Shares of Aztech Global (8AZ.SI) plummeted 10.96% in early trading on Wednesday, following the release of the company's disappointing first-quarter financial results for 2025. The device manufacturer reported a staggering 90.6% decline in net profit, which fell to S$1.5 million from S$15.9 million in the same period last year.

The sharp drop in profitability was primarily attributed to a significant reduction in customer demand during the quarter. As a result, Aztech Global's revenue plunged 67.3% to S$42 million, down from S$128.6 million in the corresponding period of the previous year. This marks the third consecutive quarter that the group has reported a profit decline, raising concerns among investors about the company's near-term growth prospects.

Despite the challenging quarter, Aztech Global has made efforts to diversify its customer base. The company secured five new customers from the consumer, health tech, and industrial segments during the quarter, with commercial production scheduled to start from the second half of 2025. However, the market's immediate reaction suggests that investors remain cautious about the company's ability to recover quickly from this significant downturn in performance.