BoardWare Intelligence Technology (1204) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 13.3% YoY to HK$733.9m; profit increased to HK$8.1m from HK$1.0m, with net margin improving to 1.1%.

• Growth came from Enterprise IT solutions and distribution/resale; cash and cash equivalents were HK$66.4m at year-end, down from HK$85.9m.

Financial highlights

• Revenue increased 13.3% to HK$733.9m; gross profit grew 15.4% to HK$144.0m.

• Profit for the year was HK$8.1m versus HK$1.0m in FY2024; basic EPS rose to HK1.63 cents from HK0.19 cents.

• Gross margin improved to 19.6% from 19.3%, mainly on a higher proportion of complex Professional IT services contracts completed in FY2025.

• Net impairment loss was HK$4.9m, versus a HK$0.2m net reversal in FY2024; FY2025 other income included no repeat of HK$3.9m non-recurring partnership income recognized in FY2024.

Outlook and guidance

• An approximately US$8.6m Professional IT services contract awarded in early 2026 is scheduled to start in Q2 2026 and is expected to contribute meaningfully to revenue and earnings visibility.

• Initial market launches for BarcoSense AI Glasses and AI Glasses Pro are targeted for H2 2026, subject to development, testing, regulatory requirements and market conditions.

• Plans include expanding AI-enabled managed services, cross-border data services in Hengqin and overseas channels; returns and commercial timing remain uncertain and execution-dependent.