UltraGreen.ai Limited FY2025 Financial Results: A Comprehensive Review
UltraGreen.ai Limited has released its FY2025 financial report, marking a pivotal year with robust revenue growth, operational scaling, and a landmark IPO. Below, we analyze the company’s financial performance, strategic milestones, historical trends, and provide actionable insights for investors.
Key Financial Metrics Overview
| Metric |
FY2025 |
FY2024 |
FY2023 |
YoY Change |
QoQ Change |
| Revenue |
\$142.4m |
\$114.7m |
\$72.0m |
+24% |
+43% (FY2023-FY2024) |
| Gross Profit |
\$121.1m |
\$96.6m |
\$56.8m |
+25% |
+70% (FY2023-FY2024) |
| Gross Margin |
85.0% |
84.2% |
78.8% |
+80bps |
+540bps (FY2023-FY2024) |
| Operating Profit |
\$84.2m |
\$66.3m |
\$42.5m |
+27% |
+56% (FY2023-FY2024) |
| Adjusted EBITDA |
\$89.4m |
\$71.0m |
\$42.5m |
+26% |
+67% (FY2023-FY2024) |
| NPAT (Net Profit After Tax) |
\$75.6m |
\$56.0m |
\$37.2m |
+35% |
+51% (FY2023-FY2024) |
| EPS (Basic) |
\$0.19* |
NM |
NM |
N/A |
N/A |
| Dividends |
Not disclosed |
Not disclosed |
Not disclosed |
N/A |
N/A |
*EPS calculated using weighted average shares post-IPO (388,958,769 for FY2025).
Historical Performance Trends
- Revenue CAGR: 43% from FY2022 to FY2025, indicating sustained and accelerating growth.
- ICG Vial Volumes: Increased 13% YoY, with US volumes up 7% and non-US volumes up 29%.
- ASP (Average Selling Price): Up 17% YoY, driven mainly by US pricing initiatives.
- Gross Margin: Expanded from 75.5% in FY2022 to 85.0% in FY2025, reflecting strong operational leverage.
- Adjusted EBITDA Margin: Rose from 56.2% (FY2022) to 62.8% (FY2025).
Exceptional Earnings and Expenses
- Exceptional Items: Totaled \$11.8m for FY2025, including:
- \$23.7m gain from UltraLinQ disposal (classified as discontinued operations).
- \$8.5m tax provision.
- \$3.4m in impairment charges and other losses.
- Adjusted NPAT before exceptional items: \$63.8m (+14% YoY).
- Net Profit Attributable to Shareholders (NPAT): \$75.6m (+35% YoY).
Divestments, IPOs & Fundraising
- IPO: Successfully completed on SGX, raising \$150m in gross proceeds.
- Post-IPO Net Cash: \$176.1m, reflecting a strong liquidity position.
- UltraLinQ Divestment: Realized a \$23.7m gain from disposal, optimizing portfolio.
- Debt-to-Equity Conversion: \$142.8m promissory note converted, strengthening equity base.
Balance Sheet Highlights
- Total Assets: \$335.6m (+134% YoY).
- Total Liabilities: \$25.0m (down 85% YoY).
- Total Equity: \$310.6m (up from negative \$26m in prior year).
- NAV per Share: \$0.28 (not meaningful in prior year due to low share count).
Strategic and Operational Developments
- Manufacturing Capacity: Expanded to 2–3x FY2026 demand, with ability to scale further.
- Regulatory Approvals: IC-GREEN/Verdye now sold in 55+ countries; IC-Flow imaging system approved in 45 countries.
- Portfolio Optimization: Acquisition of remaining interest in PerfusionTech, disposal of non-core assets.
- Supply Chain Diversification: Qualified second API supplier; three facilities approved.
Forecasted Performance & Outlook
- FY2026 Revenue Guidance: \$170m–\$190m (+19% to +33% YoY expected).
- Growth Drivers: Full-year impact of pricing, continued market penetration, scaling of imaging systems, and commercial expansion.
- Investments: Focused on talent, organizational capabilities, and data platform commercialisation.
Chairman’s Statement
“FY2025 was a milestone year for the Group. Revenue grew +24% (+US\$28m) to US\$142.4m, primarily driven by a +13% growth in the volume of ICG vials shipped coupled with a +17% increase in the ASP. Gross margin maintained steady at 85%. Adjusted EBITDA and Operating Profit of US\$89.4m (+26%) and US\$84.2m (+27%) demonstrate a strong operating and financial performance. NPAT before exceptional items +14% to US\$63.8m. Exceptional items of US\$11.8m include: US\$23.7m gain from the UltraLinQ disposal, US\$8.5m tax provision and US\$3.4m of impairment charges, loss on disposal of a non-core intangible asset and other charges. Fully diluted EPS (post-IPO) of US\$0.07.”
The tone is clearly positive, reflecting confidence in the Group’s operational momentum, portfolio strategy, and growth prospects.
Corporate Actions and Events
- IPO and Fundraising: Landmark listing on SGX, dramatically improving cash and equity position.
- Asset Sale: Strategic divestment of UltraLinQ for portfolio optimization.
- Acquisition: Remaining interest in PerfusionTech acquired.
- No disclosed dividend, share buyback, or unusual fund flows in the report.
Conclusion & Investment Recommendations
Overall Assessment: UltraGreen.ai Limited’s FY2025 financial performance is strong, underpinned by high revenue growth, expanding margins, robust cash generation, and successful execution of strategic initiatives including a landmark IPO and portfolio optimization. The outlook remains positive, with management forecasting further top-line growth and continued operational scaling for FY2026.
Investor Recommendations
- If you are currently holding UltraGreen.ai Limited stock: The company’s strong financials, liquidity, and future growth guidance suggest it is prudent to continue holding. The positive outlook, backed by operational scaling and expanded market presence, supports further potential upside.
- If you are not currently holding the stock: Consider accumulating on dips or initiating a position, given the company’s robust growth trajectory, healthy margins, and strategic expansion. However, monitor for execution risks related to scaling and regulatory approvals.
Disclaimer: This article is based strictly on the company’s FY2025 financial report and does not constitute investment advice. Investors should conduct their own due diligence and consider their risk tolerance before making any investment decision.
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