OIO Holdings Limited FY2025 Financial Results Analysis

OIO Holdings Limited released its unaudited condensed interim financial statements for the fourth quarter and full year ended 31 December 2025. The company remains listed on the Catalist Board of the SGX-ST, operating primarily in blockchain technology services including digital wallets, staking services, and blockchain consulting.

Key Financial Metrics

^*Quarterly figures for Q3 2025 inferred based on half-yearly breakdowns and performance trends.

Historical Performance and Trends

• Revenue: Full-year revenue dropped 45% YoY to S\$325,615 in FY2025 from S\$592,046 in FY2024. This was attributed mainly to reduced digital wallet and staking services income, as well as the absence of agency service income.
• Profitability: Net loss narrowed significantly, with FY2025 loss at S\$1,944,468, down from S\$4,309,661 in FY2024. The company’s cost-cutting measures led to reduced administrative and operating expenses, contributing to the lower loss.
• Gross Profit Margin: GPM declined from 66.3% in FY2024 to 45.0% in FY2025, reflecting lower revenue and gross profit.
• EPS: Loss per share improved, with basic and diluted EPS at (0.89) cents for FY2025, compared to (2.29) cents in FY2024.

Exceptional Earnings and Expenses

• Impairment Losses: FY2024 saw exceptional impairment losses of S\$1.8 million on goodwill and S\$1.0 million on software development, which did not recur in FY2025.
• Crypto Asset Disposal: FY2025 recorded a loss on disposal of crypto assets (S\$371k), compared to a gain in FY2024 (S\$244k).
• Foreign Exchange: FY2025 saw a net FX gain of S\$178k, compared to a loss of S\$135k in FY2024.

Balance Sheet and Liquidity

• Net Liability Value: The group’s net liability value per share deteriorated to (3.50) cents as at 31 December 2025 from (2.68) cents a year earlier.
• Working Capital: Negative working capital worsened, moving from S\$0.9m to S\$1.3m deficit.
• Shareholder Support: The controlling shareholder provided loans and financial support, including extending repayment dates and new loans to manage liquidity.

Corporate Actions and Fundraising

• Share Issuance: 1 million new shares were issued under the Performance Share Plan in May 2025, with no treasury shares outstanding.
• No Dividend: No dividend was declared for FY2025 or FY2024, with management citing ongoing losses and the need to conserve cash for operations and growth.
• Loans: Shareholder loans were extended and new loans were received, with repayment dates pushed to July 2027.

Related Party Transactions

• Professional Fees: S\$94,461 in professional and consulting fees were paid to a related party controlled by the same shareholder.
• Loans: S\$900,000 interest-free loan from controlling shareholder recorded in FY2025, plus ongoing commitments for continued financial support.

Chairman’s Statement

“The controlling shareholder of the Company has agreed to provide continuing financial support to the Group and the Company for fifteen (15) months from 31 December 2025 to enable the Group and the Company to meet their obligations as and when they fall due; and the Group continues to explore suitable corporate funds raising exercise(s) to facilitate investment to support business growth, including potential acquisition of income generating assets, and liabilities repayment as and when they fall due. The Board confirms that the Group will be able to meet its short-term debt obligations when they fall due based on the implementation of the aforementioned steps and continue to operate as a going concern and confirmed that all material disclosures have been provided for trading of the Company’s shares to continue in an orderly manner.”

Tone: The statement is cautiously optimistic, emphasizing financial support from the controlling shareholder and ongoing efforts to stabilize and grow the business.

Industry Outlook and Risks

• The blockchain and digital assets industry is evolving with regulatory improvements and increased institutional engagement.
• OIO Holdings faces ongoing challenges with negative equity, negative working capital, and reliance on shareholder support for liquidity.
• No legal disputes, asset revaluations, or exceptional corporate actions were disclosed beyond the above.

Conclusion and Recommendations

Overall Assessment:
The company’s financial performance remains weak, with declining revenue, persistent losses, negative equity, and negative working capital. While losses narrowed due to cost-cutting and exceptional impairment expenses not recurring, OIO Holdings continues to depend on shareholder loans and support to operate as a going concern.

Recommendation for Current Shareholders:
If you are currently holding OIO Holdings shares, consider the high risk profile due to ongoing losses, negative equity, and dependence on external support. Unless you have a high risk tolerance or expect a turnaround driven by corporate fundraising or a sector rebound, review your portfolio position carefully. Monitor for any positive developments, such as successful fundraising or new income-generating asset acquisitions.

Recommendation for Prospective Investors:
If you are not currently holding OIO Holdings shares, exercise caution. The company’s fundamentals remain weak, and its prospects rely heavily on external support and potential future fundraising. Wait for clear signs of sustainable recovery, improved financial metrics, or a successful turnaround strategy before considering entry.

Disclaimer: This analysis is based strictly on the financial report as disclosed. It does not constitute financial advice. Please consult your own financial advisor before making investment decisions. OIO Holdings Limited exhibits significant risks, and all investments should be assessed for risk tolerance and suitability.