For the six months ended March 31, 2026, Golden Heaven's total revenue fell 48.2% to $4.22 million as rental income declined 18.1% to $4.22 million and in-park recreation revenue ceased. Gross margin improved to 50.77% from 39.44% as cost of revenue dropped by $2.86 million following the shift from operator to lessor.
Golden Heaven's total revenue decreased by 48.24% to $4.22 million for the six months ended March 31, 2026, compared to $8.16 million a year earlier. Rental income fell by $0.93 million to $4.22 million as in-park recreation sales dropped to zero following the leasing of all parks.
The company transitioned from operating amusement parks to a lessor model in late 2024, leasing all five parks to third-party operators. This shift eliminated in-park recreation revenue but established recurring rental payments under long-term leases.
Current lease agreements include annual rents of RMB30 million for Tongling, RMB7 million for Qujing, RMB20 million for Yueyang, RMB22 million for Yuxi, and RMB23 million for Changde, each with 2% annual rent escalations. Leases for Yuxi and Yueyang were terminated on September 30, 2025 and November 30, 2025 respectively.
Cost of revenue dropped by $2.86 million to $2.08 million as direct operating expenses for in-park services ceased. Gross profit declined by $1.07 million to $2.14 million, but gross margin improved to 50.77% from 39.44% on lower costs.
