Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025 | 2024Group, FY ended 31 Dec 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueUS$ | 34,755,416 | 31,788,258 | PDF p. 136 |
| Cost of salesUS$ | (26,323,954) | (23,087,037) | PDF p. 136 |
| Gross profitUS$ | 8,431,462 | 8,701,221 | PDF p. 136 |
| Other incomeUS$ | 70,411 | 47,339 | PDF p. 136 |
| Selling and marketing expensesUS$ | (5,536,207) | (5,351,429) | PDF p. 136 |
| General and administration expensesUS$ | (10,190,734) | (6,678,013) | PDF p. 136 |
| Research and development expensesUS$ | (1,434,420) | (1,245,409) | PDF p. 136 |
| Loss on fair value change of liabilities at FVPLUS$ | (409,387) | - | PDF p. 136 |
| Other expensesUS$ | (44,431) | (6,427) | PDF p. 136 |
| Total operating expensesUS$ | (17,615,179) | (13,281,278) | PDF p. 136 |
| Operating lossUS$ | (9,113,306) | (4,532,718) | PDF p. 136 |
| Finance costs, netUS$ | (766,748) | (741,650) | PDF p. 136 |
| Loss before income taxUS$ | (9,880,054) | (5,274,368) | PDF p. 136 |
| Income tax creditUS$ | 800,000 | 17,861 | PDF p. 136 |
| Loss for the yearUS$ | (9,080,054) | (5,256,507) | PDF p. 136 |
| Other comprehensive income | |||
| Currency translation differenceUS$ | 36,368 | (41,816) | PDF p. 136 |
| Total other comprehensive income/(loss), net of taxationUS$ | 36,368 | (41,816) | PDF p. 136 |
| Total comprehensive income | |||
| Total comprehensive loss for the financial year, attributable to owners of the CompanyUS$ | (9,043,686) | (5,298,323) | PDF p. 136 |
| Loss per share attributable to owners of the Company (cents) | |||
| Basic and dilutedcents per share | (0.03) | (0.02) | PDF p. 136 |
Original report: PDF p. 136 ↗
Header: Note 2025 2024 US$. Loss per share is labelled (cents). Total comprehensive loss row label wraps across two lines: 'Total comprehensive loss for the financial year, attributable to' / 'owners of the Company'.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 Dec 2025 | 2024Group, as at 31 Dec 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Plant and equipmentUS$ | 123,071 | 195,779 | PDF p. 137 |
| Goodwill on acquisitionUS$ | 4,443,070 | 4,443,070 | PDF p. 137 |
| Intangible assetsUS$ | 2,865,133 | 1,763,064 | PDF p. 137 |
| Deferred tax assetsUS$ | 800,000 | - | PDF p. 137 |
| Other receivablesUS$ | - | 9,829 | PDF p. 137 |
| Other assetsUS$ | 37,449 | 35,577 | PDF p. 137 |
| Total non-current assetsUS$ | 8,268,723 | 6,447,319 | PDF p. 137 |
| Current assets | |||
| Trade and other receivablesUS$ | 4,256,587 | 5,449,243 | PDF p. 137 |
| Contract assetsUS$ | 637,756 | 811,419 | PDF p. 137 |
| Other assetsUS$ | 750,603 | 913,469 | PDF p. 137 |
| PrepaymentsUS$ | 272,895 | 234,663 | PDF p. 137 |
| Cash and bank balancesUS$ | 1,952,464 | 1,234,168 | PDF p. 137 |
| Total current assetsUS$ | 7,870,305 | 8,642,962 | PDF p. 137 |
| Assets | |||
| Total assetsUS$ | 16,139,028 | 15,090,281 | PDF p. 137 |
| Current liabilities | |||
| BorrowingsUS$ | 1,333,905 | 2,077,823 | PDF p. 137 |
| Trade and other payablesUS$ | 7,914,275 | 8,277,472 | PDF p. 137 |
| Financial liabilities at FVPLUS$ | 7,078,214 | - | PDF p. 137 |
| Contract liabilitiesUS$ | 1,841,520 | 2,137,375 | PDF p. 137 |
| Total current liabilitiesUS$ | 18,167,914 | 12,492,670 | PDF p. 137 |
| Non-current liabilities | |||
| BorrowingsUS$ | 2,649,536 | 1,803,493 | PDF p. 137 |
| Contract liabilitiesUS$ | 253,430 | 130,870 | PDF p. 137 |
| Total non-current liabilitiesUS$ | 2,902,966 | 1,934,363 | PDF p. 137 |
| Capital and reserves | |||
| Share capitalUS$ | 21,372,882 | 16,783,083 | PDF p. 137 |
| Share applicationUS$ | - | 1,701,525 | PDF p. 137 |
| ESOP reservesUS$ | - | 819,606 | PDF p. 137 |
| Translation reservesUS$ | 271 | (36,097) | PDF p. 137 |
| Accumulated lossesUS$ | (26,305,005) | (18,604,869) | PDF p. 137 |
| Total equityUS$ | (4,931,852) | 663,248 | PDF p. 137 |
| Liabilities and equity | |||
| Total liabilities and equityUS$ | 16,139,028 | 15,090,281 | PDF p. 137 |
Original report: PDF p. 137 ↗
Header: Group, Note, 2025, 2024, US$.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, as at 31 Dec 2025 | 2024Company, as at 31 Dec 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Plant and equipmentUS$ | 108,523 | 164,441 | PDF p. 138 |
| Investment in subsidiariesUS$ | 4,196,007 | 4,195,929 | PDF p. 138 |
| Intangible assetsUS$ | 2,865,133 | 1,763,064 | PDF p. 138 |
| Deferred tax assetsUS$ | 800,000 | - | PDF p. 138 |
| Other assetsUS$ | 9,620 | - | PDF p. 138 |
| Total non-current assetsUS$ | 7,979,283 | 6,123,434 | PDF p. 138 |
| Current assets | |||
| Trade and other receivablesUS$ | 2,719,200 | 3,604,676 | PDF p. 138 |
| Contract assetsUS$ | 335,714 | 532,009 | PDF p. 138 |
| Other assetsUS$ | 12,826 | 39,607 | PDF p. 138 |
| PrepaymentsUS$ | 244,641 | 212,873 | PDF p. 138 |
| Cash and bank balancesUS$ | 1,444,565 | 762,141 | PDF p. 138 |
| Total current assetsUS$ | 4,756,946 | 5,151,306 | PDF p. 138 |
| Assets | |||
| Total assetsUS$ | 12,736,229 | 11,274,740 | PDF p. 138 |
| Current liabilities | |||
| BorrowingsUS$ | 1,333,905 | 2,077,823 | PDF p. 138 |
| Trade and other payablesUS$ | 8,298,633 | 8,413,407 | PDF p. 138 |
| Financial liabilities at FVPLUS$ | 7,078,214 | - | PDF p. 138 |
| Contract liabilitiesUS$ | 14,395 | 28,145 | PDF p. 138 |
| Total current liabilitiesUS$ | 16,725,147 | 10,519,375 | PDF p. 138 |
| Non-current liabilities | |||
| BorrowingsUS$ | 2,649,536 | 1,803,493 | PDF p. 138 |
| Total non-current liabilitiesUS$ | 2,649,536 | 1,803,493 | PDF p. 138 |
| Capital and reserves | |||
| Share capitalUS$ | 21,372,882 | 16,783,083 | PDF p. 138 |
| Share applicationUS$ | - | 1,701,525 | PDF p. 138 |
| ESOP reservesUS$ | - | 819,607 | PDF p. 138 |
| Accumulated lossesUS$ | (28,011,336) | (20,352,343) | PDF p. 138 |
| Total equityUS$ | (6,638,454) | (1,048,128) | PDF p. 138 |
| Liabilities and equity | |||
| Total liabilities and equityUS$ | 12,736,229 | 11,274,740 | PDF p. 138 |
Original report: PDF p. 138 ↗
Header: Company, Note, 2025, 2024, US$.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$ | 2024Group, US$ | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueUS$ | 34,755,416 | 31,788,258 | PDF p. 136 |
| Cost of salesUS$ | (26,323,954) | (23,087,037) | PDF p. 136 |
| Gross profitUS$ | 8,431,462 | 8,701,221 | PDF p. 136 |
| Other incomeUS$ | 70,411 | 47,339 | PDF p. 136 |
| Selling and marketing expensesUS$ | (5,536,207) | (5,351,429) | PDF p. 136 |
| General and administration expensesUS$ | (10,190,734) | (6,678,013) | PDF p. 136 |
| Research and development expensesUS$ | (1,434,420) | (1,245,409) | PDF p. 136 |
| Loss on fair value change of liabilities at FVPLUS$ | (409,387) | - | PDF p. 136 |
| Other expensesUS$ | (44,431) | (6,427) | PDF p. 136 |
| Total operating expensesUS$ | (17,615,179) | (13,281,278) | PDF p. 136 |
| Operating lossUS$ | (9,113,306) | (4,532,718) | PDF p. 136 |
| Finance costs, netUS$ | (766,748) | (741,650) | PDF p. 136 |
| Loss before income taxUS$ | (9,880,054) | (5,274,368) | PDF p. 136 |
| Income tax creditUS$ | 800,000 | 17,861 | PDF p. 136 |
| Loss for the yearUS$ | (9,080,054) | (5,256,507) | PDF p. 136 |
| Other comprehensive income/(loss) that will be reclassified to profit or loss, net of taxation | |||
| Currency translation differenceUS$ | 36,368 | (41,816) | PDF p. 136 |
| Other comprehensive income/(loss) | |||
| Total other comprehensive income/(loss), net of taxationUS$ | 36,368 | (41,816) | PDF p. 136 |
| Total comprehensive loss | |||
| Total comprehensive loss for the financial year, attributable to owners of the CompanyUS$ | (9,043,686) | (5,298,323) | PDF p. 136 |
| Loss per share attributable to owners of the Company (cents) | |||
| Basic and dilutedcents | (0.03) | (0.02) | PDF p. 136 |
Original report: PDF p. 136 ↗
Columns: 2025, 2024; amounts in US$. A Note column is also printed. Only Group is presented; no separate Company statement of comprehensive income was found.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, US$ | 2025Group, Equity notes, US$ | 2025Group, Share application, US$ | 2025Group, ESOP reserves, US$ | 2025Group, Translation reserves, US$ | 2025Group, Accumulated losses, US$ | 2025Group, Total equity, US$ | Source |
|---|---|---|---|---|---|---|---|---|
| FY2024 movements | ||||||||
| Balance as at 1 January 2024US$ | 13,333,097 | 950,000 | 11,085 | 453,038 | 5,719 | (13,348,362) | 1,404,577 | PDF p. 139 |
| Issuance of sharesUS$ | 2,499,986 | - | - | - | - | - | 2,499,986 | PDF p. 139 |
| Conversion into share capitalUS$ | 950,000 | (950,000) | - | - | - | - | - | PDF p. 139 |
| Issuance of share applicationUS$ | - | - | 1,690,440 | - | - | - | 1,690,440 | PDF p. 139 |
| Share-based paymentUS$ | - | - | - | 366,568 | - | - | 366,568 | PDF p. 139 |
| Total comprehensive loss for the yearUS$ | - | - | - | - | (41,816) | (5,256,507) | (5,298,323) | PDF p. 139 |
| FY2024 closing / FY2025 opening | ||||||||
| Balance as at 31 December 2024US$ | 16,783,083 | - | 1,701,525 | 819,606 | (36,097) | (18,604,869) | 663,248 | PDF p. 139 |
| FY2025 movements | ||||||||
| Issuance of sharesUS$ | 485,837 | - | - | - | - | - | 485,837 | PDF p. 139 |
| Conversion into share capitalUS$ | 1,701,525 | - | (1,701,525) | - | - | - | - | PDF p. 139 |
| Share-based paymentUS$ | 2,402,437 | - | - | 560,312 | - | - | 2,962,749 | PDF p. 139 |
| Reclassification of ESOP reserves to accumulated lossesUS$ | - | - | - | (1,379,918) | - | 1,379,918 | - | PDF p. 139 |
| Total comprehensive loss for the yearUS$ | - | - | - | - | 36,368 | (9,080,054) | (9,043,686) | PDF p. 139 |
| FY2025 closing | ||||||||
| Balance as at 31 December 2025US$ | 21,372,882 | - | - | - | 271 | (26,305,005) | (4,931,852) | PDF p. 139 |
Original report: PDF p. 139 ↗
Column order: Share capital, Equity notes, Share application, ESOP reserves, Translation reserves, Accumulated losses, Total equity; all US$. Rows cover FY2024 movements (opening 1 January 2024 to 31 December 2024) then FY2025 movements; the row label dates identify the period. No non-controlling interests are presented. A separate Company statement of changes in equity was not found.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$ | 2024Group, US$ | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before income taxUS$ | (9,880,054) | (5,274,368) | PDF p. 140 |
| Operating activities - Adjustments for | |||
| Depreciation of plant and equipmentUS$ | 122,270 | 169,834 | PDF p. 140 |
| Amortisation of intangible assetsUS$ | 44,431 | - | PDF p. 140 |
| Write off of disposal of plant and equipmentUS$ | 244 | - | PDF p. 140 |
| Loss on fair value changes of financial liabilities at FVPLUS$ | 409,387 | - | PDF p. 140 |
| Interest expensesUS$ | 780,802 | 753,223 | PDF p. 140 |
| Interest incomeUS$ | (14,054) | (11,573) | PDF p. 140 |
| Share-based payment expensesUS$ | 2,962,479 | 366,568 | PDF p. 140 |
| Unrealised currency translation gainUS$ | (20,335) | (49,235) | PDF p. 140 |
| Operating activities | |||
| Operating cash flows before movements in working capitalUS$ | (5,594,830) | (4,045,551) | PDF p. 140 |
| Operating activities - Changes in working capital | |||
| InventoriesUS$ | - | 1,615 | PDF p. 140 |
| Trade and other receivablesUS$ | 1,202,485 | (2,582,896) | PDF p. 140 |
| Contract assetsUS$ | 173,663 | 325,478 | PDF p. 140 |
| Other assetsUS$ | 160,994 | 529,410 | PDF p. 140 |
| PrepaymentsUS$ | (38,232) | (28,649) | PDF p. 140 |
| Trade and other payablesUS$ | 108,612 | 2,359,038 | PDF p. 140 |
| Contract liabilitiesUS$ | (173,295) | (350,302) | PDF p. 140 |
| Operating activities | |||
| Cash used in operationsUS$ | (4,160,603) | (3,791,857) | PDF p. 140 |
| Income tax refundUS$ | - | 17,861 | PDF p. 140 |
| Net cash used in operating activitiesUS$ | (4,160,603) | (3,773,996) | PDF p. 140 |
| Investing activities | |||
| Interest receivedUS$ | 14,054 | 11,573 | PDF p. 140 |
| Repayment of deferred consideration due to acquisitionUS$ | (565,574) | (1,214,399) | PDF p. 140 |
| Addition of plant and equipmentUS$ | (48,017) | (29,231) | PDF p. 140 |
| Addition of intangible assetsUS$ | (1,146,500) | (1,008,660) | PDF p. 140 |
| Net cash used in investing activitiesUS$ | (1,746,037) | (2,240,717) | PDF p. 140 |
Original report: PDF p. 140 ↗
Continues on page 141 (financing activities and closing cash). Amounts in US$. Note column printed but not extracted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$ | 2024Group, US$ | Source |
|---|---|---|---|
| Financing activities | |||
| Issuance of sharesUS$ | 85,837 | 2,499,986 | PDF p. 141 |
| Issuance of share applicationUS$ | - | 1,690,440 | PDF p. 141 |
| Issuance of convertible loansUS$ | 7,068,827 | - | PDF p. 141 |
| Redemption/(Placement) of long-term fixed depositsUS$ | 440,125 | (440,125) | PDF p. 141 |
| Proceeds from borrowingsUS$ | 2,522,140 | 4,576,323 | PDF p. 141 |
| Repayment of borrowingsUS$ | (2,420,015) | (2,256,304) | PDF p. 141 |
| Interest paid on borrowingsUS$ | (687,037) | (422,994) | PDF p. 141 |
| Net cash generated from financing activitiesUS$ | 7,009,877 | 5,647,326 | PDF p. 141 |
| Closing cash | |||
| Net change in cash and cash equivalentsUS$ | 1,103,237 | (367,387) | PDF p. 141 |
| Cash and cash equivalents at beginning of the financial yearUS$ | 794,043 | 1,154,010 | PDF p. 141 |
| Net effect of exchange rate changes in the balance of cash held in foreign currenciesUS$ | 55,184 | 7,420 | PDF p. 141 |
| Cash and cash equivalents at end of financial yearUS$ | 1,952,464 | 794,043 | PDF p. 141 |
Original report: PDF p. 141 ↗
Continuation of page 140. Amounts in US$.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group: As at 1 January 2025, US$ | 2025Group: Financing cash flows, US$ | 2025Group: Non-cash movement Interest, US$ | 2025Group: As at 31 December 2025, US$ | Source |
|---|---|---|---|---|---|
| Liabilities 2025 | |||||
| Third party loanUS$ | - | 1,491,093 | 220,559 | 1,711,652 | PDF p. 141 |
| Bank borrowingsUS$ | 874,872 | (905,583) | 30,711 | - | PDF p. 141 |
| Shareholder loansUS$ | 3,006,444 | (1,170,422) | 435,767 | 2,271,789 | PDF p. 141 |
Original report: PDF p. 141 ↗
Column order: As at 1 January 2025, Financing cash flows, Non-cash movement Interest, As at 31 December 2025. A separate FY2024 reconciliation (1 Jan 2024 to 31 Dec 2024) is printed below: Bank borrowings - 838,084 36,788 874,872; Shareholder loans 1,561,297 1,058,941 386,206 3,006,444.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, FY2022, US$ | 2023Group, FY2023, US$ | 2024Group, FY2024, US$ | 2025Group, FY2025, US$ | Source |
|---|---|---|---|---|---|
| Multi-Year Financial Summary | |||||
| RevenueUS$ | 21,566,167 | 28,829,395 | 31,788,258 | 34,755,416 | PDF p. 12 |
| Cost of salesUS$ | (17,097,444) | (20,962,516) | (23,087,037) | (26,323,954) | PDF p. 12 |
| Gross profitUS$ | 4,468,723 | 7,866,879 | 8,701,221 | 8,431,462 | PDF p. 12 |
| Gross profit margin (%)% | 20.7 | 27.3 | 27.4 | 24.3 | PDF p. 12 |
| Total operating expensesUS$ | (8,553,413) | (12,227,239) | (13,281,278) | (17,615,179) | PDF p. 12 |
| Operating lossUS$ | (4,084,690) | (4,360,360) | (4,580,057) | (9,183,717) | PDF p. 12 |
| Other incomeUS$ | 116,965 | 56,257 | 47,339 | 70,411 | PDF p. 12 |
| Finance costs, netUS$ | – | (211,263) | (741,650) | (766,748) | PDF p. 12 |
| Loss before income taxUS$ | (3,967,725) | (4,515,366) | (5,274,368) | (9,880,054) | PDF p. 12 |
| Income tax credit/(expense)US$ | (6) | 5,213 | 17,861 | 800,000 | PDF p. 12 |
| Net loss for the yearUS$ | (3,967,731) | (4,510,153) | (5,256,507) | (9,080,054) | PDF p. 12 |
Original report: PDF p. 12 ↗
The following summary presents selected financial data for the Group over the four financial years from FY2022 to FY2025. FY2022 to FY2024 figures are drawn from the audited consolidated financial statements included in the Company’s Offer Document dated 14 January 2026. FY2025 figures are drawn from the audited consolidated financial statements for the financial year ended 31 December 2025 (Forvis Mazars LLP).
All figures are denominated in United States dollars (US$) unless otherwise stated.
¹ FY2022 is the earliest year presented; year-on-year growth is not shown. Revenue CAGR from FY2022 to FY2025 is approximately 17.2% (footnote text on page 13).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, FY2022 | 2023Group, FY2023 | 2024Group, FY2024 | 2025Group, FY2025 | Source |
|---|---|---|---|---|---|
| Multi-Year Financial Summary | |||||
| Adjusted EBITDA²US$ | n/a | n/a | (3,994,248) | (3,281,879) | PDF p. 13 |
| Adjusted EBITDA margin% | n/a | n/a | (12.6) | (9.4) | PDF p. 13 |
| Adjusted net loss²US$ | n/a | n/a | (4,593,458) | (4,215,328) | PDF p. 13 |
| Total assetsUS$ | 5,597,004 | 12,387,206 | 15,090,281 | 16,139,028 | PDF p. 13 |
| Total equity/(capital deficiency)US$ | 4,359,496 | 1,404,577 | 663,248 | (4,931,852) | PDF p. 13 |
| Cash and bank balancesUS$ | 3,025,230 | 1,154,010 | 1,234,168 | 1,952,464 | PDF p. 13 |
| Basic and diluted LPS (USD cents)³ | |||||
| - Pre-subdivisionUS$ cents | (0.81) | (0.89) | (1.05) | (1.69) | PDF p. 13 |
| - Post-subdivisionUS$ cents | (0.02) | (0.02) | (0.02) | (0.03) | PDF p. 13 |
| Basic and diluted LPS (SGD cents)³ | |||||
| - Pre-subdivisionSGD cents | (1.09) | (1.18) | (1.41) | (2.18) | PDF p. 13 |
| - Post-subdivisionSGD cents | (0.02) | (0.02) | (0.03) | (0.04) | PDF p. 13 |
| Weighted average shares³ | |||||
| - Pre-subdivisionnumber of shares | 4,890,995 | 5,039,288 | 5,062,553 | 5,337,888 | PDF p. 13 |
| - Post-subdivisionnumber of shares | 244,549,750 | 251,964,400 | 253,127,650 | 266,894,400 | PDF p. 13 |
Original report: PDF p. 13 ↗
Footnote 2: Adjusted EBITDA and Adjusted Net Loss exclude non-cash and non-recurring charges: share-based payment expenses of US$2,962,479, listing costs of US$2,292,860 and fair-value adjustments on pre-IPO convertible instruments of US$409,387 in FY2025; share-based payment expenses of US$366,568 and fair-value adjustments on Activeo SEA M&A vendor loan of US$314,342 in FY2024. Adjusted metrics for FY2022 and FY2023 are not presented as the adjustment methodology was established in connection with the Company’s listing.
Footnote 3: Basic and diluted loss per share for FY2022 to FY2024 are presented on a pre-subdivision and an assumed post-subdivision basis of 50-for-1 share division for comparison purposes. The 50-for-1 share subdivision was effected on 8 December 2025 as part of the Capital Restructuring Exercise. FY2025 loss per share is also presented on a pre-subdivision and post-subdivision basis for comparative purposes.
LPS = loss per share. No dividend row in this summary.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, FY2022, US$ | 2023Group, FY2023, US$ | 2024Group, FY2024, US$ | 2025Group, FY2025, US$ | Source |
|---|---|---|---|---|---|
| Revenue by Stream | |||||
| UsageUS$ | 19,264,260 | 18,084,723 | 19,770,964 | 23,914,733 | PDF p. 14 |
| Subscriptions and licensingUS$ | 2,138,596 | 4,593,988 | 5,590,494 | 5,623,770 | PDF p. 14 |
| Professional servicesUS$ | 163,311 | 3,130,503 | 3,292,487 | 2,448,060 | PDF p. 14 |
| Maintenance and supportUS$ | – | 2,342,653 | 2,913,443 | 2,559,357 | PDF p. 14 |
| Hardware salesUS$ | – | 677,528 | 220,870 | 209,496 | PDF p. 14 |
| Total revenueUS$ | 21,566,167 | 28,829,395 | 31,788,258 | 34,755,416 | PDF p. 14 |
Original report: PDF p. 14 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, FY2022, US$ | 2023Group, FY2023, US$ | 2024Group, FY2024, US$ | 2025Group, FY2025, US$ | Source |
|---|---|---|---|---|---|
| Revenue by Geography | |||||
| SingaporeUS$ | 5,410,762 | 14,947,294 | 21,176,853 | 20,222,399 | PDF p. 15 |
| Hong KongUS$ | 10,112,944 | 8,158,491 | 1,993,035 | 6,531,868 | PDF p. 15 |
| Other countriesUS$ | 6,042,461 | 5,723,610 | 8,618,370 | 8,001,149 | PDF p. 15 |
| Total revenueUS$ | 21,566,167 | 28,829,395 | 31,788,258 | 34,755,416 | PDF p. 15 |
Original report: PDF p. 15 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025, US$ | 2024Group, FY2024, US$ | 2025Change (US$), FY2025 vs FY2024 | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|---|
| Summary of Key Performance Indicators | |||||
| Gross ProfitUS$ / % | 8,431,462 | 8,701,221 | (269,759) | (3.1) | PDF p. 71 |
| Reported Net LossUS$ / % | (9,080,054) | (5,256,507) | (3,823,547) | (72.7) | PDF p. 71 |
| Operating Cash FlowUS$ / % | (4,160,603) | (3,773,996) | (386,607) | (10.2) | PDF p. 71 |
Original report: PDF p. 71 ↗
1 Adjusted metrics exclude US$5.7M of non-cash and non-recurring charges within operating expenses (listing costs of US$2.3M, accelerated share-based payment expenses of US$3.0M and US$0.4M fair-value adjustments on pre-IPO convertible instruments).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025, US$ | 2024Group, FY2024, US$ | 2025CHANGE (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Condensed P&L | ||||
| Gross ProfitUS$ / % | 8,431,462 | 8,701,221 | (3.1) | PDF p. 72 |
| Operating LossUS$ / % | (9,017,016) | (4,722,497) | (90.9) | PDF p. 72 |
| EBITDAUS$ / % | (8,946,605) | (4,675,158) | (91.4) | PDF p. 72 |
| EBITUS$ / % | (9,113,306) | (4,847,060) | (88.0) | PDF p. 72 |
| Loss before taxUS$ / % | (9,880,054) | (5,274,368) | (87.3) | PDF p. 72 |
| Net loss for the yearUS$ / % | (9,080,054) | (5,256,507) | (72.7) | PDF p. 72 |
Original report: PDF p. 72 ↗
Prepared under the management reporting format; operating expense lines differ from the audited statement (see page 77 footnote: these do not include depreciation and amortisation).
Wrapped labels not extracted as rows: Infrastructure and Licence Costs, Marketing and Advertising Costs, Office Related Costs, Professional Costs, Depreciation and amortisation.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 31 Dec 2025, US$ | 2024Group, 31 Dec 2024, US$ | 2025CHANGE (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Condensed Statement of Financial Position | ||||
| Current assetsUS$ / % | 7,870,305 | 8,642,962 | (8.9) | PDF p. 73 |
Original report: PDF p. 73 ↗
2 Adjusted net current liabilities excludes the FVPL liabilities of US$7.1M, which were converted into equity on 13 January 2026. (Adjusted net current liabilities: (3,219,395) 2025; (3,849,708) 2024; +16.4%; label wrapped across lines.)
Net current liabilities row has no printed change value (empty third cell).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025, US$ | 2024Group, FY2024, US$ | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Reconciliation of Operating Expenses | ||||
| Headcount Costs (underlying)US$ / % | 8,516,522 | 9,212,150 | (7.6) | PDF p. 77 |
| Office Related CostsUS$ / % | 168,657 | 479,226 | (64.8) | PDF p. 77 |
| Professional CostsUS$ / % | 418,882 | 466,637 | (10.2) | PDF p. 77 |
Original report: PDF p. 77 ↗
*These do not include depreciation and amortisation charges that were included in ‘Total operating expenses’ in the Audited Consolidated Statement of Profit or Loss and Other Comprehensive Income.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025, US$ | 2024Group, FY2024, US$ | 2025CHANGE, FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Adjusted EBITDA | ||||
| Reported EBITDAUS$ / % | (8,946,605) | (4,675,158) | (91.4) | PDF p. 78 |
Original report: PDF p. 78 ↗
Add-back lines with wrapped labels: Accelerated share-based payment expenses 2,962,479 / 366,568; Loss on fair value change of liabilities at FVPL 409,387 / 314,342.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025, US$ | 2024Group, FY2024, US$ | 2025CHANGE, FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Adjusted Net Loss | ||||
| Reported Net LossUS$ / % | (9,080,054) | (5,256,507) | (72.7) | PDF p. 79 |
Original report: PDF p. 79 ↗
Wrapped add-back lines: Accelerated share-based payment expenses 2,962,479 / 366,568; Finance expenses: fair value adjustments 409,387 / 314,342.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025, US$ | 2024Group, FY2024, US$ | Source |
|---|---|---|---|
| Cash Flow Analysis | |||
| Loss before income taxUS$ | (9,880,054) | (5,274,368) | PDF p. 82 |
| Non-cash adjustmentsUS$ | 4,285,224 | 1,228,817 | PDF p. 82 |
| Operating cash flow before working capitalUS$ | (5,594,830) | (4,045,551) | PDF p. 82 |
| Working capital movementsUS$ | 1,434,227 | 253,694 | PDF p. 82 |
| Income taxUS$ | – | 17,861 | PDF p. 82 |
| Net cash used in operating activitiesUS$ | (4,160,603) | (3,773,996) | PDF p. 82 |
Original report: PDF p. 82 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 2025, US$ | 2024Group, 2024, US$ | Source |
|---|---|---|---|
| Note 9 | |||
| Loss attributable to the owners of the CompanyUS$ | (9,043,686) | (5,298,323) | PDF p. 166 |
| Weighted average number of shares during the year | |||
| - Before sub-division of capitalnumber of shares | 5,337,888 | 5,062,553 | PDF p. 166 |
| Basic and diluted loss per share (US$ cents) | |||
| - Before sub-division of capitalUS$ cents | (1.69) | (1.05) | PDF p. 166 |
Original report: PDF p. 166 ↗
* For comparative purposes
Page 167: There were no potential dilutive ordinary shares arise from the convertible loans, preference shares, share application and share options. The diluted loss per share for the financial years ended 31 December 2025 and 2024 was the same as the basic loss per share.
Dividend per share: none. Page 83: No dividend has been declared or recommended for FY2025 or FY2024.
Where the money comes from
| Item / unit | 2025FY2025 revenue US$ | 2025FY2025 % of revenue | 2024FY2024 revenue US$ | 2024FY2024 % of revenue | Source |
|---|---|---|---|---|---|
| Major Customers | |||||
| Customer AUS$ / % | 3,447 | 0.01 | 4,955,170 | 15.6 | PDF p. 207 |
| Customer BUS$ / % | 4,481,396 | 12.89 | 4,946,740 | 15.6 | PDF p. 207 |
| Customer CUS$ / % | 5,443,138 | 15.66 | 2,329 | 0.01 | PDF p. 207 |
The Group operated as a single business operating segment, which is also its reportable segment. No segment revenue, profit, assets, liabilities or capex tables by business segment are printed. Non-current assets are mainly derived and located in Singapore (no figures).
| Item / unit | 2025US$ | 2024US$ | Source |
|---|---|---|---|
| Geographical markets | |||
| SingaporeUS$ | 20,222,399 | 21,176,853 | PDF p. 164 |
| Hong KongUS$ | 6,531,868 | 1,993,035 | PDF p. 164 |
| Other countriesUS$ | 8,001,149 | 8,618,370 | PDF p. 164 |
| Total (unlabelled)US$ | 34,755,416 | 31,788,258 | PDF p. 164 |
(a) The disaggregation is based on the location of customers from which revenue was generated.
Total row has no printed label.
Debt
| Item / unit | 202531 December 2025, US$ | 202431 December 2024, US$ | Source |
|---|---|---|---|
| Unsecured; USD; 12.50%; maturity 2026 | |||
| Unsecured shareholder loan 1US$ | 1,000,000 | 1,000,000 | PDF p. 181 |
| Unsecured; SGD; 12.50%; maturity 2026 | |||
| Unsecured shareholder loan 2US$ | 141,278 | 426,955 | PDF p. 181 |
| Unsecured; SGD; 12.00%; maturity 2025 | |||
| Unsecured shareholder loan 3US$ | - | 148,531 | PDF p. 181 |
| Secured; SGD; 15.00%; maturity 2026 | |||
| Secured shareholder loan 1US$ | 943,796 | 1,194,989 | PDF p. 181 |
| Secured shareholder loan 2US$ | 186,715 | 235,969 | PDF p. 181 |
| Secured; SGD; SORA + 4%; maturity 2025 | |||
| Secured bank loan 1US$ | - | 874,872 | PDF p. 181 |
Total printed 3,983,441 / 3,881,316. Columns: currency, nominal interest rate, year of maturity, guarantee and security. Security text wraps across lines in source.
| Item / unit | 2025Within 1 year, US$ | 2025Within 2 to 5 years, US$ | 2025Total, US$ | Source |
|---|---|---|---|---|
| Undiscounted financial liabilities, as at 31 December 2025 | ||||
| BorrowingsUS$ | 1,862,993 | 3,112,237 | 4,975,230 | PDF p. 202 |
Includes interest and principal cash flows. Second Group Borrowings row (2024 block): 2,430,706 / 2,032,525 / 4,463,231 for as at 31 December 2024. Company shows identical figures on p.203.
| Item / unit | 2025Within 1 year, US$ | 2025Within 2 to 5 years, US$ | 2025Total, US$ | 2024Within 1 year, US$ | 2024Within 2 to 5 years, US$ | 2024Total, US$ | Source |
|---|---|---|---|---|---|---|---|
| Undiscounted financial liabilities, as at 31 December | |||||||
| BorrowingsUS$ | 1,862,993 | 3,112,237 | 4,975,230 | 2,430,706 | 2,032,525 | 4,463,231 | PDF p. 202 |
Includes interest and principal cash flows. Second Group Borrowings row (2024 block): 2,430,706 / 2,032,525 / 4,463,231 for as at 31 December 2024. Company shows identical figures on p.203.
Includes interest and principal cash flows.
| Item / unit | 2025Group, US$ | 2024Group, US$ | 2025Company, US$ | 2024Company, US$ | Source |
|---|---|---|---|---|---|
| Secured | |||||
| Bank borrowingsUS$ | - | 874,872 | - | 874,872 | PDF p. 180 |
| Shareholders loansUS$ | 1,130,511 | 1,430,958 | 1,130,511 | 1,430,958 | PDF p. 180 |
| Third partyUS$ | 1,711,651 | - | 1,711,651 | - | PDF p. 180 |
| Unsecured | |||||
| Shareholders loansUS$ | 1,141,279 | 1,575,486 | 1,141,279 | 1,575,486 | PDF p. 180 |
| Total | |||||
| Total interest-bearing liabilitiesUS$ | 3,983,441 | 3,881,316 | 3,983,441 | 3,881,316 | PDF p. 180 |
| Current/non-current | |||||
| CurrentUS$ | 1,333,905 | 2,077,823 | 1,333,905 | 2,077,823 | PDF p. 180 |
| Non-currentUS$ | 2,649,536 | 1,803,493 | 2,649,536 | 1,803,493 | PDF p. 180 |
Secured subtotal printed: 2,842,162 / 2,305,830 / 2,842,162 / 2,305,830; unsecured subtotal 1,141,279 / 1,575,486 / 1,141,279 / 1,575,486.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a formal dividend policy. The form, frequency and amount of any future dividends will depend on factors including the Group’s earnings, financial position, capital requirements, cash flow, general business conditions and other factors as the Board deems appropriate. No dividends were declared or paid for FY2025. | Company, FY2025 | PDF p. 120 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend | No dividend has been declared or recommended for FY2025 or FY2024. | Group, FY2025 and FY2024 | PDF p. 83 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | FORVIS MAZARS LLP | Group and Company | PDF p. 135 |
| Engagement partner | Ooi Chee Keong | Group and Company | PDF p. 135 |
| Opinion | In our opinion, the accompanying financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company | PDF p. 132 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going Concern | These factors indicate the existence of a material uncertainty which may cast significant doubt on the Group’s and Company’s ability to continue as going concerns. | Group and Company · As at 2025-12-31 | PDF p. 142 |
| Going Concern (Continued) | The Directors are of the opinion that the preparation of the financial statements on a going concern basis remains appropriate. | Group and Company | PDF p. 143 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of goodwill | Irrespective of whether there is any indication of impairment, the management is required to perform an impairment assessment of goodwill, at least annually. | Group · As at 2025-12-31 | PDF p. 132 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
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.