EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

Orangekloud Technology Inc. Announces First Half 2025 Unaudited Financial Results

 

Singapore, October 30, 2025 — Orangekloud Technology Inc. (NASDAQ: ORKT) is a Singapore-based tech company that offers the eMOBIQ® No-Code platform for developing mobile applications aimed at Small and Medium Enterprises (SMEs) and larger corporations. Today announced its unaudited financial results for the six months ended June 30, 2025.

 

Overview:

 

  Revenue was approximately S$2.1 million and S$2.5 million (approximately $2.0 million), for the six months ended June 30, 2024 and 2025, respectively.
     
  Net loss was approximately S$1.3 million and S$3.6 million (approximately $2.8 million), for the six months ended June 30, 2024 and 2025, respectively.

 

Six Month Financial Results Ended June 30, 2025

 

Revenue

 

We derive the majority of our revenue from license and subscriptions fees from packaged software as well as our no-code platform and mobility solutions, and professional services. For the six months ended June 30, 2024 and 2025, our revenue was approximately S$2.1 million and S$2.5 million (approximately $2.0 million), respectively, representing an increase of approximately 21.6%. Recognized sales revenue increased across the board, driven primarily by higher contributions from professional services and support revenue related to mobile solutions for clients that grew by more than S$210,000. We also recorded higher recognized revenue attributable to increased sales of our in-house developed ISV solutions, which rose by close to S$130,000. In addition, our sales revenue to external clients in Malaysia improved by more than S$50,000.

 

Cost of revenue

 

Our cost of revenue is predominately pertain to purchases of hardware, accessories, licenses, payments made to third-party managed hosting providers, other third-party service providers and project managers and consultants’ payroll and employee benefits. For the six months ended June 30, 2024 and 2025, our cost of revenue was approximately S$1.5 million and S$1.6 million (approximately $1.3 million) respectively, representing an increase of approximately 7.6%. For the six months ended June 30, 2024 and 2025, payroll and employee benefits for project managers and consultants, which are relatively fixed in nature, accounted for approximately 34.5% and 31.9% of sales revenue, respectively. The remaining components of cost of revenue represented about 38.6% and 32.7% of sales revenue for the respective periods. The increase in cost of revenue was generally in line with the growth in sales revenue. Specific cost of revenue components, including employee benefits and third-party software and systems, rose moderately, reflecting improved project management efficiency.

 

Gross Profit

 

Our gross profit and gross margin can be influenced by several factors. These factors include the revenue mix between subscriptions, software and support, and professional services. Additionally, subscription pricing, costs related to third-party hosting facilities, and the expansion of our professional services to support future growth can impact our gross margins. As a result, our gross margin may vary from one period to another based on these factors. For the six months ended June 30, 2024 and 2025, our gross profit was S$564,179 and S$901,124 (approximately $708,485) respectively, representing an increase of approximately 59.7%. The increase was attributable to the increase in revenue recognition during six months ended June 30, 2025, while the cost of revenue, including payroll costs for project managers and consultants, as well as other cost components, did not increase proportionately.  In all, gross profit margins for the two corresponding periods improved from 26.9% to 35.4%.

 

 

 

 

Other income

 

Our other income is predominately interest income, government grants and Microsoft Cloud Solution Provider Incentive. For the six months ended June 30, 2024 and 2025, our other income was S$63,367 and S$193,843 (approximately $152,404) respectively, representing an increase of approximately 205.9%. The increase was mainly due to the surge in interest income from bank deposits boosted by the IPO proceeds.

 

General and administrative expense

 

General and administrative expenses consist of payroll and employee benefits expenses of directors and administrative staff and other operating expenses, predominately short-term rental expenses, insurance expenses, short term lease expenses    and professional fees. For the six months ended June 30, 2024 and 2025, our general and administrative expenses were S$956,995 and S$3.7 million (approximately $2.9 million) respectively. The significant surge was attributable to post-IPO professional fees for compliance as well as business and corporate developments.

 

Selling and marketing expenses

 

Our selling and marketing expenses are predominately allocated towards search engine and social media platforms for generating market awareness, and covering transportation and travel expenses for sales staff or consultants. For the six months ended June 30, 2024 and 2025, our selling and marketing expenses were S$357,399 and S$477,364 (approximately $375,316) respectively, representing an increase of approximately 33.6%. The higher level of marketing-related activities at Orangekloud Pte. Ltd for the eMOBIQ AI no-code App development platform in the six months ended June 30, 2025, contributed to the increase in expenses over the 2024 corresponding period, in the areas of: additional headcounts for regional business development personnel (approximately S$102,000), local and overseas trade fairs and exhibitions (approximately S$54,000), as well as advisory and workshops for product positioning and marketing.  

 

Depreciation and amortization expenses

 

Our depreciation and amortization expenses are predominately depreciation charged on property and equipment and intangible assets. For the six months ended June 30, 2024 and 2025, our depreciation and amortization expenses were S$130,153 and S$159,629 (approximately $125,504) respectively, representing an increase of approximately 22.6%. The increase was primarily due to the additions to intangible assets in the second half of 2024.    

 

Research and development expenses

 

Our development expenses are predominately developers’ payroll-related costs directly attributable to the development of No-Code platform and capitalized as intangible assets only when technical feasibility of the project is demonstrated, the Company has an intention and ability to complete and use the platform and the costs can be measured reliably. For the six months ended June 30, 2024 and 2025, our research and development expenses were S$394,049 and S$486,777 (approximately $382,716) respectively, representing an increase of approximately 23.5%. The increase was primarily due to our continuous improvement efforts for our AI No-Code platform, and that the expenses related to the developers’ payroll were expensed off rather than capitalized during the six months ended June 30, 2025 in accordance with ASC 350 – Intangibles – Goodwill and Other.

 

Interest expenses

 

Our finance costs are predominately interest on bank loans. For the six months ended June 30, 2024 and 2025, our finance costs were S$18,825 and S$13,255 (approximately $10,421) respectively, representing a decrease of approximately 29.6%. The decrease was mainly due to the reduced principal balances of the outstanding bank loans following our instalment payments  .

 

Income tax credit/expense

 

There was a recognition of previously unrecognized deferred tax assets of MSC Consulting, as the Company assessed, during its current periodic review, that the trade loss carry-forward is likely to be utilized for offsetting taxable income in the future. This resulted in an income tax credit of S$161,000 (approximately $126,582) during the six months ended June 30, 2025, as opposed to the tax expense of the same amount in the corresponding period in 2024.     

 

 

 

 

Other comprehensive income/loss

 

For the six months ended June 30, 2024 and 2025, we had foreign currency translation adjustment, net of tax at income of S$39,431 and loss of S$733,754 (approximately $576,896)   respectively, recorded within other comprehensive income/loss, respectively. This is reflective of the declining USD-SGD exchange rates in the six months ended June 30, 2025.

 

ABOUT ORANGEKLOUD TECHNOLOGY INC.

 

Orangekloud Technology Inc. (NASDAQ: ORKT) is a Singapore-based technology company which offers the eMOBIQ® No-Code platform to develop mobile applications specially designed for Small and Medium Enterprises (SMEs) and corporations. The eMOBIQ® suite of mobile applications designed to digitalize and streamline business processes in operations includes warehousing, sales ordering, delivery, and manufacturing. eMOBIQ® customers come from various industries, including food manufacturing and food service, precision engineering, construction, retail, energy, and warehouse management.

 

EXCHANGE RATE INFORMATION

 

This announcement contains translations of certain Singapore dollars (“S$”) amounts into U.S. dollars (“$” or “US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from S$ to US$ were made at the rate of US$0.786 = S$1  . No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2025, or at any other rate.

 

FORWARD-LOOKING STATEMENTS

 

Certain statements contained 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. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and OrangeKloud Technology Inc. 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.

 

SUBSEQUENT EVENTS

 

On July 1, 2025, the company commenced a 6-year office lease at 70 Bendemeer Road #04-04 Luzerne, Singapore 339940, at the monthly rent and service charge of S$22,954, and the amount is to be adjusted to S$23,872 after 3 years.

 

On July 24, 2025, the company incorporated a new subsidiary company in Singapore, eMOBIQ AI Pte Ltd, with a paid-up capital of S$100,000, to handle the licensing and subscription of the AI eMOBIQ no-code App development platform.

 

On September 16, 2025, the company received shareholder approval for a 1-for-4 reverse stock split, the change of authorized capital to 1,000,000,000 ordinary shares of par value USD 0.004 each, and the adoption of a new amended and restated memorandum and articles of association. The effective date for trading on NASDAQ following the reverse stock split with the new CUSIP reference number of G6781F119 is September 29, 2025.   

 

CONTACTS

 

OrangeKloud Technology Inc. Investor Relations Contact:

 

70 Bendemeer Road #04-04 Luzerne

Singapore 339940

(+65) 6317 2050

Email: ir@orangekloud.com

 

 

 

 

ORANGEKLOUD TECHNOLOGY INC.

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

  

As of

December 31, 2024

  

As of

June 30, 2025

  

As of

June 30, 2025

 
   S$   S$   US$ 
ASSETS               
Current assets               
Cash and cash equivalents   8,165,692    5,562,931    4,373,717 
Accounts receivable, net   244,179    195,086    153,382 
Contract assets   133,088    56,144    44,142 
Amount due from related parties   -    -    - 
Advance to suppliers   4,536,184    2,304,922    1,812,188 
Other current assets   153,578    245,265    192,834 
Total current assets   13,232,721    8,364,348    6,576,263 
                
Noncurrent assets               
Long-term investment   1,000,000    1,000,000    786,225 
Intangible assets, net   1,753,805    1,613,576    1,268,634 
Property and equipment, net   28,930    18,068    14,206 
Right-of-use assets   -    -    - 
Contract assets, noncurrent   3,158    -    - 
Deposits   -    -    - 
Deferred tax assets   -    161,000    126,582 
Total noncurrent assets   2,785,893    2,792,644    2,195,647 
                
TOTAL ASSETS   16,018,614    11,156,992    8,771,910 
                
LIABILITIES               
Current liabilities               
Accounts payable   299,543    346,508    272,433 
Accruals and other payables   518,716    325,529    255,939 
Amounts due to directors   207    206    162 
Contract liabilities   1,138,202    752,395    591,552 
Bank loans, current   256,915    181,422    142,639 
Operating lease liabilities, current   -    -    - 
Total current liabilities   2,213,583    1,606,060    1,262,725 
                
Noncurrent liabilities               
Contract liabilities, noncurrent   2,297    65,566    51,550 
Bank loans, noncurrent   246,664    195,148    153,430 
Total noncurrent liabilities   248,961    260,714    204,980 
                
TOTAL LIABILITIES   2,462,544    1,866,774    1,467,705 
                
COMMITMENTS AND CONTINGENCIES   -    -    - 
                
SHAREHOLDERS’ EQUITY               
Ordinary shares, US$0.004 par value, 12,500,000 and 1,000,000,000 shares authorized; 5,350,587 and 5,767,970 shares issued and outstanding as of December 31,2024 and June 30, 2025 respectively. *   31,343    31,343    24,643 
Additional paid in capital   23,144,114    23,144,114    18,196,489 
Accumulated losses   (9,765,882)   (13,297,980)   (10,455,209)
Other reserves   16,667    16,667    13,104 
Accumulated other comprehensive income/(losses)   129,828    (603,926)   (474,822)
Total shareholders’ equity   13,556,070    9,290,218    7,304,205 
                
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   16,018,614    11,156,992    8,771,910 

 

* Retrospectively restated for the 1-for-4 reverse stock split and change in capital structure in September 2025. The company received shareholder approval on September 16, 2025 for a 1-for-4 reverse stock split, the change of authorized capital to 1,000,000,000 ordinary shares of par value USD 0.004 each, and the adoption of a new amended and restated memorandum and articles of association. The effective date for trading on NASDAQ following the reverse stock split with the new CUSIP reference number of G6781F119 is September 29, 2025.   

 

 

 

 

ORANGEKLOUD TECHNOLOGY INC.

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

   For the six months ended June 30 
   2024   2025   2025 
   S$   S$   US$ 
Revenues:               
License, subscriptions fee and product               
- Packaged subscription, license, software and hardware for solution   962,260    1,104,135    868,099 
- No-Code platform and mobile application   135,242    186,648    146,747 
Services and license support   996,436    1,256,154    987,620 
Total revenues   2,093,938    2,546,937    2,002,466 
                
Cost of revenues:               
License, subscriptions fee and product               
- Packaged subscription, license, software and hardware for solution   761,215    613,452    482,312 
- No-Code platform and mobile application   25,000    118,692    93,319 
Services and license support   743,544    913,669    718,350 
Total cost of revenues   1,529,759    1,645,813    1,293,981 
                
Gross profit   564,179    901,124    708,485 
                
Operating expenses:               
Selling and marketing expenses   357,399    477,364    375,316 
General and administrative expense   956,995    3,710,991    2,917,675 
Depreciation and amortization expenses   130,153    159,629    125,504 
Research and development expenses   394,049    486,777    382,716 
Total operating expenses   1,838,596    4,834,761    3,801,211 
                
Loss from operations   (1,274,417)   (3,933,637)   (3,092,726)
                
Other income (expense):               
Other income   63,367    193,843    152,404 
Interest expense   (18,825)   (13,255)   (10,421)
Foreign exchange gain   49,091    31,013    24,383 
Total other income, net   93,633    211,601    166,366 
                
Loss before tax expense   (1,180,784)   (3,722,036)   (2,926,360)
Income tax (expense)/credit   (161,000)   161,000    126,582 
Net loss   (1,341,784)   (3,561,036)   (2,799,778)
                
Other comprehensive income/(loss):               
Foreign currency translation, net of income tax   39,431    (733,754)   (576,896)
Total comprehensive loss   (1,302,353)   (4,294,790)   (3,376,674)
                
Net loss per share attributable to ordinary shareholders               
Basic and diluted **   (0.27)   (0.62)   (0.49)
                
Weighted average number of ordinary shares used in computing net loss per share               
Basic and diluted **   5,000,000    5,767,970    5,767,970 

 

** Retrospectively restated for the 1-for-4 reverse stock split and change in capital structure in September 2025. The company received shareholder approval on September 16, 2025 for a 1-for-4 reverse stock split, the change of authorized capital to 1,000,000,000 ordinary shares of par value USD 0.004 each, and the adoption of a new amended and restated memorandum and articles of association. The effective date for trading on NASDAQ following the reverse stock split with the new CUSIP reference number of G6781F119 is September 29, 2025.