OIO Holdings Limited: Q3 & 9M 2025 Financial Review
OIO Holdings Limited (OIO) released its unaudited results for the third quarter and nine months ended 30 September 2025. The company, listed on the SGX Catalist Board, operates primarily in blockchain technology services, staking, and blockchain agency/consulting solutions. This review provides a comprehensive analysis of the company’s latest financial performance, trends, and business outlook for investors.
Key Financial Metrics
| Metric | Q3 2025 | Q2 2025 (Inferred) | Q3 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue | S\$75,786 | S\$93,412 (Inferred) | S\$98,348 | -22.9% | -18.9% |
| Gross Profit | S\$34,763 | S\$61,595 (Inferred) | S\$79,232 | -56.1% | -43.6% |
| Net Loss | S\$295,533 | S\$459,205 (Inferred) | S\$299,544 | -1.3% | -35.7% |
| EPS (Basic, cents) | (0.13) | (0.21) (Inferred) | (0.16) | +0.03 | +0.08 |
| Net Liability Value/Share (cents) | (3.18) | (2.80) (Inferred) | (2.68) | -0.50 | -0.38 |
| Dividend/Share | Nil | Nil | Nil | – | – |
Note: QoQ figures for Q2 2025 are inferred using available 9M and Q3 data.
Historical Performance Trends
- Revenue: Q3 2025 revenue fell 22.9% YoY and 18.9% QoQ, continuing a declining trend. The main reasons were reduced digital wallets and staking services income, and the absence of agency service income.
- Gross Profit: Down 56.1% YoY, with gross profit margin falling sharply to 45.9% in Q3 2025 (from 80.6% in Q3 2024). Higher cost of sales due to lower rebates from outsourcing exacerbated the margin pressure.
- Net Loss: Net loss slightly improved YoY in Q3 (down 1.3%), but remains substantial. For 9M 2025, losses narrowed to S\$1.2 million from S\$1.4 million in 9M 2024, mainly due to cost-cutting and the absence of certain exceptional expenses.
- EPS: Negative EPS continues, but the loss per share narrowed marginally YoY.
- Balance Sheet: The company remains in a negative equity position, with net liability value per share worsening to (3.18) cents.
Exceptional Items, Asset Revaluations, and One-Offs
- Impairment Charges: In FY2024, full impairment was recognized for goodwill (S\$1.8m), software development (S\$1.0m), and right-of-use assets (S\$48k). These non-cash charges reduced future amortization and depreciation expenses, thus improving the bottom line for 9M 2025.
- Crypto Asset Disposal and Revaluation: During 9M 2025, disposal of crypto assets amounted to S\$690k. Crypto assets are classified as intangible assets and valued at market price; impairment is recognized when fair value drops below carrying value.
- Convertible Notes Conversion: Convertible notes were converted into 30,088,083 new shares in December 2024, eliminating interest expenses and potential dilution from these instruments.
Cash Flow, Fundraising, and Related Party Transactions
- Operating Cash Flow: 9M 2025 operating cash outflow was S\$819k, partially offset by S\$373k generated from investing activities (mainly conversion of crypto assets to fiat) and S\$629k from financing activities (shareholder loans).
- Shareholder Loans: The company relies heavily on interest-free loans from controlling shareholders, with S\$660k received in 9M 2025 and all major loans extended to 2027. There is also a commitment for up to S\$2.0m additional support over the next 12 months.
- Related Party Transactions: Professional and consulting fees paid to related parties totaled S\$71k in 9M 2025. No IPT mandate is in place, and no significant divestments, IPOs, or asset sales occurred.
Chairman’s Statement
“As we enter the final quarter of 2025, the rapid evolution of cryptocurrency and blockchain solutions continues to drive transformation across multiple sectors. There has been a decisive shift towards institutional participation and clearer oversight with major jurisdictions such as the United States, European Union, Hong Kong, Singapore and etc. having legislative frameworks to govern digital assets.
Despite market fluctuations, Company remains confident in the long-term potential of decentralized finance (DeFi), digital assets and institutional adoption. We will continue to seek out suitable opportunities in the cryptocurrency and blockchain solutions space through strategic partnerships and/or alliances to improve our financial position, whilst continuing to maintain financial cost discipline.
Tone: Cautiously optimistic, acknowledging challenges but expressing confidence in the long-term prospects of the sector.
Dividend Policy
No dividend was declared for Q3 or 9M 2025. The board cited continued losses and the need to conserve cash for operations and future growth. No dividend was paid in the prior year or quarter.
Events Affecting the Business
- No natural disasters, legal disputes, or major macroeconomic shifts were noted in the report.
- Provision for contingent liability (S\$177k) remains due to a revenue-sharing obligation following a loan novation agreement related to Moonstake Limited.
- The company continues to face material uncertainty regarding its going concern status, though management expects to meet short-term obligations through related party support and potential fundraising.
Capital Structure and Corporate Actions
- Share Issuance: 1,000,000 shares were issued under the Performance Share Plan in May 2025, and 30,088,083 shares from convertible notes conversion in December 2024. No share buybacks or placements occurred.
- Share Count: Total shares outstanding as of 30 September 2025: 219,048,924.
- No Treasury or Subsidiary Holdings at reporting date.
Conclusion & Investment Recommendation
Overall Financial Performance and Outlook: The company’s financial performance remains weak, with declining revenue, sustained losses, and a negative equity position. Cost cutting, asset impairments, and the elimination of convertible note interest have reduced losses somewhat, but core business momentum is lacking. The group is heavily reliant on shareholder funding and the ability to convert crypto assets to cash. The Chairman’s statement is cautiously optimistic, but actual results reveal considerable risks.
Investor Recommendations
- If you are currently holding OIO Holdings shares: The outlook remains weak. Investors should closely monitor the company’s ability to generate positive cash flow and restore profitability. Continued reliance on shareholder loans and crypto asset disposals pose risks if market conditions worsen. Consider reducing exposure unless there is evidence of a turnaround or new strategic partnerships that materially improve financial health.
- If you are not currently holding OIO Holdings shares: Exercise caution before initiating any position. The company’s financials signal distress, ongoing losses, and a negative equity situation. Wait for signs of sustainable revenue recovery, successful fundraising or strategic deals, and positive cash flow before considering an investment.
Disclaimer: This analysis is based strictly on the company’s official financial report as of 30 September 2025. It does not constitute financial advice. Investors should conduct their own due diligence and consult with professional advisers before making any investment decision. Market conditions and company circumstances may change rapidly.
