Captii (AWV) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 9.2% YoY to S$15.9m, while gross profit rose 8.4% to S$10.2m and gross margin expanded to 63.8% from 53.4%.

• Net loss narrowed to S$4.8m from S$8.7m; S$4.2m of 2025 fair-value losses and other exceptional charges were non-cash, and adjusted PBT was described as breakeven.

• Cash and cash equivalents increased to S$13.8m at year-end, supported by stronger collections and operating cash generation.

Financial highlights

• Revenue was S$15.943m versus S$17.566m in FY2024; gross profit was S$10.180m versus S$9.389m.

• Loss before tax improved to S$4.211m from S$8.474m; net loss was S$4.771m versus S$8.662m, and basic/diluted EPS was (14.84) cents versus (21.73) cents.

• Adjusted for fair-value and impairment losses, net loss was S$0.5m versus adjusted net profit of S$0.1m; adjusted EBITDA was S$0.7m, down 31.7% YoY.

• Gross profit margin rose to 63.8% from 53.4%; managed services generated 63.8% of revenue, down from 64.5%.

Outlook and guidance

• 2026 outlook remains challenging: underperforming major managed-service contracts, pricing pressure and delays in securing new opportunities are expected to weigh on results.

• Priorities include strengthening managed services, progressing contracts in hand, reinvesting in product innovation and market diversification, and improving operational efficiency and cost control.

• System-sale contributions are expected to remain uncertain and lumpy; broader venture-market conditions remain unfavorable.

• Management is cautiously optimistic about 2026, citing fiscal discipline and steps taken since 2024 to strengthen operating and financial fundamentals.