SDAI FY2025 loss widens to S$3.2m despite higher gross profit, as finance costs and opex outpace 16% revenue drop
Summary:
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Full-year revenue fell 16.3% to S$0.44 million, but gross profit inched up 3.7% to S$0.24 million as cost of sales dropped 32.2%.
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Loss from operations deepened to S$2.49 million from S$1.51 million, driven by a near-doubling of other operating expenses, new selling and distribution costs and still-elevated administrative expenses.
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Finance costs surged more than sixfold to S$0.69 million on higher borrowings, taking FY2025 net loss to S$3.18 million versus S$1.71 million a year earlier, with accumulated losses rising to S$68.7 million and negative equity of S$10.3 million.
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Total assets increased to S$1.74 million on new biotech-related investments, but were dwarfed by total liabilities of S$12.1 million, including S$9.7 million of short-term borrowings and sizeable payables.
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Management is pivoting into biotechnology and healthcare, launching its Bluecode Biotech B‑III skincare line and signing a JV with Hubei Qiai to expand moxibustion products in ASEAN, while the group remains highly leveraged and structurally loss-making.