Metasurface Technologies (8637) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 9.0% YoY to S$26.978m; net profit fell to S$3.705m from restated S$8.756m, reflecting the prior-year associate remeasurement gain and higher operating costs.

• Adjusted profit increased to S$4.805m from S$4.390m; adjusted margin was 17.8% versus 17.7%.

• Purchase orders reached S$46.3m at 30 June 2026, versus S$17.8m a year earlier; stronger H2 performance is expected, barring unforeseen circumstances.

Financial highlights

• Revenue was S$26.978m versus S$24.766m; cost of sales rose to S$16.705m from S$14.355m, while gross profit was S$10.273m versus S$10.411m.

• Operating profit was S$4.929m versus S$11.305m; net profit was S$3.705m versus restated S$8.756m.

• Basic and diluted EPS was 2.47 Singapore cents versus 5.84 cents; income tax expense was S$843k versus S$821k.

• Adjusted profit, excluding specified non-cash items and listing expenses, was S$4.805m versus S$4.390m; adjusted margin was 17.8% versus 17.7%.

• Operating cash flow was S$692k versus restated S$5.098m; cash and bank balances were S$20.370m at 30 June 2026 versus S$22.263m at 31 December 2025.

Outlook and guidance

• Stronger H2 performance is expected, barring unforeseen circumstances, supported by the S$46.3m order book and continued demand in key markets.

• Some machining orders were scheduled for H2 delivery, temporarily moderating H1 volumes; new opportunities and value-added services are being pursued across key sectors.

• Priorities include growth in semiconductor, aerospace, data storage, oil and gas, and other high-value sectors, alongside deeper customer relationships and a broader revenue base.