Oceanscape International Limited (formerly V2Y Corporation Limited) – Q3 & 9M 2025 Financial Review

Oceanscape International Limited has published its unaudited condensed interim financial statements for the 3 and 9 months ended 30 September 2025. The period was marked by significant corporate restructuring, management turnover, and a pivot in business strategy. Below is a detailed analysis for investors and market watchers.

Key Financial Metrics & Performance Comparison

Historical Performance & Trends

• Revenue: The group’s revenue for the 9M2025 was S\$608k, up 136.6% from S\$257k in 9M2024. However, Q3 2025 saw no revenue due to the disposal of the food & beverage segment and inactivity in the insurtech business.
• Gross Profit: Gross profit and margin dropped to nil in Q3 2025, down from S\$20k in Q3 2024.
• Net Loss: Losses increased both quarterly and for the 9-month period, driven by higher administrative and finance costs.
• Administrative Expenses: Up 27.2% YoY for Q3 and 27.7% for 9M, primarily due to legal and professional fees.
• Finance Costs: Increased sharply due to interest expenses from shareholder loans, which were fully repaid by August 2025.
• Net Asset Value: The company remains in negative equity, with accumulated losses exceeding paid-up capital.

Corporate Actions, Asset Sales, and Fundraising

• Share Placement: 82 million new ordinary shares were issued in April 2025, raising S\$451k.
• Disposal of Subsidiaries: The group disposed of three loss-making F&B subsidiaries in Q2 2025 and intends to exit the insurtech business, pending shareholder approval.
• New Financing: Secured up to S\$20 million in financing from the Interim Executive Chairman (S\$15m interest-free loan, S\$5m convertible loan).
• Business Diversification: Approved by shareholders on 25 Nov 2025, the group will expand into renewable energy and commodities trading, initiating major transactions in solar panels and iron ore.

Exceptional Earnings & Expenses

• Gain on Disposal: A net gain of S\$236k was recognized from the disposal of subsidiaries.
• No Dividends: No dividends declared for the current or prior periods, as the group is prioritizing cash flow for new business development.

Management Turnover & Strategic Risks

• Management Overhaul: Almost the entire previous management team and board resigned in October 2025, replaced by new appointees. The new team did not receive a full handover of company records, which introduces operational and reporting risks.
• Uncertainty on Records: Current directors have made best efforts to prepare financial statements but acknowledge missing documentation from prior management.

Chairman’s Statement

“Notwithstanding the foregoing, on 25 November 2025, shareholders approved the Group’s strategic diversification into new businesses, namely the renewable and sustainable energy generation and commodities trading mainly in metal ores. This transformation is expected to deliver sustainable business growth and improve financial performance over the next 12 months, positioning the Group for long-term resilience and enhanced stakeholder value creation.”

Tone: The chairman’s statement is cautiously optimistic, emphasizing transformation and future growth, but does not address the operational challenges or immediate financial concerns.

Events Impacting the Business

• Major Strategic Shift: Exit from legacy F&B and insurtech businesses, full pivot to renewable energy and commodities trading.
• Pending Transactions: Proposed disposal of insurtech subsidiaries and major new business agreements awaiting shareholder approval.
• Competitive Bids: Entered a joint bid for a wind power project in China, with up to RMB 24m capital commitment if successful.

Directors’ Pay & Remuneration

• Directors’ Fees: S\$120k for 9M2025, compared to S\$130k for the same period last year.

Unusual Fund Flows

• No related-party transactions or interested person transactions were reported.

Conclusion and Recommendations

Overall Assessment:
Oceanscape International Limited is undergoing a significant transition. The group remains in negative equity, with no profitable business segment and no dividend payout. While new management has secured financing and shareholders have approved a pivot to renewable energy and commodities trading, the lack of operational continuity, missing records, and ongoing losses pose serious short-term risks. The strategic shift offers potential for future growth, but investors should be cautious until the new business lines demonstrate stable revenue and profitability.

• If You Are Holding the Stock: Consider reviewing your position critically. The company is in the midst of a high-risk transformation, with unresolved financial and operational uncertainties. Maintaining a close watch on upcoming quarterly results and the execution of the new strategy is essential. If risk tolerance is low, a partial or full exit may be prudent until further clarity emerges.
• If You Are Not Holding the Stock: Exercise caution before initiating a position. Await confirmation of successful business diversification, stabilization of financial metrics, and evidence of revenue/profit from new business segments. The current risk profile is elevated due to ongoing losses, management change, and strategic uncertainty.

Disclaimer: The above analysis and recommendations are based solely on the company’s published financial statements and disclosed information. This article does not constitute investment advice. Investors should conduct additional due diligence and consult with a professional advisor before making any investment decision.

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