Primech Holdings Wins $19.6 Million Multi-Year Contract
Rhea-AI Summary
Primech Holdings (Nasdaq: PMEC) has secured a significant multi-year cleaning services contract through its subsidiary Primech A&P with a leading Singapore polytechnic. The contract is valued at S$25.2 million (US$19.6 million), marking one of the company's most substantial contract wins to date.
The contract involves deploying HYTRON, an AI-powered autonomous bathroom cleaning robot developed by Primech AI, along with other advanced robotics and cleaning solutions. This technology-integrated approach aims to enhance hygiene standards and facility management efficiency at the educational institution.
Positive
- Secured significant US$19.6 million multi-year contract with a leading polytechnic
- Implementation of proprietary AI-powered HYTRON robot demonstrates technological capabilities
- Contract provides strong long-term revenue visibility
- Expands presence in Singapore's premium facility services market
Negative
- None.
News Market Reaction
On the day this news was published, PMEC declined 22.49%, reflecting a significant negative market reaction. Argus tracked a peak move of +7.0% during that session. Argus tracked a trough of -41.6% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $19M from the company's valuation, bringing the market cap to $65M at that time. Trading volume was exceptionally heavy at 62.6x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, Aug. 26, 2025 (GLOBE NEWSWIRE) -- Primech Holdings Limited (Nasdaq: PMEC), today announced that its subsidiary, Primech A&P (the “Company”), an established technology-driven facility services provider in the public and private sectors in Singapore, has secured a multi-year cleaning services contract with a leading polytechnic in Singapore, valued at S
Under the contract, Primech A&P will deploy the HYTRON, an AI-powered autonomous bathroom cleaning robot specially developed by Primech AI Pte. Ltd., with other advanced robotics and comprehensive cleaning solutions to elevate overall hygiene standards and facility management efficiency for the educational institution.
Ken Chang, Head of Operations at Primech A&P, stated, "This contract award represents a significant validation of our growth strategy and technology-integrated service delivery model, which provides us with strong long-term revenue visibility. The deployment of HYTRON bathroom cleaning robot alongside our traditional services, showcases our commitment to innovation and operational excellence in Singapore's premium facility services market."
Primech A&P’s proven expertise in delivering reliable, technology-enhanced facility operations across high-traffic institutional environments positioned it as the preferred partner for the polytechnic. This contract win further expands the Company’s distinguished client portfolio, spanning Singapore’s government facilities, major airports, commercial properties, condominiums, and hawker centers.
About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
Company Contact:
Email: ir@primech.com.sg
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
FAQ
What is the value of Primech Holdings' (PMEC) new contract with the Singapore polytechnic?
What technology will Primech Holdings (PMEC) deploy in the new cleaning services contract?
How will the new contract affect Primech Holdings' (PMEC) revenue?
What types of facilities does Primech Holdings (PMEC) service in Singapore?
Who developed the HYTRON cleaning robot for Primech Holdings (PMEC)?
