WF HOLDING LIMITED Announces Interim Financial Results for the Six Months Ended June 30, 2025

KUALA LUMPUR, Malaysia, Dec. 31, 2025 (GLOBE NEWSWIRE) -- WF Holding Limited (the “Company”) (NASDAQ: WFF), a Malaysia-based manufacturer of fiberglass reinforced plastic products, today announced its unaudited interim financial results for the six months ended June 30, 2025.

Interim Financial Highlights

• Revenue increased by 70.09% to $3,515,890 for the six months ended June 30, 2025 from $2,067,101 for the six months ended June 30, 2024.

• Cost of sales increased by 86.68% to $2,321,681 for the six months ended June 30, 2025 from $1,243,681 for the six months ended June 30, 2024. As a percentage of revenue, cost of sales was 66.03% and 60.17% for the six months ended June 30, 2025 and 2024, respectively.

• Gross profit increased by 45.03% to $1,194,209 for the six months ended June 30, 2025 from $823,420 for the six months ended June 30, 2024. Gross margin was 33.97% and 39.83% for the six months ended June 30, 2025 and 2024, respectively.

• Net loss was $320,544 for the six months ended June 30, 2025, as compared to net income of $218,705 for the six months ended June 30, 2024.

• Basic and diluted net loss per share was $(0.01) for the six months ended June 30, 2025, as compared to basic and diluted net income per share of $0.01 for the six months ended June 30, 2024.

• As of June 30, 2025, the Company had cash and cash equivalents of $3,150,892.

• On March 28, 2025, the Company sold 2,000,000 ordinary shares in its initial public offering for gross proceeds of $8 million and net proceeds of approximately $7 million.

• On May 7, 2025, the Company sold an additional 240,000 ordinary shares in its initial public offering upon the partial exercise of the over-allotment option for gross proceeds of $960,000 and net proceeds of approximately $880,500.

• On May 15, 2025, the Company acquired 100% of the equity interests of Global Key Investment Limited, a Hong Kong investment holding company, which also holds approximately 35% of the equity interests of Carlico International Group Holdings Limited, a Hong Kong company engaged in the importation and distribution of bottled wines and liquors in mainland China, Hong Kong and Macau, for a purchase price of $3 million in cash.
  
  

Interim Financial Results

The Company’s unaudited interim consolidated financial statements for the six months ended June 30, 2025 and 2024 are attached to this release and form an integral part hereof. Below is a summary of such unaudited interim consolidated financial statements.

Revenue. Revenue increased by $1,448,789, or 70.09%, to $3,515,890 for the six months ended June 30, 2025 from $2,067,101 for the six months ended June 30, 2024. This increase was primarily driven by the completion and delivery of several high-value projects during the first half of 2025.

Cost of sales. Cost of sales increased by $1,078,000, or 86.68%, to $2,321,681 for the six months ended June 30, 2025 from $1,243,681 for the six months ended June 30, 2024. As a percentage of revenue, cost of sales was 66.03% and 60.17% for the six months ended June 30, 2025 and 2024, respectively. This increase was generally consistent with the overall growth in revenue during the period.

Gross profit. As a result of the foregoing, gross profit increased by $370,789, or 45.03%, to $1,194,209 for the six months ended June 30, 2025 from $823,420 for the six months ended June 30, 2024. Gross margin (percent of revenue) was 33.97% and 39.83% for the six months ended June 30, 2025 and 2024, respectively. The decrease in gross profit margin was primarily due to increased production wages and subcontracting costs associated with the execution of several large and complex projects.

Administrative expenses. Administrative expenses increased by $839,479, or 133.26%, to $1,469,419 for the six months ended June 30, 2025 from $629,940 for the six months ended June 30, 2024. As a percentage of revenue, administrative expense was 41.79% and 30.47% for the six months ended June 30, 2025 and 2024, respectively. The increase was primarily due to higher staffing levels, salary increases, an incentive payout related to strong sales performance for the years ended December 31, 2024 and 2023, and the engagement of integrated media advertising services amounting to approximately $398,000.

Total other income. The Company had total other income, net, of $11,907 for the six months ended June 30, 2025, as compared to $902 for the six months ended June 30, 2024. Total other income, net, for the six months ended June 30, 2025 consisted of other income of $20,895, offset by interest expense of $8,988, while total other income, net, for the six months ended June 30, 2024 consisted of other income of $11,429, offset by interest expense of $10,527. Other income mainly consists of rental income, interest income and gain on disposal of property and equipment.

Income tax (expense) benefit. The Company incurred an income tax expense of $57,241 for the six months ended June 30, 2025, as compared to an income tax benefit of $24,323 for the six months ended June 30, 2024. The benefit in the 2024 period was due to the overprovision of income taxes in the prior year of $89,888.

Net (loss) income. As a result of the cumulative effect of the factors described above, net loss was $320,544 for the six months ended June 30, 2025, as compared to net income of $218,705 for the six months ended June 30, 2024, a decrease of $539,249, or 246.56%.

About WF Holding Limited (NASDAQ: WFF)

Based in Malaysia, WF Holding Limited is an ISO 9001:2015 certified manufacturer of fiberglass reinforced plastic (“FRP”) products including tanks, pipes, ducts and custom-made FRP products. With a track record of over 30 years, the Company designs and fabricates products that meet the specific needs of its clients, ensuring high-quality and reliable performance. The Company’s high-quality and durable products leverage the advantages of FRP to reinforce critical industrial infrastructure, driving resilience, longevity and sustainability. The Company also delivers a wide range of related services such as consultation, delivery, installation, repair and maintenance.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that it believes may affect its financial condition, results of operations, business strategy, and financial needs. Forward-looking statements can be identified by words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project,” “continue,” or the negative of these terms or other comparable expressions. Actual results may differ materially from those expressed or implied by such forward-looking statements. A number of factors could cause actual results to differ materially from those contained in these forward-looking statements, including, but not limited to, the risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 20-F as well as in its other reports filed or furnished from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events, except as required by applicable law. Although the Company believes the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee future results, and investors are cautioned that actual outcomes may differ materially from those anticipated.

For more information, please contact:

WF Holding Limited
Investor Relations
Email: corporate@winfung.com.my

* Giving retroactive effect to the 22,950,000 shares issued and outstanding following the share subdivision and share surrender on September 5, 2024, starting from the earliest period presented.

* Giving retroactive effect to the 22,950,000 shares issued and outstanding following the share subdivision and share surrender on September 5, 2024, starting from the earliest period presented.