Generated Record Operating Cash Flow of $54.1 Million; Maintained Profitability
Debt-Free $154.3 Million Cash Position Supports Continued Geographic Expansion
SINGAPORE, June 25, 2026 (GLOBE NEWSWIRE) -- OMS Energy Technologies Inc. ("OMS" or the "Company") $(OMSE)$, a growth-oriented manufacturer of surface wellhead systems ("SWS") and oil country tubular goods ("OCTG") for the oil and gas industry, today announced its financial results for the fiscal year ended March 31, 2026. The Company also announced that it has filed its annual report on Form 20-F for the fiscal year ended March 31, 2026 with the U.S. Securities and Exchange Commission.
Fiscal Year 2026 Financial Highlights
-- Total revenues were $155.9 million for fiscal year 2026, compared with
$203.6 million for fiscal year 2025.
-- Gross margin was 30.3% for fiscal year 2026, compared with 33.9% for
fiscal year 2025.
-- Operating profit was $34.9 million for fiscal year 2026, compared with
$59.9 million for fiscal year 2025.
-- Adjusted EBITDA was $41.2 million for fiscal year 2026, compared with
$64.1 million for fiscal year 2025.
-- Net cash provided by operating activities was $54.1 million for fiscal
year 2026, compared with $40.5 million for fiscal year 2025.
-- Adjusted free cash flow was $52.5 million for fiscal year 2026, compared
with $37.6 million for fiscal year 2025.
Recent Business Highlights
-- In March 2026, OMS Saudi received a US$11 million "Call-off Order" for
specialty connectors and pipes under the Company's 10-year agreement with
Saudi Aramco, signed in 2024. Call-off Orders are purchase orders issued
upon customer request under long-term supply contracts with pre-agreed
terms that vary by customer. This order represents the continued
conversion of the Company's agreement with Saudi Aramco into active
revenue
-- In March 2026, the Company's subsidiaries in Singapore and Indonesia
secured approximately US$2.6 million in surface wellhead system orders
and a contract extension from operators in Oman, Pakistan and Indonesia.
The orders included OMS's first 10,000-PSI full wellhead and production
tree system in Pakistan and a contract extension with Pertamina Hulu
Rokan in Indonesia due to demand exceeding the original contract value.
-- In January 2026, the Company's subsidiaries in Singapore and Indonesia
secured approximately US$2.2 million in specialty connector orders from
oil and gas operators in the United Arab Emirates, Pakistan and Indonesia,
advancing its strategy to diversify specialty connector sales beyond its
core Saudi Arabian market.
-- In January 2026, OMS Saudi earned API Specification 6A certification,
enabling the subsidiary to provide repair and maintenance services for
wellhead and Christmas tree equipment. Combined with existing API
Specifications Q1, 5CT, 5L and 7-1 certifications, this positions OMS
Saudi as a supplier of diverse products and services in the Kingdom of
Saudi Arabia.
-- In November 2025, OMS Indonesia obtained API Specification 11D1
certification and expanded its product portfolio with certified,
self-developed retrievable mechanical and hydraulic packers,
complementing its existing API-6A-certified surface wellheads and
Christmas trees.
Mr. How Meng Hock, Chairman and Chief Executive Officer of OMS, commented, "We delivered a resilient performance in fiscal year 2026 amid a challenging operating environment. While revenue reflected the timing of Call-off Orders under our long-term Saudi Aramco contract against an exceptionally high prior-year comparison, our underlying business remained healthy and profitable. We generated record operating cash flow, ended the year debt-free with $154.3 million in cash and restricted cash, and continued to diversify across new geographies and customers, winning our first surface wellhead and Christmas tree contracts in Pakistan and Angola and earning new certifications that expand our addressable opportunities in the Middle East and Southeast Asia. Together with our strong customer relationships and long-term contracts, these achievements position OMS for sustainable growth as industry activity recovers."
Mr. Kevin Yeo, Chief Financial Officer, added, "Our fiscal 2026 financial results reflect the strength of OMS's business model and operational discipline. We maintained profitability despite the year-over-year revenue decline, delivering gross margin of 30.3%, operating profit of $34.9 million, and net profit of $33.9 million. Cash generation was a highlight, with record operating cash flow of $54.1 million and adjusted free cash flow of $52.5 million. We ended the fiscal year debt-free with $154.3 million in cash and restricted cash, providing flexibility to support organic growth initiatives, selectively evaluate strategic expansion opportunities, and drive long-term value creation."
Fiscal Year 2026 Financial Results
Revenues
Total revenues for fiscal year 2026 were $155.9 million, compared with $203.6 million for fiscal year 2025. This decline was primarily driven by the timing of Call-off Orders under OMS's long-term supply agreement with Saudi Aramco, set against an unusually high prior-year base, which included the overlap of the conclusion of the Company's previous Aramco contract with the ramp-up of its new ten-year agreement signed in early 2024.
-- Specialty connectors and pipes. Revenues from sales of specialty
connectors and pipes were $96.1 million for fiscal year 2026, compared
with $143.1 million for fiscal year 2025. The decrease was mainly driven
by the timing of Call-off Orders for specialty connectors and pipes in
Saudi Arabia. Excluding Saudi Arabia, revenue from specialty connectors
and pipes was $4.6 million for fiscal year 2026, an 130% increase from
$2.0 million for fiscal year 2025, primarily contributed by higher export
sales to the United Arab Emirates, Pakistan and Indonesia. These orders
highlight OMS's accelerating geographic expansion.
-- Surface wellhead and Christmas tree equipment. Revenues from sales of
surface wellhead and Christmas tree equipment were $10.9 million for
fiscal year 2026, compared with $8.7 million for fiscal year 2025. The
increase was largely attributable to stronger demand from a major
Indonesian customer. OMS also secured its first surface wellhead and
Christmas tree customers in Pakistan and Angola during fiscal year 2026.
-- Premium threading services. Revenues from rendering of premium threading
services were $33.4 million for fiscal year 2026, compared with $36.8
million for fiscal year 2025. The decrease was mainly attributable to
reduced oil and gas production in Malaysia and Singapore, partially
offset by higher activity in Indonesia and Thailand.
-- Other ancillary services. Revenues generated from other ancillary
services were $15.5 million for fiscal year 2026, compared with $15.0
million for fiscal year 2025, remaining stable due to consistent demand
for repair and inspection services across OMS's primary markets.
As of March 31, 2026, the Company's backlog was $60.7 million, compared with $102.0 million as of March 31, 2025. The decrease primarily reflects the timing of Call-off Orders under the Company's long-term Saudi contracts rather than a change in underlying customer demand. Management uses backlog as an operating metric to gauge future revenue visibility and to support planning and resource-allocation decisions. It represents estimated revenue from confirmed customer orders and contracts that have not yet been recognized as revenue and are expected to be delivered within the next 12 months.
Cost of revenues
Cost of revenues was $108.7 million for fiscal year 2026, compared with $134.6 million for fiscal year 2025.
Gross profit
Gross profit was $47.2 million for fiscal year 2026, compared with $69.0 million for fiscal year 2025. Gross margin was 30.3% for fiscal year 2026, compared with 33.9% for fiscal year 2025. OMS maintained a healthy gross margin despite a lower sales volume, reflecting continued cost discipline, operational efficiency and customer engagement.
Selling, general and administrative expenses
Selling, general and administrative expenses, which consist primarily of personnel costs, transportation and logistics, premises-related expenses, legal and professional fees, sales and marketing expenses and risk management-related costs were $12.4 million for fiscal year 2026, compared with $9.1 million for fiscal year 2025. The increase was primarily due to additional post-IPO compliance costs and cybersecurity readiness initiatives.
Operating profit
Operating profit was $34.9 million for fiscal year 2026, compared with $59.9 million for fiscal year 2025.
Total other income, net
Total other income, net was $0.3 million for fiscal year 2026, compared with $0.2 million for fiscal year 2025, remaining relatively stable.
Income Tax Expense
Income tax expense was $4.5 million for fiscal year 2026, compared with $13.2 million for fiscal year 2025. The reported effective tax rate of 11.8% reflected approximately $2.8 million of non-recurring items, including a $2.3 million recovery related to the resolution of a prior-year tax matter in Saudi and a $0.5 million over-provision adjustment in Singapore. Excluding these items, the normalized effective tax rate for fiscal year 2026 would have been approximately 19.1%, broadly in line with the prior-year rate of 21.9%.
Net profit
Net profit was $33.9 million for fiscal year 2026, compared with $47.0 million for fiscal year 2025.
Basic and diluted EPS
Basic and diluted earnings per share were both $0.77 for fiscal year 2026, compared with both $1.18 for fiscal year 2025.
Adjusted EBITDA
Adjusted EBITDA was $41.2 million and adjusted EBITDA margin was 26.4% for fiscal year 2026.
Balance sheet and cash flow
As of March 31, 2026, the Company's cash and cash equivalents and restricted cash totaled $154.3 million, compared with $75.8 million as of March 31, 2025, primarily reflecting the inflow from the net IPO proceeds of $28.9 million received in May 2025 and higher net cash provided by operating activities of $54.1 million for fiscal year 2026, compared with net cash provided of $40.5 million for fiscal year 2025.
Adjusted free cash flow was $52.5 million for fiscal year 2026, an increase of $14.9 million compared with $37.6 million for fiscal year 2025 driven by improved management of receivables, payables and inventory level, including a $15.4 million reduction in inventory as OMS drew down stockpiles previously built ahead of anticipated Saudi Aramco Call-off Orders. As regional order activity resumes, the Company anticipates rebuilding inventory toward its target range of approximately $20 million to $25 million, which is expected to moderate the working capital contribution to free cash flow in future periods.
Annual Report on Form 20-F
The Company's Annual Report on Form 20-F for the fiscal year ended March 31, 2026 has been filed with the SEC and is available on the Investor Relations section of the Company's website at ir.omsos.com and on the SEC's website at www.sec.gov. Shareholders may receive a hard copy of the Company's complete audited financial statements free of charge upon request.
Conference Call
The Company's management will hold an earnings conference call at 8:00 P.M. U.S. Eastern Time on June 25, 2026, or 8:00 A.M. Singapore Time on June 26, 2026 to discuss the financial results.
For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.
Participant Online Registration:
https://register-conf.media-server.com/register/BId74ddae27dff4d1cb0684c0bfbdd2a9c
Upon registration, each participant will receive details for the conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the provided number, enter the passcode followed by your PIN, and you will join the conference.
A live webcast of the conference call will also be available on the Company's investor relations website at ir.omsos.com.
About OMS Energy Technologies Inc.
OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company's 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.
For more information, please visit ir.omsos.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Summary of Financial Results
Consolidated Statements of Financial Positions
For the For the
year ended year ended
March 31, 2026 March 31, 2025
---------------- ---------------
US$'000 US$'000
Assets
Current assets:
Cash and cash equivalents 151,985 72,950
Restricted cash, current 1,977 1,692
Trade receivables, net 18,955 13,467
Contract assets 1,732 983
Inventories, net 17,155 32,546
Prepayment and other current
assets 4,441 1,646
Amount due from a related
party 1,984 1,584
--------------- ---------------
Total Current Assets 198,229 124,868
--------------- ---------------
Non-current assets:
Restricted cash, non-current 340 1,189
Right-of-use assets, net 7,111 8,086
Property, plant and
equipment, net 28,535 32,055
Intangible assets, net 494 42
Deferred tax assets 2,125 2,938
Prepayment and other
non-current assets 306 1,327
--------------- ---------------
Total Non-Current Assets 38,911 45,637
--------------- ---------------
Total Assets 237,140 170,505
=============== ===============
Liabilities
Current Liabilities:
Trade payables and other
liabilities 27,355 15,070
Tax payable 1,058 8,200
Lease liabilities, current 1,374 1,187
--------------- ---------------
Total Current Liabilities 29,787 24,457
--------------- ---------------
Non-current Liabilities:
Employee benefits obligation 1,326 827
Lease liabilities,
non-current 5,067 6,096
Deferred tax liabilities 3,496 4,217
Provisions 73 321
--------------- ---------------
Total Non-Current Liabilities 9,962 11,461
--------------- ---------------
Total Liabilities 39,749 35,918
--------------- ---------------
Equity
Share capital 4 4
Share premium 100,999 72,648
Retained earnings 90,842 58,634
Accumulated other
comprehensive loss (2,202) (2,397)
--------------- ---------------
Equity attributable to
Shareholders of the Company 189,643 128,889
Non-controlling interests 7,748 5,698
--------------- ---------------
Total equity 197,391 134,587
--------------- ---------------
Total liabilities and equity 237,140 170,505
=============== ===============
Consolidated Statements of Profit or Loss and Other
Comprehensive Income
For the For the
year ended year ended
March 31, 2026 March 31, 2025
---------------- ---------------
US$'000 US$'000
Revenue 155,910 203,607
Total revenue 155,910 203,607
Cost of revenue (108,680) (134,620)
--------------- ---------------
Total cost of revenue (108,680) (134,620)
--------------- ---------------
Gross profit 47,230 68,987
Selling, general and
administrative expenses (12,373) (9,122)
--------------- ---------------
Operating profit 34,857 59,865
Other income, net 349 246
--------------- ---------------
Total other income, net 349 246
Finance income -- third
parties 3,500 339
Finance income -- related
parties 93 --
--------------- ---------------
Total finance income 3,593 339
Finance cost (404) (284)
--------------- ---------------
Total finance cost (404) (284)
Profit before tax 38,395 60,166
--------------- ---------------
Income tax expense (4,517) (13,189)
--------------- ---------------
Net profit 33,878 46,977
Other comprehensive
income/(loss):
Items that will not be
reclassified to profit or
loss
----------------------------
Foreign currency translation
differences 660 2,258
Changes resulting from
actuarial remeasurement of
employee benefits
obligation (85) (2)
--------------- ---------------
Other comprehensive income,
net of tax 575 2,256
--------------- ---------------
Total comprehensive income 34,453 49,233
--------------- ---------------
Net profit attributable to:
Shareholders of the Company 32,208 44,816
Non-controlling interests 1,670 2,161
--------------- ---------------
Net profit 33,878 46,977
--------------- ---------------
Total comprehensive income
attributable to:
Shareholders of the Company 32,403 46,860
Non-controlling interests 2,050 2,373
--------------- ---------------
Total comprehensive income 34,453 49,233
--------------- ---------------
Basic and diluted
weighted-average shares
outstanding 42,002,230 37,822,500
Basic and diluted earnings per
share (as adjusted) (US$) 0.77 1.18
=============== ===============
Consolidated Statements of Cash Flows
For the For the
year ended year ended
March 31, 2026 March 31, 2025
---------------- ---------------
US$'000 US$'000
Operating activities
Net profit 33,878 46,977
Adjustments for:
Income tax expenses 4,517 13,189
Depreciation of property,
plant and equipment 4,679 2,711
Amortization of intangible
assets 67 84
Depreciation of right-of-use
assets 1,620 1,412
Loss on disposal of
property, plant and
equipment -- 111
(Reversal of)/allowance for
inventories obsolescence (780) 571
(Reversal of)/allowance for
expected credit losses (81) 121
Finance costs 404 284
Finance income (3,593) (339)
Net gain on fair value
changes of financial
liabilities at fair value
through profit or loss (413) --
Loss on unrealized foreign
exchange 347 493
Changes in operating assets
and liabilities:
Trade receivables (5,407) 18,975
Contract assets (749) 764
Inventories 16,165 (2,329)
Prepayment and other assets (2,401) 809
Trade and other payables 12,576 (32,239)
Employee benefits obligation 516 59
--------------- ---------------
61,345 51,653
Cash provided by operations:
Interest received 3,593 339
Income taxes refund 2,398 --
Income taxes paid (13,218) (11,490)
--------------- ---------------
Net cash provided by operating
activities 54,118 40,502
Investing activities
Proceeds from sale of
property, plant and
equipment 2 --
Acquisition of property, plant
and equipment (1,114) (2,863)
Acquisition of intangible
asset (523) --
(Loan to)/repayment from
related parties (400) 1
--------------- ---------------
Net cash used in investing
activities (2,035) (2,862)
Financing activities
Proceeds from issuance of
ordinary shares 30,583 --
Payment of offering cost (1,731) --
Repayment of loans and
borrowings -- (6,504)
Interest paid (404) (253)
Payment of lease liabilities (1,468) (1,302)
--------------- ---------------
Net cash provided by/(used in)
financing activities 26,980 (8,059)
Effect of foreign exchange on
cash, cash equivalents and
restricted cash (592) 820
--------------- ---------------
Net increase in cash, cash
equivalents and restricted
cash 78,471 30,401
Cash, cash equivalents and
restricted cash at beginning
of year 75,831 45,430
--------------- ---------------
Cash, cash equivalents and
restricted cash at end of
year 154,302 75,831
Less: Restricted cash,
non-current 340 1,189
Less: Restricted cash, current 1,977 1,692
--------------- ---------------
Cash and cash equivalents at
end of year 151,985 72,950
=============== ===============
Non-IFRS Financial Measures
This document includes references to non-IFRS financial measures, including: Adjusted EBITDA and Adjusted Free Cash Flow. These measures provide meaningful supplemental information regarding OMS's performance by eliminating items that are not central to OMS's core business.
However, there are a number of limitations related to the use of non-IFRS financial measures, and as such, the presentation of these non-IFRS financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS measures with comparable names used by other companies. See below for additional explanations about the non-IFRS financial measures, including their definitions and a reconciliation of these forward-looking non-IFRS measures to the most directly comparable IFRS financial measures.
Explanation of non-IFRS financial measures:
-- Adjusted EBITDA is calculated as net profit for the period adjusted to
exclude: (i) income tax expense, (ii) other income, net, (iii) finance
income, (iv) finance cost and (v) depreciation and amortization,
including lease depreciation. Adjusted EBITDA shows a clearer picture of
the earnings generated from the Company's operations by excluding the
impact of non-cash items, financing costs and income, taxes and other
items not considered indicative of the Company's core operating
performance, providing management and investors a clearer metric to
evaluate the profitability and cash generation capability of the
Company's operations.
Reconciliation of Net Profit to Adjusted EBITDA (Non-IFRS)
For the years ended,
March 31,
2026 2025
US$'000 US$'000
Net profit 33,878 46,977
Income tax expense 4,517 13,189
Other income, net (349) (246)
Finance income (3,593) (339)
Finance cost 404 284
--------- --------
Operating profit 34,857 59,865
Depreciation and amortization 6,366 4,207
--------- --------
Adjusted EBITDA (Non-IFRS) 41,223 64,072
========= ========
Adjusted EBITDA margin (Non-IFRS) 26.4% 31.5%
Explanation of non-IFRS financial measures:
-- Adjusted Free Cash Flow is defined as net cash flows from operating
activities less capital expenditures, including acquisition of property,
plant and equipment and acquisition of intangible assets, plus proceeds
from sale of property, plant and equipment. This measure assesses the
Company's capital efficiency by deducting the cash required to purchase,
replace and upgrade the machineries, equipment and systems required to
keep the production lines running.
Adjusted Free Cash Flow Reconciliation (Non-IFRS)
For the years ended,
March 31,
2026 2025
US$'000 US$'000
Net cash provided by operating activities 54,118 40,502
Less: Capital expenditure
- Acquisition of property, plant and
equipment (1,114) (2,863)
- Proceeds from sale of property, plant
and equipment 2 -
- Acquisition of intangible asset (523) -
Adjusted Free Cash Flow (Non-IFRS) 52,483 37,639
=========== ========
For investor and media inquiries, please contact:
OMS Energy Technologies Inc.
Investor Relations
Email: ir@omsos.com
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: oms@thepiacentegroup.com
(END) Dow Jones Newswires
June 25, 2026 17:20 ET
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