G Invacom QS9
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Financials
Annual Report 2025
Explore the statements
8 tablesConsolidated Statement of Comprehensive Income (Group)
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueUS$'000 | 30,412 | 34,583 | PDF p. 77 |
| Cost of salesUS$'000 | (16,362) | (20,877) | PDF p. 77 |
| Gross profitUS$'000 | 14,050 | 13,706 | PDF p. 77 |
| Other incomeUS$'000 | 765 | 48 | PDF p. 77 |
| Distribution costsUS$'000 | (150) | (117) | PDF p. 77 |
| Administrative expensesUS$'000 | (12,864) | (14,918) | PDF p. 77 |
| Research and development expensesUS$'000 | (3,146) | (3,201) | PDF p. 77 |
| Other operating expensesUS$'000 | (855) | (633) | PDF p. 77 |
| Finance costsUS$'000 | (262) | (375) | PDF p. 77 |
| Loss before income tax from continuing operationsUS$'000 | (2,462) | (5,490) | PDF p. 77 |
| Income tax creditUS$'000 | 644 | 804 | PDF p. 77 |
| Loss for the year from continuing operationsUS$'000 | (1,818) | (4,686) | PDF p. 77 |
| Discontinued operations | |||
| Loss for the year from discontinued operationsUS$'000 | (409) | (3,690) | PDF p. 77 |
| Total loss for the yearUS$'000 | (2,227) | (8,376) | PDF p. 77 |
| Other comprehensive income/(loss) | |||
| - Exchange differences on translation of foreign subsidiariesUS$'000 | 447 | (93) | PDF p. 77 |
| Other comprehensive income/(loss) for the year, net of taxUS$'000 | 447 | (93) | PDF p. 77 |
| Total comprehensive loss for the yearUS$'000 | (1,780) | (8,469) | PDF p. 77 |
| Loss for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | (2,223) | (8,374) | PDF p. 77 |
| Non-controlling interestsUS$'000 | (4) | (2) | PDF p. 77 |
| Total comprehensive loss for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | (1,776) | (8,467) | PDF p. 77 |
| Non-controlling interestsUS$'000 | (4) | (2) | PDF p. 77 |
| Loss per share - From continuing and discontinued operations | |||
| - Basic and diluted (cents per share)cents per share | (0.82) | (3.07) | PDF p. 77 |
| Loss per share - From continuing operations | |||
| - Basic and diluted (cents per share)cents per share | (0.67) | (1.72) | PDF p. 77 |
| Loss per share - From discontinued operations | |||
| - Basic and diluted (cents per share)cents per share | (0.15) | (1.35) | PDF p. 77 |
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Definitions & sources
Original report: PDF p. 77 ↗
The accompanying notes form an integral part of these financial statements.
Only a consolidated (Group) statement is presented; no separate Company income statement is printed.
Statements of Financial Position (Group and Company)
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current Assets | |||||
| Property, plant and equipmentUS$'000 | 2,949 | 4,096 | 1 | 3 | PDF p. 78 |
| Right-of-use assetsUS$'000 | 931 | 1,300 | – | – | PDF p. 78 |
| Investments in subsidiariesUS$'000 | – | – | 23,287 | 10,013 | PDF p. 78 |
| Investments in an associateUS$'000 | 725 | – | – | – | PDF p. 78 |
| GoodwillUS$'000 | 893 | 893 | – | – | PDF p. 78 |
| Intangible assetsUS$'000 | 619 | 853 | – | – | PDF p. 78 |
| Deferred tax assetsUS$'000 | 1,900 | 1,224 | – | – | PDF p. 78 |
| Bank Facility Security DepositUS$'000 | 533 | – | – | – | PDF p. 78 |
| SubtotalUS$'000 | 8,550 | 8,366 | 23,288 | 10,016 | PDF p. 78 |
| Current Assets | |||||
| Due from subsidiariesUS$'000 | – | – | 2,666 | 2,871 | PDF p. 78 |
| InventoriesUS$'000 | 9,791 | 12,873 | – | – | PDF p. 78 |
| Trade receivablesUS$'000 | 7,356 | 5,748 | – | – | PDF p. 78 |
| Other receivables and prepaymentsUS$'000 | 1,348 | 1,830 | 1,396 | 14,600 | PDF p. 78 |
| Tax receivablesUS$'000 | 333 | 150 | – | – | PDF p. 78 |
| Cash and cash equivalentsUS$'000 | 3,756 | 5,125 | 4 | 179 | PDF p. 78 |
| Assets classified as held for saleUS$'000 | 499 | – | – | – | PDF p. 78 |
| SubtotalUS$'000 | 23,083 | 25,726 | 4,066 | 17,650 | PDF p. 78 |
| Assets | |||||
| Total assetsUS$'000 | 31,633 | 34,092 | 27,354 | 27,666 | PDF p. 78 |
| Equity | |||||
| Share capitalUS$'000 | 60,423 | 60,423 | 74,240 | 74,240 | PDF p. 78 |
| Treasury sharesUS$'000 | (1,656) | (1,656) | (1,656) | (1,656) | PDF p. 78 |
| ReservesUS$'000 | (35,993) | (34,230) | (49,395) | (48,241) | PDF p. 78 |
| Equity attributable to owners of the CompanyUS$'000 | 22,774 | 24,537 | 23,189 | 24,343 | PDF p. 78 |
| Non-controlling interestsUS$'000 | (34) | (30) | – | – | PDF p. 78 |
| Total equityUS$'000 | 22,740 | 24,507 | 23,189 | 24,343 | PDF p. 78 |
| Non-current Liabilities | |||||
| BorrowingUS$'000 | 680 | – | – | – | PDF p. 78 |
| Other payablesUS$'000 | 190 | 157 | – | – | PDF p. 78 |
| Lease liabilitiesUS$'000 | 815 | 1,022 | – | – | PDF p. 78 |
| SubtotalUS$'000 | 1,685 | 1,179 | – | – | PDF p. 78 |
| Current Liabilities | |||||
| Due to subsidiariesUS$'000 | – | – | 3,902 | 3,175 | PDF p. 78 |
| Trade payablesUS$'000 | 1,953 | 4,989 | – | – | PDF p. 78 |
| Other payablesUS$'000 | 4,748 | 2,865 | 263 | 148 | PDF p. 78 |
| BorrowingsUS$'000 | 221 | 220 | – | – | PDF p. 78 |
| Lease liabilitiesUS$'000 | 286 | 332 | – | – | PDF p. 78 |
| SubtotalUS$'000 | 7,208 | 8,406 | 4,165 | 3,323 | PDF p. 78 |
| Liabilities | |||||
| Total liabilitiesUS$'000 | 8,893 | 9,585 | 4,165 | 3,323 | PDF p. 78 |
| Equity and liabilities | |||||
| Total equity and liabilitiesUS$'000 | 31,633 | 34,092 | 27,354 | 27,666 | PDF p. 78 |
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Definitions & sources
Original report: PDF p. 78 ↗
The accompanying notes form an integral part of these financial statements.
As at 31 December 2025, with comparatives as at 31 December 2024.
Consolidated Statement of Comprehensive Income (Group)
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueUS$'000 | 30,412 | 34,583 | PDF p. 77 |
| Cost of salesUS$'000 | (16,362) | (20,877) | PDF p. 77 |
| Gross profitUS$'000 | 14,050 | 13,706 | PDF p. 77 |
| Other incomeUS$'000 | 765 | 48 | PDF p. 77 |
| Distribution costsUS$'000 | (150) | (117) | PDF p. 77 |
| Administrative expensesUS$'000 | (12,864) | (14,918) | PDF p. 77 |
| Research and development expensesUS$'000 | (3,146) | (3,201) | PDF p. 77 |
| Other operating expensesUS$'000 | (855) | (633) | PDF p. 77 |
| Finance costsUS$'000 | (262) | (375) | PDF p. 77 |
| Loss before income tax from continuing operationsUS$'000 | (2,462) | (5,490) | PDF p. 77 |
| Income tax creditUS$'000 | 644 | 804 | PDF p. 77 |
| Loss for the year from continuing operationsUS$'000 | (1,818) | (4,686) | PDF p. 77 |
| Discontinued operations | |||
| Loss for the year from discontinued operationsUS$'000 | (409) | (3,690) | PDF p. 77 |
| Total | |||
| Total loss for the yearUS$'000 | (2,227) | (8,376) | PDF p. 77 |
| Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss | |||
| - Exchange differences on translation of foreign subsidiariesUS$'000 | 447 | (93) | PDF p. 77 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss) for the year, net of taxUS$'000 | 447 | (93) | PDF p. 77 |
| Total | |||
| Total comprehensive loss for the yearUS$'000 | (1,780) | (8,469) | PDF p. 77 |
| Loss for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | (2,223) | (8,374) | PDF p. 77 |
| Non-controlling interestsUS$'000 | (4) | (2) | PDF p. 77 |
| Total comprehensive loss for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | (1,776) | (8,467) | PDF p. 77 |
| Non-controlling interestsUS$'000 | (4) | (2) | PDF p. 77 |
| Loss per share, from continuing and discontinued operations (cents) | |||
| - Basic and diluted (cents per share)cents per share | (0.82) | (3.07) | PDF p. 77 |
| Loss per share, from continuing operations (cents) | |||
| - Basic and diluted (cents per share)cents per share | (0.67) | (1.72) | PDF p. 77 |
| Loss per share, from discontinued operations (cents) | |||
| - Basic and diluted (cents per share)cents per share | (0.15) | (1.35) | PDF p. 77 |
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Definitions & sources
Original report: PDF p. 77 ↗
Note references: Revenue 5; Other income 6(a); Finance costs 6(b); Loss before income tax 7; Income tax 8; Discontinued operations 7(a); EPS 9.
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows (Group)
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Loss before income tax from continuing operationsUS$'000 | (2,462) | (5,490) | PDF p. 80 |
| Loss before income tax from discontinued operationsUS$'000 | (409) | (3,690) | PDF p. 80 |
| Total loss before taxationUS$'000 | (2,871) | (9,180) | PDF p. 80 |
| Adjustments for | |||
| Depreciation of property, plant and equipmentUS$'000 | 1,044 | 1,347 | PDF p. 80 |
| Amortisation of intangible assetsUS$'000 | 247 | 285 | PDF p. 80 |
| Depreciation of right-of-use assetsUS$'000 | 457 | 1,092 | PDF p. 80 |
| (Reversal)/Impairment loss on property, plant and equipmentUS$'000 | (181) | 281 | PDF p. 80 |
| Loss of disposal on property, plant and equipmentUS$'000 | 7 | – | PDF p. 80 |
| Allowance of impairment loss on non-current assetsUS$'000 | – | 1,211 | PDF p. 80 |
| Allowance for inventory obsolescence, netUS$'000 | 569 | 698 | PDF p. 80 |
| Allowance for impairment loss on trade receivablesUS$'000 | 219 | 53 | PDF p. 80 |
| Unrealised exchange loss/(gain)US$'000 | 498 | (100) | PDF p. 80 |
| Interest expenseUS$'000 | 262 | 375 | PDF p. 80 |
| Share-based paymentsUS$'000 | 13 | 21 | PDF p. 80 |
| Write-back of trade payablesUS$'000 | (57) | – | PDF p. 80 |
| Cash Flows from Operating Activities | |||
| Operating cash inflow/(outflow) before working capital changesUS$'000 | 207 | (3,917) | PDF p. 80 |
| Changes in working capital | |||
| InventoriesUS$'000 | 2,489 | 1,907 | PDF p. 80 |
| Trade receivablesUS$'000 | (1,828) | 3,548 | PDF p. 80 |
| Other receivables and prepaymentsUS$'000 | 269 | 234 | PDF p. 80 |
| Trade and other payablesUS$'000 | (1,979) | (3,347) | PDF p. 80 |
| Cash Flows from Operating Activities | |||
| Cash used in operating activitiesUS$'000 | (842) | (1,575) | PDF p. 80 |
| Interest paidUS$'000 | (81) | (56) | PDF p. 80 |
| Net cash used in operating activitiesUS$'000 | (923) | (1,631) | PDF p. 80 |
| Cash Flows from Investing Activities | |||
| Purchase of property, plant and equipmentUS$'000 | (283) | (357) | PDF p. 80 |
| Investment in an associateUS$'000 | (18) | – | PDF p. 80 |
| Increase in bank facility security depositUS$'000 | (533) | – | PDF p. 80 |
| Net cash used in investing activitiesUS$'000 | (834) | (357) | PDF p. 80 |
| Cash Flows from Financing Activities | |||
| Proceeds from borrowingsUS$'000 | 791 | – | PDF p. 80 |
| Repayment of borrowingsUS$'000 | (110) | (3,000) | PDF p. 80 |
| Principal payment of lease liabilitiesUS$'000 | (296) | (680) | PDF p. 80 |
| Net cash generated from/(used in) financing activitiesUS$'000 | 385 | (3,680) | PDF p. 80 |
| Net change in cash | |||
| Net decrease in cash and cash equivalentsUS$'000 | (1,372) | (5,668) | PDF p. 80 |
| Cash and cash equivalents at the beginning of the yearUS$'000 | 5,125 | 10,795 | PDF p. 80 |
| Effect of foreign exchange rate changes on the balance of cash held inUS$'000 | 3 | (2) | PDF p. 80 |
| Cash and cash equivalents at the end of the yearUS$'000 | 3,756 | 5,125 | PDF p. 80 |
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Definitions & sources
Original report: PDF p. 80 ↗
Single page statement; no Company cash flow statement presented.
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Changes in Equity (Group) - Year ended 31 December 2025 movements
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital US$'000 | 2025Group, Treasury shares US$'000 | 2025Group, Merger reserves US$'000 | 2025Group, Capital redemption reserves US$'000 | 2025Group, Share options reserve US$'000 | 2025Group, Capital reserve US$'000 | 2025Group, Foreign currency translation reserve US$'000 | 2025Group, Accumulated losses US$'000 | 2025Group, Attributable to equity holders of the Company US$'000 | 2025Group, Non-controlling interests US$'000 | 2025Group, Total US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||||
| Balance at 1 January 2025US$'000 | 60,423 | (1,656) | (10,150) | 6 | 796 | (7,815) | 813 | (17,880) | 24,537 | (30) | 24,507 | PDF p. 79 |
| Share-based paymentsUS$'000 | – | – | – | – | 13 | – | – | – | 13 | – | 13 | PDF p. 79 |
| Transfer to capital reserve inUS$'000 | – | – | – | – | – | 4 | – | (4) | – | – | – | PDF p. 79 |
| Loss for the yearUS$'000 | – | – | – | – | – | – | – | (2,223) | (2,223) | (4) | (2,227) | PDF p. 79 |
| Group - Other comprehensive income | ||||||||||||
| Exchange differences onUS$'000 | – | – | – | – | – | – | 447 | – | 447 | – | 447 | PDF p. 79 |
| Group | ||||||||||||
| Total other comprehensive lossUS$'000 | – | – | – | – | – | – | 447 | (2,223) | (1,776) | (4) | (1,780) | PDF p. 79 |
| Balance at 31 DecemberUS$'000 | 60,423 | (1,656) | (10,150) | 6 | 809 | (7,811) | 1,260 | (20,107) | 22,774 | (34) | 22,740 | PDF p. 79 |
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Definitions & sources
Original report: PDF p. 79 ↗
Values are in column order: share capital, treasury shares, merger reserves, capital redemption reserves, share options reserve, capital reserve, foreign currency translation reserve, accumulated losses, attributable to equity holders, non-controlling interests, total.
No separate Company statement of changes in equity was found in the report (only Group).
Consolidated Statement of Changes in Equity (Group) - Year ended 31 December 2024 movements
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital US$'000 | 2024Group, Treasury shares US$'000 | 2024Group, Merger reserves US$'000 | 2024Group, Capital redemption reserves US$'000 | 2024Group, Share options reserve US$'000 | 2024Group, Capital reserve US$'000 | 2024Group, Foreign currency translation reserve US$'000 | 2024Group, Accumulated losses US$'000 | 2024Group, Attributable to equity holders of the Company US$'000 | 2024Group, Non-controlling interests US$'000 | 2024Group, Total US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||||
| Balance at 1 January 2024US$'000 | 60,423 | (1,656) | (10,150) | 6 | 796 | (7,822) | 906 | (9,499) | 33,004 | (28) | 32,976 | PDF p. 79 |
| Transfer to capital reserve inUS$'000 | – | – | – | – | – | 7 | – | (7) | – | – | – | PDF p. 79 |
| Loss for the yearUS$'000 | – | – | – | – | – | – | – | (8,374) | (8,374) | (2) | (8,376) | PDF p. 79 |
| Group - Other comprehensive income | ||||||||||||
| Exchange differences onUS$'000 | – | – | – | – | – | – | (93) | – | (93) | – | (93) | PDF p. 79 |
| Group | ||||||||||||
| Total other comprehensive lossUS$'000 | – | – | – | – | – | – | (93) | (8,374) | (8,467) | (2) | (8,469) | PDF p. 79 |
| Balance at 31 DecemberUS$'000 | 60,423 | (1,656) | (10,150) | 6 | 796 | (7,815) | 813 | (17,880) | 24,537 | (30) | 24,507 | PDF p. 79 |
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Definitions & sources
Original report: PDF p. 79 ↗
Values are in column order: share capital, treasury shares, merger reserves, capital redemption reserves, share options reserve, capital reserve, foreign currency translation reserve, accumulated losses, attributable to equity holders, non-controlling interests, total.
No separate Company statement of changes in equity was found in the report.
Key Financial Highlights and Ratios
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | 2024FY2024 | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Continuing operations | ||||
| Revenue (US$’000)US$’000 | 30,412 | 34,583 | (12.1) | PDF p. 7 |
| Gross Profit (US$’000)US$’000 | 14,050 | 13,706 | 2.5 | PDF p. 7 |
| Loss for the year from continuing operations (US$’000)US$’000 | (1,818) | (4,686) | (61.2) | PDF p. 7 |
| Discontinued operations | ||||
| Loss for the year from discontinued operations (US$’000)US$’000 | (409) | (3,690) | (88.9) | PDF p. 7 |
| Total loss for the year (US$’000)US$’000 | (2,227) | (8,376) | (73.4) | PDF p. 7 |
| Per share | ||||
| Earnings per Share on a Fully Diluted Basis (US cents) (Continuing Operations)US cents | (0.67) | (1.72) | (61.0) | PDF p. 7 |
| Earnings per Share on a Fully Diluted Basis (US cents) (Discontinued Operations)US cents | (0.15) | (1.35) | (88.9) | PDF p. 7 |
| Net Asset Value per Share (US cents)US cents | 8.37 | 9.02 | (7.2) | PDF p. 7 |
| Dividend Paidas printed (no unit) | Nil | Nil | Nil | PDF p. 7 |
| Ratios | ||||
| Current Ratioratio | 3.20 | 3.06 | 4.6 | PDF p. 7 |
| Return on Equityratio | (0.10) | (0.34) | (70.6) | PDF p. 7 |
| Net Gearingratio | 0.20 | 0.18 | 11.1 | PDF p. 7 |
| Cash Ratioratio | 0.52 | 0.61 | (14.8) | PDF p. 7 |
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Definitions & sources
Original report: PDF p. 7 ↗
No definitions of ratios are printed on this page. Dividend Paid is Nil for both years.
Note 9 Loss Per Share (Group) - earnings and weighted shares
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic loss per share (a) | |||
| Net loss for the year attributable to equity holders of the CompanyUS$’000 | (1,776) | (8,467) | PDF p. 106 |
| operationsUS$’000 | (1,367) | (4,777) | PDF p. 106 |
| Weighted average number of ordinary shares outstanding for basic loss per share computation (‘000)’000 shares | 271,662 | 271,662 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
Row labels 'basic loss per share from discontinued operations' and 'operations' are wrapped continuation lines: loss for the year from discontinued operations used in basic LPS from discontinued operations; loss used in basic LPS from continuing operations. The weighted average row label wraps over two lines; the quote is the second line only. Continuing EPS includes other income of US$661,000 from SAC receiver final distribution.
Where the money comes from
Segment information
By business
Note 30(a) Reportable operating segments 2025 - segment columns 11 lines
| Item / unit | 2025VSAT, US$'000 | 2025Non-VSAT, US$'000 | 2025Total from continuing operation, US$'000 | 2025Discontinued operation, US$'000 | 2025Group, US$'000 | Source |
|---|---|---|---|---|---|---|
| Segment | ||||||
| RevenueUS$'000 | 13,702 | 16,710 | 30,412 | 8 | 30,420 | PDF p. 130 |
| Cost of inventoriesUS$'000 | 5,619 | 7,725 | 13,344 | 76 | 13,420 | PDF p. 130 |
| Amortisation of intangible assetsUS$'000 | 247 | – | 247 | – | 247 | PDF p. 130 |
| Depreciation of property, plant and equipmentUS$'000 | 430 | 614 | 1,044 | – | 1,044 | PDF p. 130 |
| Depreciation of right-of-use assetsUS$'000 | 73 | 384 | 457 | – | 457 | PDF p. 130 |
| Staff costUS$'000 | 3,779 | 5,306 | 9,085 | 35 | 9,120 | PDF p. 130 |
| Capital expenditure | ||||||
| Purchase of property, plant and equipmentUS$'000 | 74 | 209 | 283 | – | 283 | PDF p. 130 |
| Segment | ||||||
| Allowance for impairment loss on trade receivablesUS$'000 | 110 | 109 | 219 | – | 219 | PDF p. 130 |
| Allowance for inventory obsolescence, netUS$'000 | 307 | 202 | 509 | 60 | 569 | PDF p. 130 |
| Assets and liabilities | ||||||
| Segment assetsUS$'000 | 14,849 | 14,512 | 29,361 | – | 29,361 | PDF p. 130 |
| Segment liabilitiesUS$'000 | 2,614 | 5,199 | 7,813 | – | 7,813 | PDF p. 130 |
Notes
Segment results represent the profit earned by each segment without allocation of finance income/costs and taxation. Unallocated items comprised mainly corporate assets and liabilities, borrowings and income tax. Segment revenue includes transfers between operating segments, eliminated on consolidation.
Note 30(a) Reportable operating segments 2025 - Group-only reconciling lines 11 lines
| Item / unit | 2025Group, US$'000 | Source |
|---|---|---|
| Results | ||
| Operating lossUS$'000 | (2,609) | PDF p. 130 |
| Finance costsUS$'000 | (262) | PDF p. 130 |
| Income tax creditUS$'000 | 644 | PDF p. 130 |
| Loss for the yearUS$'000 | (2,227) | PDF p. 130 |
| Unallocated assets | ||
| - Other receivablesUS$'000 | 39 | PDF p. 130 |
| - Deferred tax assetsUS$'000 | 1,900 | PDF p. 130 |
| - Tax receivablesUS$'000 | 333 | PDF p. 130 |
| Assets and liabilities | ||
| Total assetsUS$'000 | 31,633 | PDF p. 130 |
| Unallocated liabilities | ||
| - Other payablesUS$'000 | 970 | PDF p. 130 |
| - BorrowingsUS$'000 | 110 | PDF p. 130 |
| Assets and liabilities | ||
| Total liabilitiesUS$'000 | 8,893 | PDF p. 130 |
Notes
Printed only in the Group column.
Note 30(a) Reportable operating segments 2024 - segment columns 13 lines
| Item / unit | 2024VSAT, US$'000 | 2024Non-VSAT, US$'000 | 2024Total from continuing operation, US$'000 | 2024Discontinued operation, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|---|---|---|
| Segment | ||||||
| RevenueUS$'000 | 19,861 | 14,722 | 34,583 | 8,966 | 43,549 | PDF p. 131 |
| Cost of inventoriesUS$'000 | 10,596 | 8,042 | 18,638 | 7,063 | 25,701 | PDF p. 131 |
| Amortisation of intangible assetsUS$'000 | 266 | 19 | 285 | – | 285 | PDF p. 131 |
| Depreciation of property, plant and equipmentUS$'000 | 509 | 726 | 1,235 | 112 | 1,347 | PDF p. 131 |
| Depreciation of right-of-use assetsUS$'000 | 109 | 580 | 689 | 403 | 1,092 | PDF p. 131 |
| Staff costUS$'000 | 4,161 | 5,186 | 9,347 | 1,163 | 10,510 | PDF p. 131 |
| Capital expenditure | ||||||
| Purchase of property, plant and equipmentUS$'000 | 163 | 194 | 357 | – | 357 | PDF p. 131 |
| Segment | ||||||
| Allowance of impairment loss on trade receivablesUS$'000 | 30 | 23 | 53 | – | 53 | PDF p. 131 |
| Allowance for inventory obsolescence, netUS$'000 | 146 | 293 | 439 | 259 | 698 | PDF p. 131 |
| Allowance of impairment loss on non-current assetsUS$'000 | – | – | – | 1,211 | 1,211 | PDF p. 131 |
| Gain on lease modificationUS$'000 | – | (71) | (71) | – | (71) | PDF p. 131 |
| Assets and liabilities | ||||||
| Segment assetsUS$'000 | 18,574 | 14,562 | 33,136 | – | 33,136 | PDF p. 131 |
| Segment liabilitiesUS$'000 | 4,866 | 4,056 | 8,922 | – | 8,922 | PDF p. 131 |
Notes
Comparative year; same definitions as 2025 table.
Note 30(a) Reportable operating segments 2024 - Group-only reconciling lines 14 lines
| Item / unit | 2024Group, US$'000 | Source |
|---|---|---|
| Results | ||
| Operating lossUS$'000 | (8,762) | PDF p. 131 |
| Finance costsUS$'000 | (418) | PDF p. 131 |
| Income tax creditUS$'000 | 804 | PDF p. 131 |
| Loss for the yearUS$'000 | (8,376) | PDF p. 131 |
| Unallocated assets | ||
| - Non-current assetsUS$'000 | 3 | PDF p. 131 |
| - Other receivablesUS$'000 | 49 | PDF p. 131 |
| - Deferred tax assetsUS$'000 | 625 | PDF p. 131 |
| - Cash and cash equivalentsUS$'000 | 242 | PDF p. 131 |
| - Tax receivablesUS$'000 | 37 | PDF p. 131 |
| Assets and liabilities | ||
| Total assetsUS$'000 | 34,092 | PDF p. 131 |
| Unallocated liabilities | ||
| - Other payablesUS$'000 | 148 | PDF p. 131 |
| - Deferred tax liabilitiesUS$'000 | 295 | PDF p. 131 |
| - BorrowingsUS$'000 | 220 | PDF p. 131 |
| Assets and liabilities | ||
| Total liabilitiesUS$'000 | 9,585 | PDF p. 131 |
Notes
Printed only in the Group column.
By geography
Note 30(b) Geographical information 2 lines
| Item / unit | 2025America, US$'000 | 2025Europe, US$'000 | 2025Asia, US$'000 | 2025Middle East, US$'000 | 2025Rest of the World, US$'000 | 2025Discontinued operations, US$'000 | 2025Group, US$'000 | 2024America, US$'000 | 2024Europe, US$'000 | 2024Asia, US$'000 | 2024Middle East, US$'000 | 2024Rest of the World, US$'000 | 2024Discontinued operations, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||
| Total revenue from external customersUS$'000 | 5,754 | 16,938 | 687 | 5,686 | 1,347 | 8 | 30,420 | 9,570 | 17,762 | 4,082 | 744 | 2,425 | 8,966 | 43,549 | PDF p. 132 |
| Non-current assets | |||||||||||||||
| Non-current assetsUS$'000 | – | 6,461 | 46 | 143 | – | – | 6,650 | – | 6,076 | 980 | 86 | – | – | 7,142 | PDF p. 132 |
Notes
Revenue and non-current assets (exclude deferred tax assets) based on the geographical location of customers and assets respectively.
Debt
Borrowings
Borrowing notes 2 tables
Borrowings
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Asset - Non-current | |||
| Bank Facility Security DepositUS$'000 | 533 | – | PDF p. 122 |
| Liabilities - Non-current | |||
| Borrowing IIIUS$'000 | 680 | – | PDF p. 122 |
| Liabilities - Current | |||
| Borrowing IUS$'000 | 110 | 220 | PDF p. 122 |
| Borrowing IIUS$'000 | 111 | – | PDF p. 122 |
| Current borrowings totalUS$'000 | 221 | 220 | PDF p. 122 |
Notes
Borrowing I: secured over assets of subsidiaries and corporate guarantees; tenure 1 to 12 months (2024: 1 to 12 months); interest 7.8% to 8.4% (2024: 7.8% to 8.4%) per annum.
Borrowing II: trade facility borrowings repayable within 30 to 60 days; interest 2.75% above base rate; secured by guarantees provided by the subsidiaries.
Borrowing III: £500,000 sterling-denominated secured term loan facility repayable over 60 months; secured by fixed charges over freehold properties; interest 4.95% above base rate. A security deposit of US$0.5 million pledged with the provider of the transactional bank facilities.
Current total row is unlabelled in source.
Lease Liabilities
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Presented as | |||||
| - Non-currentUS$'000 | 815 | 1,022 | – | – | PDF p. 123 |
| - CurrentUS$'000 | 286 | 332 | – | – | PDF p. 123 |
Notes
Total 1,101 / 1,354 Group.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency, and/or amount of dividends will depend on the Company’s cash, earnings, gearing, financial performance and position, projected capital expenditure, future investment plans, funding requirements and any other factors that the Directors consider relevant. The Company will communicate any dividend payouts to shareholders via announcements released to SGX-ST via SGXNet. | Company | PDF p. 58 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend | No dividend has been declared for FY2025 due to the operating conditions faced by the Group. | FY2025 | PDF p. 5 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Paid | Nil | Group, FY2025 and FY2024 (Change: Nil) | PDF p. 7 |
Extracted from Annual Report 2025 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 |
|---|---|---|---|
| Moore Stephens LLP | Moore Stephens LLP | Group | PDF p. 76 |
| Engagement partner | Lao Mei Leng | Group | PDF p. 76 |
| Qualified Opinion | Qualified Opinion | Group, year ended 31 December 2025 | PDF p. 73 |
| Limitation of scope – Satellite Acquisition Corporation and Raven Antenna Systems Inc (“Discontinued Components”) | Accordingly, our opinion on the Group’s financial statements for the current financial year is modified in only respect of the comparability with the corresponding figures. | Group, FY2025 opinion; prior-year (FY2024) comparatives | PDF p. 73 |
Extracted from Annual Report 2025 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, 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.