0001493152-26-020758
SEC filingRevenue nearly doubled to $25.9M, but operating losses and cash burn deepened sharply, reflecting growth investments and working capital strain.
Revenue for fiscal year 2025 reached $25.9 million, an 86.8% increase from $13.8 million in fiscal 2024. This growth was primarily driven by higher customer orders and the commencement of the delayed ICA project in April 2025, which contributed significantly to the top line. The increase in sales of construction materials was mainly driven by higher customer orders during the period, positively impacting overall sales.
The company raised net proceeds from its IPO, strengthening its balance sheet with cash and equity. However, retained earnings turned negative as net losses accumulated. The net cash outflow in 2025 was primarily attributable to the operating loss incurred during the year, as well as changes in working capital.
The company anticipates revenue growth in fiscal 2026, assuming the timely continuance of the ICA project and other recently awarded contracts. However, risks include competitive pricing in the construction industry, economic conditions, and the ability to secure continued financial support from banks and shareholders. The company's operating results may continue to be affected by these factors.