TechCreate Group Ltd. (NYSE American: TCGL) (“TechCreate” or the “Company”), a technology consultancy and advanced software solutions provider specializing in payment solutions, cybersecurity, and digital services, announced its financial and operational results for the six months ended June 30, 2025.
Recent Operational Highlights
- Secured a new Real-Time Engine Project in Singapore and Real-Time Engine enhancement by an existing Brunei customer
- Secured and fulfilled the QR Soundbox Terminal Business Line work for a Cambodia bank
- Completed successful initial public offering (“IPO”) and sale of option shares in October 2025, raising gross proceeds of $11.73 million, prior to deducting underwriting discounts and other offering expenses. TechCreate’s Class A Ordinary Shares began trading on the NYSE American on October 2025 under the ticker symbol “TCGL”
First Half 2025 Financial Results
Total Revenues increased 10.4% to S$1.9 million (US $1.5 million) for the six months ended June 30, 2025 compared to S$1.8 million in the same period last year. The increase was primarily due to an increase in Provision of Professional Services stemming from a new Real-Time Engine Project in Singapore and Real-Time Engine enhancement by existing Brunei Customer, an increase in Sale of Hardware Solutions as the Company’s Cambodian team successfully started the QR Soundbox Terminal Business Line, and an increase in Provision of Hosting and Supporting Service, offset by a decrease in Sale of Software Licenses and Maintenance Licenses.
Cost of Revenue decreased 22.7% to S$0.6 million (US $0.4 million) for the six months ended June 30, 2025 compared to S$0.7 million in the same period last year. The decrease was primarily due to a decrease in sales of license maintenance for third party software.
Gross Profit Margins increased to 70.5% for the six months ended June 30, 2025 compared to 57.8% in the same period last year. The increase was primarily due to an increase in revenue from provision of professional fees, and a decrease in sales of software licenses and maintenance licenses which lowers external vendor costs.
Total Operating Expenses increased 2.2% to S$1.3 million (US $1.0 million) for the six months ended June 30, 2025 compared to S$1.3 million in the same period last year. The slight increase was primarily due to an increase in general and administrative expenses and selling and distribution expenses offset by a decrease in research and development expenses.
Net Loss was approximately S$20,000 (US $16,000) for the six months ended June 30, 2025 compared to a loss of S$0.4 million in the same period last year, primarily due to the increase in gross profit and gross profit margin.
As of June 30, 2025, cash and cash equivalents were approximately S$1.3 million (US $1.0 million).
Management Commentary
“I am pleased to announce our first half fiscal 2025 results, highlighted by our growth seen in the provision of professional services revenue,” said TechCreate CEO Heng Hai Lim. “During this period, we were awarded a handful of notable deals with valued customers, including a new Real-Time Engine project in Singapore, a Real-Time Engine enhancement by an existing Brunei customer, and a new contract to provide QR Terminal to a Cambodia bank. We also continued to lower our focus on the sale of software and maintenance licenses, which are lower margin in nature. The progress made towards our bottom-line results was encouraging to see, and we look forward to continuing to pursue professional services work with new and existing customers as we grow our global presence.”
About TechCreate Group Ltd.
TechCreate Group Ltd. is a Singapore-based payment software solutions provider. Founded in 2015, the Company delivers digital payment and infrastructure solutions to financial institutions, telecommunications, deposit insurance, and enterprises. TechCreate’s offerings include real-time payment systems, digital banking platforms, API management, cybersecurity, and cloud computing. Its proprietary Artificial Intelligence Real-Time Engine (AI-RTE) is designed to enable fast, secure, and efficient payment processing. For more information, visit https://www.techcreate.com.sg/.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and TechCreate Group Ltd. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
TECHCREATE GROUP LTD CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
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As at December 31, |
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As at June 30, |
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2024 |
|
2025
|
|
2025
|
||||||
|
|
S$ |
|
S$ |
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US$ |
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ASSETS |
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|
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|
||||||
Current Assets |
|
|
|
|
|
|
|
|
|
|||
Deferred Cost |
|
|
576,562 |
|
|
|
312,458 |
|
|
|
244,911 |
|
Contract Assets |
|
|
145,383 |
|
|
|
65,680 |
|
|
|
51,481 |
|
Accounts and Other Receivable |
|
|
276,734 |
|
|
|
110,930 |
|
|
|
85,950 |
|
Amount Due from Shareholders |
|
|
4,900 |
|
|
|
4,900 |
|
|
|
3,841 |
|
Amount Due from Related Party |
|
|
11,772 |
|
|
|
- |
|
|
|
- |
|
Cash and Cash Equivalents |
|
|
1,205,951 |
|
|
|
1,305,991 |
|
|
|
1,023,664 |
|
Deferred Offering Costs |
|
|
457,718 |
|
|
|
711,848 |
|
|
|
557,962 |
|
Total Current Assets |
|
|
2,679,020 |
|
|
|
2,511,807 |
|
|
|
1,968,809 |
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|
|
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Non-Current Assets |
|
|
|
|
|
|
|
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|
|||
Property, Plant and Equipment, net |
|
|
7,929 |
|
|
|
6,438 |
|
|
|
5,046 |
|
Right-of-Use Assets – Operating Leases |
|
|
83,288 |
|
|
|
62,699 |
|
|
|
49,145 |
|
Deferred Cost |
|
|
57,400 |
|
|
|
96,014 |
|
|
|
75,258 |
|
Total Non-Current Assets |
|
|
148,617 |
|
|
|
165,151 |
|
|
|
129,449 |
|
TOTAL ASSETS |
|
|
2,827,637 |
|
|
|
2,676,958 |
|
|
|
2,098,258 |
|
|
|
|
|
|
|
|
|
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|
|||
Commitments and Contingencies |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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|
|
|
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LIABILITIES |
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Current Liabilities |
|
|
|
|
|
|
|
|
|
|||
Contract Liabilities |
|
|
981,651 |
|
|
|
660,699 |
|
|
|
517,870 |
|
Account and Other Payables |
|
|
100,653 |
|
|
|
363,183 |
|
|
|
284,672 |
|
Amount Due to Directors |
|
|
14,907 |
|
|
|
3,646 |
|
|
|
2,858 |
|
Operating Lease Liability |
|
|
39,815 |
|
|
|
37,890 |
|
|
|
29,699 |
|
Income Tax Payables |
|
|
277 |
|
|
|
260 |
|
|
|
204 |
|
Working Capital Loans |
|
|
151,714 |
|
|
|
156,155 |
|
|
|
122,398 |
|
Total Current Liabilities |
|
|
1,289,017 |
|
|
|
1,221,833 |
|
|
|
957,701 |
|
|
|
|
|
|
|
|
|
|
|
|||
Non-Current Liabilities: |
|
|
|
|
|
|
|
|
|
|||
Operating Lease Liability |
|
|
47,233 |
|
|
|
28,742 |
|
|
|
22,529 |
|
Contract Liabilities |
|
|
8,247 |
|
|
|
49,293 |
|
|
|
38,636 |
|
Working Capital Loans |
|
|
608,416 |
|
|
|
503,249 |
|
|
|
394,458 |
|
Total Non-Current Liabilities |
|
|
663,896 |
|
|
|
581,284 |
|
|
|
455,623 |
|
TOTAL LIABILITIES |
|
|
1,952,913 |
|
|
|
1,803,117 |
|
|
|
1,413,324 |
|
|
|
|
|
|
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SHAREHOLDERS’ EQUITY |
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Class A Ordinary Shares, US$0.0002 par value, 225,000,000 shares authorized, 14,927,250 shares issued and outstanding as of December 31, 2024 and June 30, 2025 respectively.* |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Class B Ordinary Shares, US$0.0002 par value, 25,000,000 shares authorized, 2,572,750 shares issued and outstanding as of December 31, 2024 and June 30, 2025 respectively.* |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Additional Paid-in Capital |
|
|
1,351,540 |
|
|
|
1,351,540 |
|
|
|
1,059,367 |
|
Accumulated Other Comprehensive Loss |
|
|
(7,875 |
) |
|
|
11,389 |
|
|
|
8,924 |
|
Retained Earnings/ (Accumulated Losses) |
|
|
(468,941 |
) |
|
|
(489,088 |
) |
|
|
(383,357 |
) |
Total Shareholders’ Equity |
|
|
874,724 |
|
|
|
873,841 |
|
|
|
684,934 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
2,827,637 |
|
|
|
2,676,958 |
|
|
|
2,098,258 |
|
TECHCREATE GROUP LTD CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) |
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|
|
For the six months ended June 30, |
||||||||||
|
|
2024 |
|
2025 |
|
2025 |
||||||
|
|
S$ |
|
S$ |
|
US$ |
||||||
Revenue |
|
|
1,754,439 |
|
|
|
1,936,539 |
|
|
|
1,507,856 |
|
Cost of revenue |
|
|
(740,039 |
) |
|
|
(571,893 |
) |
|
|
(445,296 |
) |
Gross profit |
|
|
1,014,400 |
|
|
|
1,364,646 |
|
|
|
1,062,560 |
|
|
|
|
|
|
|
|
|
|
|
|||
Selling and distribution expenses |
|
|
(106,054 |
) |
|
|
(109,739 |
) |
|
|
(85,447 |
) |
Research and development expenses |
|
|
(84,350 |
) |
|
|
- |
|
|
|
- |
|
General and administrative expenses |
|
|
(1,090,100 |
) |
|
|
(1,199,192 |
) |
|
|
(933,836 |
) |
Total operating expenses |
|
|
(1,280,504 |
) |
|
|
(1,308,931 |
) |
|
|
(1,019,283 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Profit / (loss) from operations |
|
|
(266,104 |
) |
|
|
55,715 |
|
|
|
43,277 |
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|||
Other income |
|
|
12,787 |
|
|
|
7,247 |
|
|
|
5,643 |
|
Interest expense |
|
|
(16,315 |
) |
|
|
(28,409 |
) |
|
|
(22,120 |
) |
Total other income (expenses) |
|
|
(3,528 |
) |
|
|
(21,162 |
) |
|
|
(16,477 |
) |
Income/ (Loss) before income tax |
|
|
(269,632 |
) |
|
|
34,533 |
|
|
|
26,800 |
|
Income tax expense |
|
|
(84,286 |
) |
|
|
(54,699 |
) |
|
|
(42,591 |
) |
Net loss |
|
|
(353,918 |
) |
|
|
(20,146 |
) |
|
|
(15,791 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Other comprehensive loss, net of tax |
|
|
|
|
|
|
|
|
|
|||
Currency translation differences arising from consolidation |
|
|
(2,539 |
) |
|
|
11,389 |
|
|
|
8,924 |
|
Net comprehensive loss |
|
|
(356,457 |
) |
|
|
(8,757 |
) |
|
|
(6,867 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net loss per share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|||
Basic and diluted |
|
|
(0.0200 |
) |
|
|
(0.0005 |
) |
|
|
(0.0004 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Weighted average number of ordinary shares used in computing net loss per share |
|
|
|
|
|
|
|
|
|
|||
Basic and diluted* |
|
|
17,500,000 |
|
|
|
17,500,000 |
|
|
|
17,500,000 |
|
TECHCREATE GROUP LTD CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
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|
|
For the six months ended June 30, |
||||||||||
|
|
2024 |
|
2025 |
|
2025 |
||||||
|
|
S$ |
|
S$ |
|
US$ |
||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
|
(353,919 |
) |
|
|
(20,146 |
) |
|
|
(15,791 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|||
Depreciation |
|
|
4,577 |
|
|
|
3,993 |
|
|
|
3,130 |
|
Operating lease expenses |
|
|
9,617 |
|
|
|
20,976 |
|
|
|
16,441 |
|
Working capital loan interest |
|
|
16,315 |
|
|
|
28,409 |
|
|
|
22,268 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|||
Deferred cost |
|
|
161,345 |
|
|
|
225,490 |
|
|
|
176,744 |
|
Contract assets |
|
|
44,050 |
|
|
|
79,703 |
|
|
|
62,473 |
|
Trade and other receivables |
|
|
(240,353 |
) |
|
|
165,804 |
|
|
|
129,960 |
|
Amount due from directors |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amount due from related parties |
|
|
56,887 |
|
|
|
11,772 |
|
|
|
9,227 |
|
Contract liabilities |
|
|
(598,163 |
) |
|
|
(279,907 |
) |
|
|
(219,397 |
) |
Trade and other payables |
|
|
(59,865 |
) |
|
|
262,530 |
|
|
|
205,777 |
|
Lease liabilities |
|
|
(68,032 |
) |
|
|
(20,803 |
) |
|
|
(16,306 |
) |
Income tax payable |
|
|
(75 |
) |
|
|
(17 |
) |
|
|
(13 |
) |
Net cash generated from/ (used in) operating activities |
|
|
(1,027,616 |
) |
|
|
477,804 |
|
|
|
(374,512 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Cash flow from investing activities: |
|
|
|
|
|
|
|
|
|
|||
Acquisition of property, plant and equipment |
|
|
(2,473 |
) |
|
|
(2,502 |
) |
|
|
(1,961 |
) |
Net cash used in investing activities |
|
|
(2,473 |
) |
|
|
(2,502 |
) |
|
|
(1,961 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|||
Dividend paid to equity holders |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amount due to shareholders |
|
|
8,666 |
|
|
|
(11,261 |
) |
|
|
(8,827 |
) |
Repayment of working capital loans |
|
|
(30,482 |
) |
|
|
(129,135 |
) |
|
|
(101,219 |
) |
Proceeds from working capital loans |
|
|
850,000 |
|
|
|
- |
|
|
|
- |
|
Proceeds from issuance of shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Deferred offering costs |
|
|
- |
|
|
|
(254,130 |
) |
|
|
(199,193 |
) |
Net cash (used in)/ generated from financing activities |
|
|
828,185 |
|
|
|
(394,526 |
) |
|
|
(309,239 |
) |
Effects of changes in foreign exchange of cash |
|
|
(382 |
) |
|
|
19,264 |
|
|
|
15,100 |
|
Net (decrease)/ increase in cash and cash equivalents |
|
|
(201,904 |
) |
|
|
80,776 |
|
|
|
63,313 |
|
Cash and cash equivalents at beginning of financial year |
|
|
997,845 |
|
|
|
1,205,951 |
|
|
|
945,251 |
|
Cash and cash equivalents at June 30, 2024 |
|
|
795,559 |
|
|
|
1,301,991 |
|
|
|
1,023,664 |
|
|
|
|
|
|
|
|
|
|
|
|||
Supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|||
Income taxes paid |
|
|
(25,360 |
) |
|
|
- |
|
|
|
(18,826 |
) |
Withholding taxes paid |
|
|
(59,001 |
) |
|
|
(54,441 |
) |
|
|
- |
|
Cash paid for interest |
|
|
(16,315 |
) |
|
|
(28,409 |
) |
|
|
(22,268 |
) |
Capital contribution subscription receivable from shareholder |
|
|
4,900 |
|
|
|
4,900 |
|
|
|
3,841 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251226275658/en/
Contacts
Investor Relations
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
TCGL@gateway-grp.com
