AiRWA closes $140M acquisition of Aberfeldy Holdings; Rafael posts $25.2M revenue, $3.8M net income

AIRWA INC.

Acquired Aberfeldy Holdings (owner of 26 Rafael Sdn. Bhd.) for $140M cash, closed Jan 30, 2026.
Rafael FY2025 revenue $25.22M (94% YoY growth); net income $3.83M ($0.82M prior year).
Gross profit $6.79M (27% margin); income from operations $5.05M.
Cash & equivalents $4.03M at Apr 30, 2025; contract liabilities $7.85M.
Pro forma combined financials filed; company trades on Nasdaq as YYAI.

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