Summary:

• Revenue slipped 2% year-on-year to S$8.43 million for the six months ended 30 June 2025, as softer demand in the core Equipment Contract Manufacturing Services segment outweighed initial contributions from the newly added aquaculture business​

• Gross profit fell 11% to S$2.23 million and gross margin eased, while higher general and administrative expenses, fair-value loss on convertible notes and weaker other income drove loss before tax to S$0.95 million, more than triple the S$0.30 million loss a year earlier​

• Net loss widened to S$1.16 million (owners: S$0.96 million) from S$0.52 million, pushing accumulated losses to S$161.3 million and cutting group net assets to S$5.38 million, or 0.33 cents per share, versus 0.40 cents as at 31 December 2024​

• The balance sheet remains stretched, with net current liabilities of S$17.7 million, total financial liabilities at amortised cost of S$27.9 million and cash and bank balances down sharply to S$1.57 million, leaving cash and cash equivalents at just S$0.85 million after overdrafts​

• Operating cash flow swung to a S$2.27 million outflow on working-capital usage and higher payables reduction, while financing outflows of S$0.83 million (loan and lease repayments, interest) and modest capex drove a net decrease in cash of S$3.14 million over the half-year​

• Management nonetheless prepared the accounts on a going-concern basis, citing a 24‑month cashflow projection and support measures including: deferral of about S$4.6 million consideration for the LSO Organisation Holdings acquisition; bank facilities of roughly S$1.42 million available to subsidiary Emerald Precision Engineering; and a 14 November 2025 debt settlement letter under which a noteholder agreed not to demand immediate repayment of S$2.3 million of matured redeemable convertible notes pending a new subscription arrangement targeted by 3 February 2026​

• The group also highlighted ongoing disputes and legal actions: a contested S$9.9 million claim from former parent ASTI Holdings with cross-claims and an injunction history; employment and salary claims from ex-CEO Seah Chong Hoe; and police reports over alleged unauthorised withdrawals of about S$1.01 million and unreturned corporate records, with outcomes still pending​

• Trade and other payables of S$21.2 million remain elevated, including interest-bearing amounts owed to a former corporate shareholder, a S$4.62 million deferred cash settlement linked to 2024 acquisitions, shareholder loans and related-party balances, underscoring reliance on creditor support and restructuring​

• On the equity side, share capital stands at S$169.8 million with 1.64 billion shares in issue, alongside 654.0 million outstanding warrants exercisable at S$0.003 and convertible notes of S$2.49 million; basic and diluted loss per share improved to 0.06 cents from 0.09 cents year-on-year after past share consolidation and rights issue​