Multi Ways Holdings Reports Fiscal Year 2025 Results: Revenue Grows 44% to $44.8 Million

SINGAPORE, May 11, 2026 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways”, the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today reported financial results for the fiscal year ended December 31, 2025. The Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 was filed with the U.S. Securities and Exchange Commission on May 8, 2026, and is available on the SEC website and in the Investor Relations section of the Company’s website at www.multiwaysholdings.com.

Multi Ways closed fiscal year 2025 with a 44.2% increase in total revenue to $44.8 million, a 54% increase in equipment sales to $33.1 million, and a substantial swing to positive operating cash flow of $6.4 million, compared with cash used in operating activities of $12.9 million in fiscal 2024. Net loss narrowed by approximately 86% to $0.4 million from $2.9 million in the prior year. Gross profit grew to $11.1 million, with gross margin compressing to 24.8% from 31.3% in fiscal 2024, driven by a higher mix of equipment sales relative to higher-margin rental activity and competitive pricing dynamics in the Singapore equipment market.

CEO Commentary
“Fiscal year 2025 was a year of execution for Multi Ways,” said Mr. James Lim, Executive Director, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. “Total revenue grew approximately 44% year over year, driven by a 54% increase in equipment sales and the conversion of orders that we had locked in during fiscal 2024. Demand from our home market in Singapore was the primary engine of growth, supported by the continued progress of large-scale national infrastructure projects and a steady pipeline of public and private construction activity. The breadth of our 2025 activity reflects the underlying confidence our customers continue to place in our fleet, our delivery capability, and our service depth.”

“We also took deliberate steps during the year to deepen our supplier relationships and broaden our product range. In June 2025, we entered into an exclusive one-year dealership agreement with Shandong Shantui Construction Machinery for earthmover equipment in Singapore and introduced what we believe to be Singapore’s first remote-controlled bulldozer. In October 2025, we placed orders for 21 SANY cranes valued at approximately S$7.0 million (approximately US$5.4 million), the majority of which were pre-confirmed by Singapore customers at the time of order. These actions are designed to align our fleet with the catalysts we see in our core market — large-scale infrastructure activity, sustained construction demand, and the early stages of an industry-wide energy transition toward hybrid and electric equipment.”

“Our top-line growth was accompanied by gross margin compression from approximately 31% to approximately 25%, reflecting product mix and competitive dynamics in the equipment sales segment. We managed administrative expenses lower year over year and absorbed the impact of certain non-recurring 2024 charges, which together drove a substantial reduction in net loss to approximately $0.4 million for fiscal 2025, compared with approximately $2.9 million in the prior year. We also generated positive operating cash flow of approximately $6.4 million in 2025, compared with cash used in operating activities of approximately $12.9 million in 2024. The cash flow improvement is the clearest single marker of the operating discipline we put in place during the year.”

“We entered 2026 with operational momentum and have already taken concrete steps to scale. In January, we placed orders for Sinotruk equipment and entered into a dealership agreement with C&C Holdings. In February, we secured two additional industrial sites with Singapore’s JTC Corporation. In April, we delivered five mixer trucks to clients, accelerated our pivot toward hybrid and electric construction equipment in partnership with C&C, and secured approximately 149,000 square feet of additional industrial capacity in Singapore, anchored by a five-year lease on a dedicated warehouse and yard. We are positioning Multi Ways to participate fully in Singapore’s mega-project pipeline — including Changi Airport Terminal 5 and the Long Island reclamation project — and to capture the demand we expect from the country’s government-supported transition to lower-emissions construction equipment,” concluded Mr. Lim.

Fiscal Year 2025 Operational and Corporate Highlights

Regained NYSE American Listing Compliance (May 2025). The Company regained compliance with the NYSE American continued listing standards related to the timely filing of the Annual Report on Form 20-F for the fiscal year ended December 31, 2024. The Company filed the 2024 Form 20-F on May 23, 2025 and was notified by the NYSE American on May 27, 2025 that it had regained compliance.
Exclusive Dealership Agreement with Shandong Shantui (June 2025). Multi Ways entered into a one-year exclusive dealership agreement with Shandong Shantui Construction Machinery Co., Ltd. for the supply of earthmover equipment in Singapore, including the introduction of Singapore’s first remote-controlled bulldozer to the local market.
21 SANY Cranes Ordered for Singapore Market (October 27, 2025). Multi Ways placed orders for 21 SANY cranes valued at approximately S$7.0 million (approximately US$5.4 million), the majority of which were pre-confirmed by Singapore customers at the time of order, deepening the Company’s long-running partnership with SANY International Development Limited.

Fiscal Year 2025 Financial Highlights

Total revenue increased 44.2% to $44.8 million for the fiscal year ended December 31, 2025, compared with $31.1 million for the fiscal year ended December 31, 2024.
Equipment sales revenue increased 54% to $33.1 million, compared with $21.5 million in the prior year, supported by Singapore infrastructure-driven demand and the conversion of orders secured in fiscal 2024.
Gross profit was $11.1 million with a gross margin of 24.8%, compared with a gross margin of 31.3% in the prior year. The decline in gross margin primarily reflected a higher mix of equipment sales relative to higher-margin rental activity, as well as competitive pricing dynamics in the Singapore equipment market.
Net loss narrowed approximately 86% to $0.4 million for the fiscal year ended December 31, 2025, compared with a net loss of $2.9 million for the fiscal year ended December 31, 2024.
Cash provided by operating activities was $6.4 million for the fiscal year ended December 31, 2025, compared with cash used in operating activities of $12.9 million for the fiscal year ended December 31, 2024, reflecting improved working capital management and the conversion of fiscal 2024 inventory and receivables.

Subsequent Events and Recent Strategic Activity to Date

Sinotruk Order and C&C Dealership (January 2026). Multi Ways placed orders for Sinotruk equipment and entered into a dealership agreement with C&C Holdings, expanding the Company’s product portfolio and supplier base.
Two New JTC Industrial Sites Secured (February 2026). Multi Ways secured two additional industrial sites in Singapore with JTC Corporation, comprising approximately 3,450 square meters under a three-year lease and approximately 3,003.2 square meters under a one-year lease, expanding the Company’s operational footprint.
Mixer Truck Deliveries and Hybrid/EV Strategy Acceleration (April 2026). The Company delivered five mixer trucks to clients and accelerated its pivot toward hybrid and electric construction equipment through expanded negotiations with C&C, supporting Singapore mega-projects including Changi Airport Terminal 5 and the Long Island reclamation project.
Approximately 149,000 Square Feet of Additional Singapore Capacity (April 2026). Multi Ways announced the expansion of its Singapore operational footprint by approximately 149,000 square feet of industrial capacity, including approximately 69,460 square feet leased during the first quarter of 2026 and a separate dedicated warehouse and yard facility of more than 80,000 square feet under a five-year lease commencing April 15, 2026.

About Multi Ways Holdings Limited

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Canada, Taiwan, Malaysia, Australia, UAE, Maldives, Indonesia and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.

Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

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