Oceanscape International Limited (formerly V2Y Corporation): Q3 & 9M 2025 Financial Analysis

Oceanscape International Limited has published its unaudited condensed interim financial statements for the third quarter and nine months ended 30 September 2025. The Group, which recently underwent a significant business transformation and management reshuffle, continues to face operational and financial challenges. This analysis presents key metrics, business developments, and strategic considerations for investors.

Key Financial Metrics and Performance Table

Historical Performance Trends

• Revenue: Both continuing and discontinued operations recorded zero revenue in 3Q2025, compared to S\$119k in 3Q2024. For 9M2025, total revenue rose to S\$608k (from S\$257k in 9M2024), mainly due to the food & beverage segment prior to its disposal.
• Net Loss: The Group recorded higher quarterly and nine-month losses, with 3Q2025 net loss at S\$425k (up 10.7% YoY) and 9M2025 net loss at S\$1,079k (up 45% YoY).
• Gross Profit Margin: The gross margin dropped from 47.9% in 9M2024 to zero in 9M2025, reflecting the impact of segment disposals and lower operating activity.

Exceptional Items and Corporate Actions

• Management Overhaul: The Company experienced a complete change in senior management and Board in October-November 2025, with the new team having limited access to historical records. This introduces execution and continuity risk.
• Major Divestments: The Group disposed of three loss-making food & beverage subsidiaries in Q2 2025 and announced the planned exit from the insurtech business, which has been loss-making for three years.
• Business Diversification: Shareholders approved the Company’s entry into renewable energy and commodities trading, with initial transactions in solar panels and iron ore announced in December 2025.
• Fundraising: The Company secured up to S\$20 million in financing commitments from its new Executive Chairman, including interest-free and convertible loan facilities, and issued 82 million new shares in April 2025 (raising S\$451k).
• No Dividend Declared: No dividend was declared for the current or previous period, with cash preserved for new business investments.
• Significant Decrease in Non-Current Assets: Non-current assets dropped by S\$2.0 million due to segment disposals, mainly right-of-use assets and plant/equipment.
• Going Concern Assumption: Management asserts going concern is valid due to new financing, debt conversions, and strategic refocus.
• Audit Disclaimer: The FY2024 audit included a disclaimer of opinion, but management considers legacy audit issues resolved due to business disposals.

Directors’ Remuneration

• Directors’ Fees: S\$40k in 3Q2025 and S\$120k in 9M2025 (down from S\$44k and S\$130k respectively in prior periods).

Events That May Affect Business

• Shareholders’ Approvals: In November and December 2025, shareholders approved both the diversification and the planned exit from insurtech, and the change of corporate name.
• Major Business Transition: The group is moving away from legacy sectors into renewable energy and commodities trading, with early-stage contracts announced but not yet completed.
• Asset Sales: Ongoing disposals of subsidiaries expected to further reduce exposure to loss-making legacy businesses.
• No Dividends, No Buybacks: No share buybacks or dividends; focus remains on cash conservation and investment.

Chairman’s Statement

“On behalf of the Board of Directors of OCEANSCAPE INTERNATIONAL LIMITED … the Board of Directors hereby confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors of the Company which may render the condensed interim financial statements for the three months and nine months period ended 30 September 2025 to be false or misleading in any material aspect.”

The tone of the statement is neutral and procedural, reflecting the transitional nature of the management and the lack of operational visibility due to recent handover issues.

Conclusion and Investment Recommendations

Overall Assessment: Oceanscape International Limited remains in a period of transition. The disposal of loss-making legacy businesses and the strategic pivot into renewable energy and commodities trading are positive, but execution risk is high due to the recent overhaul in management and incomplete record handover. The Group continues to report losses, has negative equity, and is reliant on shareholder loans and future business execution for recovery.

For Current Shareholders

• Recommendation: Consider holding if you believe in the turnaround potential and new business strategy, but monitor progress closely. The significant dilution from new share issues and lack of dividends may be negatives. If risk tolerance is low, partial or full exit may be prudent until visibility on new business execution improves.

For Prospective Investors

• Recommendation: Wait for greater clarity and evidence of successful execution in the new business sectors. The Group’s financials remain weak and the risk profile is elevated due to management turnover and ongoing restructuring. Revisit after several quarters of stable operations and revenue growth from new business lines.

Disclaimer: This article is for informational purposes only and not investment advice. Please consult your own financial adviser before making any investment decisions. The analysis is strictly based on the reported financials and disclosed events in the company’s Q3/9M 2025 report.

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