Oceanscape International Limited (formerly V2Y Corporation Limited): FY2025 Results Analysis

Oceanscape International Limited has released its unaudited condensed interim financial statements for the full year ended 31 December 2025. The financials reflect a year of major transformation, with the company exiting legacy businesses and embarking on a strategic pivot into renewable energy and commodities trading.

Key Financial Metrics and Comparative Performance

*Q3 2025 revenue not separately disclosed; full-year and YoY comparisons use available data.

Historical Performance Trends

• The Group has undergone radical restructuring in 2025, disposing of its loss-making Food & Beverage (F&B) and Insurtech businesses.
• Full year revenue fell 33.3% to S\$608k from S\$911k the previous year, due to divestments of legacy segments.
• Net losses deepened, with FY2025 loss at S\$2.18 million, up from S\$1.64 million in FY2024.
• Equity position deteriorated further into negative territory (S\$2.19 million negative equity at 31 Dec 2025), despite new share issuance and director loans.

Exceptional and Non-Recurring Items

• Provision for loss on allowance for receivables of S\$880k in 4Q2025, mainly relating to uncollected consideration from the F&B divestment.
• Net gain of S\$522k from disposal of discontinued subsidiaries recognized as other income.
• No income tax expense recognized due to overall loss-making position.

Divestments, Fundraising, and Related-Party Transactions

• Disposed of 3 F&B subsidiaries in April 2025 and two Insurtech subsidiaries in December 2025, completely exiting these segments.
• Raised S\$451k via share placement in April 2025; further S\$1m drawn from a S\$15m interest-free loan facility provided by the Executive Chairman.
• Proposed issuance of up to 103.8 million new shares to settle S\$654k in debt through conversion agreements, pending shareholder and regulatory approval.
• Significant related-party transaction: S\$5.56 million aggregate value of loans and convertible loans from Executive Chairman Lang Jinjun.

Management and Corporate Actions

• Major board and management overhaul between October 5–16, 2025, with complete change in directors and senior management.
• Poor handover from previous management led to incomplete financial records, requiring reconstruction by the new team.
• Shareholders approved a major strategic pivot into renewable energy and metal ores trading in November 2025.
• No share buybacks or treasury shares as of year-end.

Events and Risks Affecting the Business

• Significant uncertainty remains regarding the Group’s ability to return to profitability, as the new business lines are in their infancy with negligible revenue thus far.
• Negative equity and persistent operating losses highlight ongoing financial risk.
• Going concern is supported by up to S\$20m in financing commitment from the Executive Chairman and creditor agreements to convert debt into equity.
• No dividends proposed for FY2025, as the Group is focused on conserving cash for new business development.

Chairman’s Statement and Tone

The report does not contain a separate, explicit Chairman’s Statement. However, management commentary is forward-looking and cautiously optimistic about the Group’s strategic transformation, emphasizing de-risking through divestment of legacy businesses and pursuit of new opportunities in renewable energy and commodities trading. The tone is pragmatic, balancing acknowledgment of past underperformance with confidence in the new direction.

Directors’ Remuneration

• Directors’ fees amounted to S\$119k for FY2025 (S\$160k in FY2024).

Conclusion and Investor Recommendations

Overall Assessment: The financial performance for FY2025 is weak, with continued operating losses, negative equity, and only a nascent contribution from the new renewable energy segment. While management has taken decisive action to stem legacy losses and reposition the company, the Group remains in a critical transition phase. The short-term outlook is highly uncertain, dependent on successful execution of its new business model and realization of revenue from renewable energy and commodities trading.

Investor Recommendations

• If you currently hold this stock: Exercise caution. The company remains high risk given its negative equity, persistent losses, and unproven new business segments. Unless you have a high-risk appetite and confidence in the management’s ability to execute the transformation, consider reducing exposure or holding only a speculative position.
• If you do not currently hold this stock: Avoid initiating a new position until the Group demonstrates consistent revenue growth and a path to profitability from its core businesses. Wait for clearer evidence of turnaround before considering an investment.

Disclaimer: This analysis is based solely on information disclosed in the company’s FY2025 financial report and is not a substitute for professional investment advice. Investors should consider their individual circumstances and risk tolerance before making investment decisions.

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