Primech Holdings Announces Fiscal Year 2025 Results, Contracted Revenue Backlog at $120.8 Million
SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) -- Primech Holdings Limited (Nasdaq: PMEC), an established technology-driven facilities-services provider to public and private-sector customers in Singapore, today reported audited financial results for the fiscal year ended March 31, 2025.
FY 2025 Highlights:
- Revenue grew 2.5% to $74.3 million for the fiscal year ended March 31, 2025, compared with revenue of $72.5 million in fiscal year 2024.
- Gross profit margin expanded 130 basis points to 23.6% as technology adoption and grant support offset wage pressures.
- Net loss narrowed 40% to $2.2 million, or $(0.05) per basic and diluted share, compared to a net loss of $3.2 million, or $(0.10) per share.
- Cash and cash equivalents increased by 32.7% to $10.1 million; total assets were $41.2 million, and total liabilities were $26.5 million.
- Future contracted revenue, scheduled for recognition in FY 2026 and onward, totals $120.8 million, providing multi-year visibility.
Fiscal Year 2025 Financial Results:
| Financial Metrics (US$ millions, except per share data) | FY 2025 | FY 2024 | Change |
| Revenue | $74.3 | $72.5 | +2.5% |
| Gross profit | $17.5 | $16.0 | +9.8% |
| Gross profit margin | 23.6% | 22.0% | +160 bps |
| Operating loss | $(0.9) | $(2.8) | +65.9% improvement |
| Net loss | $(2.2) | $(3.2) | +31.1% improvement |
| Basic & diluted EPS | $(0.05) | $(0.10) | +50.0% improvement |
| Cash & cash equivalents | $10.1 | $7.6 | +32.6% |
Primech A&P Highlights:
- Over $18.9 million in new contracts secured during fiscal year 2025, including a major contract extension worth $8.3 million
- Industry recognition achievements, including ASEAN Public Toilet Award for Newton Food Centre management and LOO Awards 2024 Best Market Award
- Sustainability leadership with nomination as a finalist for the Singapore Apex Corporate Sustainability Awards in the "LowCarbonSG" category
- Strategic partnerships, including membership in the Singapore International Facility Management Association (SIFMA)
Primech AI Highlights:
- Revolutionary HYTRON robot launch with successful deployments at Temasek Polytechnic, a major Singapore shopping mall, and one of Singapore's largest hospitals
- Global expansion achievements, including partnerships in Hong Kong (Chinachem Group), Japan (Golden Rim Investment), and Europe (TCOrobotics GmbH covering Germany, Austria, and Switzerland)
- Technology excellence recognition, winning the Robotics category at the Singapore Business Review Technology Excellence Awards 2025
- Advanced AI integration incorporating NVIDIA Jetson Orin technology components for enhanced robotics performance
- Manufacturing scale-up with a China production partnership targeting 300 robots' initial production capacity
- Product innovation with the launch of the compact HYTRON Lite model optimized for space-constrained environments
CEO Commentary
"Primech delivered resilient top-line growth and achieved a significant improvement in our bottom line during our second year as a public company," said Mr. Kin Wai Ho, Chairman and Chief Executive Officer. "More importantly, this year marked our dramatic transformation into a technology-first organization through our revolutionary HYTRON AI-powered cleaning robots and aggressive global expansion strategy. We've evolved from a traditional facilities services company into an innovative robotics and automation leader."
"Our HYTRON technology represents the future of commercial cleaning. We've successfully deployed robots at prestigious locations and established partnerships across Singapore, Hong Kong, Japan, and Europe. With our three-phase expansion plan and $120.8 million of contracted backlog, we are positioned to return to profitability and capture significant market share in the rapidly growing global service robotics sector."
Future Contracted Revenues
As of March 31, 2025, our contracted revenues for future fulfilment were approximately $120.8 million. The following table provides a breakdown of the value of our contracted revenues, which we estimate will be fulfilled in FY2026, FY2027, and subsequent years, subject to cancellations or other contractual changes that are not presently foreseeable. Our order book as of any particular date is not indicative of our revenue for succeeding periods, as secured contracts are subject to cancellations, deferrals, or early terminations by our customers:
| ($’000) | (%) | |
|
Estimated amount of services contracted for at April 1, 2025 to be recorded in revenue for FY ending March 31, 2026 |
59,876 | 49.5 |
|
Estimated amount of services contracted for at April 1, 2026 to be recorded in revenue for FY ending March 31, 2027 |
34,069 | 28.2 |
|
Estimated amount of services contracted for at April 1, 2027 to be recorded in revenue for FY ending March 31, 2028 |
26,899 | 22.3 |
| 120,844 | 100.0 | |
Annual Report on Form 20-F
The Company will file its annual report on Form 20-F for the fiscal year ended March 31, 2025 with the Securities and Exchange Commission later today, which can be accessed on the SEC's website at https://www.sec.gov and on Primech’s investor relations website at https://investor.primechholdings.com/filings/.
About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
About Primech AI
Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
Company Contact:
Email: ir@primech.com.sg
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
| ***tables follow*** |
|
Primech Holdings Limited and Subsidiaries Consolidated Balance Sheets (in thousands except share data, U.S. dollars) | ||||||||
| As of March 31, | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 10,145 | $ | 7,648 | ||||
| Accounts receivable, net (including unbilled receivable of $3,520 and $4,068) | 15,633 | 18,452 | ||||||
| Government subsidies receivable | 1,485 | 1,368 | ||||||
| Prepaid expenses and other current assets | 1,700 | 3,810 | ||||||
| Inventories | 44 | 55 | ||||||
| Total current assets | 29,007 | 31,333 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 9,686 | 10,082 | ||||||
| Right of use assets | 2,114 | 3,406 | ||||||
| Goodwill | 391 | 667 | ||||||
| Intangible assets, net | 2 | 21 | ||||||
| Total assets | $ | 41,200 | $ | 45,509 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 10,330 | $ | 9,406 | ||||
| Notes payable-current portion | 8,481 | 11,277 | ||||||
| Lease liabilities-current portion | 1,595 | 2,059 | ||||||
| Income tax liabilities | 461 | — | ||||||
| Total current liabilities | 20,742 | 22,742 | ||||||
| Non-current liabilities | ||||||||
| Notes payable-long term | 4,331 | 5,705 | ||||||
| Lease liabilities-long term | 1,068 | 1,752 | ||||||
| Deferred tax liability | 255 | 251 | ||||||
| Total liabilities | 26,521 | 30,450 | ||||||
| Shareholders’ Equity | ||||||||
| Common Stock, 38,417,987 and 35,550,000 shares issued and outstanding as of March 31, 2025 and 2024, respectively, | 23,961 | 22,193 | ||||||
| Additional paid-in capital | 924 | 924 | ||||||
| Accumulated other comprehensive income | 995 | 923 | ||||||
| Accumulated deficit | (10,991 | ) | (9,049 | ) | ||||
| Total Primech Holdings Limited shareholders’ equity | 14,889 | 14,991 | ||||||
| Non-controlling interests | (210 | ) | 68 | |||||
| Total shareholders’ equity | 14,679 | 15,059 | ||||||
| Total liabilities and shareholders’ equity | $ | 41,200 | $ | 45,509 | ||||
|
Primech Holdings Limited and Subsidiaries Consolidated Statements of Operations and other Comprehensive Loss (in thousands except share and per share data, U.S. dollars) | ||||||||
| For the Years Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Revenues, net | $ | 74,349 | $ | 72,524 | ||||
| Operating costs and expenses | ||||||||
| Cost of revenue (net of $4,148 and $2,550 of government subsidies) | 56,823 | 59,915 | ||||||
| General and administrative expenses (net of $318 and $68 of government subsidies) | 16,176 | 13,160 | ||||||
| Sales and marketing expenses | 2,007 | 2,231 | ||||||
| Goodwill impairment | 291 | — | ||||||
| Total operating costs and expenses | 75,297 | 75,306 | ||||||
| Loss from operations | (948 | ) | (2,782 | ) | ||||
| Other operating income, net (includes $8 and $202 of government subsidies) | (27 | ) | 211 | |||||
| Interest expense | (789 | ) | (1,145 | ) | ||||
| Loss before income taxes | (1,764 | ) | (3,716 | ) | ||||
| Income tax benefit | (456 | ) | 493 | |||||
| Net loss | (2,220 | ) | (3,223 | ) | ||||
| (Profit)/ loss attributable to non-controlling interests | 278 | (16 | ) | |||||
| Net loss attributable to Primech Holdings Limited | (1,942 | ) | (3,239 | ) | ||||
| Total foreign currency translation adjustment | 72 | (24 | ) | |||||
| Comprehensive loss | $ | (1,870 | ) | (3,263 | ) | |||
| Earnings loss per share: | ||||||||
| Basic and diluted | $ | (0.05 | ) | $ | (0.10 | ) | ||
| Weighted average number of ordinary shares outstanding: | ||||||||
| Basic and Diluted | 37,584,000 | 33,929,000 | ||||||
|
Primech Holdings Limited and Subsidiaries Consolidated Statements of Cash Flows (in thousands except share data, U.S. dollars) | ||||||||
| For the Years Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,220 | ) | $ | (3,223 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation of property and equipment | 1,483 | 1,640 | ||||||
| Amortization of right of use assets | 2,479 | 2,203 | ||||||
| Loss (gain) on disposal of property and equipment | 1 | (13 | ) | |||||
| Amortization of intangible assets | 29 | 29 | ||||||
| Share based payment | 1,768 | — | ||||||
| Provision for doubtful accounts | 31 | — | ||||||
| Impairment of Goodwill | 291 | — | ||||||
| Change in operating assets and liabilities: | ||||||||
| Deferred tax liability | — | (454 | ) | |||||
| Accounts receivable | 2,888 | (3,330 | ) | |||||
| Government subsidies receivables | (111 | ) | 290 | |||||
| Prepaid expenses & other current assets | 2,132 | (2,657 | ) | |||||
| Inventories | 11 | 84 | ||||||
| Accounts payable and accrued expenses | 879 | (1,329 | ) | |||||
| Operating lease liability | (2,731 | ) | (2,322 | ) | ||||
| Tax payable | 462 | — | ||||||
| Net cash used in operating activities | 7,382 | (9,082 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Acquisition of property and equipment | (1,098 | ) | (909 | ) | ||||
| Proceeds from sale of property and equipment | 67 | 102 | ||||||
| Net cash used in investing activities | (1,031 | ) | (807 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net Proceeds from issue of new shares | — | 9,473 | ||||||
| Deferred offering costs | — | 545 | ||||||
| Payment of finance lease liabilities | (126 | ) | (86 | ) | ||||
| Repayment of bank loans | (159,107 | ) | (3,163 | ) | ||||
| Proceeds from bank loans | 154,846 | 1,412 | ||||||
| Net cash provided by financing activities | (4,387 | ) | 8,181 | |||||
| Net (decrease) increase in cash and cash equivalents | 1,963 | (1,708 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents | 533 | 284 | ||||||
| Cash and cash equivalents, beginning of year | 7,648 | 9,072 | ||||||
| Cash and cash equivalents, end of year | $ | 10,145 | $ | 7,648 | ||||
| Supplemental disclosure of non-cash investing and financing transactions | ||||||||
| Acquisition of equipment under finance leases | 367 | 173 | ||||||
| Recognition of Right of use assets and liabilities | 1,167 | 2,553 | ||||||
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