{"url_path":"/sec/lhai/10-k/2026/item-1","section_key":"item-1","section_title":"Item 1 Business.**","topic":"sec","document":{"doc_type":"10-K/A","doc_date":"2026-05-19","source_url":"https://www.sec.gov/Archives/edgar/data/2017758/0001213900-26-059081-index.html","accession_number":"0001213900-26-059081","cik":"0002017758","ticker":"LHAI","issuer_name":"Linkhome Holdings Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2017758/0001213900-26-059081-index.html","primary_entity_key":"0002017758","primary_entity_name":"Linkhome Holdings Inc."},"word_count":3748,"has_tables":true,"body_markdown":"**Item 1. Business.**\n\n** **\n\n**Overview**\n\n** **\n\nLinkhome is an artificial\nintelligence-driven property technology company. By using HomeGPT, a Linkhome-developed real estate artificial intelligence model, combined\nwith financial innovation and in conjunction with our dedicated team of agents, we have made significant and cost-effective improvements\nto the business model of buying and selling homes. Through our subsidiaries, we operate an artificial intelligence real estate platform\nwith the goal of providing customers with end-to-end real estate solutions and services, initially comprising real estate brokerage services,\nCash Offer, and mortgage service. Our mission is to redefine the real estate experience to be efficient and affordable for all consumers\nthrough artificial intelligence. Our vision is to help everyone own their home and achieve the dream of homeownership.\n\n \n\nSince the formation of our\nsubsidiary, Linkhome Realty, in 2021 and the commencement of our operational endeavors, our platform has facilitated an aggregate gross\ntotal value of more than $180 million of agent brokerage transactions as of December 31, 2025. Our platform supports a growing network\nof users who list and search for properties online, obtain information related to property transactions, and access a variety of value-added\nservices through the comprehensive property-related solutions available on our platform. Over the past three years, customers have shown\ntheir desire for our artificial intelligence, financial innovation and real estate solutions. As of Dec 31, 2025, our platform, which\naggregates listings from Multiple Listing Service (the “MLS”), boasted more than 1 million active listings for residential\nproperties available for sale or rent. Users obtain home-buying information from our platform and consult with our AI tool, HomeGPT, for\ninteractive home-buying advice. We aim to provide a platform that supports users throughout the real\nestate transaction process and encourages continued engagement.\n\n \n\nMore importantly, we believe\nthat we have just scratched the surface in the potential development of artificial intelligence as used in real estate and we believe\nartificial intelligence will transform the real estate market. Over the coming years, we plan on vigorously developing the artificial\nintelligence real estate model HomeGPT, increasing our market share, launching our platform in dozens of cities, and expanding our products\nand services in order to leverage artificial intelligence so that it becomes a one-stop shop for buyers and sellers of residential real\nestate. Our goal is to build the largest, most trusted platform for residential real estate and empower millions of Americans with the\nfreedom to more easily purchase homes.\n\n \n\nWe have developed our artificial\nintelligence and integrated it with fintech to expand beyond the traditional real estate search and transaction process through our Cash\nOffer product. Cash Offer integrates fintech to help users buy and sell properties more efficiently, by analyzing market trends, property\nvaluations and buyer preferences, our AI tools can help users find matching properties more quickly and provide purchase recommendations.\nWe think our Cash Offer product can help users make an offer of their ideal properties more efficiently, significantly enhancing the success\nrate of home purchases. Cash Offer is a tool that was developed to help address our customers’ needs. In the Southern California\nmarket that we serve, there is often intense competition, buyers are in the painful process of competing for homes, and we have developed\nCash Offer to offer a solution by providing full cash payments, helping to make offers more attractive and stand out among numerous competitors.\nLinkhome accomplishes this by purchasing the target property for cash, assuming ownership of the property, and then selling the property\nto the customer after the customer has secured the necessary financing from their lender.\n\n** **\n\n1\n\n \n\n \n\n**Initial Public Offering**\n\n \n\nOn July 23, 2025, the Securities\nand Exchange Commission (the “SEC”) declared effective our Registration Statement on Form S-1 (File No. 333-280379) relating\nto our initial public offering (the “IPO”). On July 23, 2025, we priced the IPO of 1,500,000 shares of our common stock at\na public offering price of $4.00 per share. We granted the underwriter a 45-day option to purchase up to an additional 225,000 shares\nof our common stock at the public offering price, less underwriting discounts, solely to cover over-allotments, if any. On July 24, 2025,\nthe underwriter fully exercised the over-allotment option, which closed simultaneously with the closing of the IPO. Our common stock commenced\ntrading on the Nasdaq Capital Market on July 24, 2025 under the symbol “LHAI,” and the IPO closed on July 25, 2025. The total\ngross proceeds from the IPO, including the full exercise of the over-allotment option, were approximately $6.9 million, before deducting\nunderwriting discounts and other offering expenses payable by us.\n\n \n\n**Artificial Intelligence Technological Revolution\n& Opportunities**\n\n \n\nResidential real estate is\na massive offline market characterized by low efficiency, high labor consumption, and time-intensive processes. We believe the real estate\nsector is set to transition online and begin leveraging artificial intelligence. Consumers are shifting their spending online and demanding\nexperiences powered by AI to enhance efficiency, certainty and speed. We believe consumers are increasingly becoming accustomed to the\nhigh efficiency of AI-generated services and now also expect to receive similar experiences in the realm of real estate.\n\n \n\nAI has become a key force driving\nthe development of modern technology. AI demonstrates immense potential in solving complex problems and is leading a new industrial revolution.\nBased on work by the McKinsey Global Institute, as reported in *Our Insights — Real estate can use generative AI to\nturn the industry’s data into treasure in seven steps*, we believe that generative AI could generate $110 billion to $180 billion\nor more in value for the real estate industry, making AI technology one of the most exciting innovations of our era. It is not only changing\nour way of life but also reshaping how various industries operate.\n\n** **\n\n**The Problem**\n\n \n\nWe must also recognize that\nreal estate is not accessible to everyone. Housing issues, especially in urban areas, have become a global challenge.\n\n** **\n\n**Structural Inefficiencies**\n\n \n\nIn the modern information era,\nwe believe that potential homebuyers in the United States are overwhelmed with an abundance of property data, including listings, market\ntrends, and historical sales information. However, this data is often scattered across different platforms and formats, making it difficult\nto navigate and analyze effectively. Additionally, we are of the opinion that there is a lack of uniformity in real estate brokerage services,\nmeaning the quality and type of service can vary greatly from one broker to another. This inconsistency complicates the process for buyers\nwho can benefit from comprehensive, personalized advice and data-driven insights to make informed decisions. Accordingly, we believe that\nthe industry urgently requires sophisticated data analysis capabilities and personalized customer services that can filter and present\ninformation in a clear, actionable manner tailored to individual buyer needs.\n\n** **\n\n**Home Buying & Selling Difficulties**\n\n \n\nThe conventional process of\npurchasing a home involves numerous challenges that can make the experience frustrating and often unsuccessful. Key among these is the\ncompetitive nature of bidding, where multiple buyers may vie for the same property, driving up prices and creating a high-pressure situation.\nAdditionally, the home-buying process is often hampered by lengthy loan processing times. Delays in securing financing can result in buyers\nmissing out on purchasing their desired properties, as sellers may opt for buyers with quicker, more reliable financing options. This\nuncertainty and time sensitivity can add significant stress and disappointment to the home-buying experience.\n\n** **\n\n2\n\n \n\n \n\n**Poor Experiences**\n\n \n\nThe journey to home ownership\ninvolves multiple stages, including dealing with brokers, securing loans, property appraisals, purchasing home insurance, undertaking\nrenovations, and organizing the move. Currently, each of these stages is typically handled by different service providers who operate\nin isolation from each other. This fragmentation means there is no centralized process or communication, leading to inefficiencies, misunderstandings,\nand a disjointed overall experience. We believe that the lack of a comprehensive, integrated solution makes it difficult for buyers to\nnavigate the process smoothly and can lead to increased costs, delays, and a lower-quality home-buying experience. Buyers are often left\nto manage and coordinate these separate components on their own, which can be overwhelming, especially for first-time buyers or those\nwith limited time and resources.\n\n** **\n\n**Our Solution**\n\n \n\nLinkhome developed the real\nestate AI technology platform HomeGPT. For home buyers, Linkhome has built an on-demand, seamless, and artificial intelligence-driven\nhome-buying experience. Unlike the traditional process mediated by real estate agents, Linkhome buyers can chat with our AI chatbot, HomeGPT,\nat their convenience using our app or website to answer home-buying questions, search for homes, learn about the home-buying process,\nbook visits or virtual tours, calculate mortgage requirements and so on. We have also introduced AI-driven real estate solutions for our\nagents, such as home price prediction, bidding recommendations, investment advice, and on-demand assistance in generating contracts and\nprocessing documents for future real estate needs.\n\n \n\nFor buyers, our AI chatbot\noffers an interactive experience directly through our app or website. HomeGPT can interpret and respond to complex real estate inquiries,\ngenerating professional and precise answers that help our users gain deeper insights into the real estate buying process. The virtual\nassistance feature of HomeGPT assists buyers by scheduling visits, providing virtual tours, and calculating mortgage payments. Our AI\ntools can also be used to predict a competitive bid by using AI to generate accurate property valuations by quickly analyzing vast datasets,\nto include historical pricing, market trends and property characteristics.\n\n \n\nFor sellers, our agents can\nuse HomeGPT to leverage our sophisticated AI algorithms to offer precise pricing advice, aiding home buyers in informed decision-making\nfor pricing, marketing, and negotiations. Additionally, our generative AI technology enhances seller experiences by automatically crafting\ndetailed property descriptions and introduction videos with minimal user input. For vacant properties, HomeGPT can simulate furnished\ninteriors, which can significantly elevate the property’s appeal. By making targeted promotion and presentation, HomeGPT can help\nto ensure that listings reach the right buyers, leading to most of Linkhome’s sellers successfully closing deals within 45 days,\nthereby selling their homes more effectively and at reduced costs. HomeGPT can assist agents with the drafting and generation of contracts,\nreducing the time and effort required for administrative tasks increasing agent efficiency.\n\n \n\nThe goal of these technologies\nis to support our clients and enhance our productivity. We believe this will lead to being able to continuously provide better customer\nservice at a lower cost. We are committed to constantly optimizing the performance and functionality of our technology to ensure that\nit not only meets current market demands, but also anticipates and adapts to future trends.\n\n** **\n\n**Fintech: Financial Innovation\nCash Offer — Quick Home Purchase**:    We believe, as we grow, Linkhome’s fintech product,\nCash Offer, will significantly enhance the competitiveness of our clients’ offers, allowing them to secure their desired properties\nwithout merely relying on price competition. Compared to loan-based offers, most sellers prefer all-cash offers, as this enables sales\nto close more quickly. By offering Cash Offer, we believe our clients will be able to stand out among many offers, thus giving buyers\nwho use our product more negotiation power and a stronger likelihood of purchasing their desired home at the right price.\n\n** **\n\n**Flash sell — A\nmodern way to sell:    **By selling to Linkhome, homeowners can avoid the stress of open houses, home repairs,\noverlapping mortgages, and the uncertainty that can come with listing a home on the open market. Using our mobile app and website, sellers\ncan receive a competitive cash offer online. Post offer, we conduct a preliminary interior home inspection and a contact-free exterior\nassessment to verify the home data provided to the Company. If necessary, we will follow up with a licensed inspector for a more detailed\nhome inspection. Sellers can then select their preferred closing date and sell to Linkhome, closing quickly.\n\n \n\n3\n\n \n\n \n\n**Buy Before\nSell: ** For customers who are both selling and purchasing a home, we offer a “Buy Before Sell” service that\nenables them to purchase a new home before selling their existing property. Through collaboration with third-party financial\ninstitutions, Linkhome provides or facilitates access to financing that enables clients to acquire the new home and subsequently\nmarket and sell their prior property. This approach allows clients to avoid waiting for the sale of their existing home before\npurchasing a new one. The Buy Before Sell model is designed to provide homeowners with greater flexibility during the transition\nbetween homes, reduce the need for temporary housing and multiple moves, and allow clients to present stronger purchase offers when\ncompeting for desired properties.\n\n \n\nCurrently, our front-end platforms,\nsuch as the website and app, are intended only to receive customer information. Our back-end software then generates a plan for the user,\nafter which we establish a relationship with the user by having one of our agents communicate the plan to the user. We are working to\ndevelop a front-end data platform that will provide such information to customers in real-time.\n\n** **\n\n**One-stop seamless experience**\n\n \n\nWe understand the complexity\nof real estate transactions; therefore, Linkhome aims to provide a one-stop solution, offering tailored financing through our Cash Offer\nservice, bespoke renovation services, comprehensive property management, and extensive insurance options. Designed to simplify and expedite\nthe home-buying journey, our integrated approach ensures clients navigate property transactions with ease, from initial purchase to ongoing\nmanagement. By merging clarity, efficiency, and personalized support, Linkhome aims to transform real estate transactions into transparent,\nstress-free experiences, allowing clients to focus on the joy of finding their dream home.\n\n** **\n\n**Advantages and Competitive Edge**\n\n \n\nOur business model is\ndesigned to improve and streamline certain aspects of traditional real estate transactions. Linkhome’s main goal is to rapidly\nexpand property sales by focusing on providing AI technology for house hunting and helping customers with investment analysis. Since\nour founding in 2021, we have been developing and leveraging the following key advantages of our platform, which we believe provide\nsignificant competitive advantages.\n\n** **\n\n**A purpose-built artificial intelligence housing\nsearch platform.**\n\n \n\nOur platform combines a comprehensive\nAI-powered home-finding experience with financial innovation, allowing us to control all key operational and transactional elements and\npromote a fast, simple, and consistent user experience.\n\n** **\n\n**A differentiated home buying experience.**\n\n \n\nWe have developed a cash offer\nhome purchase model to use cash to help customers compete for target properties faster and more cost-effectively. This gives people the\nconfidence and trust they need to buy properties on our platform.\n\n \n\nFor buyers, our Cash Offer\nprogram is intended to improve the competitiveness of purchase offers by reducing financing-related contingencies. We typically charge\na platform usage fee ranging from approximately 1% to 2% of the transaction value. In certain market conditions, this approach may help\nbuyers compete more effectively and potentially reduce the need for higher bid prices.\n\n \n\nFor sellers, traditional home\nselling services require expenses such as repairs, renovations, listing fees, and 4 – 5% agent fees. These expenses can\nbe substantial for sellers, and the waiting period to sell the home is uncertain. Using the Flash Sell, the home can be sold immediately,\nreducing the costs of repairs, renovations, and 4 – 5% listing agent fees, which can amount to 8 – 12%\nof the home’s price. We only charge a 5% service fee, saving sellers both time and money.\n\n \n\nCurrently, our funding for\nCash Offer comes primarily from investments made by our CEO and shareholders. Following our initial public offering, we used, and may\ncontinue to use, a portion of the net proceeds from that offering to support the expansion of our Cash Offer program. We believe that\nthese initiatives may contribute to revenue growth and improved profitability over time.\n\n** **\n\n4\n\n \n\n \n\n**Proprietary financing technology.**\n\n \n\nWe plan to offer\ndifferentiated financing solutions to enable clients to select their preferred financing method from hundreds of pre-approved down\npayment and monthly payment combinations and enable us to generate property finance receivables, often sold at a premium to\nthird-party financing partners.\n\n** **\n\n**An efficient and engaging home selling experience.**\n\n \n\nOur proprietary APP software\nand artificial intelligence quick quotation system allow us to quote prices for users selling their homes predictably and efficiently.\nCustomers do not need to wait several days and can quickly sell their properties to Linkhome. We believe we provide our customers with\na unique home-selling experience. We believe this sets us apart from our competitors.\n\n** **\n\n**Large-scale real estate transaction infrastructure.**\n\n \n\nWe believe we are a leading\nproperty technology company that provides a comprehensive suite of end-to-end property solutions and services through a single, integrated\nplatform. Our platform functions as a one-stop-shop solution to serve all of our customers’ property-related needs. We believe this\nprovides us with a strong competitive edge as compared to our peers, who may only provide services related to one segment of the property\ntransaction.\n\n** **\n\n**Highly scalable business model.**\n\n \n\nCurrently, our operations are\nprimarily focused in California. Over time, we intend to expand the scope of our business into additional geographic markets. We believe\nwe have a highly scalable business model and can adapt our service offerings to cater to prevailing market and technology trends to maintain\nour competitive edge. Our business is predominantly generated through our online website and mobile application platforms, which allows\nus to expand rapidly into new markets in a quick and cost-efficient manner.\n\n** **\n\n**Our Growth Strategy**\n\n** **\n\n**Our growth strategy is to innovate and execute\non the following key strategic focuses:**\n\n** **\n\n \n●\n*Increase penetration in existing markets.*We are presently focused on increasing our penetration and market share in existing market. As our recognition grows, we’ll attract more home buyers and sellers to transact through Linkhome.\n\n \n \n \n\n \n●\n*Expand into new markets.*Although our operations are currently concentrated in California, we believe there is a significant opportunity to expand our platform and services into major markets across the United States over time.\n\n \n \n \n\n \n●\n*Increase our service offerings and become an “all-in-one” property platform.* At present, we offer brokerage services, Cash Offer, and other services like property rental management, and home renovation services. In line with our focus on providing a seamless experience, however, we are in the process of creating a digital one-stop moving experience. We plan to add additional services over time to further simplify transactions and support our customers. These services include title insurance, escrow and mortgage services, home insurance, property management, and home maintenance services.\n\n \n \n \n\n \n●\n*Continue to develop our artificial intelligence real estate platform to enhance user experience.*We intend to continue developing our artificial intelligence–powered real estate platform to enhance the user experience. We plan to further advance our artificial intelligence technologies, improve the capabilities of our AI agents, and continue to enhance our platform and the solutions we provide to customers. To support these initiatives, we expect to increase our investment in research and development to strengthen our technological capabilities and expand our service offerings.\n\n** **\n\n**Marketing**\n\n \n\nOur marketing strategy employs\na multi-channel approach aimed at efficient and low-cost growth while expanding our market footprint. We leverage AI algorithms to deploy\nads targeting customer interests, significantly enhancing the precision of our customer targeting. This optimization of our marketing\nstrategy includes advanced audience segmentation methodologies, improved targeting, and attribution. Additionally, we’ve incorporated\nbroad-reach channels to responsibly scale our brand awareness.\n\n** **\n\n5\n\n \n\n** **\n\n**Our marketing focus extends to several areas:**\n\n \n\n●*Social Media & Video Marketing:* We\nengage in comprehensive digital marketing, utilizing platforms such as YouTube, Instagram, Facebook, and X (formerly known as Twitter)\nfor both video and social media marketing. This approach allows us to engage audiences with visually compelling content and leverage\nthe vast user bases of these platforms for broad visibility and engagement.\n\n \n\n●*Paid-search Advertising:* We\npartner with high-traffic search engines for paid-search advertising. We continuously adjust our bids on keywords and phrases and tweak\nour campaigns based on performance metrics.\n\n \n\n●*Targeted-email Campaigns:* Our\nemail marketing efforts are enhanced by machine learning, enabling us to send targeted emails that recommend relevant new listings to\nhomebuyers and sellers at critical moments in their journey with us.\n\n \n\n●*Online and Offline Seminars:* We organize online seminars to educate and engage with our audience, offering valuable insights and building trust. At our offices, we\nperiodically conduct limited in-person seminars to provide customers with information and insights regarding the complex and competitive\nreal estate market.\n\n** **\n\n**Competitor Analysis**\n\n \n\nAs a company dedicated to artificial\nintelligence real estate technology, we operate in the highly competitive and fragmented U.S. housing market, with over five million\nresidential real estate transactions annually. Our main competitors include traditional offline real estate brokers and agents; these\ninclude franchise operations associated with national or local brands as well as small independent brokerages. We also face increasing\ncompetition from a growing number of internet-based brokerages and companies operating with new business models.\n\n \n\nOur industry has rapidly evolved\nin recent years due to technological advances, changes in consumer preferences, and the introduction of new products. We anticipate\nthat competition will intensify further with the emergence of new brokerage firms with AI-driven business models, as well as traditional\nbrokerages adopting or developing new technologies or business strategies to enhance their offerings.\n\n \n\nWe believe we primarily compete\nbased on:\n\n \n\n●Efficient AI online agent and chat capabilities;\n\n \n\n●Financial innovation services, such as Cash Offer, that help\nclients quickly secure offers;\n\n \n\n●Traffic to our website and mobile application;\n\n \n\n●Our ability to recruit and retain agents who can provide the\nbest customer service;\n\n \n\n●The cost of our services and the price to consumers;\n\n \n\n●Consumer awareness of our services and the effectiveness of\nour marketing efforts; and\n\n \n\n●Innovation in artificial intelligence technology.\n\n \n\nWe believe that our customer-centric\nvalues and artificial intelligence technology, along with the application of financial innovations, set us apart from our competitors\nand give us a competitive edge in all of the above areas. Our provision of AI-driven home searches, data-driven decision-making support,\nand financial innovation in assisting users to purchase homes with cash offers further strengthen our position in the competitive landscape.\n\n \n\n**Government Regulation**\n\n \n\nWe are subject to a wide variety\nof laws, rules, and regulations enforced by both governments and private organizations. Many of these rules and regulations are constantly\nevolving. If we are unable to comply with them, we could be subject to civil and criminal liabilities, revocation, or suspension of our\nlicenses or other adverse actions. We may also be required to modify or discontinue some or all of our offerings, and our ability to grow\nour business and our reputation may be harmed.\n\n \n\n**Employees**\n\n \n\nAs of December 31, 2025,\nwe had a total of ten (10) full-time employees and nine (9) long-term contractors. None of our employees are represented by a collective\nbargaining agreement, nor have we experienced any work stoppage. We consider our relations with our employees to be very good. Our future\nsuccess depends on our continuing ability to attract and retain highly qualified personnel.\n\n** **\n\n6"}