Strong Demand Driving Revenue up 30.2% and Net Income up 196.5%
SINGAPORE, April 30, 2026 (GLOBE NEWSWIRE) -- Ten-League International Holdings Limited (Nasdaq: TLIH) (the “Company” or “Ten-League”), a Singapore-based provider of turnkey project solutions, today announced its financial results for the fiscal year ended December 31, 2025.
Fiscal Year 2025 Financial Highlights
Revenue was S$76.2 million (US$59.2 million) for fiscal year 2025, an increase of 30.2% from S$58.5 million for fiscal year 2024.
Gross profit was S$18.6 million (US$14.5 million) for fiscal year 2025, an increase of 74.7% from S$10.7 million for fiscal year 2024.
Gross profit margin was 24.4% for fiscal year 2025, an increase of 6.2 percentage points from 18.2% for fiscal year 2024.
Net income was S$5.6 million (US$4.3 million) for fiscal year 2025, an increase of 196.5% from S$1.9 million for fiscal year 2024.
Basic and diluted income per share was S$0.20 (US$0.15) for fiscal year 2025, compared to S$0.07 for fiscal year 2024.
Mr. Jison Lim, Chief Executive Officer and Chairman of Ten-League, commented, “We are pleased to report strong financial performance for fiscal year 2025, reflecting solid execution and sustained demand across Singapore’s infrastructure sector. Revenue increased by 30.2% year-over-year, driven by higher sales of heavy equipment and parts, as well as increased rental income, supported by major projects such as Changi Airport Terminal 5, the Marina Bay Sands expansion, and key Mass Rapid Transit (“MRT”) developments. Gross profit margin improved by 6.2 percentage points to 24.4%, primarily due to a more favorable product mix and higher utilization of our own equipment, while net income grew significantly by 196.5%.”
“During the period, we also completed our initial public offering (the “IPO”). Our ordinary shares commenced trading on the Nasdaq Capital Market on July 8, 2025, marking an important milestone that strengthened our financial position and enhanced our access to capital. In addition, on the operation side, we secured a new order from PSA Corporation Limited and completed a project handover to Bachy Soletanche Singapore Pte. Ltd for deployment in the Cross Island Line project, further strengthening our market position and partnerships.”
“Looking ahead, we will continue to expand our equipment offerings and support major infrastructure programs in Singapore, especially in alignment with the Singapore government’s efforts to develop a more sustainable land transport sector. We also plan to deepen collaboration with strategic partners, while enhancing our value-added engineering solutions to capture long-term growth opportunities. We remain confident in our ability to sustain growth and deliver long-term value to our shareholders.”
Fiscal Year 2025 Financial Results
Revenues
Total revenues were S$76.2 million (US$59.2 million) for fiscal year 2025, an increase of 30.2% from S$58.5 million for fiscal year 2024.
Sales of heavy equipment and parts were S$61.2 million (US$47.6 million) for fiscal year 2025, an increase of 33.8% from S$45.8 million for fiscal year 2024. The increase was primarily due to higher demand because of new projects started such as Changi airport terminal 5, Marina Bay Sands expansion and cross-island MRT line coupled with the downtown MRT line extension.
Engineering consultancy service income remained stable at S$2.2 million (US$1.7 million) for fiscal year 2025 and fiscal year 2024 respectively. Despite this stable trend, project income decreased by approximately S$0.5 million to S$0.1 million (US$0.1 million) for fiscal year 2025 from approximately S$0.6 million for fiscal year 2024 as the project was completed in early of the year. The shortfall of the project income was replaced by an increase in transport and service income.
Rental income was S$12.8 million (US$9.9 million) for fiscal year 2025, an increase of 21.1% from S$10.5 million for fiscal year 2024. This increase was primarily attributable to higher rental demands as explained earlier under the sales of heavy equipment and parts.
Cost of Revenue
Cost of revenue was S$57.6 million (US$44.8 million) for fiscal year 2025, an increase of 20.3% from S$47.8 million for fiscal year 2024.
Gross Profit
Gross profit was S$18.6 million (US$14.5 million) for fiscal year 2025, an increase of 74.7% from S$10.7 million for fiscal year 2024.
Gross margin was 24.4% for fiscal year 2025, an increase of 6.2 percentage points from 18.2% for fiscal year 2024.
Gross profit margin for sales of heavy equipment and parts was 15.2% for fiscal year 2025, an increase of 5.9 percentage points from 9.3% for fiscal year 2024. The increase was mainly due to high product mix and margin as a result of higher customer demand.
Gross profit margin for engineering consultancy service income was 71.5% for fiscal year 2025, an increase of 36.7 percentage points from 34.8% for fiscal year 2024. The increase was mainly due to the absence of lower project margin in the current periods as it was completed in 3rd quarter of 2024.
Gross profit margin for rental income was 60.8% for fiscal year 2025, an increase of 7.5 percentage points from 53.3% for fiscal year 2024. This increase was primarily attributable to lower operating costs as a result of using the Company’s own equipment for the rental business rather than rent from third parties.
Selling and Distribution Expenses
Selling and distribution expenses were S$0.8 million (US$0.6 million) for fiscal year 2025, an increase of 19.7% from S$0.6 million for fiscal year 2024. The increment was mainly due to increase in staff commission as a result of higher sales.
General and Administrative Expenses
General and administrative expenses were S$10.7 million (US$8.3 million) for fiscal year 2025, an increase of 47.6% from S$7.2 million for fiscal year 2024. The increase was mainly due to the increase in the group audit fee, consultancy fee, depreciation for the right-of-use assets, directors fees, provision for doubtful debts, staff costs and IPO expenses cannot be capitalized.
Total Other Loss, Net
Net total other losses were S$0.1 million (US$0.1 million) for fiscal year 2025, a decrease of 85.2% from S$0.2 million for fiscal year 2024. The decrease was mainly due to: (i) decrease in interest income of approximately S$0.3 million due to lower finance leases taken up; (ii) decrease in government grant collection of approximately S$0.1 million as most of the funding were ended; and (iii) offset by exchange gain of approximately S$0.1 million, lower loss on disposal of plant & equipment of approximately S$0.1 million and increase in income received for renting out accessories and parts and higher service income of approximately S$0.3 million.
Net Income
Net income was S$5.6 million (US$4.3 million) for fiscal year 2025, an increase of 196.5% from S$1.9 million for fiscal year 2024.
Basic and Diluted Income per Share
Basic and diluted income per share was S$0.20 (US$0.15) for fiscal year 2025, compared to S$0.07 for fiscal year 2024.
Financial Condition
As of December 31, 2025, the Company had cash and cash equivalents of S$10.7 million (US$8.3 million), compared to S$0.7 million as of December 31, 2024, strengthening its financial position following its successful IPO.
Net cash provided by operating activities was S$26.2 million (US$20.4 million) for fiscal year 2025, compared to S$5.0 million for fiscal year 2024.
Net cash used in investing activities was S$16.5 million (US$12.9 million) for fiscal year 2025, compared to S$8.7 million for fiscal year 2024.
Net cash provided by financing activities was S$0.3 million (US$0.2 million) for fiscal year 2025, compared to S$2.1 million for fiscal year 2024.
Exchange Rate Information
This announcement contains translations of certain Singapore dollar amounts into U.S. dollars for the convenience of the reader. Translations of amounts from Singapore dollars into U.S. dollars have been made at the exchange rate of US$0.7777 = S$1.00, which is the exchange rate on December 31, 2025, as set forth in the statistical release of the Federal Reserve System on January 6, 2026.
About Ten-League International Holdings Limited
Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions. The Company’s business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. The equipment is organized into four categories based on their functions and application scenarios: foundation equipment, hoist equipment, excavation equipment and port machinery. The Company also provides value-added engineering solutions under engineering consultancy services with the aim to address potential safety issues, enhance reliability and productivity and allow for customers to evaluate the performance of the equipment, the quality of the work completed and the progress of their projects. Ten-League’s mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair through continuous adaptation and application of new technologies. For more information, please visit the Company’s website: https://ir.ten-league.com.sg/.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements. 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 the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 20-F, as may be supplemented or amended by the Company’s Reports of a Foreign Private Issuer on Form 6-K.
For investor and media inquiries, please contact:
Ten-League International Holdings Limited
Investor Relations Department
Email: ir@ten-league.com.sg
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||||||||
As of Dec 31, | As of Dec 31, | As of Dec 31, | ||||||||||||
Note | 2024 | 2025 | 2025 | |||||||||||
S$’000 | S$’000 | US$’000 | ||||||||||||
(Note 2(d)) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 686 | 10,684 | 8,309 | |||||||||||
Accounts receivable, net | 4 | 16,257 | 14,410 | 11,206 | ||||||||||
Contract assets | - | 79 | 61 | |||||||||||
Inventories, net | 5 | 18,620 | 15,761 | 12,257 | ||||||||||
Deposits, prepayments and other receivables | 6 | 1,808 | 2,996 | 2,330 | ||||||||||
Deferred IPO expenses | 1,901 | - | - | |||||||||||
Total current assets | 39,272 | 43,930 | 34,163 | |||||||||||
Non-current assets: | ||||||||||||||
Plant and equipment, net | 7 | 30,233 | 33,137 | 25,769 | ||||||||||
Right-of-use assets | 8 | 1,199 | 11 | 9 | ||||||||||
Other receivables | 6 | 343 | 304 | 236 | ||||||||||
Total non-current assets | 31,775 | 33,452 | 26,014 | |||||||||||
TOTAL ASSETS | 71,047 | 77,382 | 60,177 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | 9 | 12,136 | 11,488 | 8,934 | ||||||||||
Amounts due to related parties | 10 | 12,930 | 14,472 | 11,254 | ||||||||||
Bank borrowings | 11 | 23,333 | 16,953 | 13,184 | ||||||||||
Lease liabilities | 12 | 7,421 | 6,606 | 5,137 | ||||||||||
Income tax payable | 127 | 993 | 772 | |||||||||||
Total current liabilities | 55,947 | 50,512 | 39,281 | |||||||||||
Long-term liabilities: | ||||||||||||||
Lease liabilities | 12 | 6,865 | 7,558 | 5,878 | ||||||||||
Deferred tax liabilities | 13 | 2,017 | 2,613 | 2,032 | ||||||||||
Total long-term liabilities | 8,882 | 10,171 | 7,910 | |||||||||||
TOTAL LIABILITIES | 64,829 | 60,683 | 47,191 | |||||||||||
Commitments and contingencies (Note 19) | - | - | - | |||||||||||
Shareholders’ equity | ||||||||||||||
Ordinary share, par value US$0.000025, 20,000,000,000 shares authorized, 27,796,502 and 29,404,342 ordinary shares issued and outstanding as of December 31, 2024 an December 31, 2025, respectively** | 14 | - | * | - | * | * | ||||||||
Additional paid-in capital | 883 | 5,778 | 4,493 | |||||||||||
Retained earnings | 5,335 | 10,921 | 8,493 | |||||||||||
Accumulated other comprehensive income | - | - | * | - | * | |||||||||
Total shareholders’ equity | 6,218 | 16,699 | 12,986 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 71,047 | 77,382 | 60,177 | |||||||||||
* | – denotes amount less than $’000. | |
** | – Retrospectively presented for the effect of pro rata share allotment, 1-for-40 forward split and share surrender in preparation of the Company’s initial public offering. | |
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||||||||||||
Year ended December 31, | ||||||||||||||||||
Note | 2023 | 2024 | 2025 | 2025 | ||||||||||||||
S$’000 | S$’000 | S$’000 | US$’000 | |||||||||||||||
(Note 2(d)) | ||||||||||||||||||
Revenues, net | 3,15 | 72,782 | 58,496 | 76,178 | 59,241 | |||||||||||||
Cost of revenue | (57,000 | ) | (47,838 | ) | (57,562 | ) | (44,764 | ) | ||||||||||
Gross profit | 15,782 | 10,658 | 18,616 | 14,477 | ||||||||||||||
Operating cost and expenses: | ||||||||||||||||||
Selling and distribution | (729 | ) | (635 | ) | (760 | ) | (591 | ) | ||||||||||
General and administrative | (6,856 | ) | (7,226 | ) | (10,666 | ) | (8,295 | ) | ||||||||||
Total operating cost and expenses | (7,585 | ) | (7,861 | ) | (11,426 | ) | (8,886 | ) | ||||||||||
Profit from operations | 8,197 | 2,797 | 7,190 | 5,591 | ||||||||||||||
Other income (expense): | ||||||||||||||||||
Gain from disposal of right-of-use assets | 55 | - | - | - | ||||||||||||||
Loss from disposal of plant and equipment | - | (126 | ) | (30 | ) | (23 | ) | |||||||||||
Interest income | 34 | 616 | 266 | 207 | ||||||||||||||
Interest expense | (822 | ) | (949 | ) | (880 | ) | (684 | ) | ||||||||||
Government grant | 41 | 139 | 8 | 6 | ||||||||||||||
Write back of allowance for credit loss, net | 66 | 26 | - | - | ||||||||||||||
Write back of allowance for inventories obsolescence | 168 | 19 | - | - | ||||||||||||||
Exchange gain | 143 | 9 | 105 | 82 | ||||||||||||||
Other income | 244 | 84 | 504 | 392 | ||||||||||||||
Total other loss, net | (71 | ) | (182 | ) | (27 | ) | (20 | ) | ||||||||||
Income before income taxes | 8,126 | 2,615 | 7,163 | 5,571 | ||||||||||||||
Income tax expense | 16 | (1,046 | ) | (731 | ) | (1,577 | ) | (1,226 | ) | |||||||||
NET INCOME | 7,080 | 1,884 | 5,586 | 4,345 | ||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustments | - | - | - | * | - | * | ||||||||||||
COMPREHENSIVE INCOME | 7,080 | 1,884 | 5,586 | 4,345 | ||||||||||||||
Earnings per share | ||||||||||||||||||
Basic and diluted | 0.25 | 0.07 | 0.20 | 0.15 | ||||||||||||||
Weighted average number of ordinary shares outstanding | ||||||||||||||||||
Basic and diluted** | 27,796,502 | 27,796,502 | 28,571,789 | 28,571,789 | ||||||||||||||
* | – denotes amount less than $’000. | |
** | Basic earnings per share is calculated by dividing net income for the period, net of tax, by the weighted average number of ordinary shares outstanding during the financial period. The basic and diluted earnings per share are the same as there were no other outstanding convertibles or other dilutive equity instruments. | |
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2023 | 2024 | 2025 | 2025 | |||||||||||||
S$’000 | S$’000 | S$’000 | US$’000 | |||||||||||||
(Note 2(d)) | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | 7,080 | 1,884 | 5,586 | 4,345 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Depreciation of plant and equipment | 3,729 | 4,236 | 4,661 | 3,625 | ||||||||||||
Depreciation of right-of-use assets | 396 | 891 | 1,188 | 924 | ||||||||||||
(Gain)/Loss on disposal of plant and equipment | (761 | ) | 126 | 30 | 23 | |||||||||||
Gain on de-recognition of right-of-use assets | (51 | ) | - | - | - | |||||||||||
Reversal of allowance for inventories obsolescence | - | (19 | ) | - | - | |||||||||||
Change in working capital: | ||||||||||||||||
Accounts receivable | (9,395 | ) | 5,440 | 1,056 | 821 | |||||||||||
Contract assets | (2,784 | ) | 2,784 | (79 | ) | (61 | ) | |||||||||
Inventories** | 867 | (8,891 | ) | 11,430 | 8,889 | |||||||||||
Related parties | (2,024 | ) | (1,087 | ) | 1,542 | 1,199 | ||||||||||
Accounts payable and accrued liabilities | (3,383 | ) | (605 | ) | (647 | ) | (503 | ) | ||||||||
Income tax payable | (219 | ) | (181 | ) | 866 | 673 | ||||||||||
Deferred tax liabilities | 725 | 431 | 596 | 463 | ||||||||||||
Net cash provided by operating activities | (5,820 | ) | 5,009 | 26,229 | 20,398 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Proceeds from disposal of plant and equipment | 8,896 | 3,405 | 47 | 37 | ||||||||||||
Repayment from finance lease receivables | 349 | 675 | 630 | 490 | ||||||||||||
Purchase of plant and equipment** | (12,382 | ) | (12,817 | ) | (17,201 | ) | (13,377 | ) | ||||||||
Net cash used in investing activities | (3,137 | ) | (8,737 | ) | (16,524 | ) | (12,850 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from bank borrowings | 14,668 | 14,654 | 4,003 | 3,113 | ||||||||||||
Deferred IPO expenses | (1,196 | ) | (705 | ) | (1,436 | ) | (1,117 | ) | ||||||||
Repayment of bank borrowings | (266 | ) | (266 | ) | - | - | ||||||||||
Principal repayment of lease liabilities | (7,482 | ) | (10,741 | ) | (9,296 | ) | (7,229 | ) | ||||||||
Proceed from issuance of new shares | - | - | 8,232 | 6,402 | ||||||||||||
Payment of deferred financing costs | (405 | ) | (868 | ) | (1,210 | ) | (941 | ) | ||||||||
Net cash provided by financing activities | 5,319 | 2,074 | 293 | 228 | ||||||||||||
Effect on exchange rate change on cash and cash equivalents | - | - | - | 31 | ||||||||||||
Net change in cash and cash equivalent | (3,638 | ) | (1,654 | ) | 9,998 | 7,807 | ||||||||||
BEGINNING OF PERIOD | 5,978 | 2,340 | 686 | 502 | ||||||||||||
END OF PERIOD | 2,340 | 686 | 10,684 | 8,309 | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid for income taxes | 540 | 481 | 115 | 89 | ||||||||||||
Cash paid for interest | 822 | 949 | 880 | 684 | ||||||||||||
Cash received from finance lease receivable interest | (34 | ) | (621 | ) | (265 | ) | (206 | ) | ||||||||
Operating lease asset obtained in exchange for operating lease obligations | - | 2,082 | - | - | ||||||||||||
** | There is a transfer of S$9.6 million (2024: S$7.9 million) from plant and equipment to inventories. | |