Third Quarter 2025
Financial Results Presentation
Agenda
Key Highlights
Financial & Business Review
Operational & Business Updates
Key Highlights for Q3 2025
Revenue increased by 2.07% YoY to $25.60 million, mainly due to increase of sales volume of corrugating medium paper ("CMP") and the increase in average selling prices ("ASP") of CMP. Gross profit increased by 5.45% YoY to $2.02 million. Overall gross margin up 0.26 percentage points to 7.90%. Operating Loss was $0.99million, compared operating loss of $1.46 million for the same period of last year. Net loss was $1.45 million, or loss per share of $0.11, compared to net loss of $1.97 million, or loss per share of $0.20, for the same period of last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $2.58 million, compared to EBITDA of $2.03 million for the same period of last year.
Key Highlights for the Nine Months ended September 30, 2025 Revenue increased by 5.32% YoY to $61.29 million, mainly due to the increase in sales volume of CMP, partially offset by the decrease in ASPs of CMP products. Gross profit decreased by 39.45% YoY to $3.38 million, primarily due to the decline in ASPs of CMP and increased unit cost of materials, partially offset by the increase in sales volume of CMP. Loss from operations was $6.13 million, compared to loss from operations of $4.42 million for the same period of last year. Net loss was $6.90 million, or loss per share of $0.51, compared to net loss of $5.80 million, or loss per share of $0.58, for the same period of last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $4.54 million, compared to EBITDA of $5.94 million for the same period of last year.
FINANCIAL & BUSINESS REVIEW
Revenue
5.81%
19.6%
5.1%
7.9%
2.09%
7.1%
3.9%
-51.0%
6.9
10.9
24.8
25.6
32.5
US$ Millions
Q1 2024 Q2 2024 Q1 2025 Q2 2025 Q3 2025
Q3 2025
•
•
•
Revenue up 2.07% YoY to $25.60 million, due to the increase of sales volume of corrugating medium
paper ("CMP") and the increase in average selling prices ("ASP") of CMP.
Overall gross margin up 0.26 percentage points YoY to 7.90%. Operating loss margin down 1.96 percentage points YoY to 3.88%.
Corrugating Medium Paper (CMP)
75.7
75.4
74.2
12.6
4.8
12.6
12.9
31.6
8
32
337
1
33
340
336
350
18.7
3.0
334
355
347
368
US$ Millions
Thousands Tonnes
Revenue and Gross Margin
Sales Volume and ASP
1226.3.2%
25.6
5.3% 0.8%
5.1%
24.8
7.9%
10.9
6.8
4.2
1.6
4.1
4.3
1.1
Q1 2024 Q2 2024 Q1 2025 Q2 2025 Q3 2025
Q1 2024 Q2 2024 Q1 2025 Q2 2025 Q3 2025
Reg CMP ASP
LW CMP ASP
Q3 2025 CMP (includes both Regular and Light-Weight CMP)
Revenue: up 2.22% YoY to $25.60 million, accounted for 100% of total revenue.
Sales volume: up 1.07% YoY to 75,686 tonnes.
ASP: Regular CMP up 0.89% to $340/tonne.
ASP: Light-Weight CMP up 2.16% to $331/tonne.
Offset Printing Paper
Revenue and Gross Margin
US$ Millions
- - - - -
0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Q1 2024 | Q2 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
Sales Volume and ASP
00.0
00.0
00.0
00.0
00.0
Thousands Tonnes
Q1 2024 Q2 2024 Q1 2025 Q2 2025 Q3 2025
Q3 2025 Offset Printing Paper
Production of offset printing paper was suspended from 2024 through September 2025 and is expected to resume at the end of 2025.
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