NCT · Intercont (Cayman) Limited Ordinary shares

Intercont (Cayman) Limited, a Cayman Islands holding company engaged in global time charter and vessel management services, disclosed unaudited interim results for the six months ended December 31, 2025, showing a shift to net loss of $2.7 million from net income of $0.9 million in the prior year period. Revenue fell 6% to $12.6 million, primarily from an 8% drop in time charter revenue to $9.2 million due to dry-docking, major repairs causing off-hire days, and lower hire rates; vessel management revenue remained stable at $3.4 million. Cost of revenues was flat at $9.6 million, but gross profit declined 21% to $3.0 million with overall margin compressing to 24% from 29%, driven by time charter margin erosion to 27% from 35%. Operating expenses ballooned 163% to $4.5 million, led by general and administrative costs tripling to $3.9 million from elevated professional consulting and legal fees of $2.5 million—up $2.1 million—tied to post-IPO expansion initiatives. Research and development expenses rose 32% to $0.6 million for third-party work on pulp transport devices and ship operations. Other expenses were stable at $1.2 million, dominated by interest expense. Balance sheet reflects working capital deficit of $16.2 million, with cash at $4.0 million versus $5.6 million at June 30, 2025, and operating cash burn of $7.2 million offset partly by short-term investment redemption. Concurrently, on January 26, 2026, shareholders approved increasing authorized capital to $100,000 (1 billion shares at $0.0001 par), creating dual-class ordinary shares (Class A: 1 vote; Class B: 30 votes, convertible to A), and re-designating 5.2 million existing shares to Class B (held by EASCOR HOLDING LIMITED and BEVERLY HOLDING LIMITED) with remainder to Class A. A 25:1 consolidation effective April 2, 2026, reduced authorized shares to 40 million at $0.0025 par (39.8 million Class A, 0.2 million Class B post-consolidation), retroactively restated, to satisfy Nasdaq Capital Market minimum bid price for continued listing. No tax provision recorded due to exemptions in Cayman Islands, BVI, and Hong Kong operations.