Multi Ways closed fiscal year 2025 with a 44.2% increase in total revenue to $44.8 million, a 54% increase in equipment sales to $33.1 million, and a substantial swing to positive operating cash flow of $6.4 million, compared with cash used in operating activities of $12.9 million in fiscal 2024. Net loss narrowed by approximately 86% to $0.4 million from $2.9 million in the prior year. Gross profit grew to $11.1 million, with gross margin compressing to 24.8% from 31.3% in fiscal 2024, driven by a higher mix of equipment sales relative to higher-margin rental activity and competitive pricing dynamics in the Singapore equipment market.
CEO Commentary"Fiscal year 2025 was a year of execution for Multi Ways," said Mr. James Lim, Executive Director, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. "Total revenue grew approximately 44% year over year, driven by a 54% increase in equipment sales and the conversion of orders that we had locked in during fiscal 2024. Demand from our home market in Singapore was the primary engine of growth, supported by the continued progress of large-scale national infrastructure projects and a steady pipeline of public and private construction activity. The breadth of our 2025 activity reflects the underlying confidence our customers continue to place in our fleet, our delivery capability, and our service depth."
"We also took deliberate steps during the year to deepen our supplier relationships and broaden our product range. In June 2025, we entered into an exclusive one-year dealership agreement with Shandong Shantui Construction Machinery for earthmover equipment in Singapore and introduced what we believe to be Singapore's first remote-controlled bulldozer. In October 2025, we placed orders for 21 SANY cranes valued at approximately S$7.0 million (approximately US$5.4 million), the majority of which were pre-confirmed by Singapore customers at the time of order. These actions are designed to align our fleet with the catalysts we see in our core market, large-scale infrastructure activity, sustained construction demand, and the early stages of an industry-wide energy transition toward hybrid and electric equipment."
"Our top-line growth was accompanied by gross margin compression from approximately 31% to approximately 25%, reflecting product mix and competitive dynamics in the equipment sales segment. We managed administrative expenses lower year over year and absorbed the impact of certain non-recurring 2024 charges, which together drove a substantial reduction in net loss to approximately $0.4 million ...
