TrickleStar CYW
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+0.00% +0.00 Updated 11 Nov 2026, 12:52 SGT
Financials
Annual Report 2025 (TrickleStar Limited)
Explore the statements
8 tablesStatements of Financial Position – The Group and The Company, as at 31 December 2025
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Property, plant and equipmentUS$ | 127,637 | 89,246 | – | – | PDF p. 109 |
| Intangible assetsUS$ | 75,324 | 101,082 | 2 | 2 | PDF p. 109 |
| Investment in subsidiariesUS$ | – | – | 1,712,358 | 1,963,213 | PDF p. 109 |
| Trade and other receivablesUS$ | – | – | 2,099,646 | 2,115,138 | PDF p. 109 |
| SubtotalUS$ | 202,961 | 190,328 | 3,812,006 | 4,078,353 | PDF p. 109 |
| Current Assets | |||||
| InventoriesUS$ | 3,141,271 | 3,312,983 | – | – | PDF p. 109 |
| Trade and other receivablesUS$ | 1,295,158 | 2,405,231 | 416,768 | 412,645 | PDF p. 109 |
| Cash and bank balancesUS$ | 1,483,362 | 1,236,051 | 948,964 | 616,267 | PDF p. 109 |
| SubtotalUS$ | 5,919,791 | 6,954,265 | 1,365,732 | 1,028,912 | PDF p. 109 |
| ASSETS | |||||
| Total assetsUS$ | 6,122,752 | 7,144,593 | 5,177,738 | 5,107,265 | PDF p. 109 |
| Capital and Reserves | |||||
| Share capitalUS$ | 8,424,556 | 7,703,186 | 8,424,556 | 7,703,186 | PDF p. 109 |
| Merger reserveUS$ | (111,376) | (111,376) | – | – | PDF p. 109 |
| Share grant reserveUS$ | 15,081 | 13,585 | 15,081 | 13,585 | PDF p. 109 |
| Foreign currency translation reserveUS$ | 13,954 | (24,154) | – | – | PDF p. 109 |
| Accumulated lossesUS$ | (3,176,942) | (3,021,458) | (3,357,768) | (2,675,670) | PDF p. 109 |
| Total equityUS$ | 5,165,273 | 4,559,783 | 5,081,869 | 5,041,101 | PDF p. 109 |
| Non-Current Liabilities | |||||
| Deferred tax liabilitiesUS$ | – | 938 | – | – | PDF p. 109 |
| Lease liabilitiesUS$ | 50,654 | 27,936 | – | – | PDF p. 109 |
| SubtotalUS$ | 50,654 | 28,874 | – | – | PDF p. 109 |
| Current Liabilities | |||||
| Trade and other payablesUS$ | 848,709 | 2,497,463 | 95,869 | 66,164 | PDF p. 109 |
| Lease liabilitiesUS$ | 54,109 | 54,466 | – | – | PDF p. 109 |
| ProvisionUS$ | 4,007 | 4,007 | – | – | PDF p. 109 |
| SubtotalUS$ | 906,825 | 2,555,936 | 95,869 | 66,164 | PDF p. 109 |
| EQUITY AND LIABILITIES | |||||
| Total liabilitiesUS$ | 957,479 | 2,584,810 | 95,869 | 66,164 | PDF p. 109 |
| Total equity and liabilitiesUS$ | 6,122,752 | 7,144,593 | 5,177,738 | 5,107,265 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Note column references omitted from values.
Consolidated Statement of Profit or Loss and Other Comprehensive Income – The Group, year ended 31 December 2025
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueUS$ | 5,812,818 | 11,476,634 | PDF p. 110 |
| Cost of salesUS$ | (3,798,516) | (9,333,860) | PDF p. 110 |
| Gross profitUS$ | 2,014,302 | 2,142,774 | PDF p. 110 |
| Other incomeUS$ | 1,752 | 2,932 | PDF p. 110 |
| Selling and distribution expensesUS$ | (602,022) | (778,592) | PDF p. 110 |
| Administrative expensesUS$ | (1,559,858) | (2,015,025) | PDF p. 110 |
| Finance costsUS$ | (4,082) | (5,168) | PDF p. 110 |
| Loss before taxUS$ | (149,908) | (653,079) | PDF p. 110 |
| Income tax expenseUS$ | (5,576) | (12,131) | PDF p. 110 |
| Loss for the year, representing loss attributable to owners of the CompanyUS$ | (155,484) | (665,210) | PDF p. 110 |
| Other comprehensive income | |||
| Exchange differences on translating foreign operationsUS$ | 38,108 | 12,721 | PDF p. 110 |
| Other comprehensive income for the financial yearUS$ | 38,108 | 12,721 | PDF p. 110 |
| Total comprehensive income | |||
| Total comprehensive loss for the year, representing total comprehensive income attributable to owners of the CompanyUS$ | (117,376) | (652,489) | PDF p. 110 |
| Loss per share attributable to owners of the Company | |||
| Basic and diluted (cents)cents per share | (0.11) | (0.79) | PDF p. 110 |
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Definitions & sources
Original report: PDF p. 110 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Two-line labels were split in the source; the quotes use the second line where the values are printed. Note column references omitted from values.
No separate Company-level income statement is presented.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$ | 2024Group, US$ | Source |
|---|---|---|---|
| Income statement | |||
| RevenueUS$ | 5,812,818 | 11,476,634 | PDF p. 110 |
| Cost of salesUS$ | (3,798,516) | (9,333,860) | PDF p. 110 |
| Gross profitUS$ | 2,014,302 | 2,142,774 | PDF p. 110 |
| Other incomeUS$ | 1,752 | 2,932 | PDF p. 110 |
| Selling and distribution expensesUS$ | (602,022) | (778,592) | PDF p. 110 |
| Administrative expensesUS$ | (1,559,858) | (2,015,025) | PDF p. 110 |
| Finance costsUS$ | (4,082) | (5,168) | PDF p. 110 |
| Loss before taxUS$ | (149,908) | (653,079) | PDF p. 110 |
| Income tax expenseUS$ | (5,576) | (12,131) | PDF p. 110 |
| Loss for the year, representing loss attributable to owners of the CompanyUS$ | (155,484) | (665,210) | PDF p. 110 |
| Other comprehensive income | |||
| Exchange differences on translating foreign operationsUS$ | 38,108 | 12,721 | PDF p. 110 |
| Other comprehensive income for the financial yearUS$ | 38,108 | 12,721 | PDF p. 110 |
| Total comprehensive income | |||
| Total comprehensive loss for the year, representing total comprehensive income attributable to owners of the CompanyUS$ | (117,376) | (652,489) | PDF p. 110 |
| Loss per share | |||
| Basic and diluted (cents)cents | (0.11) | (0.79) | PDF p. 110 |
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Definitions & sources
Original report: PDF p. 110 ↗
Values in US$. Loss for the year is wholly attributable to owners of the Company.
Consolidated Statement of Cash Flows (Group)
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$ | 2024Group, US$ | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before taxUS$ | (149,908) | (653,079) | PDF p. 113 |
| Allowance for expected credit losses on trade receivablesUS$ | 25,313 | – | PDF p. 113 |
| Amortisation of intangible assetsUS$ | 25,758 | 17,760 | PDF p. 113 |
| Depreciation of property, plant and equipmentUS$ | 68,045 | 68,647 | PDF p. 113 |
| Impairment loss recognised on intangible assetsUS$ | – | 17,817 | PDF p. 113 |
| Interest expenseUS$ | 4,082 | 5,168 | PDF p. 113 |
| Interest incomeUS$ | (1,711) | (2,922) | PDF p. 113 |
| (Reversal of provision for inventories obsolescence)/write-down of inventories to net realisable valueUS$ | (54,831) | 164,172 | PDF p. 113 |
| Performance share plan expensesUS$ | 104,554 | 89,100 | PDF p. 113 |
| Operating profit/(loss) before working capital changesUS$ | 21,302 | (293,337) | PDF p. 113 |
| Change in inventoriesUS$ | 226,543 | (138,238) | PDF p. 113 |
| Change in trade and other receivablesUS$ | 1,090,247 | (666,271) | PDF p. 113 |
| Change in trade and other payablesUS$ | (1,648,754) | (811,134) | PDF p. 113 |
| Cash used in operationsUS$ | (310,662) | (1,908,980) | PDF p. 113 |
| Income tax paidUS$ | (12,001) | (11,161) | PDF p. 113 |
| Net cash used in operating activitiesUS$ | (322,663) | (1,920,141) | PDF p. 113 |
| Investing activities | |||
| Acquisition of property, plant and equipmentUS$ | (18,950) | (5,024) | PDF p. 113 |
| Acquisition of intangible assetsUS$ | – | (66,248) | PDF p. 113 |
| Interest receivedUS$ | 1,711 | 2,922 | PDF p. 113 |
| Net cash used in investing activitiesUS$ | (17,239) | (68,350) | PDF p. 113 |
| Financing activities | |||
| Changes in fixed deposit pledgedUS$ | (792) | (463) | PDF p. 113 |
| Interest paidUS$ | (4,082) | (5,168) | PDF p. 113 |
| Repayment of lease liabilitiesUS$ | (64,373) | (55,718) | PDF p. 113 |
| Proceeds from issuance of Rights SharesUS$ | 618,312 | – | PDF p. 113 |
| Net cash generated from/(used in) financing activitiesUS$ | 549,065 | (61,349) | PDF p. 113 |
| Net change in cash | |||
| Net increase/(decrease) in cash and cash equivalentsUS$ | 209,163 | (2,049,840) | PDF p. 113 |
| Cash and cash equivalents at beginning of yearUS$ | 1,028,285 | 3,067,784 | PDF p. 113 |
| Exchange difference on translation of cash and cash equivalents at beginning of yearUS$ | 37,356 | 10,341 | PDF p. 113 |
| Cash and cash equivalents at end of yearUS$ | 1,274,804 | 1,028,285 | PDF p. 113 |
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Definitions & sources
Original report: PDF p. 113 ↗
Values in US$. Note A (page 114) details changes in liabilities from financing activities (not extracted in full).
Consolidated Statement of Changes in Equity (Group) - year ended 31 December 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, US$ | 2024Group, Merger reserve, US$ | 2024Group, Share grant reserve, US$ | 2024Group, Foreign currency translation reserve, US$ | 2024Group, Accumulated losses, US$ | 2024Group, Total equity, US$ | Source |
|---|---|---|---|---|---|---|---|
| Opening balance | |||||||
| Balance at 1 January 2024US$ | 7,608,524 | (111,376) | 19,147 | (36,875) | (2,356,248) | 5,123,172 | PDF p. 111 |
| 2024 movements | |||||||
| Loss for the yearUS$ | – | – | – | – | (665,210) | (665,210) | PDF p. 111 |
| Exchange differences on translating foreign operationsUS$ | – | – | – | 12,721 | – | 12,721 | PDF p. 111 |
| Total comprehensive income/ (loss) for the yearUS$ | – | – | – | 12,721 | (665,210) | (652,489) | PDF p. 111 |
| Performance shares issuedUS$ | 94,662 | – | (94,662) | – | – | – | PDF p. 111 |
| Performance share planUS$ | – | – | 89,100 | – | – | 89,100 | PDF p. 111 |
| Total transactions with owners, recognised directly in equityUS$ | 94,662 | – | (5,562) | – | – | 89,100 | PDF p. 111 |
| Closing balance | |||||||
| Balance at 31 December 2024US$ | 7,703,186 | (111,376) | 13,585 | (24,154) | (3,021,458) | 4,559,783 | PDF p. 111 |
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Definitions & sources
Original report: PDF p. 111 ↗
Values in US$. Columns in order: Share capital, Merger reserve, Share grant reserve, Foreign currency translation reserve, Accumulated losses, Total equity.
Consolidated Statement of Changes in Equity (Group) - year ended 31 December 2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, US$ | 2025Group, Merger reserve, US$ | 2025Group, Share grant reserve, US$ | 2025Group, Foreign currency translation reserve, US$ | 2025Group, Accumulated losses, US$ | 2025Group, Total equity, US$ | Source |
|---|---|---|---|---|---|---|---|
| Opening balance | |||||||
| Balance at 1 January 2025US$ | 7,703,186 | (111,376) | 13,585 | (24,154) | (3,021,458) | 4,559,783 | PDF p. 111 |
| 2025 movements | |||||||
| Loss for the yearUS$ | – | – | – | – | (155,484) | (155,484) | PDF p. 111 |
| Exchange differences on translating foreign operationsUS$ | – | – | – | 38,108 | – | 38,108 | PDF p. 111 |
| Total comprehensive income/ (loss) for the yearUS$ | – | – | – | 38,108 | (155,484) | (117,376) | PDF p. 111 |
| Issuance of Rights SharesUS$ | 618,312 | – | – | – | – | 618,312 | PDF p. 111 |
| Performance shares issuedUS$ | 103,058 | – | (103,058) | – | – | – | PDF p. 111 |
| Performance share plan expensesUS$ | – | – | 104,554 | – | – | 104,554 | PDF p. 111 |
| Total transactions with owners, recognised directly in equityUS$ | 721,370 | – | 1,496 | – | – | 722,866 | PDF p. 111 |
| Closing balance | |||||||
| Balance at 31 December 2025US$ | 8,424,556 | (111,376) | 15,081 | 13,954 | (3,176,942) | 5,165,273 | PDF p. 111 |
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Definitions & sources
Original report: PDF p. 111 ↗
Values in US$. Columns in order: Share capital, Merger reserve, Share grant reserve, Foreign currency translation reserve, Accumulated losses, Total equity. No non-controlling interests presented.
Statement of Changes in Equity (Company) - years ended 31 December 2024 and 2025
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital, US$ | 2025Company, Share grant reserve, US$ | 2025Company, Accumulated losses, US$ | 2025Company, Total equity, US$ | Source |
|---|---|---|---|---|---|
| 2024 opening | |||||
| Balance at 1 January 2024US$ | 7,608,524 | 19,147 | (2,727,032) | 4,900,639 | PDF p. 112 |
| 2024 movements | |||||
| Profit for the year, representing total comprehensive income for the yearUS$ | – | – | 51,362 | 51,362 | PDF p. 112 |
| Performance shares issuedUS$ | 94,662 | (94,662) | – | – | PDF p. 112 |
| Performance share plan expensesUS$ | – | 89,100 | – | 89,100 | PDF p. 112 |
| Total transactions with owners, recognised directly in equityUS$ | 94,662 | (5,562) | – | 89,100 | PDF p. 112 |
| 2024 closing | |||||
| Balance at 31 December 2024US$ | 7,703,186 | 13,585 | (2,675,670) | 5,041,101 | PDF p. 112 |
| 2025 opening | |||||
| Balance at 1 January 2025US$ | 7,703,186 | 13,585 | (2,675,670) | 5,041,101 | PDF p. 112 |
| 2025 movements | |||||
| Loss for the year, representing total comprehensive loss for the yearUS$ | – | – | (682,098) | (682,098) | PDF p. 112 |
| Issuance of Rights SharesUS$ | 618,312 | – | – | 618,312 | PDF p. 112 |
| Performance shares issuedUS$ | 103,058 | (103,058) | – | – | PDF p. 112 |
| Performance share plan expensesUS$ | – | 104,554 | – | 104,554 | PDF p. 112 |
| Total transactions with owners, recognised directly in equityUS$ | 721,370 | 1,496 | – | 722,866 | PDF p. 112 |
| 2025 closing | |||||
| Balance at 31 December 2025US$ | 8,424,556 | 15,081 | (3,357,768) | 5,081,869 | PDF p. 112 |
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Definitions & sources
Original report: PDF p. 112 ↗
Values in US$. Columns in order: Share capital, Share grant reserve, Accumulated losses, Total equity. Rows labelled 2024 relate to the 2024 period (balance at 1 Jan 2024 to 31 Dec 2024); 2025 rows to the 2025 period. Quotes distinguish periods by balance dates and amounts.
Financial Highlights (five-year)
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December | 2024Group, year ended 31 December | 2023Group, year ended 31 December | 2022Group, year ended 31 December | 2021Group, year ended 31 December | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| Revenue (US$m)US$m | 5.8 | 11.5 | 10.3 | 13.8 | 11.3 | PDF p. 10 |
| Gross Profit (US$m)US$m | 2.0 | 2.1 | 2.4 | 3.5 | 1.8 | PDF p. 10 |
| Net Profit (US$m)US$m | (0.2) | (0.7) | (0.3) | 0.2 | (2.4) | PDF p. 10 |
| Total Assets (US$m)US$m | 6.1 | 7.1 | 8.6 | 8.8 | 9.1 | PDF p. 10 |
| Total Debt (US$m)US$m | NIL | NIL | NIL | NIL | 0.5 | PDF p. 10 |
| Per Share Data | ||||||
| Net Assets (US$cents)US$ cents | 3.3 | 5.4 | 6.1 | 6.4 | 6.1 | PDF p. 10 |
| Earnings (US$cents)US$ cents | (0.1) | (0.8) | (0.3) | 0.2 | (2.9) | PDF p. 10 |
| Dividend recommended (US$cents)US$ cents | NIL | NIL | NIL | NIL | 0.15 | PDF p. 10 |
| Ratios | ||||||
| Gross Profit Margin% | 34.7 | 18.7 | 23.3 | 25.3 | 15.9 | PDF p. 10 |
| EBITDA Margin% | (0.9) | (4.9) | (1.6) | (2.3) | (15.7) | PDF p. 10 |
| Net Profit Margin% | (2.7) | (5.8) | (2.7) | 1.2 | (21.2) | PDF p. 10 |
| Return on Equity(1)% | (3.0) | (14.6) | (5.5) | 3.1 | (47.3) | PDF p. 10 |
| Current ratiotimes (as printed, no unit) | 6.5 | 2.7 | 2.5 | 2.6 | 2.5 | PDF p. 10 |
| Debt to net assets ratio% | NIL | NIL | NIL | NIL | 9.9 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
1 Return on equity is profit after tax divided by equity attributable to the owners of the Company as at end of the financial year.
Where the money comes from
Segment information
By geography
Geographical information – Total revenue 3 lines
| Item / unit | 2025US$ | 2024US$ | Source |
|---|---|---|---|
| Total revenue | |||
| United States of AmericaUS$ | 5,098,669 | 10,272,711 | PDF p. 148 |
| CanadaUS$ | 714,149 | 1,203,923 | PDF p. 148 |
| Total revenueUS$ | 5,812,818 | 11,476,634 | PDF p. 148 |
Notes
The Group has only a primary business segment, which is that of developing and selling advanced power strips, surge protectors, electrical and energy-saving products.
Total row is unlabelled in the source (sum line under Total revenue).
Geographical information – Total non-current assets 3 lines
| Item / unit | 2025US$ | 2024US$ | Source |
|---|---|---|---|
| Total non-current assets | |||
| United States of AmericaUS$ | 121,117 | 168,102 | PDF p. 149 |
| MalaysiaUS$ | 81,844 | 22,226 | PDF p. 149 |
| Total non-current assetsUS$ | 202,961 | 190,328 | PDF p. 149 |
Notes
Major customers: Approximately 82% (2024: 91%) of revenue was derived from 3 (2024: 5) major customers.
Total row is unlabelled in the source (sum line under Total non-current assets).
Debt
Borrowings
Borrowing notes 2 tables
Lease liabilities – current and non-current (Note 15)
| Item / unit | 2025US$ | 2024US$ | Source |
|---|---|---|---|
| Lease liabilities | |||
| Non-currentUS$ | 50,654 | 27,936 | PDF p. 143 |
| CurrentUS$ | 54,109 | 54,466 | PDF p. 143 |
| Total lease liabilities (unlabelled total)US$ | 104,763 | 82,402 | PDF p. 143 |
Notes
Leases are for office premise and warehouses in USA and Malaysia; obligations are secured by the lessor's title to the leased assets.
Total row has no printed label.
Lease liabilities by currency profile (Note 15)
| Item / unit | 2025US$ | 2024US$ | Source |
|---|---|---|---|
| Currency profile | |||
| United States dollarUS$ | 27,936 | 65,557 | PDF p. 143 |
| Malaysia ringgitUS$ | 76,827 | 16,845 | PDF p. 143 |
Notes
Total 104,763 (2025) and 82,402 (2024).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | TrickleStar is driving a transformation to deliver growth for the long term. There is no assurance that dividends will be declared and/or paid or as to the timing of any dividends that are to be paid. The Board of Directors will consider various factors in determining if it is appropriate to declare a dividend, including TrickleStar’s earnings, financial condition and capital requirements. | Company policy | PDF p. 90 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND | There is no dividend for 2025. | FY2025 | PDF p. 9 |
| Dividend recommended (US$cents) | NIL | Year ended 31 December 2025 | PDF p. 10 |
| Dividend recommended (US$cents) | NIL | Year ended 31 December 2024 (comparative) | PDF p. 10 |
Extracted from Annual Report 2025 (TrickleStar Limited) 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 |
|---|---|---|---|
| Audit firm | Foo Kon Tan LLP | Group and Company, FY2025 | PDF p. 108 |
| Engagement partner | Chin Bo Wui | Group and Company, FY2025 | PDF p. 108 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and the Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view | Group and Company, FY2025 | PDF p. 104 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Net realisable value of inventories | As at 31 December 2025, the carrying amount of the Group’s inventories amounted to US$3,141,271 and constitutes 51% of the Group’s total assets. | Group, FY2025 · As at 2025-12-31 | PDF p. 105 |
Extracted from Annual Report 2025 (TrickleStar Limited) 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 2025 (TrickleStar Limited), including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.