How did AEI's Q3 earnings surprise investors?

Alset Inc. (AEI) Q3 earnings report was a significant improvement from the previous year, but it still surprised investors in several ways: 1. **Revenue Decline**: The company's total revenue for the fiscal year ended December 31, 2024, was $21,115,899, a decrease from $22,088,507 in the previous year. This decline, particularly in property sales, was a notable factor in the earnings report. 2. **Net Loss Improvement**: AEI recorded a net loss of $4,165,816 for the year, a significant improvement from the net loss of $61,278,733 in 2023. This improvement was largely due to reduced losses in property sales and a gain on consolidation of Alset Capital Acquisition Corp. 3. **Operating Expenses Increase**: Operating expenses for the year were $25,232,975, slightly up from $24,961,161 in 2023. This increase was attributed to higher general and administrative expenses and impairment charges. 4. **Digital Transformation and Biohealth Segments**: The company's digital transformation technology and biohealth segments did not generate significant revenue during the year. This lack of revenue from these segments may have been a surprise to investors who had higher expectations. Overall, while AEI's Q3 earnings showed a significant improvement in net loss, the decline in revenue and the lack of significant revenue from certain segments may have surprised investors. The company's strategic shifts and the impact of operational expenses are also noteworthy factors that could have influenced investor perceptions.