Ten-League International Holdings Limited Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2026
Engineering growth and higher rental income accompanied lower equipment sales, while consultancy and rental margins both declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Ten-League International Holdings (Nasdaq: TLIH) reported unaudited first-half 2026 revenue of S$33.1 million, down from the same period last year. For the six months ended June 30, net income fell to S$1.744 million from S$2.383 million, and basic and diluted earnings per share declined to S$0.59 from S$0.86. Equipment and parts sales fell 41.1%, while engineering consultancy income rose 669.4% and rental income increased 9.9%.
Engineering and rental contributed 45.4% of revenue, versus 18.5% a year earlier. Gross margin rose to 24.0% from 23.5%, although gross profit declined to S$7.955 million from S$8.847 million. Operating cash flow remained S$10.0 million. At June 30, cash was S$10.938 million and equity was S$18.456 million; current liabilities exceeded current assets. A 1-for-10 reverse share split took effect April 13, 2026, with share and per-share figures retrospectively adjusted.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointEngineering consultancy income rose 669.4% to S$8.6 million in first-half 2026, mainly from 30 accepted electric prime movers.
- Moderate pointRental income increased 9.9% to S$6.4 million in first-half 2026.
- Moderate pointBank borrowings fell to S$14.742 million at June 30, 2026, from S$16.953 million at year-end.
- Minor pointGross margin increased 0.5 percentage points to 24.0% year over year in first-half 2026.
- Minor pointEquipment and parts gross margin rose 0.2 percentage points to 15.0% in first-half 2026.
9 minor points
- Minor pointCost of revenue fell to S$25.140 million from S$28.840 million in first-half 2025.
- Minor pointGeneral and administrative expenses declined to S$5.223 million from S$5.661 million in first-half 2025.
- Minor pointInterest expense declined to S$377,000 from S$430,000 in first-half 2025.
- Minor pointInterest income increased to S$186,000 from S$94,000 in first-half 2025.
- Minor pointIncome tax expense fell to S$509,000 from S$591,000 in first-half 2025.
- Minor pointCash increased to S$10.938 million at June 30, 2026, from S$10.684 million at December 31, 2025.
- Minor pointShareholders’ equity increased to S$18.456 million at June 30, 2026, from S$16.699 million at year-end.
- Minor pointAmounts due to related parties declined to S$13.878 million at June 30, 2026, from S$14.472 million at year-end.
- Minor point. Forward-looking: it has not happened yet and may not happen.Ten-League plans to enhance engineering capabilities and advance new energy infrastructure and automation priorities.
Negative
- Moderate pointFirst-half 2026 revenue declined to S$33.095 million from S$37.687 million a year earlier.
- Moderate pointFirst-half 2026 net income fell to S$1.744 million from S$2.383 million a year earlier.
- Moderate pointEquipment and parts sales declined 41.1% to S$18.1 million in first-half 2026.
- Moderate pointEngineering consultancy gross margin fell 49.1 percentage points to 20.2% in first-half 2026.
- Moderate pointRental gross margin fell 5.4 percentage points to 54.7% in first-half 2026, reflecting higher depreciation.
- Moderate pointInvesting cash flow shifted to S$7.1 million used from S$0.2 million provided in first-half 2025.
- Moderate pointJune 30, 2026 current liabilities of S$41.383 million exceeded current assets of S$33.057 million.
6 minor points
- Minor pointBasic and diluted earnings per share fell to S$0.59 from S$0.86 in first-half 2025.
- Minor pointGross profit declined to S$7.955 million from S$8.847 million in first-half 2025.
- Minor pointOperating profit fell to S$2.351 million from S$2.880 million in first-half 2025.
- Minor pointSelling and distribution expenses rose to S$381,000 from S$306,000 in first-half 2025.
- Minor pointNet other results shifted to a S$98,000 loss from a S$94,000 gain in first-half 2025.
- Minor pointCurrent lease liabilities rose to S$7.041 million at June 30, 2026, from S$6.606 million at year-end.
News Explained
The release ties engineering consultancy growth to delivery and acceptance of 30 ePM, while the line’s gross margin fell to
Details
Market move: TLIH +4.63% vs previous close. First-half FY2026 earnings report
On Sep 30, the day this news came out, the latest delayed price for TLIH is 4.63% above the previous close. The latest delayed price is $5.96.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Revenue
- S$33.1 million (US$25.6 million)
- Six months ended June 30, 2026
- Engineering consultancy service income
- S$8.6 million; increased 669.4%
- Six months ended June 30, 2026
- Rental income
- S$6.4 million; increased 9.9%
- Six months ended June 30, 2026
- Gross profit margin
- 24.0%; increased 0.5 percentage points
- Six months ended June 30, 2026, compared with the same period last year
- Heavy equipment and parts sales
- S$18.1 million; decreased 41.1%
- Six months ended June 30, 2026
- Net income
- S$1.7 million, compared with S$2.4 million
- Six months ended June 30, 2026, compared with the same period last year
- Basic and diluted income per share
- S$0.59, compared with S$0.86
- Six months ended June 30, 2026, compared with the same period last year
- Net cash provided by operating activities
- S$10.0 million (US$7.7 million)
- Six months ended June 30, 2026; broadly consistent with the same period last year
Previous Earnings Reports
-
Reported first-half revenue, gross profit and net income growth, providing a comparable prior-period baseline.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SINGAPORE, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Ten-League International Holdings Limited (Nasdaq: TLIH) (the “Company” or “Ten-League”), a Singapore-based provider of turnkey project solutions, today announced its unaudited financial results for the six months ended June 30, 2026.
First Six Months of Fiscal Year 2026 Financial Highlights
- Revenue was S
$33.1 million (US$25.6 million ) for the six months ended June 30, 2026, with engineering consultancy service income and rental income together contributing45.4% of total revenue, compared with18.5% in the same period last year, reflecting continued progress in the Company’s transition towards higher-value engineering solutions and recurring rental activities. - Growth businesses gained scale, with engineering consultancy service income increasing
669.4% to S$8.6 million (US$6.6 million ) and rental income increasing9.9% to S$6.4 million (US$5.0 million ). - Gross profit margin was
24.0% for the six months ended June 30, 2026, an increase of 0.5 percentage points from23.5% for the same period last year. - Net cash provided by operating activities remained strong at S
$10.0 million (US$7.7 million ), broadly consistent with the same period last year, supporting continued investment in the Company’s strategic priorities. - Financial position remained sound, with cash and cash equivalents of S
$10.9 million (US$8.5 million ) and shareholders’ equity increasing to S$18.5 million (US$14.3 million ) as of June 30, 2026.
Mr. Jison Lim, Chief Executive Officer and Chairman of Ten-League, commented, “The first half of fiscal year 2026 demonstrated meaningful progress in reshaping our revenue mix towards engineering-led solutions and recurring rental activities amid evolving market conditions. Engineering consultancy services and rental together represented
Mr. Lim continued, “Looking ahead, we remain focused on advancing our strategic priorities across new energy infrastructure, automation, and engineering. We will continue to enhance our engineering capabilities and provide solutions that support customers’ operational efficiency and transition toward more sustainable equipment and infrastructure. At the same time, we remain committed to fostering strategic collaborations and strengthening our network of business partners. We believe these initiatives will position Ten-League to capture emerging opportunities as Singapore’s infrastructure and industrial sectors continue to evolve, while creating sustainable long-term value for our shareholders.”
First Six Months of Fiscal Year 2026 Unaudited Financial Results
Revenues
Total revenues were S
- Sales of heavy equipment and parts contributed
54.6% of total revenue for the six months ended June 30, 2026, compared with81.5% for the same period last year, as contractors made greater use of rental equipment, delayed fleet replacement following significant fleet expansion over the preceding two years, and operated in a market with an oversupply of used equipment. Sales of heavy equipment and parts were S$18.1 million (US$14.0 million ) for the six months ended June 30, 2026, a decrease of41.1% from S$30.7 million for the same period last year. - Engineering consultancy service income was S
$8.6 million (US$6.6 million ) for the six months ended June 30, 2026, representing25.9% of total revenue, compared with3.0% for the same period last year. The increase of669.4% was mainly due to the delivery and acceptance of 30 ePM and demonstrated the Company’s increasing commercialization of engineering and new energy capabilities. - Rental income increased
9.9% to S$6.4 million (US$5.0 million ) for the six months ended June 30, 2026, and represented19.5% of total revenue, compared with15.5% for the same period last year. The increase reflected stronger rental demand amid economic uncertainty and high financing costs, reinforcing the contribution from recurring rental activities.
Cost of Revenue
Cost of revenue was S
Gross Profit
Gross profit was S
Gross profit margin was
- Gross profit margin for sales of heavy equipment and parts was
15.0% for the six months ended June 30, 2026, an increase of 0.2 percentage points from14.8% for the same period last year. The increase was mainly due to better product mix and margin even though absolute sales value decreased. - Gross profit margin for engineering consultancy service income was
20.2% for the six months ended June 30, 2026, a decrease of 49.1 percentage points from69.3% for the same period last year. The decrease was mainly due to the delivery and acceptance of 30 ePM. - Gross profit margin for rental income was
54.7% for the six months ended June 30, 2026, a decrease of 5.4 percentage points from60.1% for the same period last year. The decrease was mainly due to higher depreciation expenses.
Selling and Distribution Expenses
Selling and distribution expenses were S
General and Administrative Expenses
General and administrative expenses were S
Total Other Gain (Loss), Net
Total net other loss was S
Net Income
Net income was S
Basic and Diluted Income per Share
Basic and diluted income per share was S
Financial Condition
As of June 30, 2026, the Company had cash and cash equivalents of S
Net cash provided by operating activities was S
Net cash used in investing activities was S
Net cash used in financing activities was S
Exchange Rate Information
This announcement contains translations of certain Singapore dollar amounts into U.S. dollars for the convenience of the reader. Translations of amounts from Singapore dollars into U.S. dollars have been made at the exchange rate of S
About Ten-League International Holdings Limited
Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions. The Company’s business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. The equipment is organized into four categories based on their functions and application scenarios: foundation equipment, hoist equipment, excavation equipment and port machinery. The Company also provides value-added engineering solutions under engineering consultancy services with the aim to address potential safety issues, enhance reliability and productivity and allow for customers to evaluate the performance of the equipment, the quality of the work completed and the progress of their projects. Ten-League’s mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair through continuous adaptation and application of new technologies. For more information, please visit the Company’s website: https://ir.ten-league.com.sg/.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements. 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. Investors can find many (but not all) of these statements by the use of words such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate" or other similar expressions in this press release. 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 you that such expectations will turn out to be correct, and 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 U.S. Securities and Exchange Commission (“SEC”). Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company's Reports of a Foreign Private Issuer on Form 6-K.
For investor and media inquiries, please contact:
Ten-League International Holdings Limited
Investor Relations Department
Email: ir@ten-league.com.sg
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
| TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands, except for share and per share data, or otherwise noted) | ||||||||||||||
| As of Dec 31, | As of Jun 30, | As of Jun 30, | ||||||||||||
| Note | 2025 | 2026 | 2026 | |||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | 10,684 | 10,938 | 8,452 | |||||||||||
| Accounts receivable, net | 14,410 | 12,584 | 9,724 | |||||||||||
| Contract assets | 79 | 650 | 502 | |||||||||||
| Inventories | 15,761 | 6,728 | 5,199 | |||||||||||
| Deposits, prepayments and other receivables | 2,996 | 2,157 | 1,667 | |||||||||||
| Total current assets | 43,930 | 33,057 | 25,544 | |||||||||||
| Non-current assets: | ||||||||||||||
| Property and equipment, net | 33,137 | 35,807 | 27,670 | |||||||||||
| Right-of-use assets | 11 | 9 | 7 | |||||||||||
| Other receivables | 304 | 338 | 261 | |||||||||||
| Total non-current assets | 33,452 | 36,154 | 27,938 | |||||||||||
| TOTAL ASSETS | 77,382 | 69,211 | 53,482 | |||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable and accrued liabilities | 11,488 | 4,684 | 3,620 | |||||||||||
| Amounts due to related parties | 14,472 | 13,878 | 10,723 | |||||||||||
| Bank borrowings | 16,953 | 14,742 | 11,392 | |||||||||||
| Lease liabilities | 6,606 | 7,041 | 5,441 | |||||||||||
| Income tax payable | 993 | 1,038 | 802 | |||||||||||
| Total current liabilities | 50,512 | 41,383 | 31,978 | |||||||||||
| Long-term liabilities: | ||||||||||||||
| Lease liabilities | 7,558 | 6,759 | 5,223 | |||||||||||
| Deferred tax liabilities | 2,613 | 2,613 | 2,019 | |||||||||||
| Total long-term liabilities | 10,171 | 9,372 | 7,242 | |||||||||||
| TOTAL LIABILITIES | 60,683 | 50,755 | 39,220 | |||||||||||
| Commitments and contingencies | - | - | - | |||||||||||
| Shareholders’ equity | ||||||||||||||
| Ordinary share, par value US | -* | 5,778 | 4,465 | |||||||||||
| Additional paid-in capital | 5,778 | - | - | |||||||||||
| Retained earnings | 10,921 | 12,665 | 9,787 | |||||||||||
| Accumulated other comprehensive income | -* | 13 | 10 | |||||||||||
| Total shareholders’ equity | 16,699 | 18,456 | 14,262 | |||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 77,382 | 69,211 | 53,482 | |||||||||||
* – denotes amount less than $’000.
** - On April 13, 2026, the Company effected a 1-for-10 reverse share spilt, whereby every ten (10) issued and outstanding ordinary shares were consolidated into one (1) ordinary share, with a corresponding increase in par value from
| TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amount in thousands, except for share and per share data, or otherwise noted) | ||||||||||||||
| Six Months ended June 30, | ||||||||||||||
| Note | 2025 | 2026 | 2026 | |||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Revenues, net | 37,687 | 33,095 | 25,574 | |||||||||||
| Cost of revenue | (28,840 | ) | (25,140 | ) | (19,427 | ) | ||||||||
| Gross profit | 8,847 | 7,955 | 6,147 | |||||||||||
| Operating cost and expenses: | ||||||||||||||
| Selling and distribution | (306 | ) | (381 | ) | (294 | ) | ||||||||
| General and administrative | (5,661 | ) | (5,223 | ) | (4,037 | ) | ||||||||
| Total operating cost and expenses | (5,967 | ) | (5,604 | ) | (4,331 | ) | ||||||||
| Profit from operations | 2,880 | 2,351 | 1,816 | |||||||||||
| Other income (expense): | ||||||||||||||
| (Loss)/Gain from disposal of plant and equipment | (30 | ) | 1 | 1 | ||||||||||
| Interest income | 94 | 186 | 144 | |||||||||||
| Interest expense | (430 | ) | (377 | ) | (291 | ) | ||||||||
| Government grant | 5 | 5 | 4 | |||||||||||
| Exchange gain | 251 | - | - | |||||||||||
| Other income | 204 | 87 | 67 | |||||||||||
| Total other gain/(loss), net | 94 | (98 | ) | (75 | ) | |||||||||
| Income before income taxes | 2,974 | 2,253 | 1,741 | |||||||||||
| Income tax expense | (591 | ) | (509 | ) | (393 | ) | ||||||||
| NET INCOME | 2,383 | 1,744 | 1,348 | |||||||||||
| OTHER COMPREHENSIVE INCOME | ||||||||||||||
| Foreign currency translation adjustments | - | 13 | 10 | |||||||||||
| COMPREHENSIVE INCOME | 2,383 | 1,757 | 1,358 | |||||||||||
| Net income per share | ||||||||||||||
| Basic and diluted | 0.86 | 0.59 | 0.46 | |||||||||||
| Weighted average number of ordinary shares outstanding | ||||||||||||||
| Basic and diluted* | 2,779,650 | 2,940,440 | 2,940,440 | |||||||||||
* - On April 13, 2026, the Company effected a 1-for-10 reverse share spilt, whereby every ten (10) issued and outstanding ordinary shares were consolidated into one (1) ordinary share, with a corresponding increase in par value from
| TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands, except for share and per share data, or otherwise noted) | ||||||||||||
| Six Months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | 2,383 | 1,744 | 1,348 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
| Depreciation of property and equipment | 2,241 | 2,614 | 2,020 | |||||||||
| Depreciation of right-of-use assets | 594 | 2 | 2 | |||||||||
| Loss on disposal of property and equipment | 30 | - | - | |||||||||
| Change in working capital: | ||||||||||||
| Accounts receivable | 1,582 | 2,525 | 1,951 | |||||||||
| Contract assets | (342 | ) | (571 | ) | (441 | ) | ||||||
| Inventories | 2,791 | 10,991 | 8,493 | |||||||||
| Related parties | 161 | (594 | ) | (459 | ) | |||||||
| Accounts payable and accrued liabilities | 122 | (6,804 | ) | (5,258 | ) | |||||||
| Income tax payable | 463 | 45 | 35 | |||||||||
| Net cash provided by operating activities | 10,025 | 9,952 | 7,691 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Proceeds from disposal of property and equipment | 47 | - | - | |||||||||
| Repayment from finance lease receivables | 371 | 436 | 337 | |||||||||
| Purchase of property and equipment | (236 | ) | (7,572 | ) | (5,851 | ) | ||||||
| Net cash provided by/(used in) investing activities | 182 | (7,136 | ) | (5,514 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds of bank borrowings | 679 | 1,484 | 1,147 | |||||||||
| Deferred IPO expenses | (923 | ) | - | - | ||||||||
| Repayment of bank borrowings | (266 | ) | - | - | ||||||||
| Principal repayment of lease liabilities | (4,622 | ) | (4,057 | ) | (3,135 | ) | ||||||
| Payment of deferred financing costs | (597 | ) | (2 | ) | (2 | ) | ||||||
| Net cash used in financing activities | (5,729 | ) | (2,575 | ) | (1,990 | ) | ||||||
| Effect on exchange rate change on balances held in foreign currency | - | 13 | 9 | |||||||||
| Net change in cash and cash equivalent | 4,478 | 254 | 196 | |||||||||
| BEGINNING OF PERIOD | 686 | 10,684 | 8,256 | |||||||||
| END OF PERIOD | 5,164 | 10,938 | 8,452 | |||||||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
| Cash paid for income taxes | 127 | 464 | 359 | |||||||||
| Cash paid for interest | 430 | 377 | 291 | |||||||||
| Cash received from finance lease receivable interest | (94 | ) | (185 | ) | (143 | ) | ||||||
| Operating lease asset obtained in exchange for operating lease obligations | - | - | - | |||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Ten-League TLIH’s first-half 2026 revenue and earnings?
For the six months ended June 30, 2026, Ten-League reported revenue of S$33.095 million and net income of S$1.744 million. The corresponding first-half 2025 figures were S$37.687 million and S$2.383 million. Basic and diluted earnings per share declined to S$0.59 from S$0.86.
Why did Ten-League’s equipment and parts sales decline in first-half 2026?
Ten-League attributed the decline to contractors using more rental equipment, delaying fleet replacement after expansion over the preceding two years, and an oversupply of used equipment. Equipment and parts sales fell 41.1% to S$18.1 million for the six months ended June 30, 2026.
How much cash did Ten-League use in financing activities in first-half 2026?
Ten-League used S$2.6 million in financing activities during the six months ended June 30, 2026, compared with S$5.7 million in the same period last year.