SINGAPORE, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Ten-League International Holdings Limited (Nasdaq: TLIH) (the "Company" or "Ten-League"), a Singapore-based provider of turnkey project solutions, today announced its unaudited financial results for the six months ended June 30, 2026.
First Six Months of Fiscal Year 2026 Financial Highlights
-- Revenue was S$33.1 million (US$25.6 million) for the six months ended
June 30, 2026, with engineering consultancy service income and rental
income together contributing 45.4% of total revenue, compared with 18.5%
in the same period last year, reflecting continued progress in the
Company's transition towards higher-value engineering solutions and
recurring rental activities.
-- Growth businesses gained scale, with engineering consultancy service
income increasing 669.4% to S$8.6 million (US$6.6 million) and rental
income increasing 9.9% to S$6.4 million (US$5.0 million).
-- Gross profit margin was 24.0% for the six months ended June 30, 2026, an
increase of 0.5 percentage points from 23.5% for the same period last
year.
-- Net cash provided by operating activities remained strong at S$10.0
million (US$7.7 million), broadly consistent with the same period last
year, supporting continued investment in the Company's strategic
priorities.
-- Financial position remained sound, with cash and cash equivalents of
S$10.9 million (US$8.5 million) and shareholders' equity increasing to
S$18.5 million (US$14.3 million) as of June 30, 2026.
Mr. Jison Lim, Chief Executive Officer and Chairman of Ten-League, commented, "The first half of fiscal year 2026 demonstrated meaningful progress in reshaping our revenue mix towards engineering-led solutions and recurring rental activities amid evolving market conditions. Engineering consultancy services and rental together represented 45.4% of total revenue, compared with 18.5% in the same period last year. This shift reflects the increasing contribution from our strategic focus areas, including new energy infrastructure, automation and integrated engineering solutions. The delivery and acceptance of 30 electric prime movers ("ePM") supported significant growth in engineering consultancy service income, while rental income continued to expand. Despite softer equipment sales, gross profit margin improved to 24.0%, demonstrating the resilience of our evolving business mix."
Mr. Lim continued, "Looking ahead, we remain focused on advancing our strategic priorities across new energy infrastructure, automation, and engineering. We will continue to enhance our engineering capabilities and provide solutions that support customers' operational efficiency and transition toward more sustainable equipment and infrastructure. At the same time, we remain committed to fostering strategic collaborations and strengthening our network of business partners. We believe these initiatives will position Ten-League to capture emerging opportunities as Singapore's infrastructure and industrial sectors continue to evolve, while creating sustainable long-term value for our shareholders."
First Six Months of Fiscal Year 2026 Unaudited Financial Results
Revenues
Total revenues were S$33.1 million (US$25.6 million) for the six months ended June 30, 2026. The revenue mix continued to shift towards engineering consultancy services and rental activities, which together contributed 45.4% of total revenue, compared with 18.5% for the same period last year. This change reflects the Company's ongoing transition from primarily equipment sales towards a broader portfolio of engineering-led, new energy and recurring rental solutions.
-- Sales of heavy equipment and parts contributed 54.6% of total revenue for
the six months ended June 30, 2026, compared with 81.5% for the same
period last year, as contractors made greater use of rental equipment,
delayed fleet replacement following significant fleet expansion over the
preceding two years, and operated in a market with an oversupply of used
equipment. Sales of heavy equipment and parts were S$18.1 million
(US$14.0 million) for the six months ended June 30, 2026, a decrease of
41.1% from S$30.7 million for the same period last year.
-- Engineering consultancy service income was S$8.6 million (US$6.6 million)
for the six months ended June 30, 2026, representing 25.9% of total
revenue, compared with 3.0% for the same period last year. The increase
of 669.4% was mainly due to the delivery and acceptance of 30 ePM and
demonstrated the Company's increasing commercialization of engineering
and new energy capabilities.
-- Rental income increased 9.9% to S$6.4 million (US$5.0 million) for the
six months ended June 30, 2026, and represented 19.5% of total revenue,
compared with 15.5% for the same period last year. The increase reflected
stronger rental demand amid economic uncertainty and high financing costs,
reinforcing the contribution from recurring rental activities.
Cost of Revenue
Cost of revenue was S$25.1 million (US$19.4 million) for the six months ended June 30, 2026, a decrease of 12.8% from S$28.8 million for the same period last year.
Gross Profit
Gross profit was S$8.0 million (US$6.1 million) for the six months ended June 30, 2026, a decrease of 10.1% from S$8.8 million for the same period last year.
Gross profit margin was 24.0% for the six months ended June 30, 2026, an increase of 0.5 percentage points from 23.5% for the same period last year.
-- Gross profit margin for sales of heavy equipment and parts was 15.0% for
the six months ended June 30, 2026, an increase of 0.2 percentage points
from 14.8% for the same period last year. The increase was mainly due to
better product mix and margin even though absolute sales value decreased.
-- Gross profit margin for engineering consultancy service income was 20.2%
for the six months ended June 30, 2026, a decrease of 49.1 percentage
points from 69.3% for the same period last year. The decrease was mainly
due to the delivery and acceptance of 30 ePM.
-- Gross profit margin for rental income was 54.7% for the six months ended
June 30, 2026, a decrease of 5.4 percentage points from 60.1% for the
same period last year. The decrease was mainly due to higher depreciation
expenses.
Selling and Distribution Expenses
Selling and distribution expenses were S$0.4 million (US$0.3 million) for the six months ended June 30, 2026, an increase of 21.7% from S$0.3 million for the same period last year. The increase was due to increase of staff salary and related costs.
General and Administrative Expenses
General and administrative expenses were S$5.2 million (US$4.0 million) for the six months ended June 30, 2026, a decrease from S$5.7 million for the same period last year.
Total Other Gain (Loss), Net
Total net other loss was S$0.1 million (US$0.08 million) for the six months ended June 30, 2026, compared to a total net other gain of S$0.1 million for the same period last year.
Net Income
Net income was S$1.7 million (US$1.3 million) for the six months ended June 30, 2026, compared to S$2.4 million for the same period last year.
Basic and Diluted Income per Share
Basic and diluted income per share was S$0.59 (US$0.46) for the six months ended June 30, 2026, compared to S$0.86 for the same period last year.
Financial Condition
As of June 30, 2026, the Company had cash and cash equivalents of S$10.9 million (US$8.5 million), compared to S$10.7 million as of December 31, 2025.
Net cash provided by operating activities was S$10.0 million (US$7.7 million) for the six months ended June 30, 2026, compared to S$10.0 million for the same period last year.
Net cash used in investing activities was S$7.1 million (US$5.5 million) for the six months ended June 30, 2026, compared to net cash provided by investing activities of S$0.2 million for the same period last year.
Net cash used in financing activities was S$2.6 million (US$2.0 million) for the six months ended June 30, 2026, compared to S$5.7 million for the same period last year.
Exchange Rate Information
This announcement contains translations of certain Singapore dollar amounts into U.S. dollars for the convenience of the reader. Translations of amounts from Singapore dollars into U.S. dollars have been made at the exchange rate of S$1.2941 = US$1.00, which was the foreign exchange rate on June 30, 2026 as reported by the Board of Governors of the Federal Reserve System in its weekly release on July 6, 2026.
About Ten-League International Holdings Limited
Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions. The Company's business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. The equipment is organized into four categories based on their functions and application scenarios: foundation equipment, hoist equipment, excavation equipment and port machinery. The Company also provides value-added engineering solutions under engineering consultancy services with the aim to address potential safety issues, enhance reliability and productivity and allow for customers to evaluate the performance of the equipment, the quality of the work completed and the progress of their projects. Ten-League's mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair through continuous adaptation and application of new technologies. For more information, please visit the Company's website: https://ir.ten-league.com.sg/.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission ("SEC"). Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company's Reports of a Foreign Private Issuer on Form 6-K.
For investor and media inquiries, please contact:
Ten-League International Holdings Limited
Investor Relations Department
Email: ir@ten-league.com.sg
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except for share and per share
data, or otherwise noted)
As of Dec As of Jun As of Jun
31, 30, 30,
Note 2025 2026 2026
----- ---------- ----------- -----------
S$'000 S$'000 US$'000
(Audited) (Unaudited) (Unaudited)
ASSETS
Current
assets:
Cash and cash
equivalents 10,684 10,938 8,452
Accounts receivable, net 14,410 12,584 9,724
Contract assets 79 650 502
Inventories 15,761 6,728 5,199
Deposits, prepayments
and other receivables 2,996 2,157 1,667
--------- ----------- -----------
Total current assets 43,930 33,057 25,544
--------- ----------- -----------
Non-current
assets:
Property and equipment,
net 33,137 35,807 27,670
Right-of-use assets 11 9 7
Other receivables 304 338 261
--------- ----------- -----------
Total non-current assets 33,452 36,154 27,938
--------- ----------- -----------
TOTAL ASSETS 77,382 69,211 53,482
========= =========== ===========
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Accounts payable and
accrued liabilities 11,488 4,684 3,620
Amounts due to related
parties 14,472 13,878 10,723
Bank borrowings 16,953 14,742 11,392
Lease liabilities 6,606 7,041 5,441
Income tax payable 993 1,038 802
--------- ----------- -----------
Total current
liabilities 50,512 41,383 31,978
--------- ----------- -----------
Long-term
liabilities:
Lease liabilities 7,558 6,759 5,223
Deferred tax liabilities 2,613 2,613 2,019
--------- ----------- -----------
Total long-term
liabilities 10,171 9,372 7,242
--------- ----------- -----------
TOTAL LIABILITIES 60,683 50,755 39,220
--------- ----------- -----------
Commitments
and
contingencies - - -
Shareholders'
equity
Ordinary share, par
value US$0.00025,
2,000,000,000 shares
authorized, 2,940,451
ordinary shares issued
and outstanding** -* 5,778 4,465
Additional paid-in
capital 5,778 - -
Retained earnings 10,921 12,665 9,787
Accumulated other
comprehensive income -* 13 10
--------- ----------- -----------
Total shareholders'
equity 16,699 18,456 14,262
--------- ----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 77,382 69,211 53,482
* -- denotes amount less than $'000.
** - On April 13, 2026, the Company effected a 1-for-10 reverse share spilt, whereby every ten (10) issued and outstanding ordinary shares were consolidated into one (1) ordinary share, with a corresponding increase in par value from $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders' equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Amount in thousands, except for share and per share
data, or otherwise noted)
Six Months ended June 30,
----------------------------------------
Note 2025 2026 2026
----- ------------ ----------- -----------
S$'000 S$'000 US$'000
(Unaudited) (Unaudited) (Unaudited)
Revenues, net 37,687 33,095 25,574
Cost of revenue (28,840) (25,140) (19,427)
----------- ----------- -----------
Gross profit 8,847 7,955 6,147
----------- ----------- -----------
Operating cost
and expenses:
Selling and distribution (306) (381) (294)
General and
administrative (5,661) (5,223) (4,037)
----------- ----------- -----------
Total operating cost and
expenses (5,967) (5,604) (4,331)
----------- ----------- -----------
Profit from operations 2,880 2,351 1,816
----------- ----------- -----------
Other income
(expense):
(Loss)/Gain from disposal
of plant and equipment (30) 1 1
Interest income 94 186 144
Interest expense (430) (377) (291)
Government grant 5 5 4
Exchange gain 251 - -
Other income 204 87 67
----------- ----------- -----------
Total other gain/(loss),
net 94 (98) (75)
----------- ----------- -----------
Income before income
taxes 2,974 2,253 1,741
Income tax expense (591) (509) (393)
----------- ----------- -----------
NET INCOME 2,383 1,744 1,348
=========== =========== ===========
OTHER COMPREHENSIVE
INCOME
Foreign currency
translation
adjustments - 13 10
COMPREHENSIVE INCOME 2,383 1,757 1,358
=========== =========== ===========
Net income per
share
Basic and diluted 0.86 0.59 0.46
=========== =========== ===========
Weighted
average number
of ordinary
shares
outstanding
Basic and diluted* 2,779,650 2,940,440 2,940,440
=========== =========== ===========
* - On April 13, 2026, the Company effected a 1-for-10 reverse share spilt, whereby every ten (10) issued and outstanding ordinary shares were consolidated into one (1) ordinary share, with a corresponding increase in par value from $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders' equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in thousands, except for share and per share
data, or otherwise noted)
Six Months ended June 30,
----------------------------------------
2025 2026 2026
------------ ----------- -----------
S$'000 S$'000 US$'000
(Unaudited) (Unaudited) (Unaudited)
Cash flows from
operating
activities:
Net income 2,383 1,744 1,348
Adjustments to
reconcile net
income to net
cash provided by
operating
activities
Depreciation of
property and
equipment 2,241 2,614 2,020
Depreciation of
right-of-use
assets 594 2 2
Loss on disposal
of property and
equipment 30 - -
Change in
working
capital:
Accounts
receivable 1,582 2,525 1,951
Contract assets (342) (571) (441)
Inventories 2,791 10,991 8,493
Related parties 161 (594) (459)
Accounts payable
and accrued
liabilities 122 (6,804) (5,258)
Income tax payable 463 45 35
----------- ----------- -----------
Net cash provided
by operating
activities 10,025 9,952 7,691
----------- ----------- -----------
Cash flows from
investing
activities:
Proceeds from
disposal of
property and
equipment 47 - -
Repayment from
finance lease
receivables 371 436 337
Purchase of
property and
equipment (236) (7,572) (5,851)
----------- ----------- -----------
Net cash provided
by/(used in)
investing
activities 182 (7,136) (5,514)
----------- ----------- -----------
Cash flows from
financing
activities:
Proceeds of bank
borrowings 679 1,484 1,147
Deferred IPO
expenses (923) - -
Repayment of bank
borrowings (266) - -
Principal
repayment of
lease
liabilities (4,622) (4,057) (3,135)
Payment of
deferred
financing costs (597) (2) (2)
----------- ----------- -----------
Net cash used in
financing
activities (5,729) (2,575) (1,990)
----------- ----------- -----------
Effect on exchange
rate change on
balances held in
foreign currency - 13 9
----------- ----------- -----------
Net change in cash
and cash
equivalent 4,478 254 196
BEGINNING OF
PERIOD 686 10,684 8,256
----------- ----------- -----------
END OF PERIOD 5,164 10,938 8,452
=========== =========== ===========
SUPPLEMENTAL
CASH FLOW
INFORMATION:
Cash paid for
income taxes 127 464 359
Cash paid for
interest 430 377 291
Cash received from
finance lease
receivable
interest (94) (185) (143)
Operating lease - - -
asset obtained in
exchange for
operating lease
obligations
=========== =========== ===========