AEM Holdings Ltd announced its results for the nine months ended Sep 30 2025, posting revenue of 287.5 million Singapore dollars, an increase of 16% from the corresponding period in 2024.

Profit before tax rose to 6.2 million Singapore dollars, representing 2.2% of revenue and a year-on-year increase of 592%. Operating cash flow turned positive at 52.0 million Singapore dollars, up 66.8 million Singapore dollars from the prior-year period.

Trailing-twelve-month revenue totaled 420.1 million Singapore dollars, while research and development expenses represented 6.5% of revenue.

Test Cell Solutions contributed 182.2 million Singapore dollars, or 63% of total revenue, followed by contract manufacturing at 99.5 million Singapore dollars (35%) and instrumentation at 5.8 million Singapore dollars (2%). Within Test Cell Solutions, equipment sales generated 85.1 million Singapore dollars, consumables 63.6 million Singapore dollars and services 33.5 million Singapore dollars.

As at Sept 30 2025, cash stood at 59.3 million Singapore dollars, inventories at 224.2 million Singapore dollars and financial liabilities at 74.6 million Singapore dollars. Net assets were valued at 485.6 million Singapore dollars, translating to a net asset value of 153 Singapore cents per share. The debt-to-equity ratio remained at 0.2 times.

Management said revenue growth was driven by a sustained ramp with a major artificial-intelligence and high-performance computing customer. A new customer ramp is underway, with material revenue contribution expected in fiscal 2026. Equipment evaluation with a leading memory customer is on schedule, with production units targeted for late fiscal 2026 and a ramp in fiscal 2027.