INNEOVA Holdings Delivers Robust 10.3% Revenue Growth in First Half of Fiscal Year 2025

SINGAPORE, Sept. 30, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited ("INNEOVA Holdings" or the "Company") (NASDAQ:INEO), a Singapore-based solutions provider focused on maximising uptime, optimising total cost of ownership, and extending asset longevity through sustainable engineering, today announced its unaudited financial results for the six months ended June 30, 2025.

Key Financial Highlights for the First Half of 2025

• Revenue: $30.8 million, a 10.3% increase from $27.9 million in the prior year period. The increase was primarily driven by the acquisition of the INNEOVA Engineering Division, which contributed approximately $2.7 million, as well as growth in other revenue streams, such as shipping charges.
• Gross Profit: $5.9 million, a 2.2% increase from $5.8 million in the first half of 2024. The gross profit margin was 19.3%, compared to 20.8% in the previous year, reflecting the integration of new business segments and slight variations in the product mix.
• Operating Income: $1.1 million, compared to $1.8 million in the prior year period. This decrease reflects higher administrative and selling expenses associated with the recent acquisition and ongoing compliance costs.
• Net Income: $0.2 million, compared to $1.7 million in the first half of 2024. The reduction in net income was primarily due to increased operating expenses, higher interest costs, and foreign exchange losses.

Operational Highlights and Recent Developments

During the first half of 2025, INNEOVA Holdings continued to advance its strategic initiatives, building on momentum from prior periods. Key achievements include:

• Rebranding to INNEOVA Holdings Limited: Effective April 28, 2025, the Company changed its name from SAG Holdings Limited to INNEOVA Holdings Limited, with its Nasdaq ticker symbol changing to "INEO". This rebranding emphasizes the Company's focus on engineering innovation and sustainable solutions.
• Acquisition of INNEOVA Engineering Pte. Ltd.: On April 30, 2025, INNEOVA Holdings completed the acquisition of INNEOVA Engineering Pte. Ltd. This strategic addition enhances the Company's engineering capabilities, expands its service offerings into customized systems integration, and supports growth in sustainable infrastructure and mobility solutions. The division contributed approximately $2.7 million in revenue during the period.
• Geographic and Segment Performance: Revenue from Singapore increased by approximately 29.9% to $13.5 million, driven by the INNEOVA Engineering acquisition and higher demand in the INNEOVA Automotive Division. The INNEOVA Industrial Division maintained stable performance, while contributions from other countries supported overall revenue growth.
  
  

"We are thrilled with the strong revenue growth in the first half of 2025, fueled by the successful integration of our INNEOVA Engineering Division," said Mr. Jimmy Neo, Chief Executive Officer. "Our rebranding and strategic acquisition have solidified our position as a leader in innovative and sustainable engineering solutions. We are committed to executing our growth strategy, optimizing operations, and delivering long-term value to our shareholders in this dynamic global environment."

About INNEOVA Holdings Limited.

INNEOVA Holdings is a leading Singapore-based solution-driven partner for industries where uptime and reliability are mission-critical. By combining deep engineering expertise, digital capabilities, and sustainable practices, INNEOVA delivers integrated solutions that optimise lifecycles, maximise uptime, and extend asset longevity across its Parts Services and Engineering Services business segments.

Parts Services: Supporting mission-critical operations with comprehensive parts management and supply solutions to ensure availability, reliability, and maximum uptime.

Engineering Services: Providing system lifecycle analysis and MRO services, enhanced by connectivity, digitalisation, and data analytics. INNEOVA enables customers to future-proof their assets, achieve maximum uptime, and optimize total cost of ownership (TCO).

For more information, visit https://www.inneova.co.

Safe Harbor Statement

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," "seeks," "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 led with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited 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.

Investor Relations Contact:

Matthew Abenante, IRC 

President

Strategic Investor Relations, LLC

Tel: 347-947-2093

Email: [email protected]

Ivy Lee / Jamie Neo

INNEOVA Holdings Limited

Tel: +65 6383 7540

Email: [email protected]

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INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars ("US$"))

		As of June 30, 2025				As of December 31, 2024
		$'000				$'000
ASSETS
Current assets:
Cash and cash equivalents			2,139				1,746
Restricted cash			311				298
Accounts receivable, net			12,395				13,154
Inventories			18,187				18,103
Amounts due from related parties			3,195				-
Deposits, prepayments, and other receivables			6,257				3,480
Total current assets			43,484				36,781
Non-current assets:
Property and equipment, net			2,358				1,380
Right-of-use assets, net			804				308
Intangible assets			5,754				-
Accounts receivable, net			1,184				1,123
Total non-current assets			10,100				2,811
TOTAL ASSETS			52,584				39,592
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities			5,220				4,631
Customer deposits			6,124				5,446
Amounts due to related parties			6,997				57
Bank borrowings			18,806				17,968
Lease liabilities			362				365
Income tax payable			100				145
Total current liabilities			37,609				28,612
Long-term liabilities:
Bank borrowings			2,905				1,887
Lease liabilities			729				180
Deferred tax liabilities			175				38
Total long-term liabilities			3,809				2,105
TOTAL LIABILITIES			41,418				30,717
Shareholders' equity
Ordinary share, par value US$0.0005 per share, 200,000,000 shares authorized, 16,170,624 ordinary shares and 9,000,000 ordinary shares issued and outstanding			8				5
Additional paid-in capital			8,253				7,183
Accumulated other comprehensive income (loss)			848				(127	)
Retained earnings			2,057				1,814
Total shareholders' equity			11,166				8,875
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			52,584				39,592

INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Currency expressed in United States Dollars ("US$"))

		Six Months ended June 30,
		2025				2024
		$'000				$'000
Revenue			30,771				27,900
Cost of revenue			(24,845	)			(22,103	)
Gross profit			5,926				5,797
Operating cost and expenses:
Selling and distribution			(831	)			(684	)
General and administrative			(3,993	)			(3,314	)
Total operating cost and expenses			(4,824	)			(3,998	)
Income from operations			1,102				1,799
Other income (expense):
Interest income			30				3
Interest expense			(705	)			(521	)
Government grant			29				45
Gain (loss) on disposal of property and equipment			10				(3	)
Foreign exchange (loss) gain, net			(210	)			372
Other income			73				91
Total other expense, net			(773	)			(13	)
Income before income taxes			329				1,786
Income tax expense			(86	)			(110	)
NET INCOME			243				1,676
Other comprehensive loss:
Foreign currency translation adjustment			975				(168	)
TOTAL COMPREHENSIVE INCOME			1,218				1,508
Less: Net income attributable to non-controlling interest			-				(82	)
NET INCOME ATTRIBUTABLE TO THE CONTROLLING SHAREHOLDER			1,218				1,426
Net income per share
Basic and Diluted			0.02				0.19
Weighted average number of ordinary shares outstanding
Basic and Diluted ('000)			16,170				9,000

INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars ("US$"))

		Six Months ended June 30,
		2025				2024
		$'000				$'000
Cash flows from operating activities:
Net income			243				1,676
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment			203				50
Depreciation of right-of-use assets			193				174
Provision for impairment for estimated credit loss			135				-
Change in operating assets and liabilities:
Accounts receivable			563				(1,781	)
Inventories			(84	)			1,055
Deposits, prepayments, and other receivables			(2,777	)			112
Accounts payable and accrued liabilities			589				(431	)
Customer deposits			679				263
Income tax (payables) refund			(45	)			44
Net cash (used in) provided by operating activities			(301	)			1,162
Cash flows from investing activity:
Purchase of property and equipment			(1,180	)			(945	)
Net cash used in investing activity			(1,180	)			(945	)
Cash flows from financing activities:
Proceeds from bank borrowings, net			1,855				1,612
Repayment of lease liabilities			(142	)			(210	)
Issuance of new shares			1,073				-
Balance with related parties			(2,009	)			-
Dividend payment to the ultimate holding company			-				(1,262	)
Net cash provided by financing activities			777				140
Effect on exchange rate change on cash, cash equivalents and restricted cash			1,110				(210	)
Net change in cash, cash equivalent and restricted cash			406				147
BEGINNING OF PERIOD			2,044				987
END OF PERIOD			2,450				1,134
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes			90				129
Cash paid for interest			705				521
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents			2,139				842
Restricted cash			311				292
Total cash and cash equivalents, and restricted cash			2,450				1,134