FBS Global (FBGL) Q4 2025 earnings summary

Executive summary

• Revenue increased 86.8% year-over-year to S$25.9 million (US$19.1 million) in 2025, driven by commencement of major projects and new contract wins.

• Net loss widened to S$2.0 million (US$1.5 million) in 2025 from S$0.8 million in 2024, mainly due to higher operating expenses and R&D investments.

• Gross profit more than doubled to S$2.6 million, with gross margin improving to 10.2% from 9.0% year-over-year.

• IPO completed in February 2025, raising US$8.8 million in net proceeds and listing on Nasdaq under ticker FBGL.

Financial highlights

• Revenue: S$25.9 million in 2025, up from S$13.8 million in 2024 (86.8% increase).

• Gross profit: S$2.6 million in 2025, up from S$1.3 million in 2024 (110.2% increase).

• Net loss: S$2.0 million in 2025, compared to S$0.8 million in 2024.

• Cash and restricted cash: S$5.3 million at year-end 2025, up from S$3.0 million in 2024.

• Working capital turned positive to S$9.0 million in 2025 from negative S$1.5 million in 2024.

Outlook and guidance

• Management expects continued revenue growth in 2026, supported by a strong project pipeline and ongoing public sector contracts.

• Inflationary pressures and cost increases are being monitored, but no material impact was observed in 2025.

• Sufficient funds are available to meet working capital and debt obligations for at least 12 months post-report.