BH Global (BQN) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 17% YoY to $24.4m; gross profit declined to $9.5m, with gross margin easing to 39% from 40%.

• Net loss was $426k, compared with $551k profit in H1 2024; a $1.2m deconsolidation gain partly offset weaker revenue and other results.

Financial highlights

• Revenue was $24.411m versus $29.542m; gross profit was $9.478m versus $11.835m, down 20% YoY.

• Loss before tax was $439k versus profit before tax of $1.102m; income tax credit was $13k versus expense of $551k.

• Net cash from operating activities was $344k, versus $1.882m used in H1 2024; period-end cash was $3.099m, down from $5.301m at FY2024 close.

Outlook and guidance

• Actual results were in line with profit guidance issued on 6 August 2025.

• Strategic priorities include expanding green maritime technologies, digital platforms and cybersecurity, and scaling marine engineering and retrofit capabilities.

• Offshore energy demand is expected to remain strong in 2025, especially in offshore oil and gas and renewables; Singapore is regaining relevance in niche shipbuilding, conversion and retrofits.