mm2 Asia (1B0) H2 2026 earnings summary

Executive summary

• FY2026 reported revenue was S$4.7m versus S$112.5m in FY2025; continuing-operations loss widened to S$199.4m from S$92.4m, with total net loss of S$225.7m.

• A S$219.6m capital deficiency and S$203.3m net current-liability position, alongside only S$0.2m cash and a S$2.1m bank overdraft, underscore acute financial strain.

Financial highlights

• FY2026 gross loss was S$133.8m versus gross profit of S$21.7m in FY2025; cost of sales rose 52.5% to S$138.5m despite the steep revenue decline.

• FY2026 pre-tax loss increased to S$202.5m from S$92.0m; net loss attributable to equity holders was S$206.3m versus S$105.2m.

• 2H FY2026 revenue was negative S$1.7m and net loss was S$186.7m; 2H continuing-operations loss was S$159.2m.

• FY2026 operating cash flow was an outflow of S$4.2m, investing cash outflow was S$4.7m and financing cash outflow was S$0.5m; net cash decreased S$9.5m.

Outlook and guidance

• Restructuring and fundraising initiatives remain underway; management cited material uncertainty around their outcome and timing and is focused on cash management, cost optimisation and operational discipline.

• The stated direction is a leaner, asset-light model centred on content creation, production and media-related activities, with cautious execution amid evolving market conditions.