this approach will enable us to create a more streamlined and transparent path to homeownership while supporting the long-term growth of our business.

Fintech-Enabled Cash Offer Program

In competitive housing markets, sellers often prefer offers that are not contingent on mortgage financing. As part of our fintech-enabled services, we operate a Cash Offer program designed to help clients present all-cash offers on residential properties, which may increase the likelihood that their offers are accepted.

Under this program, the Company may temporarily acquire a residential property using its own capital and subsequently transfer the property to the client once the client’s financing is finalized. These transactions are typically completed within a short time frame.

We believe our Cash Offer program represents a fintech-enabled solution within the residential real estate transaction process, providing several strategic benefits:

●

improves our clients’ competitiveness in fast-moving housing markets

●

enhances transaction efficiency for buyers and sellers

●

expands our ability to generate transaction-based revenue

●

strengthens client acquisition for our real estate services platform

Key Factors that Affect Our Results of Operations

●

Market Conditions: Fluctuations in the residential real estate market, including changes in housing supply, buyer demand, mortgage interest rates, and general economic conditions, can significantly affect our business. Periods of rising interest rates may reduce home affordability and transaction volumes, while periods of stronger economic growth and consumer confidence may increase housing demand.

●

Technology Development and AI Integration: We are investing in technology and artificial intelligence capabilities designed to enhance the real estate transaction process, including tools for property search, client engagement and transaction support. Our ability to effectively integrate technology into our services may influence our operational efficiency and long-term growth potential.

●

Client Preferences and Demands: Our Cash Offer program represents a key driver of our revenue growth. The volume of transactions completed through this program depends on market conditions, the availability of capital and the level of demand from homebuyers seeking to compete with cash offers in competitive housing markets.We continuously assess client feedback, market research and industry trends to improve our services.

●

Competitive Landscape: The residential real estate industry is highly competitive. We compete with traditional real estate brokerages as well as technology-enabled real estate platforms. Our ability to differentiate our services through technology, service quality and transaction efficiency is critical to maintaining and expanding our market position.

●

Economic Factors: We aim to continuously evaluate macroeconomic factors, such as GDP growth, employment rates, inflation, which can influence real estate market dynamics and consumer behavior. When GDP growth and employment rates are strong, we typically see higher consumer confidence and spending power. On the other hand, rising inflation can lead to increased interest rates, potentially reducing consumer buying power and making it more expensive for consumers to purchase homes.

●

Operational Efficiency: Real estate transactions involve multiple operational steps, including marketing, negotiation, escrow coordination and closing. Our ability to efficiently manage these processes, while leveraging technology to streamline workflows, is important to maintaining profitability and scaling our operations.

Related Party Transactions

During the three months ended March 31, 2025, the Company provided real estate agency services to Na Li, the Company’s Chief Financial Officer and Director, assisting with the sale of one property. The Company earned $126,000 in real estate agency commission revenue and paid a referral fee of $28,440 in connection with the transaction, resulting in net revenue of $97,560 recognized by the Company. The Company did not engage in any related party transactions during the three months ended March 31, 2026.

Selected Income Statement Items

Net Revenues

We derive our net revenues from (i) real estate purchases and sales made through Cash Offer, and (ii) real estate services including acting as real estate agency for buying and selling properties, property management, home renovation and mortgage referral services. The following table presents our net revenues by revenue stream for the periods presented:

	Three Months Ended March 31,
	2026					2025					Change
	Amount		%			Amount		%			Amount			%
Revenue from property purchases and sales through Cash Offer	$	4,833,000		98.48	%	$	5,479,890		95.98	%	$	(646,890	)		(11.80	)%
Real estate service revenue
Real estate agency commission		54,500		1.11	%		211,517		3.71	%		(157,017	)		(74.23	)%
Property management service		6,857		0.14	%		1,767		0.03	%		5,090			288.06	%
Home renovation service		—		—	%		9,952		0.17	%		(9,952	)		(100.00	)%
Mortgage referral fee		13,113		0.27	%		6,300		0.11	%		6,813			108.14	%
Total real estate service revenue		74,470		1.52	%		229,536		4.02	%		(155,066	)		(67.56	)%
Total net revenues	$	4,907,470		100.00	%	$	5,709,426		100.00	%	$	(801,956	)		(14.05	)%

Revenue from Property Purchases and Sales Through Cash Offer

In a competitive real estate market, a buyer who pays in cash is more likely to secure a property. To give buyers an edge in competitive markets, we offer the Cash Offer program to enable buyers to make all-cash offers on properties, even if they require financing. Through the Cash Offer program, we facilitate cash offers for clients and may temporarily acquire properties before transferring them to the clients within a short period of time. Our property purchases and sales through Cash Offer primarily involve residential properties.

Revenue from property purchases and sales through our Cash Offer program accounted for 98.48% and 95.98% of net revenues for the three months ended March 31, 2026 and 2025, respectively. Revenue from this program decreased by $646,890, or 11.80%, from $5,479,890 for the three months ended March 31, 2025 to $4,833,000 for the three months ended March 31, 2026.

For the three months ended March 31, 2026 and 2025, we completed five and six property transactions, respectively, through the Cash Offer program. The decrease in revenue was primarily attributable to a lower number of transactions and lower transaction volume, which management believes was primarily due to elevated interest rates and softer residential real estate market activity during the period. The average transaction price was approximately $0.97 million and $0.90 million for the three months ended March 31, 2026 and 2025, respectively.

Real Estate Service Revenue

We offer comprehensive real estate services tailored to meet the diverse needs of our clients. Our real estate service revenue consists primarily of real estate agency commissions for buying and selling properties for clients, and revenue generated from property management, home renovation and mortgage referral services.

Real estate service revenue accounted for 1.52% and 4.02% of net revenues for the three months ended March 31, 2026 and 2025, respectively. Real estate service revenue decreased by $155,066, or 67.56%, from $229,536 for the three months ended March 31, 2025 to $74,470 for the three months ended March 31, 2026, primarily due to decreases in real estate agency commission revenue and home renovation service revenue, partially offset by increases in property management and mortgage referral service revenues.

Real estate agency commission revenue decreased by $157,017, or 74.23%, from $211,517 for the three months ended March 31, 2025 to $54,500 for the three months ended March 31, 2026. The decrease was primarily driven by a lower number of real estate transactions and lower transaction volume. For the three months ended March 31, 2026 and 2025, we completed three and eight real estate transactions, respectively, with total transaction volume of approximately $2.8 million and $7.1 million, respectively. The average transaction price increased from approximately $0.89 million for the three months ended March 31, 2025 to approximately $0.93 million for the three months ended March 31, 2026. Gross commissions were partially offset by client rebates, which were $1,800 and $49,483 for the three months ended March 31, 2026 and 2025, respectively, representing approximately 3.20% and 18.96% of gross commissions for the respective periods.

Revenue from property management services increased by $5,090, or 288.06%, from $1,767 for the three months ended March 31, 2025 to $6,857 for the three months ended March 31, 2026. The increase was primarily attributable to growth in tenant placement services and the number of properties under ongoing property management. We completed two tenant placements during the three months ended March 31, 2026, compared to no tenant placements during the three months ended March 31, 2025. In addition, the number of properties under ongoing property management increased to five properties as of March 31, 2026, compared to three properties as of March 31, 2025.

Revenue from mortgage referral services increased by $6,813, or 108.14%, from $6,300 for the three months ended March 31, 2025 to $13,113 for the three months ended March 31, 2026. The increase in mortgage referral fees per transaction was primarily attributable to higher transaction volumes, increased average loan sizes, and improved referral conversion rates during the reporting period. In addition, the Company expanded cooperation with mortgage service providers in certain markets, which resulted in higher referral-based revenues on a per-transaction basis. We assisted three clients in securing mortgage loans during each of the three months ended March 31, 2026 and 2025.

Revenue from home renovation services decreased by $9,952, or 100.00%, from $9,952 for the three months ended March 31, 2025 to $0 for the three months ended March 31, 2026. The decrease was attributable to no home renovation projects completed during the three months ended March 31, 2026, compared to one project completed during the three months ended March 31, 2025.

Cost of Revenues

Our cost of revenues consists primarily of (i) costs related to property purchases made through the Cash Offer program, which properties are subsequently sold to customers, and (ii) costs associated with real estate services, including commission expenses for real estate agents and renovation costs incurred for home renovation services.

We derive our cost of revenues from two revenue streams: (i) property purchases and sales through Cash Offer and (ii) real estate services. The following table presents our cost of revenues by revenue stream for the periods presented.

	Three Months Ended March 31,
	2026					2025					Change
	Amount		%			Amount		%			Amount			%
Cost of property purchases and sales through Cash Offer	$	4,684,862		99.23	%	$	5,437,924		99.82	%	$	(753,062	)		(13.85	)%
Cost of real estate services		36,580		0.77	%		9,585		0.18	%		26,995			281.64	%
Total cost of revenues	$	4,721,442		100.00	%	$	5,447,509		100.00	%	$	(726,067	)		(13.33	)%

Cost of property purchases and sales through Cash Offer decreased by $753,062, or 13.85%, from $5,437,924 for the three months ended March 31, 2025 to $4,684,862 for the three months ended March 31, 2026. The decrease was primarily attributable to a lower number of Cash Offer transactions during the three months ended March 31, 2026 compared to the same period in 2025, which management believes was primarily due to elevated interest rates and softer residential real estate market activity during the period.

Cost of real estate services increased by $26,995, or 281.64%, from $9,585 for the three months ended March 31, 2025 to $36,580 for the three months ended March 31, 2026. The increase was driven by higher real estate agency service costs, which rose from $2,085 for the three months ended March 31, 2025 to $36,580 for the three months ended March 31, 2026. Although real estate agency commission revenue decreased over the same period, real estate agency service costs increased primarily due to a higher proportion of transactions involving commission splits paid to cooperating external agents during the three months ended March 31, 2026. The increase in commission split ratios paid to external cooperating agents was primarily due to intensified market competition and the Company’s efforts to expand transaction volume and geographic coverage. During the period, the Company offered more competitive commission structures to attract and retain external agents and referral partners in key markets. Home renovation service costs decreased from $7,500 for the three months ended March 31, 2025 to $0 for the three months ended March 31, 2026, as no home renovation projects were completed during the three months ended March 31, 2026.

Selling, General and Administrative Expenses

Our selling expenses primarily consist of staging, advertising and marketing costs, including online and offline marketing, photography and videography. We expect our selling expenses to increase in absolute amounts as we continue to expand our marketing activities; however, we expect selling expenses as a percentage of net revenues to remain relatively stable or decrease over time as our revenues grow.

Our general and administrative expenses primarily consist of professional service costs, payroll and payroll-related costs, rent and other overhead costs. As a public company, we have incurred and will continue to incur additional costs associated with regulatory compliance, legal, accounting and other professional services. While these costs may increase our general and administrative expenses in absolute amounts, we expect our general and administrative expenses as a percentage of net revenues to decrease over the long term as we continue to scale our operations and improve operating efficiency.

Results of Operations

Comparison of the Three Months Ended March 31, 2026 and 2025

The following table summarized our consolidated results of operations for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			% of Revenues			2025			% of Revenues			Change			Percentage Change
Net revenues	$	4,907,470			100.00	%	$	5,709,426			100.00	%	$	(801,956	)		(14.05	)%
Cost of revenues		4,721,442			96.21	%		5,447,509			95.41	%		(726,067	)		(13.33	)%
Gross profit		186,028			3.79	%		261,917			4.59	%		(75,889	)		(28.97	)%
Operating expenses
Selling expenses		6,970			0.14	%		17,341			0.30	%		(10,371	)		(59.81	)%
General and administrative expenses		393,358			8.02	%		120,754			2.12	%		272,604			225.75	%
Total operating expenses		400,328			8.16	%		138,095			2.42	%		262,233			189.89	%
Operating (loss) income		(214,300	)		(4.37	)%		123,822			2.17	%		(338,122	)		(273.07	)%
Other income (expenses), net		47,828			0.98	%		(11,749	)		(0.21	)%		59,577			(507.08	)%
(Loss) income before income taxes		(166,472	)		(3.39	)%		112,073			1.96	%		(278,545	)		(248.54	)%
Income tax (benefit) expense		(31,802	)		(0.65	)%		31,444			0.55	%		(63,246	)		(201.14	)%
Net (loss) income	$	(134,670	)		(2.74	)%	$	80,629			1.41	%	$	(215,299	)		(267.02	)%

Net Revenues

Net revenues for the three months ended March 31, 2026 and 2025 were $4,907,470 and $5,709,426, respectively, representing a decrease of $801,956, or 14.05%. The decrease was primarily driven by a $646,890 decrease in revenue from property purchases and sales through the Cash Offer program and a $155,066 decrease in real estate service revenue. The decline in Cash Offer revenue was primarily attributable to a lower number of property transactions completed during the three months ended March 31, 2026 compared to the same period in 2025. The decrease in real estate service revenue was primarily due to lower real estate agency commission revenue and no home renovation revenue recognized during the three months ended March 31, 2026.

Cost of Revenues

	Three Months Ended March 31,
	2026			2025			Change			Percentage Change
Cost of property purchases and sales through Cash Offer	$	4,684,862		$	5,437,924		$	(753,062	)		(13.85	)%
Cost of real estate services		36,580			9,585			26,995			281.64	%
Total cost of revenues	$	4,721,442		$	5,447,509		$	(726,067	)		(13.33	)%
As a percentage of net revenues		96.21	%		95.41	%

Cost of revenues for the three months ended March 31, 2026 and 2025 was $4,721,442 and $5,447,509, respectively, representing a decrease of $726,067, or 13.33%. The decrease was primarily driven by lower costs associated with property purchases and sales through the Cash Offer program due to fewer Cash Offer transactions completed during the three months ended March 31, 2026 compared to the same period in 2025. Cost of real estate services increased from $9,585 for the three months ended March 31, 2025 to $36,580 for the three months ended March 31, 2026, primarily attributable to higher real estate agency service costs associated with real estate agency transactions completed during the three months ended March 31, 2026. The increase in real estate agent service costs was mainly driven by growth in transaction activity, higher commission expenses associated with increased revenue, expansion into additional markets, and increased use of third-party agents and service providers to support business growth.

Gross Profit and Gross Margin

	Three Months Ended March 31,
	2026					2025
	Gross Profit		Gross Margin			Gross Profit		Gross Margin
Property purchases and sales through Cash Offer	$	148,138		3.02	%	$	41,966		0.74	%
Real estate services		37,890		0.77	%		219,951		3.85	%
Total	$	186,028		3.79	%	$	261,917		4.59	%

Gross profit for the three months ended March 31, 2026 and 2025 was $186,028 and $261,917, respectively, representing a decrease of $75,889, or 28.97%. Gross margin was 3.79% for the three months ended March 31, 2026, compared to 4.59% for the same period in 2025. The decrease in gross profit and gross margin was primarily attributable to lower gross profit from real estate services, partially offset by improved gross profit from property purchases and sales through the Cash Offer program.

Gross profit from property purchases and sales through the Cash Offer program increased by $106,172, from $41,966 for the three months ended March 31, 2025 to $148,138 for the three months ended March 31, 2026, primarily due to improved gross margins on Cash Offer transactions during the three months ended March 31, 2026.

Gross profit from real estate services decreased by $182,061, from $219,951 for the three months ended March 31, 2025 to $37,890 for the three months ended March 31, 2026, primarily attributable to lower real estate agency commission revenue and the absence of home renovation service revenue during the three months ended March 31, 2026.

Selling Expenses

Selling expenses for the three months ended March 31, 2026 and 2025 were $6,970 and $17,341, respectively, representing a decrease of $10,371, or 59.81%. The decrease was primarily attributable to lower advertising and marketing expenditures during the three months ended March 31, 2026 compared to the same period in 2025.

General and Administrative Expenses

The following table summarized our general and administrative expenses for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025			Change		Percentage Change
Legal and professional fees	$	167,713		$	40,126		$	127,587		317.97	%
Payroll and payroll tax expenses		69,449			52,107			17,342		33.28	%
Rent expense		53,654			12,050			41,604		345.28	%
Depreciation and amortization expenses		47,143			4,639			42,504		916.22	%
Other general and administrative expenses		55,399			11,832			43,567		368.18	%
Total general and administrative expenses	$	393,358		$	120,754		$	272,604		225.75	%
As a percentage of net revenues		8.02	%		2.12	%

General and administrative expenses for the three months ended March 31, 2026 and 2025 were $393,358 and $120,754, respectively, representing an increase of $272,604, or 225.75%. The increase was primarily driven by higher legal and professional fees, depreciation and amortization expenses, rent expense, payroll and payroll tax expenses, and other general and administrative expenses.

Legal and professional fees increased by $127,587, primarily due to additional costs associated with operating as a public company, including legal, accounting, audit, and other professional service fees. In addition, certain professional fees incurred during the three months ended March 31, 2025 were capitalized as deferred offering costs in connection with the Company’s IPO rather than recognized as general and administrative expenses, which impacted the period-over-period comparison. Depreciation and amortization expenses increased by $42,504, primarily due to amortization of internally developed software placed into service in December 2025, as well as depreciation associated with leasehold improvements and other fixed assets. Rent expense increased by $41,604, primarily due to higher office lease costs and additional technology-related lease arrangements. Payroll and payroll tax expenses increased by $17,342, primarily attributable to increased headcount and payroll-related costs. Other general and administrative expenses increased by $43,567, primarily due to higher operational and administrative costs associated with the Company’s business activities during the three months ended March 31, 2026.

Other Income (Expenses), Net

Other income (expenses), net was income of $47,828 for the three months ended March 31, 2026, compared to expense of $11,749 for the three months ended March 31, 2025. Other income during the three months ended March 31, 2026 primarily consisted of interest income earned on cash deposits and other miscellaneous income, partially offset by interest expense. Other expenses during the three months ended March 31, 2025 primarily consisted of unrealized losses on trading securities and interest expense.

Income Tax (Benefit) Expense

Income tax benefit for the three months ended March 31, 2026 was $31,802, compared to income tax expense of $31,444 for the three months ended March 31, 2025. The income tax benefit during the three months ended March 31, 2026 was primarily attributable to the Company’s loss before income taxes and the recognition of deferred tax assets related to net operating loss carryforwards. Income tax expense during the three months ended March 31, 2025 was primarily attributable to taxable income generated during the period.

Net (Loss) Income

Net loss for the three months ended March 31, 2026 was $134,670, compared to net income of $80,629 for the three months ended March 31, 2025, representing a decrease of $215,299, or 267.02%. The decrease was primarily attributable to lower gross profit and higher general and administrative expenses during the three months ended March 31, 2026.

Liquidity and Capital Resources

Historically, the Company has funded its operations and working capital requirements primarily through operating cash flows, shareholder contributions and equity financing. Our liquidity position improved significantly during 2025, primarily due to proceeds from the issuance of common stock in connection with our initial public offering.

We believe that our current cash position and expected operating cash flows will be sufficient to meet our working capital and operating requirements for at least the next twelve months from the date of issuance of the consolidated financial statements. However, as we continue to expand our business, including potential investments in technology development and real estate transaction activities, we may seek additional financing from time to time. Such financing may include equity financing, debt financing or other strategic funding sources. Any financing involving the issuance of equity securities or securities convertible into equity could result in dilution to our existing stockholders.

Cash Flows For the Three Months Ended March 31, 2026 and 2025

As of March 31, 2026, we had cash and cash equivalents of $3,471,824, other current assets of $1,976,298, current liabilities of $457,021, net working capital of $4,991,101, and a current ratio of 11.92:1. As of December 31, 2025, we had cash and cash equivalents of $7,018,931, other current assets of $128,235, current liabilities of $2,082,601, net working capital of $5,064,565, and a current ratio of 3.43:1.

The following table presented a summary of our cash flows for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net cash used in operating activities	$	(3,292,646	)	$	(844,832	)
Net cash used in investing activities		(252,350	)		(136,000	)
Net cash used in financing activities		(2,111	)		(105,974	)
Net decrease in cash and cash equivalents		(3,547,107	)		(1,086,806	)
Cash and cash equivalents, beginning of period		7,018,931			1,670,949
Cash and cash equivalents, end of period	$	3,471,824		$	584,143

Net Cash Used in Operating Activities

Net cash used in operating activities was $3,292,646 for the three months ended March 31, 2026, primarily derived from (i) net loss of $134,670, adjusted for non-cash items including deferred income taxes of $35,519, partially offset by operating lease expense of $53,654, and depreciation and amortization of $47,143, and (ii) net changes in operating assets and liabilities as of March 31, 2026 compared to December 31, 2025, primarily consisting of (a) an increase in real estate held for sale of $1,665,203, (b) a decrease in other current liabilities of $1,538,252, (c) a decrease in accounts payable of $89,435, (d) a decrease in operating lease liabilities of $33,254, and (e) an increase in advances to contractors of $12,853, partially offset by (a) a decrease in accounts receivable of $81,993, and (b) a decrease in long-term prepaid expenses of $33,750.

Net cash used in operating activities was $844,832 for the three months ended March 31, 2025, primarily derived from (i) net income of $80,629, adjusted for non-cash items including deferred income taxes of $3,080, partially offset by operating lease expense of $11,337, an unrealized loss on trading securities of $11,007, and depreciation and amortization of $4,639, and (ii) net changes in operating assets and liabilities as of March 31, 2025 compared to December 31, 2024, primarily consisting of (a) an increase in accounts receivable of $1,815,840, (b) an increase in advances to contractors of $26,873, (c) a decrease in accounts payable of $21,300, and (d) a decrease in operating lease liabilities of $11,551, partially offset by (a) a decrease in real estate held for sale of $907,061, (b) a decrease in prepaid expenses and other receivables of $9,979, and (c) an increase in other current liabilities of $9,160.

Net cash used in operating activities was $3,292,646 for the three months ended March 31, 2026, compared to $844,832 for the three months ended March 31, 2025, representing an increase in cash outflow of $2,447,814. This increase was primarily due to (i) an increase in cash outflow of $2,572,264 on real estate held for sale, (ii) an increase in cash outflow of $1,547,412 on other current liabilities, (iii) an increase in cash outflow of $173,924 on net loss adjusted for noncash items, (iv) an increase in cash outflow of $68,135 on accounts payable, (v) an increase in cash outflow of $21,703 on operating lease liabilities, and (vi) a decrease in cash inflow of $9,979 on prepaid expenses and other receivables, partially offset by (i) an increase in cash inflow of $1,897,833 on accounts receivable, (ii) a decrease in cash outflow of $33,750 on long-term prepaid expenses, and (iii) a decrease in cash outflow of $14,020 on advances to contractors.

Net Cash Used in Investing Activities

Net cash used in investing activities was $252,350 for the three months ended March 31, 2026, which primarily consisted of the issuance of a loan receivable of $252,000 and capitalized intangible assets of $350.

Net cash used in investing activities was $136,000 for the three months ended March 31, 2025, which consisted of purchases of trading securities.

Net Cash Used in Financing Activities

Net cash used in financing activities was $2,111 for the three months ended March 31, 2026, which consisted of repayments of auto loan principal.

Net cash used in financing activities was $105,974 for the three months ended March 31, 2025, which primarily consisted of repayments of related party advances of $381,000, payment of offering costs of $49,000, and repayments of auto loan principal of $1,974, partially offset by proceeds from related party advances of $326,000.

Contractual Obligations

Our contractual obligations as of March 31, 2026 were as follows:

	1 Year or Less		More Than 1 Year		Total
Operating lease liabilities	$	111,681	$	237,612	$	349,293
Auto loan payable		8,768		24,506		33,274
Total	$	120,449	$	262,118	$	382,567

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of March 31, 2026 and December 31, 2025.

Trend Information

Other than as disclosed elsewhere in this Quarterly Report on Form 10-Q, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

Inflation

Inflation and rising interest rates have significantly influenced the economic environment, impacting our operations and financial performance. Monetary authorities, in response to heightened inflationary pressures, have raised interest rates, which has increased borrowing costs and reduced the availability of financing. These changes have directly affected the real estate market by making mortgages less affordable for potential homebuyers, leading to decreased demand for real estate. We continue to monitor inflation, monetary policy changes, and their potential adverse effects on our business. Despite these challenges, higher interest rates have reduced competition among buyers, which may create opportunities for certain buyers in the real estate market.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe that the critical accounting policies disclosed in this Quarterly Report on Form 10-Q reflect the more significant judgments and estimates used in preparation of our consolidated financial statements. Further, as an emerging growth company, we have elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for emerging growth companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements contained in our subsequent filings with the SEC may not be comparable to other public companies.

The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial statements:

Use of Estimates

Revenue Recognition

The Company derives its revenues primarily from real estate services and real estate purchases and sales through Cash Offer.

Real Estate Service Revenue

The Company’s real estate service revenue consists primarily of real estate agency commission for buying and selling properties for clients, revenue generated from property management service, home renovation service, and mortgage referral service.

The Company earns agency commission revenue, usually at a fixed percentage of property’s selling price, through facilitating the buy or sale of various types of properties, including residential, commercial, and land parcels. The Company is considered an agent for these services provided, and reports service revenue earned through these transactions on a net basis. Revenue is recognized when the agency service is provided, usually at the closing of the escrow.

Revenue from Property Purchases and Sales through Cash Offer

Credit Losses

Accounts Receivable, Net

Impairment of Long-lived Assets

The Company evaluates events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of those assets, the Company records an impairment charge in the period in which such a determination is made. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on the above analysis, no impairment loss was recognized related to these assets for the three months ended March 31, 2026 and 2025.

Income Taxes

Prior to January 1, 2024, Linkhome Realty filed its income tax return under Subchapter S of the Internal Revenue Code (“IRC”) as a S-corporation, and elected to be taxed as a pass-through entity, for which the income, losses, deductions, and credits flow through to the shareholders of the company for federal income tax purposes. Effective January 1, 2024, Linkhome Realty’s tax status became C-corporation, and is subject to a federal income tax rate of 21% and California state income tax rate of 8.84%. As a parent holding company of Linkhome Realty, Linkhome Holdings was incorporated in the State of Nevada on November 6, 2023, and is only subject to a federal income tax rate of 21%. Effective for the tax year beginning January 1, 2024, and continuing thereafter unless revoked, Linkhome Holdings and Linkhome Realty have elected to file a consolidated federal income tax return.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Pending Adoption

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were effective.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

On March 18, 2026, a civil lawsuit was filed in the United States District Court for the Central District of California relating to a private transaction involving 70,000 restricted shares of the Company’s common stock between private parties. According to the complaint, the underlying transaction involved approximately $280,000 in consideration, and the plaintiff is seeking damages of approximately $560,000, among other relief.

The lawsuit names certain private parties, as well as the Company and the Company’s Chief Executive Officer, as defendants. The Company was not a party to the underlying stock purchase agreement and did not receive any proceeds from the transaction. The Company and its Chief Executive Officer deny the allegations and intend to defend the matter vigorously.

The Company has notified its directors and officers liability insurance carrier regarding the matter. The Company and its executives maintain directors and officers liability insurance coverage.

The litigation remains in a preliminary stage, and the Company is unable to predict the outcome of the matter or reasonably estimate the possible loss, if any. An unfavorable outcome could have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

Item 1A. Risk Factors.

As a smaller reporting company, we are not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.		Description
31.1		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Linkhome Holdings Inc.

By: /s/ Zhen Qin	Chairman of the Board and Chief Executive Officer	May 13, 2026
Zhen Qin	(Principal Executive Officer)

By: /s/ Na Li	Chief Financial Officer and Director	May 13, 2026
Na Li	(Principal Financial and Accounting Officer)

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Linkhome Holdings Inc. 10-Q