SINGAPORE, April 30, 2026 (GLOBE NEWSWIRE) -- Ten-League International Holdings Limited (Nasdaq: TLIH) (the "Company" or "Ten-League"), a Singapore-based provider of turnkey project solutions, today announced its financial results for the fiscal year ended December 31, 2025.
Fiscal Year 2025 Financial Highlights
-- Revenue was S$76.2 million (US$59.2 million) for fiscal year 2025, an
increase of 30.2% from S$58.5 million for fiscal year 2024.
-- Gross profit was S$18.6 million (US$14.5 million) for fiscal year 2025,
an increase of 74.7% from S$10.7 million for fiscal year 2024.
-- Gross profit margin was 24.4% for fiscal year 2025, an increase of 6.2
percentage points from 18.2% for fiscal year 2024.
-- Net income was S$5.6 million (US$4.3 million) for fiscal year 2025, an
increase of 196.5% from S$1.9 million for fiscal year 2024.
-- Basic and diluted income per share was S$0.20 (US$0.15) for fiscal year
2025, compared to S$0.07 for fiscal year 2024.
Mr. Jison Lim, Chief Executive Officer and Chairman of Ten-League, commented, "We are pleased to report strong financial performance for fiscal year 2025, reflecting solid execution and sustained demand across Singapore's infrastructure sector. Revenue increased by 30.2% year-over-year, driven by higher sales of heavy equipment and parts, as well as increased rental income, supported by major projects such as Changi Airport Terminal 5, the Marina Bay Sands expansion, and key Mass Rapid Transit ("MRT") developments. Gross profit margin improved by 6.2 percentage points to 24.4%, primarily due to a more favorable product mix and higher utilization of our own equipment, while net income grew significantly by 196.5%."
"During the period, we also completed our initial public offering (the "IPO"). Our ordinary shares commenced trading on the Nasdaq Capital Market on July 8, 2025, marking an important milestone that strengthened our financial position and enhanced our access to capital. In addition, on the operation side, we secured a new order from PSA Corporation Limited and completed a project handover to Bachy Soletanche Singapore Pte. Ltd for deployment in the Cross Island Line project, further strengthening our market position and partnerships."
"Looking ahead, we will continue to expand our equipment offerings and support major infrastructure programs in Singapore, especially in alignment with the Singapore government's efforts to develop a more sustainable land transport sector. We also plan to deepen collaboration with strategic partners, while enhancing our value-added engineering solutions to capture long-term growth opportunities. We remain confident in our ability to sustain growth and deliver long-term value to our shareholders."
Fiscal Year 2025 Financial Results
Revenues
Total revenues were S$76.2 million (US$59.2 million) for fiscal year 2025, an increase of 30.2% from S$58.5 million for fiscal year 2024.
-- Sales of heavy equipment and parts were S$61.2 million (US$47.6 million)
for fiscal year 2025, an increase of 33.8% from S$45.8 million for fiscal
year 2024. The increase was primarily due to higher demand because of new
projects started such as Changi airport terminal 5, Marina Bay Sands
expansion and cross-island MRT line coupled with the downtown MRT line
extension.
-- Engineering consultancy service income remained stable at S$2.2 million
(US$1.7 million) for fiscal year 2025 and fiscal year 2024 respectively.
Despite this stable trend, project income decreased by approximately
S$0.5 million to S$0.1 million (US$0.1 million) for fiscal year 2025 from
approximately S$0.6 million for fiscal year 2024 as the project was
completed in early of the year. The shortfall of the project income was
replaced by an increase in transport and service income.
-- Rental income was S$12.8 million (US$9.9 million) for fiscal year 2025,
an increase of 21.1% from S$10.5 million for fiscal year 2024. This
increase was primarily attributable to higher rental demands as explained
earlier under the sales of heavy equipment and parts.
Cost of Revenue
Cost of revenue was S$57.6 million (US$44.8 million) for fiscal year 2025, an increase of 20.3% from S$47.8 million for fiscal year 2024.
Gross Profit
Gross profit was S$18.6 million (US$14.5 million) for fiscal year 2025, an increase of 74.7% from S$10.7 million for fiscal year 2024.
Gross margin was 24.4% for fiscal year 2025, an increase of 6.2 percentage points from 18.2% for fiscal year 2024.
-- Gross profit margin for sales of heavy equipment and parts was 15.2% for
fiscal year 2025, an increase of 5.9 percentage points from 9.3% for
fiscal year 2024. The increase was mainly due to high product mix and
margin as a result of higher customer demand.
-- Gross profit margin for engineering consultancy service income was 71.5%
for fiscal year 2025, an increase of 36.7 percentage points from 34.8%
for fiscal year 2024. The increase was mainly due to the absence of lower
project margin in the current periods as it was completed in 3rd quarter
of 2024.
-- Gross profit margin for rental income was 60.8% for fiscal year 2025, an
increase of 7.5 percentage points from 53.3% for fiscal year 2024. This
increase was primarily attributable to lower operating costs as a result
of using the Company's own equipment for the rental business rather than
rent from third parties.
Selling and Distribution Expenses
Selling and distribution expenses were S$0.8 million (US$0.6 million) for fiscal year 2025, an increase of 19.7% from S$0.6 million for fiscal year 2024. The increment was mainly due to increase in staff commission as a result of higher sales.
General and Administrative Expenses
General and administrative expenses were S$10.7 million (US$8.3 million) for fiscal year 2025, an increase of 47.6% from S$7.2 million for fiscal year 2024. The increase was mainly due to the increase in the group audit fee, consultancy fee, depreciation for the right-of-use assets, directors fees, provision for doubtful debts, staff costs and IPO expenses cannot be capitalized.
Total Other Loss, Net
Net total other losses were S$0.1 million (US$0.1 million) for fiscal year 2025, a decrease of 85.2% from S$0.2 million for fiscal year 2024. The decrease was mainly due to: (i) decrease in interest income of approximately S$0.3 million due to lower finance leases taken up; (ii) decrease in government grant collection of approximately S$0.1 million as most of the funding were ended; and (iii) offset by exchange gain of approximately S$0.1 million, lower loss on disposal of plant & equipment of approximately S$0.1 million and increase in income received for renting out accessories and parts and higher service income of approximately S$0.3 million.
Net Income
Net income was S$5.6 million (US$4.3 million) for fiscal year 2025, an increase of 196.5% from S$1.9 million for fiscal year 2024.
Basic and Diluted Income per Share
Basic and diluted income per share was S$0.20 (US$0.15) for fiscal year 2025, compared to S$0.07 for fiscal year 2024.
Financial Condition
As of December 31, 2025, the Company had cash and cash equivalents of S$10.7 million (US$8.3 million), compared to S$0.7 million as of December 31, 2024, strengthening its financial position following its successful IPO.
Net cash provided by operating activities was S$26.2 million (US$20.4 million) for fiscal year 2025, compared to S$5.0 million for fiscal year 2024.
Net cash used in investing activities was S$16.5 million (US$12.9 million) for fiscal year 2025, compared to S$8.7 million for fiscal year 2024.
Net cash provided by financing activities was S$0.3 million (US$0.2 million) for fiscal year 2025, compared to S$2.1 million for fiscal year 2024.
Exchange Rate Information
This announcement contains translations of certain Singapore dollar amounts into U.S. dollars for the convenience of the reader. Translations of amounts from Singapore dollars into U.S. dollars have been made at the exchange rate of US$0.7777 = S$1.00, which is the exchange rate on December 31, 2025, as set forth in the statistical release of the Federal Reserve System on January 6, 2026.
About Ten-League International Holdings Limited
Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions. The Company's business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. The equipment is organized into four categories based on their functions and application scenarios: foundation equipment, hoist equipment, excavation equipment and port machinery. The Company also provides value-added engineering solutions under engineering consultancy services with the aim to address potential safety issues, enhance reliability and productivity and allow for customers to evaluate the performance of the equipment, the quality of the work completed and the progress of their projects. Ten-League's mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair through continuous adaptation and application of new technologies. For more information, please visit the Company's website: https://ir.ten-league.com.sg/.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company's Reports of a Foreign Private Issuer on Form 6-K.
For investor and media inquiries, please contact:
Ten-League International Holdings Limited
Investor Relations Department
Email: ir@ten-league.com.sg
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except for share and per share
data, or otherwise noted)
As of As of As of Dec
Dec 31, Dec 31, 31,
Note 2024 2025 2025
---- -------- -------- -----------
S$'000 S$'000 US$'000
(Note 2(d))
ASSETS
Current assets:
Cash and cash
equivalents 686 10,684 8,309
Accounts
receivable,
net 4 16,257 14,410 11,206
Contract assets - 79 61
Inventories, net 5 18,620 15,761 12,257
Deposits,
prepayments and
other
receivables 6 1,808 2,996 2,330
Deferred IPO
expenses 1,901 - -
-------- -------- -----------
Total current
assets 39,272 43,930 34,163
-------- -------- -----------
Non-current
assets:
Plant and
equipment, net 7 30,233 33,137 25,769
Right-of-use
assets 8 1,199 11 9
Other
receivables 6 343 304 236
-------- -------- -----------
Total
non-current
assets 31,775 33,452 26,014
-------- -------- -----------
TOTAL ASSETS 71,047 77,382 60,177
======== ======== ===========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Accounts payable
and accrued
liabilities 9 12,136 11,488 8,934
Amounts due to
related
parties 10 12,930 14,472 11,254
Bank borrowings 11 23,333 16,953 13,184
Lease
liabilities 12 7,421 6,606 5,137
Income tax
payable 127 993 772
-------- -------- -----------
Total current
liabilities 55,947 50,512 39,281
-------- -------- -----------
Long-term
liabilities:
Lease
liabilities 12 6,865 7,558 5,878
Deferred tax
liabilities 13 2,017 2,613 2,032
-------- -------- -----------
Total long-term
liabilities 8,882 10,171 7,910
-------- -------- -----------
TOTAL
LIABILITIES 64,829 60,683 47,191
-------- -------- -----------
Commitments and
contingencies
(Note 19) - - -
Shareholders'
equity
Ordinary share,
par value
US$0.000025,
20,000,000,000
shares
authorized,
27,796,502 and
29,404,342
ordinary shares
issued and
outstanding as
of December 31,
2024 an
December 31,
2025,
respectively** 14 - * - * *
Additional
paid-in
capital 883 5,778 4,493
Retained
earnings 5,335 10,921 8,493
Accumulated
other
comprehensive
income - - * - *
-------- -------- -----------
Total
shareholders'
equity 6,218 16,699 12,986
-------- -------- -----------
TOTAL
LIABILITIES AND
SHAREHOLDERS'
EQUITY 71,047 77,382 60,177
* -- denotes amount less than $'000.
** -- Retrospectively presented for the effect of pro
rata share allotment, 1-for-40 forward split and share
surrender in preparation of the Company's initial
public offering.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Amount in thousands, except for share and per share
data, or otherwise noted)
Year ended December 31,
--------------------------------------------------
Note 2023 2024 2025 2025
---- ---------- ---------- ---------- -----------
S$'000 S$'000 S$'000 US$'000
(Note 2(d))
Revenues, net 3,15 72,782 58,496 76,178 59,241
Cost of revenue (57,000) (47,838) (57,562) (44,764)
---------- ---------- ---------- -----------
Gross profit 15,782 10,658 18,616 14,477
---------- ---------- ---------- -----------
Operating cost
and expenses:
Selling and
distribution (729) (635) (760) (591)
General and
administrative (6,856) (7,226) (10,666) (8,295)
---------- ---------- ---------- -----------
Total operating
cost and
expenses (7,585) (7,861) (11,426) (8,886)
---------- ---------- ---------- -----------
Profit from
operations 8,197 2,797 7,190 5,591
---------- ---------- ---------- -----------
Other income
(expense):
Gain from
disposal of
right-of-use
assets 55 - - -
Loss from
disposal of
plant and
equipment - (126) (30) (23)
Interest income 34 616 266 207
Interest expense (822) (949) (880) (684)
Government grant 41 139 8 6
Write back of
allowance for
credit loss,
net 66 26 - -
Write back of
allowance for
inventories
obsolescence 168 19 - -
Exchange gain 143 9 105 82
Other income 244 84 504 392
---------- ---------- ---------- -----------
Total other
loss, net (71) (182) (27) (20)
---------- ---------- ---------- -----------
Income before
income taxes 8,126 2,615 7,163 5,571
Income tax
expense 16 (1,046) (731) (1,577) (1,226)
---------- ---------- ---------- -----------
NET INCOME 7,080 1,884 5,586 4,345
========== ========== ========== ===========
OTHER
COMPREHENSIVE
INCOME
Foreign
currency
translation
adjustments - - -* -*
========== ========== ========== ===========
COMPREHENSIVE
INCOME 7,080 1,884 5,586 4,345
========== ========== ========== ===========
Earnings per
share
Basic and
diluted 0.25 0.07 0.20 0.15
========== ========== ========== ===========
Weighted
average number
of ordinary
shares
outstanding
Basic and
diluted** 27,796,502 27,796,502 28,571,789 28,571,789
========== ========== ========== ===========
* -- denotes amount less than $'000.
** Basic earnings per share is calculated by dividing
net income for the period, net of tax, by the weighted
average number of ordinary shares outstanding during
the financial period. The basic and diluted earnings
per share are the same as there were no other outstanding
convertibles or other dilutive equity instruments.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in thousands, except for share and per share
data, or otherwise noted)
Year ended December 31,
------------------------------------------
2023 2024 2025 2025
-------- ------- ------- -----------
S$'000 S$'000 S$'000 US$'000
(Note 2(d))
Cash flows from
operating
activities:
Net income 7,080 1,884 5,586 4,345
Adjustments to
reconcile net
income to net
cash provided
by operating
activities
Depreciation of
plant and
equipment 3,729 4,236 4,661 3,625
Depreciation of
right-of-use
assets 396 891 1,188 924
(Gain)/Loss on
disposal of
plant and
equipment (761) 126 30 23
Gain on
de-recognition
of right-of-use
assets (51) - - -
Reversal of
allowance for
inventories
obsolescence - (19) - -
Change in
working
capital:
Accounts
receivable (9,395) 5,440 1,056 821
Contract assets (2,784) 2,784 (79) (61)
Inventories** 867 (8,891) 11,430 8,889
Related parties (2,024) (1,087) 1,542 1,199
Accounts payable
and accrued
liabilities (3,383) (605) (647) (503)
Income tax
payable (219) (181) 866 673
Deferred tax
liabilities 725 431 596 463
------- ------- ------- -----------
Net cash provided
by operating
activities (5,820) 5,009 26,229 20,398
------- ------- ------- -----------
Cash flows from
investing
activities:
Proceeds from
disposal of
plant and
equipment 8,896 3,405 47 37
Repayment from
finance lease
receivables 349 675 630 490
Purchase of plant
and equipment** (12,382) (12,817) (17,201) (13,377)
------- ------- ------- -----------
Net cash used in
investing
activities (3,137) (8,737) (16,524) (12,850)
------- ------- ------- -----------
Cash flows from
financing
activities:
Proceeds from
bank borrowings 14,668 14,654 4,003 3,113
Deferred IPO
expenses (1,196) (705) (1,436) (1,117)
Repayment of bank
borrowings (266) (266) - -
Principal
repayment of
lease
liabilities (7,482) (10,741) (9,296) (7,229)
Proceed from
issuance of new
shares - - 8,232 6,402
Payment of
deferred
financing costs (405) (868) (1,210) (941)
------- ------- ------- -----------
Net cash provided
by financing
activities 5,319 2,074 293 228
------- ------- ------- -----------
Effect on
exchange rate
change on cash
and cash
equivalents - - - 31
------- ------- ------- -----------
Net change in
cash and cash
equivalent (3,638) (1,654) 9,998 7,807
BEGINNING OF
PERIOD 5,978 2,340 686 502
------- ------- ------- -----------
END OF PERIOD 2,340 686 10,684 8,309
======= ======= ======= ===========
SUPPLEMENTAL
CASH FLOW
INFORMATION:
Cash paid for
income taxes 540 481 115 89
Cash paid for
interest 822 949 880 684
Cash received
from finance
lease receivable
interest (34) (621) (265) (206)
Operating lease
asset obtained
in exchange for
operating lease
obligations - 2,082 - -
======= ======= ======= ===========
** There is a transfer of S$9.6 million (2024: S$7.9
million) from plant and equipment to inventories.
(END) Dow Jones Newswires
SINGAPORE, April 30, 2026 (GLOBE NEWSWIRE) -- Ten-League International Holdings Limited (Nasdaq: TLIH) (the "Company" or "Ten-League"), a Singapore-based provider of turnkey project solutions, today announced its financial results for the fiscal year ended December 31, 2025.
Fiscal Year 2025 Financial Highlights
-- Revenue was S$76.2 million (US$59.2 million) for fiscal year 2025, an
increase of 30.2% from S$58.5 million for fiscal year 2024.
-- Gross profit was S$18.6 million (US$14.5 million) for fiscal year 2025,
an increase of 74.7% from S$10.7 million for fiscal year 2024.
-- Gross profit margin was 24.4% for fiscal year 2025, an increase of 6.2
percentage points from 18.2% for fiscal year 2024.
-- Net income was S$5.6 million (US$4.3 million) for fiscal year 2025, an
increase of 196.5% from S$1.9 million for fiscal year 2024.
-- Basic and diluted income per share was S$0.20 (US$0.15) for fiscal year
2025, compared to S$0.07 for fiscal year 2024.
Mr. Jison Lim, Chief Executive Officer and Chairman of Ten-League, commented, "We are pleased to report strong financial performance for fiscal year 2025, reflecting solid execution and sustained demand across Singapore's infrastructure sector. Revenue increased by 30.2% year-over-year, driven by higher sales of heavy equipment and parts, as well as increased rental income, supported by major projects such as Changi Airport Terminal 5, the Marina Bay Sands expansion, and key Mass Rapid Transit ("MRT") developments. Gross profit margin improved by 6.2 percentage points to 24.4%, primarily due to a more favorable product mix and higher utilization of our own equipment, while net income grew significantly by 196.5%."
"During the period, we also completed our initial public offering (the "IPO"). Our ordinary shares commenced trading on the Nasdaq Capital Market on July 8, 2025, marking an important milestone that strengthened our financial position and enhanced our access to capital. In addition, on the operation side, we secured a new order from PSA Corporation Limited and completed a project handover to Bachy Soletanche Singapore Pte. Ltd for deployment in the Cross Island Line project, further strengthening our market position and partnerships."
"Looking ahead, we will continue to expand our equipment offerings and support major infrastructure programs in Singapore, especially in alignment with the Singapore government's efforts to develop a more sustainable land transport sector. We also plan to deepen collaboration with strategic partners, while enhancing our value-added engineering solutions to capture long-term growth opportunities. We remain confident in our ability to sustain growth and deliver long-term value to our shareholders."
Fiscal Year 2025 Financial Results
Revenues
Total revenues were S$76.2 million (US$59.2 million) for fiscal year 2025, an increase of 30.2% from S$58.5 million for fiscal year 2024.
-- Sales of heavy equipment and parts were S$61.2 million (US$47.6 million)
for fiscal year 2025, an increase of 33.8% from S$45.8 million for fiscal
year 2024. The increase was primarily due to higher demand because of new
projects started such as Changi airport terminal 5, Marina Bay Sands
expansion and cross-island MRT line coupled with the downtown MRT line
extension.
-- Engineering consultancy service income remained stable at S$2.2 million
(US$1.7 million) for fiscal year 2025 and fiscal year 2024 respectively.
Despite this stable trend, project income decreased by approximately
S$0.5 million to S$0.1 million (US$0.1 million) for fiscal year 2025 from
approximately S$0.6 million for fiscal year 2024 as the project was
completed in early of the year. The shortfall of the project income was
replaced by an increase in transport and service income.
-- Rental income was S$12.8 million (US$9.9 million) for fiscal year 2025,
an increase of 21.1% from S$10.5 million for fiscal year 2024. This
increase was primarily attributable to higher rental demands as explained
earlier under the sales of heavy equipment and parts.
Cost of Revenue
Cost of revenue was S$57.6 million (US$44.8 million) for fiscal year 2025, an increase of 20.3% from S$47.8 million for fiscal year 2024.
Gross Profit
Gross profit was S$18.6 million (US$14.5 million) for fiscal year 2025, an increase of 74.7% from S$10.7 million for fiscal year 2024.
Gross margin was 24.4% for fiscal year 2025, an increase of 6.2 percentage points from 18.2% for fiscal year 2024.
-- Gross profit margin for sales of heavy equipment and parts was 15.2% for
fiscal year 2025, an increase of 5.9 percentage points from 9.3% for
fiscal year 2024. The increase was mainly due to high product mix and
margin as a result of higher customer demand.
-- Gross profit margin for engineering consultancy service income was 71.5%
for fiscal year 2025, an increase of 36.7 percentage points from 34.8%
for fiscal year 2024. The increase was mainly due to the absence of lower
project margin in the current periods as it was completed in 3rd quarter
of 2024.
-- Gross profit margin for rental income was 60.8% for fiscal year 2025, an
increase of 7.5 percentage points from 53.3% for fiscal year 2024. This
increase was primarily attributable to lower operating costs as a result
of using the Company's own equipment for the rental business rather than
rent from third parties.
Selling and Distribution Expenses
Selling and distribution expenses were S$0.8 million (US$0.6 million) for fiscal year 2025, an increase of 19.7% from S$0.6 million for fiscal year 2024. The increment was mainly due to increase in staff commission as a result of higher sales.
General and Administrative Expenses
General and administrative expenses were S$10.7 million (US$8.3 million) for fiscal year 2025, an increase of 47.6% from S$7.2 million for fiscal year 2024. The increase was mainly due to the increase in the group audit fee, consultancy fee, depreciation for the right-of-use assets, directors fees, provision for doubtful debts, staff costs and IPO expenses cannot be capitalized.
Total Other Loss, Net
Net total other losses were S$0.1 million (US$0.1 million) for fiscal year 2025, a decrease of 85.2% from S$0.2 million for fiscal year 2024. The decrease was mainly due to: (i) decrease in interest income of approximately S$0.3 million due to lower finance leases taken up; (ii) decrease in government grant collection of approximately S$0.1 million as most of the funding were ended; and (iii) offset by exchange gain of approximately S$0.1 million, lower loss on disposal of plant & equipment of approximately S$0.1 million and increase in income received for renting out accessories and parts and higher service income of approximately S$0.3 million.
Net Income
Net income was S$5.6 million (US$4.3 million) for fiscal year 2025, an increase of 196.5% from S$1.9 million for fiscal year 2024.
Basic and Diluted Income per Share
Basic and diluted income per share was S$0.20 (US$0.15) for fiscal year 2025, compared to S$0.07 for fiscal year 2024.
Financial Condition
As of December 31, 2025, the Company had cash and cash equivalents of S$10.7 million (US$8.3 million), compared to S$0.7 million as of December 31, 2024, strengthening its financial position following its successful IPO.
Net cash provided by operating activities was S$26.2 million (US$20.4 million) for fiscal year 2025, compared to S$5.0 million for fiscal year 2024.
Net cash used in investing activities was S$16.5 million (US$12.9 million) for fiscal year 2025, compared to S$8.7 million for fiscal year 2024.
Net cash provided by financing activities was S$0.3 million (US$0.2 million) for fiscal year 2025, compared to S$2.1 million for fiscal year 2024.
Exchange Rate Information
This announcement contains translations of certain Singapore dollar amounts into U.S. dollars for the convenience of the reader. Translations of amounts from Singapore dollars into U.S. dollars have been made at the exchange rate of US$0.7777 = S$1.00, which is the exchange rate on December 31, 2025, as set forth in the statistical release of the Federal Reserve System on January 6, 2026.
About Ten-League International Holdings Limited
Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions. The Company's business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. The equipment is organized into four categories based on their functions and application scenarios: foundation equipment, hoist equipment, excavation equipment and port machinery. The Company also provides value-added engineering solutions under engineering consultancy services with the aim to address potential safety issues, enhance reliability and productivity and allow for customers to evaluate the performance of the equipment, the quality of the work completed and the progress of their projects. Ten-League's mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair through continuous adaptation and application of new technologies. For more information, please visit the Company's website: https://ir.ten-league.com.sg/.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company's Reports of a Foreign Private Issuer on Form 6-K.
For investor and media inquiries, please contact:
Ten-League International Holdings Limited
Investor Relations Department
Email: ir@ten-league.com.sg
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except for share and per share
data, or otherwise noted)
As of As of As of Dec
Dec 31, Dec 31, 31,
Note 2024 2025 2025
---- -------- -------- -----------
S$'000 S$'000 US$'000
(Note 2(d))
ASSETS
Current assets:
Cash and cash
equivalents 686 10,684 8,309
Accounts
receivable,
net 4 16,257 14,410 11,206
Contract assets - 79 61
Inventories, net 5 18,620 15,761 12,257
Deposits,
prepayments and
other
receivables 6 1,808 2,996 2,330
Deferred IPO
expenses 1,901 - -
-------- -------- -----------
Total current
assets 39,272 43,930 34,163
-------- -------- -----------
Non-current
assets:
Plant and
equipment, net 7 30,233 33,137 25,769
Right-of-use
assets 8 1,199 11 9
Other
receivables 6 343 304 236
-------- -------- -----------
Total
non-current
assets 31,775 33,452 26,014
-------- -------- -----------
TOTAL ASSETS 71,047 77,382 60,177
======== ======== ===========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Accounts payable
and accrued
liabilities 9 12,136 11,488 8,934
Amounts due to
related
parties 10 12,930 14,472 11,254
Bank borrowings 11 23,333 16,953 13,184
Lease
liabilities 12 7,421 6,606 5,137
Income tax
payable 127 993 772
-------- -------- -----------
Total current
liabilities 55,947 50,512 39,281
-------- -------- -----------
Long-term
liabilities:
Lease
liabilities 12 6,865 7,558 5,878
Deferred tax
liabilities 13 2,017 2,613 2,032
-------- -------- -----------
Total long-term
liabilities 8,882 10,171 7,910
-------- -------- -----------
TOTAL
LIABILITIES 64,829 60,683 47,191
-------- -------- -----------
Commitments and
contingencies
(Note 19) - - -
Shareholders'
equity
Ordinary share,
par value
US$0.000025,
20,000,000,000
shares
authorized,
27,796,502 and
29,404,342
ordinary shares
issued and
outstanding as
of December 31,
2024 an
December 31,
2025,
respectively** 14 - * - * *
Additional
paid-in
capital 883 5,778 4,493
Retained
earnings 5,335 10,921 8,493
Accumulated
other
comprehensive
income - - * - *
-------- -------- -----------
Total
shareholders'
equity 6,218 16,699 12,986
-------- -------- -----------
TOTAL
LIABILITIES AND
SHAREHOLDERS'
EQUITY 71,047 77,382 60,177
* -- denotes amount less than $'000.
** -- Retrospectively presented for the effect of pro
rata share allotment, 1-for-40 forward split and share
surrender in preparation of the Company's initial
public offering.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Amount in thousands, except for share and per share
data, or otherwise noted)
Year ended December 31,
--------------------------------------------------
Note 2023 2024 2025 2025
---- ---------- ---------- ---------- -----------
S$'000 S$'000 S$'000 US$'000
(Note 2(d))
Revenues, net 3,15 72,782 58,496 76,178 59,241
Cost of revenue (57,000) (47,838) (57,562) (44,764)
---------- ---------- ---------- -----------
Gross profit 15,782 10,658 18,616 14,477
---------- ---------- ---------- -----------
Operating cost
and expenses:
Selling and
distribution (729) (635) (760) (591)
General and
administrative (6,856) (7,226) (10,666) (8,295)
---------- ---------- ---------- -----------
Total operating
cost and
expenses (7,585) (7,861) (11,426) (8,886)
---------- ---------- ---------- -----------
Profit from
operations 8,197 2,797 7,190 5,591
---------- ---------- ---------- -----------
Other income
(expense):
Gain from
disposal of
right-of-use
assets 55 - - -
Loss from
disposal of
plant and
equipment - (126) (30) (23)
Interest income 34 616 266 207
Interest expense (822) (949) (880) (684)
Government grant 41 139 8 6
Write back of
allowance for
credit loss,
net 66 26 - -
Write back of
allowance for
inventories
obsolescence 168 19 - -
Exchange gain 143 9 105 82
Other income 244 84 504 392
---------- ---------- ---------- -----------
Total other
loss, net (71) (182) (27) (20)
---------- ---------- ---------- -----------
Income before
income taxes 8,126 2,615 7,163 5,571
Income tax
expense 16 (1,046) (731) (1,577) (1,226)
---------- ---------- ---------- -----------
NET INCOME 7,080 1,884 5,586 4,345
========== ========== ========== ===========
OTHER
COMPREHENSIVE
INCOME
Foreign
currency
translation
adjustments - - -* -*
========== ========== ========== ===========
COMPREHENSIVE
INCOME 7,080 1,884 5,586 4,345
========== ========== ========== ===========
Earnings per
share
Basic and
diluted 0.25 0.07 0.20 0.15
========== ========== ========== ===========
Weighted
average number
of ordinary
shares
outstanding
Basic and
diluted** 27,796,502 27,796,502 28,571,789 28,571,789
========== ========== ========== ===========
* -- denotes amount less than $'000.
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