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29 May 2025
iWOW Secures DBS Foundation Grant & S$50M+ SG Government Contract, Boosting FY2026 Outlook Despite FY2025 Revenue Decline
Summary:
- iWOW Technology Limited reported a 24% decrease in FY2025 revenue to S$34.6 million (from S$45.6 million in FY2024).
- The decline was primarily due to weaker performance in Smart City Solutions (SCS), Wireless Engineering Solutions (WES), Datacomm & Enterprise Solutions (DES), and Trading segments.
- Despite the overall revenue decline, the IoT-as-a-Service (IaaS) segment showed continued growth, increasing by 12% to S$6.7 million.
- The Group reported a net loss of S$1.8 million for FY2025, compared to a net profit of S$2.6 million in FY2024, partly due to exceptional items.
- iWOW's subsidiary, BOP Pte Ltd, has been awarded a S$1 million grant from the DBS Foundation to support eldercare technology.
- The company secured a substantial contract exceeding S$50 million from the Government Technology Agency of Singapore (GovTech) for the Wireless Alert Alarm System (WAAS).
- This WAAS contract includes the deployment of custom-designed Personal Alert Buttons in HDB rental blocks to benefit approximately 26,800 seniors.
- iWOW maintains a robust current order book of S$131 million, providing revenue visibility into FY2026 and beyond.
- The company remains optimistic about long-term growth driven by Singapore's Smart Nation initiatives and increasing demand for IoT solutions.