Alset EHome International Inc. (AEI): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out if Alset EHome International Inc.'s (AEI) vision of sustainable E-Homes is a viable business model or just a great concept, and honsetly, the numbers tell a story of high potential but poor execution. The direct takeaway is that while the company has a compelling Value Proposition-affordable, integrated smart homes-the Revenue Streams are not yet scaling to support the Cost Structure. For the trailing twelve months ending June 30, 2025, Alset EHome International Inc. reported revenue of only $16.1 million, which is a significant disconnect from its $92.82 million market capitalization, especially considering the negative TTM EPS of -$0.79. We need to dive into the nine building blocks of the Business Model Canvas (BMC) to see if the Key Partnerships and Key Resources can close that financial gap.

Alset EHome International Inc. (AEI) - Canvas Business Model: Key Partnerships

You need strong partners to execute an ecosystem model, and Alset EHome International Inc. (now Alset Inc.) has strategically aligned with major players to deliver its sustainable EHome communities and broader technology vision. These alliances are critical for everything from construction scale to integrating the proprietary smart-energy systems that define their homes.

The core partnerships are designed to accelerate deployment, secure key resources like land and technology, and provide the necessary capital for their ambitious growth plans. Honestly, you can't build a sustainable living system on your own; you need specialized expertise, so they've focused on firms that can deliver volume and innovation.

Construction and engineering firms for rapid deployment

AEI relies on established, high-volume homebuilders to scale its EHome communities quickly across the US. This strategy allows the company to focus on its 'sustainable healthy living' value proposition while outsourcing the physical construction and engineering complexities. It's a smart way to maintain a lean operating structure.

Key partnerships with builders like NVR, Inc. and Rausch Coleman Homes have been instrumental in the initial rollout. Through these collaborations, AEI has already delivered over 750 homes at its flagship developments, including Alset at Black Oak in Texas and Ballenger Run in Maryland. The development pipeline at Alset at Black Oak is substantial, with plans for over 600 additional homes in future phases. This is a defintely a high-leverage model.

Smart home technology providers (e.g., Tesla Powerwall integration)

The EHome concept is defined by its integrated clean energy ecosystem, and the partnership with Tesla, Inc. is the cornerstone of this value proposition. This strategic agreement ensures that each EHome is equipped with a full suite of sustainable technology, moving beyond just energy efficiency to energy independence.

The integration includes:

• Installations of Tesla PV Solar Panels for renewable energy generation.
• Tesla Powerwalls for home energy storage and backup power.
• Tesla EV Chargers to support the use of electric vehicles.

Initial deployment focused on the Houston area, with plans to deliver 100 Ehomes featuring this full suite of Tesla products, demonstrating a concrete commitment to the Vehicle-to-Grid (V2G) concept that is central to the EHome model.

Land acquisition partners and local developers

While AEI's subsidiaries, like Alset EHome Inc., are the primary land developers, they rely on co-developers and an internal capital recycling mechanism to optimize land use and financial returns. The Real Estate segment remains the largest revenue driver, contributing 92.9% of the company's total revenue, which was reported at $21.1 million in a recent segment breakdown, showing the importance of these land-focused partnerships.

The company leverages its relationship with American Home REIT (AHR) to manage its rental portfolio. This partnership allows AEI to transfer seasoned, tenant-occupied rental units to the REIT, creating a crucial capital recycling mechanism. This strategy frees up capital from stabilized assets to fund new land acquisitions and development projects, accelerating the overall pace of community expansion.

Financial institutions for project financing and mortgages

Securing capital is a key activity, and AEI engages with the broader financial community for both corporate funding and project-level support. The company's ability to execute its strategy is backed by recent capital raises, including a $1.5 million Registered Direct Offering that closed in January 2025.

Furthermore, institutional investors provide significant financial backing. As of late 2025, major institutional holders include Vanguard Group Inc., which holds an ownership stake valued at approximately $1.56 million, and Bridgeway Capital Management LLC, with a holding valued at about $254K. These institutional positions show financial market confidence. Also, the company's New Energy Asia Pacific venture in Hong Kong secured support from a Government Loan Program in October 2025 to finance the conversion of 5,000 conventional taxis to electric vehicles.

Utility companies for sustainable energy supply

While AEI's EHome model emphasizes on-site energy generation via solar and storage, utility partnerships are still essential for grid connection and potential revenue streams. The company's focus on the Vehicle-to-Grid (V2G) concept and Powerwall integration is designed to eventually interact with local utility grids, but specific US utility partners for the EHome communities are not explicitly named in recent disclosures.

However, the company's broader energy strategy, spearheaded by its New Energy Asia Pacific subsidiary, is expanding its charging infrastructure across Asia, which requires deep collaboration with local utility and energy storage providers for large-scale projects in markets like Hong Kong.

Key Partnership Type	Partner Entity	Role and Scope	2025/Near-Term Impact
Construction & Engineering	NVR, Inc., Rausch Coleman Homes	High-volume home construction and co-development of EHome communities.	Delivery of over 750 homes; pipeline for 600+ additional homes in flagship projects.
Smart Home/Energy Tech	Tesla, Inc.	Supplier and integrator of PV Solar Panels, Powerwalls, and EV Chargers.	Enables the core EHome value proposition and V2G concept; initial target of 100 Ehome deliveries in the Houston area.
Land/Capital Recycling	American Home REIT (AHR)	Acquires and manages EHome rental units, creating a capital recycling platform.	Frees up capital for new land acquisition; supports the 'Build-to-Rent' core strategy.
Financial/Investment	Vanguard Group Inc., Bridgeway Capital Management LLC	Institutional investors and capital providers.	Vanguard holding valued at $1.56 million (late 2025); provides market validation and liquidity.
EV/New Energy (Asia Focus)	Chery's Kaiyi, Government Loan Program (HK)	EV distribution and financing for taxi fleet electrification.	Accelerating conversion of 5,000 conventional taxis to EV in Hong Kong (Oct 2025).

Alset EHome International Inc. (AEI) - Canvas Business Model: Key Activities

The core of Alset EHome International Inc.'s (AEI) business model revolves around its Real Estate segment, which generated 92.9% of the company's total revenue in 2024. The key activities are therefore concentrated on the lifecycle of residential community development, from securing the raw land to managing the completed properties. This entire process is underpinned by the essential activity of integrating their proprietary E-Home technology into every unit.

The company's total revenue for the trailing twelve months ending September 30, 2025, stood at $12.11 million, a notable shift from the previous year's figures, which means every operational activity is under intense scrutiny for efficiency right now.

Land acquisition and entitlement processes

This activity is the foundational step, focusing on securing raw land and obtaining the necessary government approvals (entitlements) for residential development. AEI concentrates its efforts in key US markets, notably near Houston, Texas, and in Frederick County, Maryland.

The process involves significant capital allocation and risk management, as securing entitlements can take 12 to 24 months. The company's strategy is to acquire land that is suitable for its E-Home concept-sustainable, community-focused developments. While specific 2025 land acquisition values are not publicly detailed, the success of this activity directly supports the $16.7 million in property sales revenue reported in the prior fiscal year, showing the pipeline is active.

Residential community planning and development

This is the primary value-creation activity, translating raw land into sellable or rentable residential units. It encompasses all construction management, from site preparation and infrastructure installation to home building. The flagship projects, Alset at Black Oak in Texas and Ballenger Run in Maryland, demonstrate this activity at scale.

The scope of this activity is substantial, with over 750 homes already delivered at these two projects in partnership with builders like NVR, Inc. and Rausch Coleman Homes. Furthermore, future phases at Alset at Black Oak include plans for over 600 additional homes, signaling a significant forward-looking development pipeline. This activity drives the majority of the company's revenue, so delays here hurt immediately.

Integration of proprietary E-Home technology systems

A crucial differentiating activity is the mandatory integration of the proprietary E-Home technology into every unit. This is not just a feature; it's the core Value Proposition (sustainable healthy living) and a key activity that justifies the E-Home brand.

The integration process involves:

• Installing solar energy generation and storage systems.
• Setting up Home Automation Hubs for central control.
• Providing Smart Home Installation and Setup services.
• Offering Energy Consultation and Optimization to homeowners.

This activity is a key differentiator, moving the company beyond traditional homebuilding into the PropTech (real estate technology) sector.

Sales and marketing of completed residential units

This activity focuses on turning finished inventory into realized revenue. The sales process targets a specific customer segment-those seeking an integrated, sustainable, and technology-forward living experience. In 2024, the property sales sub-segment was the largest revenue driver, generating approximately $16.7 million.

The marketing effort must clearly articulate the value of the E-Home concept, differentiating it from traditional housing. This is a high-stakes activity, as a drop in sales velocity directly impacts the cash flow needed to fund the next phases of development. For example, the Q3 2025 total revenue of $998.83 thousand suggests a significant slowdown in sales or a shift in revenue recognition compared to historical periods.

Post-sale community and property management

This activity establishes a recurring revenue stream and maintains the long-term value of the E-Home communities. It involves managing both the rental portfolio and community services. In 2024, the rental sub-segment of the Real Estate business contributed approximately $2.9 million in revenue, which is a stable, recurring component.

The management activities include:

• Managing the rental property portfolio, which historically included over 100 homes transferred to American Home REIT.
• Providing Remote Monitoring and Management services for smart home systems.
• Overseeing community maintenance and homeowner association (HOA) functions.

This provides a valuable hedge against cyclical dips in the property sales market.

Alset EHome International Inc. (AEI) Real Estate Segment Key Financial Activities (2024 Fiscal Year)

Key Activity Sub-Segment	2024 Revenue Contribution	Percentage of Total 2024 Revenue
Property Sales (Completed Residential Units)	$16.7 million	79.2%
Rental (Post-Sale Property Management)	$2.9 million	13.7%
Total Real Estate Segment Revenue	$19.6 million	92.9%

Alset EHome International Inc. (AEI) - Canvas Business Model: Key Resources

Extensive land bank and real estate holdings across the US

The core physical resource for Alset Inc. is its strategic land bank, which fuels the majority of its revenue through the development of EHome communities. This land is concentrated in high-growth US markets, notably around Houston, Texas, and Frederick County, Maryland.

The company's long-term vision, as articulated in prior reports, is to develop close to 5,000 sustainable energy homes. While that is a multi-year goal, the near-term activity demonstrates the monetization of existing land assets.

Here's the quick math on recent asset sales from the land bank, showing a clear focus on capital generation heading into 2025:

Land Parcel/Community	Number of Lots Sold	Approximate Revenue Generated	Closing Date (2024)
Alset Villas (Section 1)	70 lots	Approximately $3.8 million	July 1
Lakes at Black Oak	72 lots	Approximately $3.9 million	October 10
Alset Villas (Section 2)	63 lots	Approximately $3.8 million	December 16
Total Key Sales (Late 2024)	205 lots	Approximately $11.5 million	N/A

The company retains key assets like the four model lots in Alset Villas, which are crucial for showcasing the EHome concept to future buyers and partners.

Proprietary E-Home technology stack and intellectual property

Alset Inc.'s intellectual property (IP) is centered on its integrated E-Home system, which goes beyond standard smart homes to create a comprehensive, sustainable living ecosystem. This technology stack is a key differentiator, even if the specific patents are not publicly quantified.

The proprietary technology is not a single product, but a suite of integrated systems that include:

• ALSET SOLAR: Focused R&D on solar technology IP to boost energy collection efficiency.
• Smart Home Integration: Core technology for controlling and optimizing energy use.
• Clean Energy Features: EV charging, Purified Air, Filtered Water, and Vehicle-to-Grid (V2G) capability.
• Robotics Sector Engagement: The company announced in March 2025 that it is engaging with the Robotics Sector, indicating a move to integrate advanced automation into its offering.

This IP extends beyond real estate into Digital Transformation Technology, covering B2B solutions like blockchain, secure payment gateways, and e-commerce strategies, giving the company a diversified technology resource base.

Financial capital for large-scale development projects

Capital is the lifeblood of real estate development, and Alset Inc. has demonstrated an active approach to managing its financial resources in 2025, even with a relatively small market capitalization of approximately $102.4 million as of September 2025. The company is actively managing its capital structure.

For one, Alset Inc. closed a $1.5 million Registered Direct Offering in January 2025, providing fresh capital. Plus, the Board authorized a stock repurchase program of up to $1.0 million in June 2025, and then expanded it by another $1.0 million in September 2025, totaling up to $2.0 million for buybacks by the end of 2025. This shows management's confidence and a commitment to optimizing shareholder value.

The operational financial footprint is also a key resource: the company's expected total office rent expense for 2025 is approximately $823,069, which is a manageable fixed cost for a diversified holding company with operations across the US, Singapore, Hong Kong, and South Korea.

Experienced management team in real estate and tech

The management team is a critical human resource, mixing real estate expertise with a strategic focus on technology and diversification. The leadership, including Chairman and CEO Chan Heng Fai Ambrose, has steered the company through a strategic name change (from Alset EHome International Inc. to Alset Inc. in 2022) to better reflect its multi-sector focus.

The CEO's actions in 2025 serve as a strong signal of commitment, as he made 6 insider purchases of the company's stock, acquiring 511,304 shares for an estimated $512,810 in the six months leading up to June 2025. That's a defintely concrete investment in the company's future.

Strong brand reputation in sustainable housing

While the company's stock performance faces challenges-analysts set a target price of $1.94 against a trading price of $2.20 in September 2025, suggesting a negative growth potential of -11.60%-its brand positioning in the niche of 'sustainable housing solutions' is a key intangible asset.

This reputation is built on the E-Home concept, which focuses on eco-friendly communities and integrating technology to enhance living standards. The brand is positioned as a developer of sustainable, healthy living environments, which is highly valued by a growing segment of the market.

Alset EHome International Inc. (AEI) - Canvas Business Model: Value Propositions

The core value proposition for Alset EHome International Inc. (AEI) is simple: an integrated, sustainable, and affordable living ecosystem. You are buying a future-proof home that actively reduces your cost of living and carbon footprint, not just a house.

This approach is critical in a late-2025 housing market where buyers prioritize cost control and energy independence, especially with median US mortgage rates hovering around 6.125% in August 2025 [cite: 4 (from previous search)]. AEI is selling a solution to high utility bills and complex home management, which is a powerful differentiator.

Sustainable living through energy-efficient home design

The first value proposition is a commitment to a truly sustainable home, which goes beyond just a few solar panels. This is about building a complete 'EHome Ecosystem' from the ground up. For example, in the Lakes at Black Oak community in Texas, the development is planned for over 689 buildable lots, all designed to incorporate these features. This scale shows the commitment isn't a pilot program; it's the standard model.

Here's the quick math: a home built with a comprehensive solar energy system and high-efficiency envelope (insulation, windows) significantly lowers the cost of ownership. This is a crucial financial benefit for the homeowner, and it's why the company's real estate segment drives the majority of its revenue, contributing to the overall LTM revenue of $12.11 million as of September 30, 2025 [cite: 3 (from previous search)].

Integrated smart home technology for security and convenience

AEI is bundling convenience and security into a single package, making the tech easy to use. The 'Smart Home' component is pre-integrated, meaning you don't have to piece together different systems yourself. This removes the complexity barrier that often stops people from adopting new technology.

The EHome model integrates a full suite of features, which is defintely a time and frustration saver for the new homeowner:

• Solar Energy System: Provides clean, on-site power generation.
• Smart Home: Centralized control for lighting, climate, and security.
• Filtered Water & Purified Air: Focuses on biohealth and indoor air quality.
• Electric Vehicle (EV) Charging and Vehicle-to-Grid (V2G): Future-proofing for transportation needs.

Reduced utility costs and lower carbon footprint

This is the most tangible, pocketbook-friendly value proposition. While specific 2025 savings data for AEI homeowners is proprietary, the core promise is a dramatic reduction in monthly utility expenses. The inclusion of a Solar Energy System and high-efficiency design directly addresses the 37% of US voters who, according to a July 2025 survey, prioritize the cost of energy they use [cite: 5 (from previous search)].

Lower operational costs also translate into a higher valuation for the home over time. Plus, you get the environmental benefit-a lower carbon footprint-as a bonus. It's a win-win for your wallet and the planet.

Affordable luxury in master-planned communities

AEI positions its EHome communities, such as Lakes at Black Oak and Ballenger Run, as offering 'affordable luxury.' This means providing high-end amenities and modern designs-like open floor plans and granite countertops-within a price range accessible to a broader market segment. The homes in Lakes at Black Oak, for instance, have been listed with prices ranging from $269,900 to $339,900 [cite: 6 (from previous search)], which targets the entry-level and move-up buyer in the Houston suburban market.

The master-planned community element adds value through shared amenities, like the year-round splash pad and walking trails at Lakes at Black Oak [cite: 9 (from previous search)], creating a lifestyle value that justifies the purchase price.

Simplified homeowner experience with one tech ecosystem

The final value proposition is the ease of use. You're not dealing with five different apps or three different companies for your solar, security, and air quality. The EHome Ecosystem is designed to be a single, integrated platform. This simplification reduces the learning curve and the potential for technical issues, which is a significant hidden cost of smart homes.

This table summarizes the core EHome value proposition components and their quantifiable scale, based on the company's 2025 real estate focus:

Value Proposition Component	Customer Benefit	2025 Quantifiable Scale / Metric
Solar Energy System	Energy independence and cost reduction	Integrated into all 689+ buildable lots at Lakes at Black Oak [cite: 3 (from previous search)]
Purified Air & Filtered Water	Improved biohealth and wellness	Standard feature in EHome designs (e.g., Ballenger Run)
Smart Home Technology	Centralized security and convenience	One unified tech ecosystem for all core functions
EHome Real Estate Segment	Affordable, sustainable housing supply	Primary driver of LTM Revenue of $12.11 million (ending Sep 30, 2025) [cite: 3 (from previous search)]

Finance: Track the average utility bill reduction for the first 50 EHome buyers by Q1 2026 to validate this core value proposition.

Alset EHome International Inc. (AEI) - Canvas Business Model: Customer Relationships

You need to see the customer relationship model at Alset EHome International Inc. (AEI) not just as a sales funnel, but as a long-term, multi-segment revenue pipeline. The core strategy is a blended approach: high-touch human service for the initial real estate transaction and high-tech automation for the long-term, recurring revenue streams from the EHome ecosystem. This dual focus is key to supporting the $12.11 million in last twelve months' revenue (ending September 30, 2025) that primarily flows from the Real Estate segment.

Dedicated sales teams for personalized home buying assistance

The initial customer relationship is a traditional, high-touch real estate model, but with a tech-forward twist. Since the Real Estate segment generates the majority of revenue, AEI relies on dedicated sales agents and specialized personnel to handle the complexity of selling a smart, sustainable home (EHome). This personalized approach is crucial for homes in their core communities, like Lakes at Black Oak in Houston, where list prices range from approximately $284,900 to $348,068 as of late 2025.

A key differentiator is the inclusion of a dedicated Smart Home Specialist. This specialist ensures the smooth 'Smart Home Installation and Setup', translating the technical specifications of the integrated solar, air purification, and home office systems into clear, lifestyle benefits for the buyer. This avoids the common post-sale support spike by front-loading the technical onboarding.

Automated digital support via proprietary E-Home app

After the sale, the relationship shifts to a scalable, automated model centered on the proprietary EHome mobile application. This app acts as the central hub for the entire Sustainable Healthy Living System. The goal is to provide a self-service platform that drives efficiency and reduces the cost-to-serve.

The Digital Transformation Technology segment supports this with 'artificial intelligent customer service applications' (AI-CSAs). These AI-CSAs handle routine inquiries, allowing the human support team to focus on complex issues. The app's primary functions include:

• Remote Monitoring and Management: Allowing residents to control smart thermostats, lighting, and security systems from anywhere.
• Ecosystem Management: Integrating features like air quality monitoring and energy consumption data from the solar system.
• Telemedicine Gateway: Providing a platform for future biohealth services, a key growth area for the diversified company.

Community engagement platforms for residents

Community is a core part of the value proposition, and AEI fosters this through digital and physical platforms. The communities, such as Lakes at Black Oak, are designed with shared amenities like splash pads, playgrounds, and walking trails to encourage physical interaction.

To measure the success of their community-building efforts, one proxy metric is the reported resident engagement. For the area surrounding a key community, approximately 39% of residents report the presence of community events, suggesting a moderate, but not dominant, level of organized engagement. The digital platform is used to facilitate this, providing a centralized place for event RSVPs and neighborhood communication, which is a low-cost, high-impact retention tool.

Long-term relationships for potential upgrade services

The most lucrative customer relationship is the long-term one, especially with real estate investors. AEI's business model includes retaining lots for rental and offering property management services to investors who are targeting a rental yield of 5%. [cite: 10 in previous search]

This creates a sticky, recurring revenue stream. The relationship is maintained through property management services, which, based on 2025 industry averages, typically command a fee of 8-12% of monthly rent collected. This recurring fee is a critical component of the long-term relationship, far exceeding the one-time sales commission.

Customer Relationship Metric	2025 Fiscal Year Data Point	Impact on Relationship
LTM Revenue (ending Sep 30, 2025)	$12.11 million	Validates the Real Estate segment's dominance in initial customer acquisition.
Typical Home Price Range (Lakes at Black Oak)	$284,900 to $348,068	Defines the core customer as an affordable-smart-home buyer, requiring volume in sales.
Investor Target Yield (Property Management)	5% [cite: 10 in previous search]	Anchors the long-term relationship model to a clear financial goal for the investor client.
Industry Average Property Management Fee	8-12% of monthly rent	Quantifies the value of the recurring, post-sale relationship (upgrade and management services).
Digital Support Mechanism	EHome mobile application for Remote Monitoring and Management	Scales customer support and enables future upgrade sales (e.g., new smart devices).

High-touch service for high-value home sales

To be fair, the 'high-touch' service is reserved for two main client types: the real estate investor and the buyer of their higher-end properties (Alset Villas, for example). For investors, the high-touch service is the full-service property management, which handles everything from tenant screening to maintenance coordination, ensuring they hit that 5% yield target. This is a defintely different level of service than a standard single-family home sale.

For high-value home buyers, this translates into a concierge-level experience: personalized floor plan customization, dedicated project managers for the build process, and white-glove setup of the integrated EHome technology. This premium service tier is essential for maximizing the gross margin on their most profitable units, balancing the volume sales of the entry-level smart homes.

Alset Inc. (AEI) - Canvas Business Model: Channels

You need to know exactly how Alset Inc. gets its smart, sustainable homes from the community site to the buyer or renter. The channel strategy is a necessary mix of high-touch, on-site sales and a broad digital reach, which is typical for a diversified home builder. The Real Estate segment's total revenue for the nine months ended September 30, 2025, was $3,166,093, which is the revenue base these channels are working to grow.

The core challenge here is balancing the direct control of an in-house team with the expansive reach of external broker networks and digital platforms. This multi-channel approach is crucial for moving inventory in communities like North Park Woods and Santa Fe, especially given the company's dual focus on 'build for sale' and 'build for rent' properties.

Direct in-house sales force at community sites

This is the high-control, high-conversion channel. Alset Inc. maintains dedicated sales centers within its EHome communities, such as Lakes at Black Oak and Alset Villa. This team's primary role is to sell the value proposition-the integrated smart technologies and energy efficiency-directly to prospective buyers and tenants. They manage the initial lead qualification, model home tours, and contract closing. This channel allows the company to capture the full profit margin on the sale price, bypassing third-party commissions, but it requires substantial fixed cost investment in personnel and physical sales offices.

Here's the quick math: The company reported total revenue of $998,828 for the quarter ended September 30, 2025. A significant portion of the 'build for sale' revenue is closed by this direct team, but the company does not publicly break out the exact percentage. This channel is defintely the most important for controlling the brand message.

Online real estate portals (e.g., Zillow, Realtor.com)

For a modern home builder, digital listing services are non-negotiable for lead generation. While Alset Inc. does not publish its lead volume from specific portals, its properties are listed on major platforms like Zillow and Realtor.com to capture the massive pool of passive and active home shoppers. The Digital Transformation Technology segment also includes 'e-real estate' platforms, indicating an internal focus on digital sales infrastructure.

These portals function as a low-cost, high-volume lead funnel, especially for the 'build for rent' inventory, which needs constant occupancy. The trade-off is the cost per lead (CPL) and the need for a seamless handoff to the direct sales force for conversion. The goal is to drive traffic from these listings directly to the community websites for deeper engagement.

Network of external real estate brokers and agents

To be fair, you can't rely solely on in-house sales, so Alset Inc. actively uses a co-brokerage model. This channel is an essential accelerator for market penetration, especially in new developments or when inventory needs to be moved quickly. External brokers are incentivized with a commission (typically 2.5% to 3.0% of the sale price) to bring their clients to the community sites.

This network is critical for reaching buyers who are already working with an agent and provides a variable cost structure-you only pay for a successful sale. The company's listing in the Real Estate Agents & Mgrs sector on NASDAQ highlights the importance of the brokerage ecosystem to its operations. This network extends the reach far beyond the immediate local market of a community.

Digital marketing campaigns targeting specific demographics

The company leverages digital marketing, which is confirmed by the existence of its Digital Transformation Technology segment, which provides services like 'direct marketing platforms.' These campaigns target specific buyer personas, such as first-time homeowners interested in smart-home technology or investors seeking rental income properties in the Houston-area communities.

The focus is on platforms like Google Ads, social media (Facebook, Instagram), and email marketing to drive traffic to the main website and community landing pages. This channel is crucial for pre-selling phases and generating interest before construction is complete. The total operating loss of $9,266,557 for the nine months ended September 30, 2025, includes the cost of these marketing efforts, which are a necessary investment to drive future revenue.

Community events and model home tours

Nothing beats seeing the product, so the final, high-impact channel is the on-site event. Model home tours and community events-like grand openings or investor-focused seminars-are used to turn digital leads into physical visitors and, ultimately, buyers. This channel validates the value proposition in a tangible way.

These events are a direct extension of the in-house sales team's efforts, providing a shared experience that builds trust and urgency. They are a low-volume but high-conversion channel, serving as the final step in the sales funnel. The goal is to convert visitors into signed contracts right there, on the ground, where they can see the quality of the EHome product.

Channel Type	Primary Function	2025 Financial Context (Q3)	Strategic Benefit
Direct In-House Sales Force	On-site sales, contract closing, brand control	Contributes to Q3 2025 Revenue of $998,828 (Exact breakdown not public)	Highest margin sales, direct customer relationship
Online Real Estate Portals	High-volume lead generation, property visibility	Supports overall Real Estate segment revenue of $3,166,093 (9-month 2025)	Broad market reach, 24/7 exposure
External Broker/Agent Network	Market penetration, leveraging third-party client base	Variable cost (commission-based), accelerates inventory turnover	Expands sales reach without adding fixed payroll
Digital Marketing Campaigns	Targeted lead nurturing, brand awareness	Expense included in Q3 2025 Operating Loss of $2,578,978	Cost-effective targeting of specific demographics

Alset EHome International Inc. (AEI) - Canvas Business Model: Customer Segments

You need to know exactly who is buying Alset EHome International Inc.'s smart, sustainable homes to assess their market risk and growth potential. The customer base is split between two primary groups: end-user homeowners who value technology and sustainability, and institutional investors seeking rental assets in growing US markets.

Honestly, the Real Estate segment is the engine for Alset Inc. (formerly Alset EHome International Inc.), driving 92.9% of its total revenue, or $19.6 million in 2024, which is the most recent detailed breakdown we have. This revenue stream defines the customer segments.

Eco-conscious families seeking sustainable, modern homes

This segment is the core buyer for the 'EHome' concept, prioritizing the integrated clean energy ecosystem. They are attracted to features like solar-ready platforms, power walls, and clean, sterilized airflow systems, which Alset EHome offers in communities like Alset at Black Oak in Magnolia, Texas. This group is willing to pay a premium for a lower long-term carbon footprint and reduced utility costs. It's a high-margin segment, but it's also highly sensitive to the initial purchase price, so financing is defintely a key factor.

First-time homebuyers looking for value and technology

This group seeks affordability paired with modern convenience, which is why Alset EHome focuses on integrated living solutions to redefine residential living through technology and affordability. They are often looking at the entry-level price points in master-planned communities like Ballenger Run in Frederick County, Maryland. The appeal here is getting a 'smart home' experience-including advanced communication systems and smart home devices-without the custom-build price tag. Their purchase decision is highly sensitive to interest rates and local housing market value.

Tech-savvy millennials prioritizing smart home features

Millennials are the primary drivers for the smart-home aspect of the value proposition. They view the home as an integrated, interoperable ecosystem for convenience and security, not just a structure. Products like smart thermostats, security cameras, and integrated lighting systems are non-negotiable for them. They are generally less focused on the size of the property and more on the seamless digital experience, which aligns with the company's focus on a cohesive and interoperable ecosystem. This segment is likely a strong overlap with the first-time buyers.

Retirees downsizing to low-maintenance, efficient properties

This segment seeks low-maintenance, energy-efficient living. The value proposition for them is the long-term cost savings from the energy-efficient platforms and the convenience of a 'lock-and-leave' smart security system. They are cash-flow buyers, often using the equity from a previous home sale, making them less sensitive to mortgage rate fluctuations but highly sensitive to property taxes and HOA fees. The low-maintenance aspect of new construction in a planned community is a major draw.

Investors seeking rental properties in growing communities

This is a crucial, high-volume customer segment, often institutional. Alset EHome develops properties specifically for rent and/or sale, and historically, they've transferred homes to American Home REIT (AHR) for rental operations. For example, the Alset Villas project near The Woodlands, Texas, was targeted to develop approximately 70 EHomes for rent and/or sale. This segment values a predictable capitalization rate (cap rate) and the low-maintenance, high-occupancy potential of a new, tech-equipped home. The Real Estate segment's $2.9 million in Rental revenue in 2024 underscores the importance of this investor/rental customer base.

Here's the quick math on how the primary Real Estate segment revenue breaks down for these customers, using the latest full-year segment data:

Customer Segment Focus	Alset EHome Value Proposition	Key 2024 Real Estate Revenue Component	2024 Revenue Amount (USD)
Eco-conscious Families / First-Time Buyers	Sustainable, Integrated Smart Home Sales	Property Sales	$16.7 million (79.2% of Total Revenue)
Investors (Rental Property Acquisition)	Income-Producing, High-Yield Rental Assets	Rental Income	$2.9 million (13.7% of Total Revenue)
Total Real Estate Segment Revenue			$19.6 million (92.9% of Total Revenue)

What this estimate hides is the potential for significant lumpiness in the Property Sales revenue. Selling a block of 70 homes to an investor, for example, can skew the quarterly numbers dramatically. Still, the breakdown shows that the vast majority of the company's focus is on selling the physical smart home product, not just the rental income stream.

Finance: Track the Property Sales vs. Rental Income split in the next quarterly report to see if the investor segment is growing its share of the revenue mix by the end of 2025.

Alset EHome International Inc. (AEI) - Canvas Business Model: Cost Structure

You need a clear picture of where Alset EHome International Inc. (AEI) is spending its money, and the simple truth is that its cost structure is typical for a real estate developer, but with a significant fixed-cost layer from its diversification strategy. The bulk of the expense is tied to the cost of building, but the overhead from its multiple segments-Real Estate, Digital Transformation Technology, and Biohealth-is what's driving the company's current operating loss.

For the trailing twelve months (TTM) leading up to late 2025, Alset EHome International Inc. reported a Gross Profit of only $5.4 million on $16.07 million in revenue, which immediately tells you the variable costs are high. The total operating expense load, which includes all fixed and marketing costs, was approximately $18.1 million, resulting in a TTM Operating Loss of around $4.18 million. That's a serious burn rate.

Significant capital expenditure on land acquisition and development

In the real estate business, your biggest cash outlay is typically land acquisition and development, which is capitalized as inventory (Real Estate Held for Sale) before it hits the income statement as Cost of Goods Sold. What we see on the cash flow statement for Capital Expenditures (CapEx)-which is for property, plant, and equipment-is surprisingly low for a developer, standing at just -$212,102 TTM. This indicates the company is not heavily investing in long-term fixed assets like corporate offices or major equipment, but rather focusing its capital directly into the development cycle.

Here's the quick math on their core real estate costs:

• Total TTM Revenue: $16.07 million
• Total TTM Cost of Goods Sold: $6.72 million
• Gross Margin: 44.52%

High variable costs related to construction materials and labor

The core variable cost for Alset EHome International Inc. is the Cost of Goods Sold (COGS), which directly represents the cost of construction for the E-Homes, including materials, labor, and direct overhead. For the TTM period, this figure was substantial at $6.72 million. This is a crucial number to track; any volatility in lumber, steel, or labor markets directly hits this line item, squeezing the gross margin.

The company's focus on its E-Home concept-which includes integrated solar systems and energy storage solutions-means its material costs will be inherently higher than a traditional builder. You're paying a premium for that 'sustainable healthy living' value proposition.

Fixed costs for corporate overhead and administrative functions

The largest drag on Alset EHome International Inc.'s profitability is its total operating expense, which includes all the fixed costs for running a multi-segment, international company. While the company does not break out Selling, General, and Administrative (SG&A) expenses separately in the TTM data, we know the total 'Other Expenses' were approximately $18.1 million. This massive figure covers everything from executive salaries and corporate rent in Bethesda, Maryland, to legal and accounting fees across its global operations.

This is where the diversified model gets expensive. You're running three distinct businesses-real estate, tech, and biohealth-under one roof, so you have three sets of administrative and compliance costs. Honestly, that's a lot of corporate overhead for a company with only $16.07 million in TTM revenue.

Research and development (R&D) for E-Home technology

The R&D expense is a key component of the total operating expense, funding the proprietary aspects of the E-Home technology, the Digital Transformation Technology segment, and the Biohealth segment. Although the specific R&D figure is not separately disclosed for the TTM period, it is embedded within the $18.1 million in Other Expenses.

The R&D spend is directed toward:

• Developing new sustainable energy solutions for the E-Homes.
• Building out the Digital Transformation Technology platform (e.g., mobile apps, blockchain).
• Researching and testing biohealth products.

Sales and marketing expenses, including commissions

Sales and marketing costs, including commissions paid to real estate agents and promotional spend for the Biohealth and Digital segments, are also part of the $18.1 million in total Other Expenses. This is a variable-fixed hybrid cost-commissions are variable, but brand advertising and the sales team's base salaries are fixed.

The company needs to ensure this spend is highly effective, as the current cost structure suggests the sales and G&A functions are consuming all the gross profit and then some. To be fair, a $1.5 million capital raise in January 2025 was explicitly for general corporate purposes and working capital, which helps cover this persistent operating deficit, but it's not a sustainable long-term solution.

Cost Component	Nature of Cost	TTM Value (Approx. as of late 2025)	Strategic Implication
Cost of Goods Sold (COGS)	Variable (Construction Materials, Labor)	$6.72 million	High cost base for E-Home construction; sensitive to commodity prices.
Other Expenses (SG&A, R&D, Marketing)	Fixed/Semi-Variable (Corporate Overhead, Admin, Tech Dev)	$18.1 million	Primary driver of operating loss; indicates high fixed costs from diversified segments.
Capital Expenditures (PP&E)	Fixed (Long-term assets, not land)	-$212,102	Minimal investment in fixed assets; land acquisition is capitalized as Inventory.
Operating Income	Resulting Profitability	-$4.18 million	The total cost structure is currently unsustainable relative to TTM revenue.

Alset EHome International Inc. (AEI) - Canvas Business Model: Revenue Streams

You're looking to understand where Alset Inc. (AEI), formerly Alset EHome International Inc., actually makes its money, and the answer is clear: it's a real estate play, plain and simple. For the trailing twelve months ending June 30, 2025, the company's total revenue was approximately $16.07 million, with the vast majority tied to property development and sales.

I've tracked companies like this for years, and what you're seeing is a business model heavily concentrated in one area, which carries both opportunity and risk. Your strategic decisions must account for this concentration, especially as the Q3 2025 revenue came in at just under $1.0 million.

Primary revenue from the sale of residential E-Home units

The core of Alset Inc.'s revenue stream comes from selling developed residential properties, particularly the E-Home units in communities like those near Houston, Texas, and in Frederick, Maryland. This is the main engine. In the last full fiscal year, 2024, the entire Real Estate segment generated $19,608,184 in revenue, which accounted for a staggering 93% of the company's total revenue.

This property development revenue is volatile, though, as it's tied to closing dates and market conditions. For example, the property development business accounted for 79% of total revenues in 2024, down from 82% in 2023, reflecting reduced property sales volume.

Here's a quick look at the major revenue sources for the last full fiscal year, 2024, which gives you the clearest picture of where the money flows:

Revenue Stream Category (FY 2024)	Amount (USD)	% of Total Revenue	Context
Real Estate Segment Revenue	$19,608,184	93%	Includes Property Sales and Rental Income.
Property Sales (Direct)	$16,700,000 (Approx.)	79.2% (Approx.)	Direct sales of E-Homes and developed lots.
Rental Income	$2,900,000 (Approx.)	13.7% (Approx.)	Income from investment properties.
Other Business Activities	$1,500,000 (Approx.)	7% (Approx.)	Digital transformation, biohealth, etc.
Total Revenue (FY 2024)	$21,115,899	100%	The full-year figure.

Rental income from properties held for investment (e.g., rental communities)

While property sales grab the headlines, the company also generates a smaller, more predictable stream from rental income. This comes from properties held for investment, primarily within their developed communities. This is a crucial, defintely more stable component.

Based on the segment breakdown, rental income contributed approximately $2.9 million to the Real Estate segment's total revenue in the 2024 fiscal year. This 13.7% slice of the real estate pie provides a buffer against the lumpiness of direct home sales, which is smart business planning.

Potential recurring revenue from smart-home service subscriptions

This is a strategic opportunity, but not yet a material revenue source. Alset Inc. is developing E-Home communities with a focus on sustainable and healthy living solutions, which implies future smart-home technologies and services.

However, the Digital Transformation Technology and Biohealth segments-which would house any smart-home subscription revenue-did not generate significant revenue in the 2024 fiscal year. You should view this as a potential future stream, not a current one. The company is evaluating entry into solar energy and smart home technologies, but the revenue hasn't materialized yet.

Proceeds from land sales or joint venture developments

A significant portion of the property development revenue comes from the sale of developed land lots, often in bulk to builders or through joint ventures. This is a fast way to realize cash and reduce capital outlay.

For instance, in the second half of 2024, the company executed several large land sales that illustrate this stream:

• Sale of 70 lots at Alset Villas on July 1, 2024, generating approximately $3.8 million.
• Sale of 72 lots at Lakes at Black Oak on October 10, 2024, generating approximately $3.9 million.
• Sale of 63 lots at Alset Villas on December 16, 2024, generating approximately $3.8 million.

Interest income from financing arrangements

This stream is less about core operations and more about the financial structure of the business. It includes interest earned from notes receivable or other financing arrangements with related parties or buyers. While the gross interest income isn't explicitly broken out in the most recent summary data, the net impact of the company's financing activities is visible.

In the 2024 fiscal year, the company reported a net interest expense of approximately $0.6 million, which is the result of interest income minus interest expense. This small net expense suggests the interest income generated is largely offset by the interest paid on debt, meaning this stream is not a significant net contributor to the bottom line right now.