{"url_path":"/sec/cik-0002071489/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-25","source_url":"https://www.sec.gov/Archives/edgar/data/2071489/0001493152-26-030051-index.html","accession_number":"0001493152-26-030051","cik":"0002071489","ticker":null,"issuer_name":"Yellowstone Group Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2071489/0001493152-26-030051-index.html","primary_entity_key":"0002071489","primary_entity_name":"Yellowstone Group Ltd."},"word_count":774,"has_tables":true,"body_markdown":"**ITEM\n7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**\n\n \n\n*The\nfollowing discussion and analysis of our results of operations and financial condition for fiscal year ended March 31, 2026 should be\nread in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this report.\nSome of the information contained in this management’s discussion and analysis or set forth elsewhere in this Annual Report, including\ninformation with respect to our plans and strategy for our business and related financing, includes forward looking statements that involve\nrisks, uncertainties and assumptions. As a result of many factors, including those factors set forth in the “Risk Factors”\nsection in Form S-1/A registration statement, filed on August 4, 2025, our actual results could differ materially from the results described\nin or implied by the forward-looking statements contained in this Annual Report.*\n\n \n\n12\n\n \n\n \n\n**Overview**\n\n \n\nThe\nCompany was incorporated on July 08, 2024. Our cash and cash equivalents are $56,936. For the year ended March 31, 2026, the Company\nincurred a net loss of $10,827 and a positive cash flow from operating activities of $10,981. As reflected in the financial statements,\nthe Company had an accumulated deficit of $13,647.\n\n \n\nThe\nCompany expects to finance its operations primarily through cash flow from revenue and continuing financial support from a shareholder.\nIn the event that we require additional funding to finance the growth of the Company’s current and expected future operations as\nwell as to achieve our strategic objectives, the shareholder has indicated the intent and ability to provide additional financing.\n\n \n\nNo\nassurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory\nto the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations,\nin the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.\n\n \n\n**Results\nof operations for the year ended March 31, 2026**\n\n \n\n**Revenues**\n\n \n\nFor\nthe years ended March 31, 2026 and 2025, the Company has generated a revenue of $40,667 and $6,500 respectively. The revenue was generated\nas a result of the Company having provided financial consulting services to three Australian and New Zealand companies listed or seeking\nto list on the U.S. OTC markets.\n\n \n\n13\n\n \n\n \n\n**General\nand Administrative Expenses**\n\n \n\nFor\nthe years ended March 31, 2026 and 2025, the Company incurred general and administrative expenses of $51,494 and $9,320 respectively.\nThese were primarily comprised of audit fees, stock and registrar fees, legal fees and other professional fees.\n\n \n\n**Net\nLoss**\n\n \n\nFor\nthe years ended March 31, 2026 and 2025, the Company incurred a net loss of $10,827 and $2,820 respectively.\n\n \n\n**Liquidity\nand Capital Resources**\n\n \n\n \n\n**Cash\nProvided by Operating Activities**\n\n \n\nFor\nthe year ended March 31, 2026, net cash provided by operating activities was $10,981. Cash provided by operating activities was attributable\nto net loss from operation, increase in prepayment, increase in other payable, increase in advances from customers, and increase in amounts\ndue to a related party.\n\n \n\nNet\ncash provided by operating activities was $6,455 from July 08, 2024 (Date of Inception) to March 31, 2025. Cash provided by operating\nactivities was attributable to increases in the amount due to our director.\n\n \n\n**Cash\nUsed in Investing Activity**\n\n \n\nFor\nthe period ended March 31, 2026, the Company had realized “cash used in investing activity” of $579. The cash used in investing\nactivity was attributable to the purchase of plant and equipment.\n\n \n\nFor\nthe period ended March 31, 2025, the Company had realized “cash used in investing activity” of $5,455. The cash used in investing\nactivity was attributable to the purchase of plant and equipment.\n\n** **\n\n**Cash\nProvided by Financing Activity**\n\n \n\nFor\nthe year ended March 31, 2026, the Company received $38,079 from financing activities, consisting of $36,000 from the issuance of common\nstock pursuant to our initial public offering completed on September 30, 2025, and $2,079 in proceeds from a related party.\n\n \n\nFor\nthe period ended March 31, 2025, the Company had realized “cash from financing activities” of $7,455, of which $2,000 was\nfrom the issuance of shares and $5,455 was from related-party loans.\n\n \n\n14\n\n \n\n \n\n**Off-Balance\nSheet Arrangement**\n\n \n\nWe\nhave no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial\ncondition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital\nresources that are material to our stockholders as of March 31, 2026.\n\n \n\n**Contractual\nObligation**\n\n \n\nAs\na smaller reporting company, we are not required to provide the aforementioned information."}