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INNEOVA Holdings Limited (NASDAQ: INEO) reported its fiscal year 2024 financial results, showing a slight revenue decline of 2.0% to $58.3 million from $59.5 million in 2023. While gross profit remained stable at $10.9 million with an improved margin of 18.7%, operating income decreased to $0.8 million from $2.5 million, and net income fell significantly to $0.008 million from $1.6 million in 2023.
The Singapore-based OEM parts manufacturer underwent significant transformations in 2024-2025, including a successful IPO in October 2024, automation implementation in its distribution center, rebranding from SAG Holdings to INNEOVA Holdings in April 2025, and the strategic acquisition of INNEOVA Engineering Pte. Ltd. to enhance its engineering capabilities and expand its service offerings.
INNEOVA Holdings has completed the acquisition of INNEOVA Engineering, marking a strategic expansion of its engineering and sustainable solutions capabilities. This Singapore-based company, recently rebranded from SAG Holdings, aims to strengthen its position beyond automotive and industrial spare parts distribution.
The company reported revenues of $59.5 million for FY2023, with revenue split between On-Highway (45.1%) and Off-Highway Business (54.8%). The acquisition, approved by shareholders on March 31, 2025, enhances INNEOVA's ability to provide full-chain solutions from components supply to engineering integration.
Building on its 2019 expansion into life science environmental sector, where it supplies air filtration systems to hospitals, INNEOVA is positioning itself to capitalize on growing demand for sustainable engineering solutions. The merger is expected to create significant synergies and expand service offerings in engineering and green technologies.
INEO Tech Corp. (TSX-V: INEO, OTCQB: INEOF) has signed a Master Services Agreement with Staples, setting the stage for expansion into over 1,000 Staples retail locations across the United States. Currently, INEO has installed 26 INEO GATE systems in 12 Staples stores across 11 states. This partnership enables Staples to purchase INEO products, including traditional EAS systems and the INEO Welcoming System, enhancing their digital advertising and analytics capabilities.
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