EX-99.1 2 omse-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

OMS Energy Technologies Inc. Announces Fiscal Year 2025 Financial Results

 

SINGAPORE, July 24, 2025 - OMS Energy Technologies Inc. (“OMS” or the “Company”) (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced its financial results for the fiscal year ended March 31, 2025.

 

Fiscal Year 2025 Financial Highlights

 

Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.
Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024.
Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

 

Mr. How Meng Hock, Chairman and Chief Executive Officer of OMS, commented, “We are extremely proud to report strong results for fiscal year 2025 in our first earnings announcement as a publicly listed company. Our double-digit revenue growth, expanded gross margin, and increase in operating profit are a direct result of our team’s disciplined execution and commitment to delivering value across all areas of our business. We have also recorded several new customer wins and contract renewals since our IPO in May, further broadening and diversifying our revenue base. With our focus on long-term growth, we’re entering fiscal 2026 with strong momentum and a clear strategy for continued innovation and expansion.”

 

Mr. Kevin Yeo, Chief Financial Officer, added, “Our fiscal 2025 financial performance reflects both top-line strength and meaningful margin improvement. Total revenues grew to $203.6 million, with gross margin reaching 33.9%. Operating profit increased to $59.9 million, highlighting our enhanced cost discipline and the benefits of growing economies of scale. Our net profit for the year was $47.0 million. When excluding a one-time $49.4 million bargain purchase gain recognized in fiscal 2024 related to the Management Buyout, our underlying profitability in 2025 demonstrates strong growth momentum. Supported by these solid fundamentals, a healthy balance sheet and loyal customer base, we remain confident of driving sustainable growth and building long-term shareholder value.”

 

Fiscal Year 2025 Financial Results

 

Total revenues. Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.

 

Specialty connectors and pipes. Revenues from sales of specialty connectors and pipes in 2025 were $143.1 million, compared with $5.1 million for the period from April 1, 2023, through June 15, 2023, and $113.5 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to a significant increase in demand from one of the Company’s major customers who had higher levels of business activities related to oil and gas production.

 

Surface wellhead and Christmas tree equipment. Revenues from sales of surface wellhead and Christmas tree equipment in 2025 were $8.7 million, compared with $3.0 million for the period from April 1, 2023, through June 15, 2023, and $6.8 million for the period from June 16, 2023, through March 31, 2024. This decrease was primarily due to delayed demand from one of the Company’s major customers in Indonesia, who is rationalizing their requirements as they plan for increased production to meet Indonesia’s energy security plan, as well as a delayed shipment to the Middle East which will materialize in the fiscal year 2026.

 

Premium threading services. Revenues from rendering of premium threading services in 2025 were $36.8 million, compared with $7.6 million for the period from April 1, 2023, through June 15, 2023, and $31.1 million for the period from June 16, 2023, through March 31, 2024. This slight decrease was primarily attributable to a relatively stable level of rig activities across oil and gas customers in the countries that drive demand for the Company’s premium threading services.

 

Other ancillary services. Revenues generated from other ancillary services in 2025 were $15.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $11.9 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to greater customer demand for engineering testing, inspection and maintenance services.

 

Cost of revenues. Cost of revenues in 2025 was $134.6 million, compared with $13.2 million for the period from April 1, 2023, through June 15, 2023, and $114.5 million for the period from June 16, 2023, through March 31, 2024.

 

Gross profit. Gross profit in 2025 was $69.0 million, compared with $5.0 million for the period from April 1, 2023, through June 15, 2023, and $48.7 million for the period from June 16, 2023, through March 31, 2024. Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024. The increase was mainly due to the growth in total revenues, as well as the benefits from economies of scale stemming from higher sales volume, sourcing productivity and an increase in the proportion of higher-margin services performed.

 

Selling, general and administrative expenses. Selling, general and administrative expenses in 2025 were $9.1 million, compared with $1.8 million for the period from April 1, 2023, through June 15, 2023, and $8.6 million for the period from June 16, 2023, through March 31, 2024. The decrease was mainly due to a decrease in legal and professional fees, staff expenses and depreciation.

 

Operating profit. Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

 

Total other income/(expense), net. Total other income, net in 2025 was $0.2 million, compared with total other expense, net of $0.08 million for the period from April 1, 2023, through June 15, 2023, and total other income, net of $50.2 million for the period from June 16, 2023, through March 31, 2024. The change was primarily due to a non-recurring bargain purchase gain of $49.4 million related to the management buyout in the period from June 16, 2023, through March 31, 2024.

 

Net profit. Net profit in 2025 was $47.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $82.1 million for the period from June 16, 2023, through March 31, 2024.

 

Basic and diluted EPS. Basic and diluted earnings per share were both $1.18 in 2025, compared with $2.19 for the period June 16, 2023, through March 31, 2024.

 

Balance Sheet and Cash Flow

 

As of March 31, 2025, the Company’s cash and cash equivalents and restricted cash totaled $75.8 million, compared with $45.4 million as of March 31, 2024.

 

Net cash provided by operating activities was $40.5 million, compared with net cash used of $2.9 million for the period from April 1, 2023, through June 15, 2023, and net cash provided of $24.0 million for the period from June 16, 2023, through March 31, 2024.

 


About OMS Energy Technologies Inc.

 

OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

 

For more information, please visit ir.omsos.com.

 

Safe Harbor Statement

 

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

For investor and media inquiries, please contact:

 

OMS Energy Technologies Inc.

Investor Relations

Email: ir@omsos.com

 

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

Email: oms@thepiacentegroup.com

 

Hui Fan

Tel: +86-10-6508-0677

Email: oms@thepiacentegroup.com

 


Unaudited Summary of Financial Results

 

Consolidated Statements of Financial Positions

 

For the
year ended
March 31, 2025

 

 

For the
year ended
March 31, 2024

 

 

US$’000

 

 

US$’000

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

72,950

 

 

 

43,470

 

Restricted cash, current

 

 

1,692

 

 

 

1,593

 

Trade receivables

 

 

13,467

 

 

 

31,948

 

Contract assets

 

 

983

 

 

 

1,730

 

Inventories

 

 

32,546

 

 

 

30,689

 

Prepayment and other current assets

 

 

1,646

 

 

 

3,067

 

Amount due from a related party

 

 

1,584

 

 

 

1,585

 

Total Current Assets

 

 

124,868

 

 

 

114,082

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Restricted cash, non-current

 

 

1,189

 

 

 

367

 

Right-of-use assets

 

 

8,086

 

 

 

3,549

 

Property, plant and equipment

 

 

32,055

 

 

 

32,040

 

Intangible assets

 

 

42

 

 

 

126

 

Deferred tax assets

 

 

2,938

 

 

 

2,574

 

Prepayment and other non-current assets

 

 

1,327

 

 

 

694

 

Total Non-Current Assets

 

 

45,637

 

 

 

39,350

 

Total Assets

 

 

170,505

 

 

 

153,432

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Trade and other payables

 

 

15,070

 

 

 

47,535

 

Loans and borrowings

 

 

 

 

 

6,504

 

Tax payable

 

 

8,200

 

 

 

6,669

 

Lease liabilities, current

 

 

1,187

 

 

 

741

 

Total Current Liabilities

 

 

24,457

 

 

 

61,449

 

 

 

 

 

 

 

 

Non-current Liabilities:

 

 

 

 

 

 

Employee benefits obligation

 

 

827

 

 

 

751

 

Lease liabilities, non-current

 

 

6,096

 

 

 

1,843

 

Deferred tax liabilities

 

 

4,217

 

 

 

3,684

 

Other payables, non-current

 

 

 

 

 

5,000

 

Provisions

 

 

321

 

 

 

351

 

Total Non-Current Liabilities

 

 

11,461

 

 

 

11,629

 

Total Liabilities

 

 

35,918

 

 

 

73,078

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital

 

 

4

 

 

 

4

 

Share premium

 

 

72,648

 

 

 

67,648

 

Retained earnings

 

 

58,634

 

 

 

13,818

 

Accumulated other comprehensive loss

 

 

(2,397

)

 

 

(4,441

)

Equity attributable to Shareholders of the Company

 

 

128,889

 

 

 

77,029

 

Non-controlling interests

 

 

5,698

 

 

 

3,325

 

Total equity

 

 

134,587

 

 

 

80,354

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

170,505

 

 

 

153,432

 

 


Consolidated Statements of Profit or Loss and Other Comprehensive Income

 

Successor

 

 

Successor

 

 

Predecessor

 

 

 

For the
year ended
March 31, 2025

 

 

For the period
June 16, 2023
through
March 31, 2024

 

 

For the period
April 1
through
June 15, 2023

 

 

US$’000

 

 

US$’000

 

 

US$’000

 

Revenue – third parties

 

 

203,607

 

 

 

163,267

 

 

 

16,967

 

Revenue – related parties

 

 

 

 

 

 

 

 

1,215

 

Total revenue

 

 

203,607

 

 

 

163,267

 

 

 

18,182

 

 

 

 

 

 

 

Cost of revenue – third parties

 

 

(134,620

)

 

 

(114,525

)

 

 

(13,080

)

Cost of revenue – related parties

 

 

 

 

 

 

 

 

(75

)

Total cost of revenue

 

 

(134,620

)

 

 

(114,525

)

 

 

(13,155

)

 

 

 

 

 

 

Gross profit

 

 

68,987

 

 

 

48,742

 

 

 

5,027

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

(9,122

)

 

 

(8,574

)

 

 

(1,790

)

Operating profit

 

 

59,865

 

 

 

40,168

 

 

 

3,237

 

 

 

 

 

 

 

Bargain purchase gain

 

 

 

 

 

49,429

 

 

 

 

Other income/(expenses), net – third parties

 

 

246

 

 

 

775

 

 

 

(108

)

Other income, net – related parties

 

 

 

 

 

 

 

 

29

 

Total other income/(expenses), net

 

 

246

 

 

 

50,204

 

 

 

(79

)

 

 

 

 

 

 

Finance income – third parties

 

 

339

 

 

 

55

 

 

 

9

 

Finance income – related parties

 

 

 

 

 

 

 

 

65

 

Total finance income

 

 

339

 

 

 

55

 

 

 

74

 

 

 

 

 

 

 

Finance cost – third parties

 

 

(284

)

 

 

(915

)

 

 

(38

)

Finance cost – related parties

 

 

 

 

 

 

 

 

(162

)

Total finance cost

 

 

(284

)

 

 

(915

)

 

 

(200

)

 

 

 

 

 

 

Profit before tax

 

 

60,166

 

 

 

89,512

 

 

 

3,032

 

Income tax expense

 

 

(13,189

)

 

 

(7,424

)

 

 

(657

)

Net profit

 

 

46,977

 

 

 

82,088

 

 

 

2,375

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

Items that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

 

Foreign currency translation differences

 

 

2,258

 

 

 

(1,701

)

 

 

(610

)

Changes resulting from actuarial remeasurement of
   employee benefits obligation

 

 

(2

)

 

 

(33

)

 

 

(9

)

Other comprehensive income/(loss), net of tax

 

 

2,256

 

 

 

(1,734

)

 

 

(619

)

Total comprehensive income

 

 

49,233

 

 

 

80,354

 

 

 

1,756

 

 

 

 

 

 

 

 

 

 

 

Net profit attributable to:

 

 

 

 

 

 

 

 

 

Shareholders of the Company

 

 

44,816

 

 

 

80,880

 

 

 

1,867

 

Non-controlling interests

 

 

2,161

 

 

 

1,208

 

 

 

508

 

Net profit

 

 

46,977

 

 

 

82,088

 

 

 

2,375

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income attributable to:

 

 

 

 

 

 

 

 

 

Shareholders of the Company

 

 

46,860

 

 

 

79,184

 

 

 

1,310

 

Non-controlling interests

 

 

2,373

 

 

 

1,170

 

 

 

446

 

Total comprehensive income

 

 

49,233

 

 

 

80,354

 

 

 

1,756

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted-average shares outstanding

 

 

37,822,500

 

 

 

36,900,000

 

 

 

 

Basic and diluted earnings per share (as adjusted) (US$)

 

 

1.18

 

 

 

2.19

 

 

 

 

 


Consolidated Statements of Cash Flows

 

Successor

 

 

Successor

 

 

Predecessor

 

 

For the
year ended
March 31, 2025

 

 

For the period
June 16, 2023
through
March 31,
2024

 

 

For the period
April 1
through
June 15,
2023

 

 

US$’000

 

 

US$’000

 

 

US$’000

 

Operating activities

 

 

 

 

 

 

 

 

 

Net profit

 

 

46,977

 

 

 

82,088

 

 

 

2,375

 

Adjustments for:

 

 

 

 

 

 

 

 

 

Income tax expenses

 

 

13,189

 

 

 

7,424

 

 

 

657

 

Depreciation of property, plant and equipment

 

 

2,711

 

 

 

3,800

 

 

 

251

 

Amortization of intangible assets

 

 

84

 

 

 

97

 

 

 

6

 

Depreciation of right-of-use assets

 

 

1,412

 

 

 

1,030

 

 

 

140

 

Loss/(gain) on disposal of property, plant and equipment

 

 

111

 

 

 

(357

)

 

 

 

Allowance for/(reversal of) inventories obsolescence

 

 

571

 

 

 

(335

)

 

 

(6

)

Allowance for/(reversal of) expected credit losses

 

 

121

 

 

 

(3

)

 

 

 

Finance costs

 

 

284

 

 

 

915

 

 

 

200

 

Finance income

 

 

(339

)

 

 

(55

)

 

 

(74

)

Loss/(gain) on unrealized foreign exchange

 

 

493

 

 

 

(793

)

 

 

134

 

Gain on bargain purchase

 

 

 

 

 

(49,429

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

18,975

 

 

 

(17,961

)

 

 

(2,727

)

Contract assets

 

 

764

 

 

 

(1,505

)

 

 

1,139

 

Inventories

 

 

(2,329

)

 

 

(20,817

)

 

 

(360

)

Prepayment and other assets

 

 

809

 

 

 

418

 

 

 

(1,219

)

Trade receivables due from related parties

 

 

 

 

 

284

 

 

 

(428

)

Trade and other payables

 

 

(32,239

)

 

 

26,157

 

 

 

(2,224

)

Employee benefits obligation

 

 

59

 

 

 

11

 

 

 

24

 

 

 

51,653

 

 

 

30,969

 

 

 

(2,112

)

Cash provided by operations:

 

 

 

 

 

 

 

 

 

Interest received

 

 

339

 

 

 

55

 

 

 

74

 

Income taxes paid

 

 

(11,490

)

 

 

(6,979

)

 

 

(852

)

Net cash provided by/(used in) operating activities

 

 

40,502

 

 

 

24,045

 

 

 

(2,890

)

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Proceeds from sale of property, plant and equipment

 

 

 

 

 

698

 

 

 

 

Cash payment for management buyout

 

 

 

 

 

(2,000

)

 

 

 

Acquisition of property, plant and equipment

 

 

(2,863

)

 

 

(3,238

)

 

 

(1,200

)

Acquisition of intangible asset

 

 

 

 

 

(11

)

 

 

 

Repayment from/(loan to) related parties

 

 

 

 

 

 

 

 

20,981

 

Amount due from a related party

 

 

1

 

 

 

(1,585

)

 

 

 

Net cash (used in)/provided by investing activities

 

 

(2,862

)

 

 

(6,136

)

 

 

19,781

 

Financing activities

 

 

 

 

 

 

 

 

 

Advances from potential investors

 

 

 

 

 

5,000

 

 

 

 

Proceeds from loans and borrowings

 

 

 

 

 

 

 

 

874

 

Proceeds from loans from related parties

 

 

 

 

 

 

 

 

8,845

 

Repayment of loans from related parties

 

 

 

 

 

 

 

 

(28,038

)

Repayment of loans and borrowings

 

 

(6,504

)

 

 

(3,874

)

 

 

 

Interest paid

 

 

(253

)

 

 

(211

)

 

 

(200

)

Payment of lease liabilities

 

 

(1,302

)

 

 

(824

)

 

 

(197

)

Net cash (used in)/provided by financing activities

 

 

(8,059

)

 

 

91

 

 

 

(18,716

)

Effect of foreign exchange on cash, cash equivalents and restricted cash

 

 

820

 

 

 

(2,473

)

 

 

(75

)

Net increase/(decrease) in cash, cash equivalents and restricted cash

 

 

30,401

 

 

 

15,527

 

 

 

(1,900

)

Cash, cash equivalents and restricted cash at beginning of year/period

 

 

45,430

 

 

 

29,903

 

 

 

31,803

 

Cash, cash equivalents and restricted cash at end of year/period

 

 

75,831

 

 

 

45,430

 

 

 

29,903

 

Less: Restricted cash, non-current

 

 

1,189

 

 

 

367

 

 

 

1,150

 

Less: Restricted cash, current

 

 

1,692

 

 

 

1,593

 

 

 

1,087

 

Cash and cash equivalents at end of year/period

 

 

72,950

 

 

 

43,470

 

 

 

27,666