Metis Energy Limited on May, 15 2026 issued a detailed statement addressing questions from the Securities Investors Association (Singapore) after reporting three consecutive years of losses that lifted accumulated losses to 159.6 million Singapore dollars at group level.

The group said finance costs exceeded revenue mainly because they included interest on lease liabilities. Stripping that out, remaining finance costs of 4.65 million Singapore dollars in FY2025 and 4.77 million Singapore dollars in FY2024 were covered by revenue from its operating projects in Vietnam. Some finance costs relate to Australia-based assets that are still being commissioned and are expected to begin contributing revenue in FY2026.

On its Vietnam portfolio, the company attributed lower production to an electrical issue in equipment owned by the customer, not Metis Energy’s systems. It also booked a 3.24 million Singapore dollar impairment after discontinuing a commercial-and-industrial rooftop project in northern Vietnam because of regulatory uncertainties that undermined commercial viability.

Regarding Project Gunsynd in Australia, construction finished in Nov, 2025, and commissioning is under way. Metis Energy targets commercial operations by Jun, 30 2026 and has already started limited power dispatch to the grid.

Management acknowledged three straight years of negative operating cash flow totaling 18.8 million Singapore dollars, citing upfront project costs and working-capital needs during its expansion phase. The board expects operating cash flow to improve as more assets reach maturity but cautioned that near-term volatility may persist.

The firm’s leadership team was reshaped in 2025, with only the chief financial officer listed as key management following several senior departures. The nominating committee said functional leads, project teams and external advisers provide technical, execution and safety expertise, and the board continues to assess the need for appointing a permanent chief executive officer.

At end-Dec, 2025, the company owed 63.9 million Singapore dollars to related parties. These lenders have agreed not to demand repayment before Dec, 15 2027. The board said it reviews capital structure regularly, is pursuing project finance, bank loans and capital-market options, and expects a shift toward self-funding as projects become cash-generative.