📊 Key Financial Highlights (FY2026 vs FY2025)

• Revenue: US$24.8m (Up 60% YoY from US$15.5m)
• Gross Profit: US$15.5m (Up 60% YoY)
• Net Profit: US$4.8m (Up 147% YoY from US$1.95m)
• EPS: Positive turnaround, though still modest relative to share base.
• Operating Profit: US$8.1m (Up 37.7% YoY)
• Finance Costs: US$1.35m (Up 18.7% YoY) &mdash debt burden remains.
• Cash & Bank Balances: US$7.26m (vs US$1.5m in FY2025).

💰 Balance Sheet Snapshot

• Total Assets: US$35.0m (Up 31% YoY).
• Total Liabilities: US$15.6m (Up 33% YoY).
• Net Assets: US$20.9m (Up ~33% YoY).
• Accumulated Losses: Still large at US$59.8m (improved from US$68.5m).
• Borrowings: US$4.5m (unchanged YoY, includes convertible notes/bonds).

🔎 Cash Flow

• Operating Cash Flow: US$8.5m (strong improvement from US$3.6m).
• Investing Cash Flow: Outflow US$2.8m (capex, intangibles, FVTPL assets).
• Financing Cash Flow: Slight inflow US$24k (warrants, borrowings net of repayments).
• Net Cash Increase: US$5.75m &rarr liquidity buffer strengthened.

⚠ ️ Risks & Considerations

• Leverage: Interest costs rising reliance on convertible instruments.
• Accumulated Losses: Still heavy, constraining dividend prospects.
• Working Capital Needs: Expansion may require equity placement or further debt.
• Volatility: Fair value losses on financial liabilities and forex swings remain material.

📈 Investor Takeaway

• Positive: Strong revenue growth, net profit recovery, healthier cash position.
• Caution: Balance sheet still fragile accumulated losses and debt overhang.
• Likely Scenario: With share price strength, a placement or conversion exercise is plausible to bolster working capital and reduce leverage.