Manufacturing Integration Technology (M11) H1 2025 earnings summary

Executive summary

• 1H 2025 revenue rose 67% YoY to S$4.611m; gross profit increased to S$0.379m, while net loss narrowed 25% to S$1.298m.

• Growth was driven by stronger build-to-print orders, new projects from a key customer, and contributions from customised automation.

Financial highlights

• Revenue was S$4.611m vs S$2.769m YoY; gross profit was S$0.379m vs S$0.120m, with gross margin at 8% vs 4%.

• Net loss was S$1.298m vs S$1.731m; total comprehensive loss was S$1.300m vs S$1.764m.

• Other income and gains fell to S$0.375m from S$0.492m, mainly reflecting FX losses vs FX gains in 1H 2024; rental income was S$0.342m.

• Marketing and distribution costs fell 71% and administrative expenses fell 13% YoY; finance costs increased to S$0.089m from S$0.055m.

Outlook and guidance

• 1H results were in line with the prior prospect statement; revenue reached 69% of FY 2024 revenue of S$6.66m.

• Order outlook is supported by renewed focus on strategic customers and recovering build-to-print activity; resources are being aligned to a focused customer model.

• Manufacturing systems solutions investment continues, with Singapore and Penang capabilities positioned to address demand if the semiconductor market recovers.