Baker Technology (BTP) H1 2025 earnings summary

Executive summary

• 1H2025 revenue fell 56% YoY to $23.0m, and the period ended with a $17.4m net loss after tax versus $13.0m net profit in 1H2024.

• Lower chartering and fabrication contributions and an $8.0m foreign exchange loss drove the weaker result; the USD depreciated ~6% against the SGD in 1H2025.

Financial highlights

• Revenue was $22.995m, down 56% YoY; gross profit was $264k versus $19.761m, while loss before tax was $16.640m versus $13.606m profit.

• Net loss was $17.363m versus $12.989m profit; loss attributable to owners was $18.568m, while non-controlling interests contributed $1.205m profit.

• Foreign exchange loss was $7.955m versus a $3.070m gain in 1H2024; charter and fabrication revenue declined.

• Net operating cash outflow was $6.023m versus $20.895m inflow; cash and cash equivalents ended at $90.896m versus $79.415m at 31 Dec 2024.

Outlook and guidance

• 1H2025 results were broadly in line with profit guidance announced on 16 June 2025.

• A cautious, calibrated approach will continue amid geopolitical flux, tariff uncertainty and changing exemption policies, balancing growth investment with capital preservation.