Addvalue Tech A31
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Financials
ANNUAL REPORT 2026
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27 tablesGroup / Company financial position — FY2026 source
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUnited States dollars thousands | 1,671 | 1,058 | – | – | PDF p. 87 |
| SubsidiariesUnited States dollars thousands | – | – | 28,626 | 19,085 | PDF p. 87 |
| AssociateUnited States dollars thousands | * | * | * | * | PDF p. 87 |
| Intangible assetsUnited States dollars thousands | 8,151 | 8,356 | – | – | PDF p. 87 |
| Deferred tax assetsUnited States dollars thousands | 1,269 | 377 | – | – | PDF p. 87 |
| Trade receivablesUnited States dollars thousands | 129 | 106 | – | – | PDF p. 87 |
| SubtotalUnited States dollars thousands | 11,220 | 9,897 | 28,626 | 19,085 | PDF p. 87 |
| Current assets | |||||
| InventoriesUnited States dollars thousands | 6,796 | 8,688 | – | – | PDF p. 87 |
| Trade receivablesUnited States dollars thousands | 7,040 | 3,699 | – | – | PDF p. 87 |
| Other receivables, deposits and prepaymentsUnited States dollars thousands | 443 | 932 | 3 | 24 | PDF p. 87 Label p. 87 |
| Financial assets at fair value through profit and loss (“FVTPL”)United States dollars thousands | 1,008 | – | – | – | PDF p. 87 Label p. 87 |
| Due from subsidiaries (non-trade)United States dollars thousands | – | – | 7,150 | 7,580 | PDF p. 87 |
| Cash and bank balancesUnited States dollars thousands | 7,260 | 1,506 | 44 | 14 | PDF p. 87 |
| SubtotalUnited States dollars thousands | 22,547 | 14,825 | 7,197 | 7,618 | PDF p. 87 |
| TOTAL ASSETSUnited States dollars thousands | 33,767 | 24,722 | 35,823 | 26,703 | PDF p. 87 |
| Current liabilities | |||||
| Trade payablesUnited States dollars thousands | 2,055 | 4,156 | – | – | PDF p. 87 |
| Other payables and accrualsUnited States dollars thousands | 2,323 | 2,456 | 113 | 793 | PDF p. 87 |
| ProvisionsUnited States dollars thousands | 161 | 170 | 161 | 156 | PDF p. 87 |
| BorrowingsUnited States dollars thousands | – | 1,002 | – | 766 | PDF p. 87 |
| Derivative financial liabilitiesUnited States dollars thousands | – | 33 | – | 33 | PDF p. 87 |
| Lease liabilitiesUnited States dollars thousands | 81 | 223 | – | – | PDF p. 87 |
| Contract liabilitiesUnited States dollars thousands | 9,368 | 3,634 | – | – | PDF p. 87 |
| Income tax liabilitiesUnited States dollars thousands | 170 | 19 | – | – | PDF p. 87 |
| Due to subsidiaries (non-trade)United States dollars thousands | – | – | 537 | 537 | PDF p. 87 |
| SubtotalUnited States dollars thousands | 14,158 | 11,693 | 811 | 2,285 | PDF p. 87 |
| Non-current liabilities | |||||
| BorrowingsUnited States dollars thousands | – | 3,484 | – | 3,484 | PDF p. 87 |
| Lease liabilitiesUnited States dollars thousands | 13 | 86 | – | – | PDF p. 87 |
| Deferred tax liabilitiesUnited States dollars thousands | 1,386 | 1,421 | – | – | PDF p. 87 |
| SubtotalUnited States dollars thousands | 1,399 | 4,991 | – | 3,484 | PDF p. 87 |
| TOTAL LIABILITIESUnited States dollars thousands | 15,557 | 16,684 | 811 | 5,769 | PDF p. 87 |
| NET ASSETSUnited States dollars thousands | 18,210 | 8,038 | 35,012 | 20,934 | PDF p. 87 |
| Capital and reserves attributable to equity holders of the Company | |||||
| Share capitalUnited States dollars thousands | 94,822 | 89,483 | 94,822 | 89,483 | PDF p. 87 |
| Capital reserveUnited States dollars thousands | 747 | 747 | – | – | PDF p. 87 |
| Accumulated lossesUnited States dollars thousands | (77,359) | (82,192) | (59,810) | (68,549) | PDF p. 87 |
| TOTAL EQUITYUnited States dollars thousands | 18,210 | 8,038 | 35,012 | 20,934 | PDF p. 87 |
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Original report: PDF p. 87 ↗
Group income / comprehensive income — FY2026 source
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Group income / comprehensive income — FY2026 source | |||
| RevenueUnited States dollars thousands | 24,833 | 15,528 | PDF p. 86 |
| Cost of salesUnited States dollars thousands | (11,883) | (7,432) | PDF p. 86 |
| Gross profitUnited States dollars thousands | 12,950 | 8,096 | PDF p. 86 |
| Other operating incomeUnited States dollars thousands | 928 | 970 | PDF p. 86 |
| Selling and distribution expensesUnited States dollars thousands | (1,354) | (1,141) | PDF p. 86 |
| Administrative expensesUnited States dollars thousands | (4,751) | (3,261) | PDF p. 86 |
| Provision for expected credit loss on trade receivablesUnited States dollars thousands | (85) | (44) | PDF p. 86 |
| Other operating expensesUnited States dollars thousands | (3,475) | (2,523) | PDF p. 86 |
| Finance expensesUnited States dollars thousands | (121) | (466) | PDF p. 86 |
| Profit before income taxUnited States dollars thousands | 4,092 | 1,631 | PDF p. 86 |
| Income tax creditUnited States dollars thousands | 741 | 322 | PDF p. 86 |
| Profit for the year, representing total comprehensive income for the year, net of taxUnited States dollars thousands | 4,833 | 1,953 | PDF p. 86 Label p. 86 |
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Original report: PDF p. 86 ↗
Group basic and diluted EPS — FY2026 source
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Earnings per share attributable to equity holders of the Company (cents) | |||
| Basic and dilutedUS cents per share | 0.14 | 0.06 | PDF p. 86 |
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Definitions & sources
Original report: PDF p. 86 ↗
Group changes in equity — FY2026 source / ending2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Capital reserve | 2025Group — Statutory reserve | 2025Group — Foreign currency translation reserve | 2025Group — Accumulated losses | 2025Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2026 source | |||||||
| Balance at 1 April 2024United States dollars thousands | 89,483 | 747 | 8 | 40 | (84,145) | 6,133 | PDF p. 88 |
| Profit for the year, representing total comprehensive income for the yearUnited States dollars thousands | – | – | – | – | 1,953 | 1,953 | PDF p. 88 Label p. 88 |
| Liquidation of a subsidiary (Note 13)United States dollars thousands | – | – | (8) | (40) | – | (48) | PDF p. 88 Label p. 88 |
| Balance at 31 March 2025United States dollars thousands | 89,483 | 747 | – | – | (82,192) | 8,038 | PDF p. 88 Label p. 88 |
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Original report: PDF p. 88 ↗
Group changes in equity — FY2026 source / ending2026
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — Share capital | 2026Group — Capital reserve | 2026Group — Statutory reserve | 2026Group — Foreign currency translation reserve | 2026Group — Accumulated losses | 2026Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2026 source | |||||||
| Profit for the year, representing total comprehensive income for the yearUnited States dollars thousands | – | – | – | – | 4,833 | 4,833 | PDF p. 88 Label p. 88 |
| Pursuant to conversion of convertible loan notes (Note 33)United States dollars thousands | 790 | – | – | – | – | 790 | PDF p. 88 Label p. 88 |
| Pursuant to exercise of warrants (Note 33)United States dollars thousands | 790 | – | – | – | – | 790 | PDF p. 88 Label p. 88 |
| Pursuant of conversion of redeemable convertible bonds (Note 33)United States dollars thousands | 3,759 | – | – | – | – | 3,759 | PDF p. 88 Label p. 88 |
| Balance at 31 March 2026United States dollars thousands | 94,822 | 747 | – | – | (77,359) | 18,210 | PDF p. 88 Label p. 88 |
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Original report: PDF p. 88 ↗
Group cash flows — FY2026 source
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income taxUnited States dollars thousands | 4,092 | 1,631 | PDF p. 89 |
| Adjustments for: | |||
| Amortisation of intangible assetsUnited States dollars thousands | 895 | 941 | PDF p. 89 |
| Depreciation of property, plant and equipmentUnited States dollars thousands | 500 | 407 | PDF p. 89 |
| Interest expenseUnited States dollars thousands | 119 | 434 | PDF p. 89 |
| Interest incomeUnited States dollars thousands | (47) | – | PDF p. 89 |
| Provision for expected credit loss on trade receivablesUnited States dollars thousands | 85 | 44 | PDF p. 89 |
| Inventories written offUnited States dollars thousands | 805 | 16 | PDF p. 89 |
| Allowance for stock obsolescenceUnited States dollars thousands | 388 | 477 | PDF p. 89 |
| Loss from extinguishment of financial liabilities at FVTPLUnited States dollars thousands | 435 | – | PDF p. 89 |
| Gain from extinguishment of derivative financial liabilitiesUnited States dollars thousands | (33) | – | PDF p. 89 |
| Fair value loss on financial liabilities at FVTPLUnited States dollars thousands | – | 132 | PDF p. 89 |
| Fair value gain on derivative financial liabilitiesUnited States dollars thousands | – | (41) | PDF p. 89 |
| Gain on liquidation of subsidiariesUnited States dollars thousands | (423) | (115) | PDF p. 89 |
| Property, plant and equipment written offUnited States dollars thousands | – | 2 | PDF p. 89 |
| Other receivables written offUnited States dollars thousands | 20 | 1 | PDF p. 89 |
| Reversal of provisionsUnited States dollars thousands | (9) | (42) | PDF p. 89 |
| Unrealised foreign exchange (gain)/lossUnited States dollars thousands | (1) | 7 | PDF p. 89 |
| Total operating cash flows before movements in working capitalUnited States dollars thousands | 6,826 | 3,894 | PDF p. 89 |
| Changes in working capital: | |||
| InventoriesUnited States dollars thousands | 699 | (1,904) | PDF p. 89 |
| Trade and other receivablesUnited States dollars thousands | (2,980) | 259 | PDF p. 89 |
| Trade and other payablesUnited States dollars thousands | (1,750) | (426) | PDF p. 89 |
| Contract liabilitiesUnited States dollars thousands | 5,734 | 1,738 | PDF p. 89 |
| Cash generated from operationsUnited States dollars thousands | 8,529 | 3,561 | PDF p. 89 |
| Income tax paidUnited States dollars thousands | (35) | – | PDF p. 89 |
| Net cash generated from operating activitiesUnited States dollars thousands | 8,494 | 3,561 | PDF p. 89 |
| Investing activities | |||
| Purchase of property, plant and equipmentUnited States dollars thousands | (1,113) | (535) | PDF p. 89 |
| Additions in intangible assetsUnited States dollars thousands | (690) | (1,150) | PDF p. 89 |
| Net cash inflow from liquidation of a subsidiaryUnited States dollars thousands | – | 64 | PDF p. 89 |
| Purchase of financial assets at FVTPLUnited States dollars thousands | (1,000) | – | PDF p. 89 |
| Interest receivedUnited States dollars thousands | 39 | – | PDF p. 89 |
| Net cash used in investing activitiesUnited States dollars thousands | (2,764) | (1,621) | PDF p. 89 |
| Financing activities | |||
| Proceeds from warrantsUnited States dollars thousands | 790 | – | PDF p. 89 |
| Proceeds from borrowingsUnited States dollars thousands | – | 1,489 | PDF p. 89 |
| Repayment of borrowingsUnited States dollars thousands | (372) | (1,903) | PDF p. 89 |
| Repayment of lease liabilitiesUnited States dollars thousands | (215) | (215) | PDF p. 89 |
| Interest paidUnited States dollars thousands | (179) | (340) | PDF p. 89 |
| Net cash generated from/(used in) financing activitiesUnited States dollars thousands | 24 | (969) | PDF p. 89 |
| Net increase in cash and cash equivalentsUnited States dollars thousands | 5,754 | 971 | PDF p. 89 |
| Cash and cash equivalents at beginning of the financial yearUnited States dollars thousands | 1,506 | 535 | PDF p. 89 |
| Cash and cash equivalents at end of the financial yearUnited States dollars thousands | 7,260 | 1,506 | PDF p. 89 |
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Original report: PDF p. 89 ↗
Cash and bank balances — Note22
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Cash and bank balances — Note22 | |||||
| Cash at bankUnited States dollars thousands | 2,723 | 1,506 | 44 | 14 | PDF p. 131 |
| Cash in handUnited States dollars thousands | – | * | – | – | PDF p. 131 |
| Fixed depositsUnited States dollars thousands | 4,537 | – | – | – | PDF p. 131 |
| Cash and bank balancesUnited States dollars thousands | 7,260 | 1,506 | 44 | 14 | PDF p. 131 |
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Original report: PDF p. 131 ↗
Capital management / reported gearing — Note41
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Capital management / reported gearing — Note41 | |||||
| Total liabilitiesUnited States dollars thousands | 15,557 | 16,684 | 811 | 5,769 | PDF p. 163 |
| Less: Cash and bank balancesUnited States dollars thousands | (7,260) | (1,506) | (44) | (14) | PDF p. 163 |
| Net debtUnited States dollars thousands | 8,297 | 15,178 | 767 | 5,755 | PDF p. 163 |
| Total equityUnited States dollars thousands | 18,210 | 8,038 | 35,012 | 20,934 | PDF p. 163 |
| Total capitalUnited States dollars thousands | 26,507 | 23,216 | 35,779 | 26,689 | PDF p. 163 |
| Gearing ratiotimes (net debt / total capital) | 0.31 | 0.65 | 0.02 | 0.22 | PDF p. 163 |
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Original report: PDF p. 163 ↗
Liabilities arising from financing activities — FY2026
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Opening1April2025 | 2026Group — Financing cash flows | 2026Group — Interest expenses | 2026Group — Gain/loss from extinguishment | 2026Group — Issuance of new shares | 2026Group — Closing31March2026 | Source |
|---|---|---|---|---|---|---|---|
| Liabilities | |||||||
| LoansUnited States dollars thousands | 236 | (245) | 9 | – | – | – | PDF p. 90 |
| Redeemable convertible bondsUnited States dollars thousands | 3,484 | (136) | – | 411 | (3,759) | – | PDF p. 90 Label p. 90 |
| Convertible loan notesUnited States dollars thousands | 766 | – | – | 24 | (790) | – | PDF p. 90 |
| Derivative financial liabilitiesUnited States dollars thousands | 33 | 790 | – | (33) | (790) | – | PDF p. 90 |
| Lease liabilitiesUnited States dollars thousands | 309 | (225) | 10 | – | – | 94 | PDF p. 90 |
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Original report: PDF p. 90 ↗
Liabilities arising from financing activities — FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Opening1April2024 | 2025Group — Financing cash flows | 2025Group — Interest expenses | 2025Group — Foreign exchange movement | 2025Group — Additions | 2025Group — Fair value gain/loss | 2025Group — Closing31March2025 | Source |
|---|---|---|---|---|---|---|---|---|
| Liabilities | ||||||||
| LoansUnited States dollars thousands | 100 | 62 | 72 | 2 | – | – | 236 | PDF p. 90 |
| Bills payableUnited States dollars thousands | 467 | (476) | 20 | (11) | – | – | – | PDF p. 90 |
| Redeemable convertible bondsUnited States dollars thousands | 3,396 | – | – | 13 | – | 75 | 3,484 | PDF p. 90 Label p. 90 |
| Convertible loan notesUnited States dollars thousands | 707 | – | – | 2 | – | 57 | 766 | PDF p. 90 |
| Derivative financial liabilitiesUnited States dollars thousands | 74 | – | – | – | – | (41) | 33 | PDF p. 90 Label p. 90 |
| Lease liabilitiesUnited States dollars thousands | 496 | (232) | 17 | (1) | 29 | – | 309 | PDF p. 90 |
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Original report: PDF p. 90 ↗
Basic / diluted EPS numerator — Note10
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original source note | |||
| Profit for the purpose of calculatingUnited States dollars thousands | 4,833 | 1,953 | PDF p. 118 |
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Original report: PDF p. 118 ↗
Basic / diluted EPS weighted share denominator — Note10
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original source note | |||
| Weighted average number of ordinary shares for the purpose ofNumber of ordinary shares | 3,392,706,119 | 3,242,032,092 | PDF p. 118 |
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Original report: PDF p. 118 ↗
Originalfullsharecounts, notthousands. No potentialordinaryshares outstandingatyearend; sourcebasicanddilutedEPS areequal.
Basic and diluted EPS rates — Note10
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original source note | |||
| Basic and diluted earnings per share (US$ cents)US cents per share | 0.14 | 0.06 | PDF p. 118 |
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Original report: PDF p. 118 ↗
Ordinary share count movement — Note33
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company | 2025Group and Company | Source |
|---|---|---|---|
| Original source note | |||
| At beginning of financial yearNumber of ordinary shares | 3,242,032,092 | 3,242,032,092 | PDF p. 139 |
| Issuance of new shares pursuant to conversion of CLN (A)Number of ordinary shares | 78,500,000 | – | PDF p. 139 |
| Issuance of new shares pursuant to exercise of warrants (B)Number of ordinary shares | 78,500,000 | – | PDF p. 139 |
| Issuance of new shares pursuant to conversion of RCB (C)Number of ordinary shares | 284,342,971 | – | PDF p. 139 |
| At end of financial yearNumber of ordinary shares | 3,683,375,063 | 3,242,032,092 | PDF p. 139 |
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Original report: PDF p. 139 ↗
The note33RCB narrative prints January/February2025 dates alongside September/November2025 in its FY2026 issuance description. Original dates preserved, no inferred corrections.
Monetary share capital movement — Note33
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company | 2025Group and Company | Source |
|---|---|---|---|
| Original source note | |||
| At beginning of financial yearUnited States dollars thousands | 89,483 | 89,483 | PDF p. 139 |
| Issuance of new shares pursuant to conversion of CLN (A)United States dollars thousands | 790 | – | PDF p. 139 |
| Issuance of new shares pursuant to exercise of warrants (B)United States dollars thousands | 790 | – | PDF p. 139 |
| Issuance of new shares pursuant to conversion of RCB (C)United States dollars thousands | 3,759 | – | PDF p. 139 |
| At end of financial yearUnited States dollars thousands | 94,822 | 89,483 | PDF p. 139 |
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Original report: PDF p. 139 ↗
The note33RCB narrative prints January/February2025 dates alongside September/November2025 in its FY2026 issuance description. Original dates preserved, no inferred corrections.
Reported revenue / IDRS terminals comparison
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original reported review | |||
| RevenueUnited States dollars million | 24.8 | 15.5 | PDF p. 6 |
| IDRS terminalsUnited States dollars million | 11.5 | 7.5 | PDF p. 6 |
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Original report: PDF p. 6 ↗
IDRS terminal revenue11.5/7.5million is a component of SPC-related business, distinct from full FY2026SPC-related revenue13.5million. No full comparativeSPCrevenue is invented.
FY2026 reported business revenue
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — FY2026business revenue | Source |
|---|---|---|
| Original reported review | ||
| SPC-Related Business RevenueUnited States dollars million | 13.5 | PDF p. 6 |
| ADR-Related Business RevenueUnited States dollars million | 9.7 | PDF p. 6 |
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Definitions & sources
Original report: PDF p. 6 ↗
Reported gross profit margin
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original reported review | |||
| gross profit margin% | 52.1 | 52.1 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Financial review reported financial position / cash flow
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original reported review | |||
| net asset value of the GroupUnited States dollars million | 18.2 | 8.0 | PDF p. 11 |
| net asset value per ordinary shareUS cents per share | 0.49 | 0.25 | PDF p. 11 |
| working capital position of the GroupUnited States dollars million | 8.4 | 3.1 | PDF p. 11 |
| net cash generated from operationUnited States dollars million | 8.5 | 3.6 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Financial review gearing — interest-bearing loans / shareholders funds
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Original reported review | |||
| gearing of the Group% | NIL | 55.8 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Sourcedefinition: allinterest-bearing loans dividedbyshareholdersfunds. This loan/equitypercentage is distinct fromNote41netdebt/totalcapital ratio. OriginalNIL is preserved, not replacedwithzero.
Group / Company financial position — FY2024 source
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUnited States dollars | 903,398 | 550,469 | – | – | PDF p. 89 |
| SubsidiariesUnited States dollars | – | – | 19,085,001 | 19,085,001 | PDF p. 89 |
| AssociateUnited States dollars | – | – | – | – | PDF p. 89 |
| Intangible assetsUnited States dollars | 8,147,236 | 7,972,592 | – | – | PDF p. 89 |
| SubtotalUnited States dollars | 9,050,634 | 8,523,061 | 19,085,001 | 19,085,001 | PDF p. 89 |
| Current assets | |||||
| InventoriesUnited States dollars | 7,276,516 | 4,898,776 | – | – | PDF p. 89 |
| Trade receivablesUnited States dollars | 3,448,799 | 2,228,792 | – | – | PDF p. 89 |
| Other receivables, deposits and prepaymentsUnited States dollars | 1,592,136 | 528,945 | 10,174 | 8,466 | PDF p. 89 |
| Other investmentUnited States dollars | 2,440 | 19,825 | 2,440 | 19,825 | PDF p. 89 |
| Due from subsidiaries (non-trade)United States dollars | – | – | 8,320,997 | 8,000,901 | PDF p. 89 |
| Cash and bank balancesUnited States dollars | 535,293 | 151,289 | 368 | 820 | PDF p. 89 |
| SubtotalUnited States dollars | 12,855,184 | 7,827,627 | 8,333,979 | 8,030,012 | PDF p. 89 |
| TOTAL ASSETSUnited States dollars | 21,905,818 | 16,350,688 | 27,418,980 | 27,115,013 | PDF p. 89 |
| Current liabilities | |||||
| Trade payablesUnited States dollars | 4,623,934 | 1,772,543 | – | – | PDF p. 89 |
| Other payables and accrualsUnited States dollars | 2,415,838 | 2,076,024 | 958,160 | 786,238 | PDF p. 89 |
| ProvisionsUnited States dollars | 212,237 | 177,757 | 187,300 | 160,181 | PDF p. 89 |
| BorrowingsUnited States dollars | 567,018 | 707,194 | – | – | PDF p. 89 |
| Derivative financial liabilitiesUnited States dollars | 74,098 | – | 74,098 | – | PDF p. 89 |
| Lease liabilitiesUnited States dollars | 208,531 | 86,017 | – | – | PDF p. 89 |
| Contract liabilitiesUnited States dollars | 1,895,801 | 779,960 | – | – | PDF p. 89 |
| Due to subsidiaries (non-trade)United States dollars | – | – | 501,286 | 510,174 | PDF p. 89 |
| SubtotalUnited States dollars | 9,997,457 | 5,599,495 | 1,720,844 | 1,456,593 | PDF p. 89 |
| Non-current liabilities | |||||
| BorrowingsUnited States dollars | 4,102,814 | 3,560,764 | 4,102,814 | 3,560,764 | PDF p. 89 |
| Lease liabilitiesUnited States dollars | 287,029 | 3,949 | – | – | PDF p. 89 |
| Deferred tax liabilitiesUnited States dollars | 1,385,029 | 1,355,340 | – | – | PDF p. 89 |
| SubtotalUnited States dollars | 5,774,872 | 4,920,053 | 4,102,814 | 3,560,764 | PDF p. 89 |
| TOTAL LIABILITIESUnited States dollars | 15,772,329 | 10,519,548 | 5,823,658 | 5,017,357 | PDF p. 89 |
| NET ASSETSUnited States dollars | 6,133,489 | 5,831,140 | 21,595,322 | 22,097,656 | PDF p. 89 |
| Capital and reserves attributable to equity holders of the Company | |||||
| Share capitalUnited States dollars | 89,483,172 | 89,483,172 | 89,483,172 | 89,483,172 | PDF p. 89 |
| Capital reserveUnited States dollars | 746,882 | 746,882 | – | – | PDF p. 89 |
| Statutory reserveUnited States dollars | 7,813 | 7,813 | – | – | PDF p. 89 |
| Foreign currency translation reserveUnited States dollars | 40,395 | 15,561 | – | – | PDF p. 89 |
| Accumulated lossesUnited States dollars | (84,144,773) | (84,422,288) | (67,887,850) | (67,385,516) | PDF p. 89 |
| TOTAL EQUITYUnited States dollars | 6,133,489 | 5,831,140 | 21,595,322 | 22,097,656 | PDF p. 89 |
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Definitions & sources
Original report: PDF p. 89 ↗
Group income / comprehensive income — FY2024 source
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group income / comprehensive income — FY2024 source | |||
| RevenueUnited States dollars | 12,773,677 | 7,548,912 | PDF p. 88 |
| Cost of salesUnited States dollars | (6,064,279) | (3,952,539) | PDF p. 88 |
| Gross profitUnited States dollars | 6,709,398 | 3,596,373 | PDF p. 88 |
| Other operating incomeUnited States dollars | 398,649 | 41,377 | PDF p. 88 |
| Selling and distribution expensesUnited States dollars | (924,891) | (635,517) | PDF p. 88 |
| Administrative expensesUnited States dollars | (3,389,025) | (2,949,765) | PDF p. 88 |
| Loss allowance for trade receivablesUnited States dollars | (2,254) | – | PDF p. 88 |
| Loss allowance for other receivablesUnited States dollars | – | (40,725) | PDF p. 88 |
| Other operating expensesUnited States dollars | (1,762,277) | (2,861,057) | PDF p. 88 |
| Finance expensesUnited States dollars | (722,396) | (487,192) | PDF p. 88 |
| Profit/(Loss) before income taxUnited States dollars | 307,204 | (3,336,506) | PDF p. 88 |
| Income tax (expense)/creditUnited States dollars | (29,689) | 344,009 | PDF p. 88 |
| Profit/(Loss) for the yearUnited States dollars | 277,515 | (2,992,497) | PDF p. 88 |
| Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences arising from translation of foreign operations, representing other comprehensive income for the year, net of taxUnited States dollars | 24,834 | 26,735 | PDF p. 88 Label p. 88 |
| Total comprehensive income/(loss) for the year, net of taxUnited States dollars | 302,349 | (2,965,762) | PDF p. 88 |
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Definitions & sources
Original report: PDF p. 88 ↗
Group basic and diluted EPS — FY2024 source
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Earnings/(Loss) per share attributable to equity holders of the Group (cents) | |||
| Basic and dilutedUS cents per share | 0.01 | (0.10) | PDF p. 88 |
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Definitions & sources
Original report: PDF p. 88 ↗
Group changes in equity — FY2024 source / ending2023
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Capital reserve | 2023Group — Statutory reserve | 2023Group — Foreign currency translation reserve | 2023Group — Accumulated losses | 2023Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source | |||||||
| Balance at 1 April 2022United States dollars | 83,115,804 | 1,826,657 | 7,813 | (11,174) | (82,509,566) | 2,429,534 | PDF p. 90 |
| Loss for the yearUnited States dollars | – | – | – | – | (2,992,497) | (2,992,497) | PDF p. 90 |
| Other comprehensive income, net of taxUnited States dollars | – | – | – | 26,735 | – | 26,735 | PDF p. 90 |
| Total comprehensive loss for the yearUnited States dollars | – | – | – | 26,735 | (2,992,497) | (2,965,762) | PDF p. 90 |
| Contribution by and distribution to owners | |||||||
| Movement arising from extinguishment of convertible loan note (Note 27)United States dollars | - | (1,079,775) | – | – | 1,079,775 | – | PDF p. 90 Label p. 90 |
| Issuance of new shares: | |||||||
| Pursuant to share placement, net of expenses (Note 33)United States dollars | 2,995,083 | – | – | – | – | 2,995,083 | PDF p. 90 |
| Pursuant to optional share subscription, net of expenses (Note 33)United States dollars | 2,096,714 | – | – | – | – | 2,096,714 | PDF p. 90 Label p. 90 |
| Pursuant to warrant share (Note 33)United States dollars | 1,720,786 | – | – | – | – | 1,720,786 | PDF p. 90 |
| Share issue expense (Note 33)United States dollars | (445,215) | – | – | – | – | (445,215) | PDF p. 90 |
| Balance at 31 March 2023United States dollars | 89,483,172 | 746,882 | 7,813 | 15,561 | (84,422,288) | 5,831,140 | PDF p. 90 |
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Definitions & sources
Original report: PDF p. 90 ↗
Group changes in equity — FY2024 source / ending2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Capital reserve | 2024Group — Statutory reserve | 2024Group — Foreign currency translation reserve | 2024Group — Accumulated losses | 2024Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Issuance of new shares: | |||||||
| Profit for the yearUnited States dollars | – | – | – | – | 277,515 | 277,515 | PDF p. 90 |
| Other comprehensive income, net of taxUnited States dollars | – | – | – | 24,834 | – | 24,834 | PDF p. 90 |
| Total comprehensive income for the yearUnited States dollars | – | – | – | 24,834 | 277,515 | 302,349 | PDF p. 90 |
| Balance at 31 March 2024United States dollars | 89,483,172 | 746,882 | 7,813 | 40,395 | (84,144,773) | 6,133,489 | PDF p. 90 |
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Definitions & sources
Original report: PDF p. 90 ↗
Group cash flows — FY2024 source
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(Loss) before income taxUnited States dollars | 307,204 | (3,336,506) | PDF p. 91 |
| Adjustments for: | |||
| Amortisation of intangible assetsUnited States dollars | 601,366 | 614,949 | PDF p. 91 |
| Depreciation of property, plant and equipmentUnited States dollars | 374,509 | 385,183 | PDF p. 91 |
| Interest expenseUnited States dollars | 633,892 | 465,019 | PDF p. 91 |
| Interest incomeUnited States dollars | (109) | (208) | PDF p. 91 |
| Impairment loss on development expenditureUnited States dollars | – | 600,000 | PDF p. 91 |
| Loss allowance for trade receivablesUnited States dollars | 2,254 | – | PDF p. 91 |
| Loss allowance for other receivablesUnited States dollars | – | 40,725 | PDF p. 91 |
| Inventories written offUnited States dollars | 103,130 | 391,544 | PDF p. 91 |
| Fair value loss from other investmentUnited States dollars | 17,385 | 248,575 | PDF p. 91 |
| Fair value (gain)/loss from financial liabilities at FVTPL, netUnited States dollars | (92,174) | 48,307 | PDF p. 91 |
| Fair value loss from derivative financial liabilitiesUnited States dollars | 7,645 | – | PDF p. 91 |
| ProvisionsUnited States dollars | 34,480 | 52,293 | PDF p. 91 |
| Unrealised foreign exchange (loss)/gainUnited States dollars | (50,801) | 263,770 | PDF p. 91 |
| Payables written offUnited States dollars | (212,946) | – | PDF p. 91 |
| Total operating cash flows before movements in working capitalUnited States dollars | 1,725,835 | (226,349) | PDF p. 91 |
| Changes in working capital: | |||
| InventoriesUnited States dollars | 198,130 | (2,439,445) | PDF p. 91 |
| Trade and other receivablesUnited States dollars | (2,066,416) | (756,340) | PDF p. 91 |
| Contract liabilitiesUnited States dollars | 1,115,841 | (143,216) | PDF p. 91 |
| Trade and other payablesUnited States dollars | 827,418 | 831,236 | PDF p. 91 |
| Cash generated from/(used in) operationsUnited States dollars | 1,800,808 | (2,734,114) | PDF p. 91 |
| Interest income receivedUnited States dollars | 109 | 208 | PDF p. 91 |
| Net cash generated from/(used in) operating activitiesUnited States dollars | 1,800,917 | (2,733,906) | PDF p. 91 |
| Investing activities | |||
| Purchase of property, plant and equipmentUnited States dollars | (128,088) | (274,437) | PDF p. 91 |
| Additions in intangible assetsUnited States dollars | (776,010) | (1,350,892) | PDF p. 91 |
| Proceeds from government grantsUnited States dollars | – | 788,250 | PDF p. 91 |
| Net cash used in investing activitiesUnited States dollars | (904,098) | (837,079) | PDF p. 91 |
| Financing activities | |||
| Net proceeds from placement shares, net of share issue expensesUnited States dollars | – | 3,746,891 | PDF p. 91 |
| Proceeds from borrowingsUnited States dollars | 3,076,574 | 4,027,338 | PDF p. 91 |
| Repayment of borrowingsUnited States dollars | (2,828,546) | (3,903,114) | PDF p. 91 |
| Repayment of lease liabilitiesUnited States dollars | (209,104) | (210,556) | PDF p. 91 |
| Interest paidUnited States dollars | (551,739) | (570,323) | PDF p. 91 |
| Net cash (used in)/generated from financing activitiesUnited States dollars | (512,815) | 3,090,236 | PDF p. 91 |
| Net increase/(decrease) in cash and cash equivalentsUnited States dollars | 384,004 | (480,749) | PDF p. 91 |
| Cash and cash equivalents at beginning of the financial yearUnited States dollars | 151,289 | 632,038 | PDF p. 91 |
| Cash and cash equivalents at end of the financial yearUnited States dollars | 535,293 | 151,289 | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 91 ↗
Group / Company financial position — FY2022 source
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUnited States dollars | 472,590 | 808,340 | – | – | PDF p. 61 |
| SubsidiariesUnited States dollars | – | – | 19,549,001 | 19,549,001 | PDF p. 61 |
| AssociateUnited States dollars | – | – | – | – | PDF p. 61 |
| Intangible assetsUnited States dollars | 8,624,899 | 9,640,829 | – | – | PDF p. 61 |
| SubtotalUnited States dollars | 9,097,489 | 10,449,169 | 19,549,001 | 19,549,001 | PDF p. 61 |
| Current assets | |||||
| InventoriesUnited States dollars | 2,850,875 | 2,558,786 | – | – | PDF p. 61 |
| Trade receivablesUnited States dollars | 1,448,493 | 6,735,737 | – | – | PDF p. 61 |
| Other receivables, deposits and prepaymentsUnited States dollars | 593,629 | 157,206 | 110 | 110 | PDF p. 61 |
| Other investmentUnited States dollars | 268,400 | 14,945 | 268,400 | 14,945 | PDF p. 61 |
| Due from subsidiaries (non-trade)United States dollars | – | – | 10,327,566 | 8,673,144 | PDF p. 61 |
| Cash and bank balancesUnited States dollars | 632,038 | 274,099 | 1,131 | 12,727 | PDF p. 61 |
| SubtotalUnited States dollars | 5,793,435 | 9,740,773 | 10,597,207 | 8,700,926 | PDF p. 61 |
| TOTAL ASSETSUnited States dollars | 14,890,924 | 20,189,942 | 30,146,208 | 28,249,927 | PDF p. 61 |
| Current liabilities | |||||
| Trade payables (third parties)United States dollars | 641,139 | 841,693 | – | – | PDF p. 61 |
| Other payables and accrualsUnited States dollars | 3,158,775 | 2,205,548 | 760,096 | 662,330 | PDF p. 61 |
| ProvisionsUnited States dollars | 125,464 | 101,120 | 121,510 | 72,463 | PDF p. 61 |
| BorrowingsUnited States dollars | 5,793,050 | 6,706,432 | 3,861,860 | 4,196,118 | PDF p. 61 |
| Lease liabilitiesUnited States dollars | 95,986 | 216,379 | – | – | PDF p. 61 |
| Contract liabilitiesUnited States dollars | 923,176 | 494,883 | – | – | PDF p. 61 |
| Due to subsidiaries (non-trade)United States dollars | – | – | 559,843 | 534,652 | PDF p. 61 |
| SubtotalUnited States dollars | 10,737,590 | 10,566,055 | 5,303,309 | 5,465,563 | PDF p. 61 |
| Non-current liabilities | |||||
| BorrowingsUnited States dollars | 13,897 | 20,714 | – | – | PDF p. 61 |
| Lease liabilitiesUnited States dollars | 10,554 | 107,433 | – | – | PDF p. 61 |
| Deferred tax liabilitiesUnited States dollars | 1,699,349 | 1,633,782 | – | – | PDF p. 61 |
| SubtotalUnited States dollars | 1,723,800 | 1,761,929 | – | – | PDF p. 61 |
| TOTAL LIABILITIESUnited States dollars | 12,461,390 | 12,327,984 | 5,303,309 | 5,465,563 | PDF p. 61 |
| NET ASSETSUnited States dollars | 2,429,534 | 7,861,958 | 24,842,899 | 22,784,364 | PDF p. 61 |
| equity holders of the Company | |||||
| Share capitalUnited States dollars | 83,115,804 | 80,577,932 | 83,115,807 | 80,577,932 | PDF p. 61 |
| Capital reserveUnited States dollars | 1,826,657 | 2,353,691 | 1,079,775 | 1,606,809 | PDF p. 61 |
| Statutory reserveUnited States dollars | 7,813 | 7,813 | – | – | PDF p. 61 |
| Foreign currency translation reserveUnited States dollars | (11,174) | (4,217) | – | – | PDF p. 61 |
| Accumulated lossesUnited States dollars | (82,509,566) | (75,073,261) | (59,352,683) | (59,400,377) | PDF p. 61 |
| TOTAL EQUITYUnited States dollars | 2,429,534 | 7,861,958 | 24,842,899 | 22,784,364 | PDF p. 61 |
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Definitions & sources
Original report: PDF p. 61 ↗
Where the money comes from
Segment information
By business
Breakdown of revenue by product/service 4 lines
| Item / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Revenue breakdown | |||
| SPC product and related servicesUS$'000 | 13,545 | 8,437 | PDF p. 146 |
| ADRS embedded platform and related servicesUS$'000 | 9,725 | 6,174 | PDF p. 146 |
| Satcom product and related servicesUS$'000 | 214 | 151 | PDF p. 146 |
| Design services and othersUS$'000 | 1,349 | 766 | PDF p. 146 |
Notes
Total printed as 24,833 (2026) and 15,528 (2025); total row has no label.
By geography
Segment information FY2026 (by geographical segment) 9 lines
| Item / unit | 2026EMEA | 2026America | 2026Asia Pacific | 2026Consolidated | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| Total revenue from external customersUS$'000 | 2,544 | 7,383 | 14,906 | 24,833 | PDF p. 144 |
| Gross profitUS$'000 | 1,327 | 3,850 | 7,773 | 12,950 | PDF p. 144 |
| Segment assets | |||||
| - Segment assetsUS$'000 | 1,652 | 1,451 | 29,395 | 32,498 | PDF p. 144 |
| - Deferred tax assetsUS$'000 | – | – | 1,269 | 1,269 | PDF p. 144 |
| Segment liabilities | |||||
| - Segment liabilitiesUS$'000 | 1,059 | 4,008 | 9,104 | 14,171 | PDF p. 144 |
| - Deferred tax liabilitiesUS$'000 | – | – | 1,386 | 1,386 | PDF p. 144 |
| Capital expenditure | |||||
| - Property, plant and equipmentUS$'000 | – | – | 1,113 | 1,113 | PDF p. 144 |
| - Intangible assetsUS$'000 | – | – | 690 | 690 | PDF p. 144 |
| Other information | |||||
| Depreciation and amortisation**US$'000 | 142 | 415 | 838 | 1,395 | PDF p. 144 |
Notes
* Overhead expenses mainly represent selling and distribution expenses, administrative expenses, provision for expected credit loss on trade receivables and other operating expenses, which are not directly attributable to revenue generated from customers.
** Depreciation and amortisation were allocated based on revenue contribution from each segment.
Segment information FY2025 (by geographical segment) 9 lines
| Item / unit | 2025EMEA | 2025America | 2025Asia Pacific | 2025Consolidated | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| Total revenue from external customersUS$'000 | 737 | 4,991 | 9,800 | 15,528 | PDF p. 145 |
| Gross profitUS$'000 | 384 | 2,603 | 5,109 | 8,096 | PDF p. 145 |
| Segment assets | |||||
| - Segment assetsUS$'000 | 12 | 1,256 | 23,077 | 24,345 | PDF p. 145 |
| - Deferred tax assetsUS$'000 | – | – | 377 | 377 | PDF p. 145 |
| Segment liabilities | |||||
| - Segment liabilitiesUS$'000 | 47 | 285 | 14,931 | 15,263 | PDF p. 145 |
| - Deferred tax liabilitiesUS$'000 | – | – | 1,421 | 1,421 | PDF p. 145 |
| Capital expenditure | |||||
| - Property, plant and equipment (1)US$'000 | – | – | 535 | 535 | PDF p. 145 |
| - Intangible assetsUS$'000 | – | – | 1,150 | 1,150 | PDF p. 145 |
| Other information | |||||
| Depreciation and amortisation**US$'000 | 64 | 433 | 851 | 1,348 | PDF p. 145 |
Notes
* Overhead expenses mainly represent selling and distribution expenses, administrative expenses, provision for expected credit loss on trade receivables and other operating expenses, which are not directly attributable to revenue generated from customers.
** Depreciation and amortisation were allocated based on revenue contribution from each segment.
(1) Excluding additions of right-of-use assets of US$29,000.
Revenue by country 11 lines
| Item / unit | 2026Revenue | 2025Revenue | Source |
|---|---|---|---|
| Country of domicile | |||
| - SingaporeUS$'000 | 11,388 | 6,935 | PDF p. 146 |
| Foreign countries | |||
| - United States of AmericaUS$'000 | 6,669 | 4,501 | PDF p. 146 |
| - AustraliaUS$'000 | 141 | 26 | PDF p. 146 |
| - SpainUS$'000 | 232 | 3 | PDF p. 146 |
| - JapanUS$'000 | 3,331 | 2,684 | PDF p. 146 |
| - ItalyUS$'000 | 22 | 300 | PDF p. 146 |
| - BelgiumUS$'000 | 84 | 302 | PDF p. 146 |
| - UruguayUS$'000 | 714 | 490 | PDF p. 146 |
| - FranceUS$'000 | 1,824 | 75 | PDF p. 146 |
| - GermanyUS$'000 | 382 | – | PDF p. 146 |
| - Others*US$'000 | 46 | 212 | PDF p. 146 |
Notes
* Others comprise China, Hong Kong, Korea, Denmark, United Kingdom and etc.
Total printed as 24,833 (2026) and 15,528 (2025). Non-current assets of the Group are located in Singapore. Major customers: in 2026, revenue attributable to major customers based in Singapore and Japan (2025: Singapore) amounted to US$12,235,000 (2025: US$6,486,000).
Debt
Borrowings
Borrowing notes 3 tables
Note26
| Item / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Borrowings — Note26 | |||||
| Due within one year Loans (Note 27)United States dollars thousands | – | 236 | – | – | PDF p. 134 |
| Convertible loan notes (Note 28)United States dollars thousands | – | 766 | – | 766 | PDF p. 134 |
| SubtotalUnited States dollars thousands | – | 1,002 | – | 766 | PDF p. 134 |
| Due after one year or more Redeemable convertible bonds (Note 29)United States dollars thousands | – | 3,484 | – | 3,484 | PDF p. 134 |
| SubtotalUnited States dollars thousands | – | 4,486 | – | 4,250 | PDF p. 134 |
| Total borrowings Loans (Note 27)United States dollars thousands | – | 236 | – | – | PDF p. 134 |
| Convertible loan notes (Note 28)United States dollars thousands | – | 766 | – | 766 | PDF p. 134 |
| Redeemable convertible bonds (Note 29)United States dollars thousands | – | 3,484 | – | 3,484 | PDF p. 134 |
| SubtotalUnited States dollars thousands | – | 4,486 | – | 4,250 | PDF p. 134 |
Borrowings
| Item / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Due within one year | |||||
| Loans (Note 27)US$'000 | – | 236 | – | – | PDF p. 134 |
| Convertible loan notes (Note 28)US$'000 | – | 766 | – | 766 | PDF p. 134 |
| Due after one year or more | |||||
| Redeemable convertible bonds (Note 29)US$'000 | – | 3,484 | – | 3,484 | PDF p. 134 |
| Total borrowings | |||||
| Total borrowings (Loans (Note 27))US$'000 | – | 236 | – | – | PDF p. 134 |
Notes
Loan (Note 27): denominated in Singapore dollar, fixed interest rate 1.2% per month, unsecured, repayable in 12 monthly instalments, guaranteed by the Company; fully repaid during the current financial year.
Total borrowings 2025: Group 4,486; Company 4,250 (total line printed without label).
Statement of financial position - borrowings and lease liabilities
| Item / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| BorrowingsUS$'000 | – | 1,002 | – | 766 | PDF p. 87 |
| Lease liabilitiesUS$'000 | 81 | 223 | – | – | PDF p. 87 |
| Non-current liabilities | |||||
| BorrowingsUS$'000 | – | 3,484 | – | 3,484 | PDF p. 87 |
| Lease liabilitiesUS$'000 | 13 | 86 | – | – | PDF p. 87 |
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| PROVISION 11.6 DIVIDENDS | The Group currently does not have a formal dividend policy as it needs to conserve its financial resources for expansion or making inroads into newly cultivated markets. | Group | PDF p. 74 |
Extracted from ANNUAL REPORT 2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| FORVIS MAZARS LLP | FORVIS MAZARS LLP | Group | PDF p. 85 |
| Engagement partner | Wong Zi En | Group | PDF p. 85 |
| Opinion | unmodified | Group and Company | PDF p. 81 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of development expenditure | These estimates involve significant management judgement and estimation uncertainty and, accordingly, this area was identified as a key audit matter. | Group | PDF p. 82 |
Extracted from ANNUAL REPORT 2026 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Original FY2026/FY2025 statements use US dollars thousands. Original FY2024/FY2023 and FY2022/FY2021 statements use full US dollars; units are preserved without conversion. EPS is US cents. Group consolidated income/CI/cashflow/equity and Group/Company financial position are disclosed. No separate Company income/cashflow/equity statements are disclosed. Original FY2026 asterisks denote amounts below US$1000, not zero.
The source declares no dividend for FY2026. No payment or proposed rate is invented; dividend policy is retained as disclosure, not as a forecast.
FY2026 cash includesUS$4537thousand fixed deposits of approximately30days. Cashhandasteriskdenotes amount belowUS$1000; no additionalcashrestrictionadjustmentisdisclosed.
The published gearing table calculates net debt from total liabilities minus cash. Its preceding narrative says to exclude income tax and deferred tax liabilities; those exclusions do not agree with the Group table for both years. Original table and narrative are preserved with a qualification.
Note33FY2026share-issuance description prints January/February2025 dates alongside September/November2025. Date inconsistency is retained; the source table clearly assigns the amounts and counts to FY2026.
The current review discloses FY2026/FY2025 comparisons rather than a five-year highlights table. Original primary statements cover FY2021–FY2026. Revenue and cash-flow summaries are rounded US dollar millions; NAV and EPS are US cents. IDRS terminal revenue is not the full SPC-related revenue.
Financial review gearingNIL/55.8% uses loans/shareholders funds, whileNote41reports0.31/0.65 netdebt/totalcapital. Both definitions are preserved and are not combined.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.