YDDL · One and one Green Technologies. Inc

Summary

One and one Green Technologies. Inc. (YDDL) is a Cayman Islands holding company that conducts operations through its wholly-owned Hong Kong subsidiary, One and one International HK Limited, and contractual arrangements with two Philippine VIEs: Yoda Metal (incorporated 2014) and DL Metal (incorporated 2022). The company engages in waste materials and scrap metal recycling in the Philippines, processing electronic waste and metal scraps from sources including Korea, Japan, Southeast Asia, Europe, and the USA into products like copper alloy ingots (61% of FY2024 revenue), aluminum scrapes, and plastic beads. Annual processing capacity is 300,000 tons, supported by government licenses under the Basel Convention for hazardous waste imports. FY2024 revenue reached $53.5 million (up 29.5% from $41.3 million in FY2023), with net income of $6.5 million (up from $5.6 million); H1 2025 revenue was $28.1 million (up 50.7%). Gross margin was 19.8% in FY2024. The company has 91 employees as of June 30, 2025, no debt, and cash of $122,567. It is offering up to 2,216,749 Units at $8.12 each ($18 million gross, $16.4 million net) via best-efforts placement by FT Global Capital, Inc. Each Unit includes one Class A Ordinary Share (or Pre-Funded Warrant at $0.0001/share) and one Warrant for 1.5 shares at $10.15 (125% of Unit price, exercisable for 2 years). Proceeds fund machinery (15%), land acquisition (5%), new facility (15%), and working capital (65%). Going public on Nasdaq Capital Market (YDDL) to expand production, develop markets, and reduce costs amid strong growth in recycling demand.

Key takeaways

• Business model: Cayman holding company uses VIE structure with Philippine entities Yoda Metal (2014) and DL Metal (2022) for scrap metal recycling; annual capacity 300,000 tons.
• FY2024 revenue $53.5M (29.5% YoY growth from $41.3M FY2023); H1 2025 revenue $28.1M (50.7% YoY growth); net income FY2024 $6.5M.
• Offering: 2,216,749 Units at $8.12 ($18M gross); each Unit = 1 Class A Ordinary Share (or Pre-Funded Warrant) + Warrant for 1.5 shares at $10.15 (2-year term).
• Use of proceeds: $16.4M net for machinery/equipment (15%), land properties (5%), new manufacturing facility (15%), working capital/general corporate (65%).
• Key risks: VIE enforceability under Philippine law (page 17); customer concentration (3 customers >10% of FY2024 revenue, e.g., 56.4%); no commercial insurance; supplier concentration (4 suppliers >10% FY2024 purchases).
• Controlled by Ms. Caifen Yan (91.01% voting power post-offering via One and one International Limited); emerging growth company, foreign private issuer.
• Financial position: No debt; cash $122,567 (June 30, 2025); 91 employees; Nasdaq-listed YDDL.