TMD Energy Limited Announces Financial Results for the Six Months Ended December 31, 2025

TMD Energy (NYSE American: TMDE) reported unaudited results for the six months ended December 31, 2025.

Rhea-AI Summary

TMD Energy (NYSE American: TMDE) reported unaudited results for the six months ended December 31, 2025. Revenue fell 22.5% to $247.6 million, sales volume dropped 10.1%, gross profit sank to $0.7 million (0.3% margin), and the company recorded an $8.5 million net loss.

Operating expenses increased, while a two-year exclusive biofuels collaboration MoA with Double Corporate was extended on June 8, 2026.

Positive

• Ship management services revenue rose 13.1% to approximately $0.5 million
• Cost of revenues decreased by $61.9 million, or 20.0%, to $246.9 million
• Two-year exclusive MoA extension with Double Corporate on waste-based sustainable marine and aviation fuels

Negative

• Total revenues declined 22.5% to approximately $247.6 million
• Bunkered and traded volume decreased 10.1% to 516,676 metric tons
• Gross profit fell to $0.7 million, margin compressed to 0.3% from 3.4%
• Net result swung from $0.9 million income to $8.5 million loss
• General and administrative expenses increased 20.9% to approximately $3.1 million

Argus Jun 30 session

-4.93% close to close Open Argus

Details

News Market Reaction – TMDE

On Jun 30, the first trading day after this news, TMDE closed 4.93% below the previous close.

Data tracked by StockTitan Argus for the Jun 30 session.

Key Figures

Total revenues: $247.6 million Bunkered volume: 516,676 metric tons Gross profit: $0.7 million (0.3% margin) +5 more

Total revenues

$247.6 million

Six months ended Dec 31, 2025 (down 22.5% YoY)

Bunkered volume

516,676 metric tons

Six months ended Dec 31, 2025 (down 10.1% YoY)

Gross profit

$0.7 million (0.3% margin)

Six months ended Dec 31, 2025 vs $10.9M, 3.4% prior period

Net loss

$8.5 million

Six months ended Dec 31, 2025 vs $0.9M net income prior period

Revenue decline

$72.1 million (22.5%)

Change in total revenues vs six months ended Dec 31, 2024

Bunkering revenue

$247.1 million

Six months ended Dec 31, 2025, down 22.6% on lower demand and oil prices

G&A expenses

$3.1 million (up 20.9%)

Six months ended Dec 31, 2025, higher professional fees and staff costs

Exclusivity period

Two years

Extension of MOA with Double Corporate Sdn Bhd announced June 8, 2026

Previous Earnings Reports

1 past event · Latest: Sep 29

Same Type 1 event

1. Sep 29

   Earnings results

   24h Move

   +0.9%

   Six‑month 2025 results with revenue drop, margin compression and swing to net loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

bunkering services, ship-to-ship transfer, cost-plus pricing model, memorandum of agreement, +2 more

6 terms

bunkering services technical

"a Malaysia and Singapore based services provider engaged in integrated bunkering services, which involves ship-to-ship transfer of marine fuels"

Bunkering services provide fuel and related supplies to ships while they are in port or at sea, much like a gas station services cars but on a much larger scale. For investors, bunkering affects shipping operating costs, route economics and supply-chain reliability—changes in fuel price, availability or regulation can directly alter ship profitability, port revenues and companies exposed to maritime transportation.

ship-to-ship transfer technical

"engaged in integrated bunkering services, which involves ship-to-ship transfer of marine fuels"

A ship-to-ship transfer is the moving of cargo—often crude oil, refined fuels, liquefied gas or bulk goods—directly between two vessels while at sea instead of using a port terminal. Think of it like transferring freight from one truck to another on the road to bypass a busy depot; for investors it matters because these transfers affect supply timing and costs, carry safety and insurance risks, and can raise regulatory or sanctions concerns that impact a company’s operations and valuation.

cost-plus pricing model financial

"drop in average global oil prices, which directly impacted selling prices under the Company's cost-plus pricing model"

A cost-plus pricing model sets a product or service price by taking the seller’s actual cost and adding a fixed amount or percentage as profit, like a baker charging ingredient and oven costs plus a set margin. Investors care because it makes revenue and profit margins more predictable when costs are stable, but it can expose buyers and sellers to swings if input costs change or if competitive pricing pressures reduce the agreed markup.

memorandum of agreement regulatory

"announced a two-year extension of its Memorandum of Agreement with Malaysian bioenergy leader Double Corporate Sdn Bhd"

A memorandum of agreement is a written document that outlines the key terms and understanding between two or more parties planning to work together or make a deal. It serves as a clear record of intentions and commitments, helping to prevent misunderstandings. For investors, it provides reassurance that the involved parties have agreed on important details before finalizing a formal contract.

sustainable aviation fuel technical

"waste-to-energy sustainable marine fuel and sustainable aviation fuel solutions for the EU, Asia, and global markets"

Sustainable aviation fuel is a low‑carbon replacement for conventional jet fuel made from renewable sources (like plant residues, waste oils, or captured carbon) but refined to meet the same safety and performance rules as regular jet fuel. Investors care because SAF can lower airlines’ carbon footprints and exposure to tightening regulations, create new supply and cost dynamics in the fuel market, and drive long‑term demand shifts — like using cleaner fuel in the same airplane.

iscc-eu-approved technical

"integrate their innovative, ISCC-EU-approved technology with our expansive bunkering footprint"

ISCC‑EU‑approved means a product or supply chain has been certified under the International Sustainability and Carbon Certification system to meet the European Union’s sustainability and greenhouse‑gas rules for biofuels, bioliquids and certain bio‑based materials. For investors, this approval signals lower regulatory and market risk because it permits access to EU markets and often commands better pricing or contractual opportunities, similar to a quality stamp that unlocks buyer demand and avoids legal penalties.

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KUALA LUMPUR, MALAYSIA, June 29, 2026 (GLOBE NEWSWIRE) -- TMD Energy Limited (“TMDEL” or the “Company”) (NYSE American: TMDE), together with its subsidiaries, a Malaysia and Singapore based services provider engaged in integrated bunkering services, which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced its unaudited financial results for the six months ended December 31, 2025 (“First Half 2026”).

First Half of Fiscal Year 2026 Financial and Operational Highlights

• Total Revenues: Total revenues decreased by 22.5% to approximately $247.6 million for the six months ended December 31, 2025, compared to approximately $319.6 million for the six months ended December 31, 2024.
• Sales Volume: Total bunkered and traded volume decreased by 10.1% to 516,676 metric tons, down from 574,883 metric tons for the six months ended December 31, 2024.
• Gross Profit: Gross profit declined by 93.8% to approximately $0.7 million, yielding a gross profit margin of 0.3%, compared to a gross profit of approximately $10.9 million and a margin of 3.4% in the prior-year period.
• Net Loss: Net loss was approximately $8.5 million, compared to a net income of approximately $0.9 million for the six months ended December 31, 2024.

Management Commentary & Business Vision

Dato' Sri Kam Choy Ho, Executive Director and Chief Executive Officer of TMDEL, commented: "During the first half of fiscal year 2026, we navigated a highly challenging operating environment characterized by ongoing geopolitical uncertainties, tariff tensions, and softer global trade activities, which collectively put downward pressure on marine fuel demand. Concurrently, a highly competitive market compressed our gross margins, limiting our ability to fully pass increased logistics, labor, and operational costs on to our customers. Despite these near-term sector headwinds, we remained focused on maintaining rigorous safety standards, ensuring vessel operational readiness, and scaling our client engagement efforts.”

“Looking ahead, our vision extends beyond navigating immediate market cycles. We are actively exploring strategic avenues to diversify our offerings and embrace the maritime industry's green transition. A key pillar of this strategy is our extended partnership with Double Corporate Sdn Bhd to evaluate sustainable waste-based biofuels. This extension grants us a valuable timeframe to potentially integrate their innovative, ISCC-EU-approved technology with our expansive bunkering footprint. As global maritime trade stabilizes and the demand for greener fuels accelerates, TMDEL is committed to building a resilient, future-ready business model that drives long-term value for our shareholders."

Financial Performance Overview for the Six Months Ended December 31, 2025

Revenues

Total revenues decreased by approximately $72.1 million, or 22.5%, from approximately $319.6 million for the six months ended December 31, 2024, to approximately $247.6 million for the six months ended December 31, 2025. Revenue from bunkering services decreased by 22.6% to approximately $247.1 million. This decline was primarily driven by lower demand and an approximate 16.0% drop in average global oil prices, which directly impacted selling prices under the Company's cost-plus pricing model. Revenue from ship management services increased by 13.1% to approximately $0.5 million, mainly attributable to foreign exchange translation effects.

Cost of Revenues and Gross Profit

Cost of revenues decreased by approximately $61.9 million, or 20.0%, to approximately $246.9 million for the six months ended December 31, 2025. This volume-driven reduction was partially offset by higher operational costs, including increased crew wages, elevated transportation and delivery costs, and higher maintenance expenses required for operational readiness.

Gross profit decreased to approximately $0.7 million for the six months ended December 31, 2025, compared to approximately $10.9 million for the same period in 2024. The decline was due to the highly competitive market compressing spreads between selling prices and procurement costs, alongside operation bottleneck and challenges in bunkering  such as vessel schedule delays and inflationary cost pressures.

Operating Expenses

Selling and marketing expenses increased to approximately $0.2 million, driven by heightened client engagement and marketing efforts. General and administrative expenses increased by 20.9% to approximately $3.1 million, primarily due to higher professional service fees associated with investor relations, potential M&A opportunities, and corporate development initiatives, as well as an increase in staff costs. Depreciation expenses slightly decreased to approximately $2.3 million.

Net Loss

As a result of the foregoing factors, net income of approximately $0.9 million for the six months ended December 31, 2024, decreased by approximately $9.4 million to a net loss of approximately $8.5 million for the six months ended December 31, 2025.

Recent Strategic Developments

• Green Bioenergy Collaboration: On June 8, 2026, the Company announced a two-year extension of its Memorandum of Agreement with Malaysian bioenergy leader Double Corporate Sdn Bhd. The extension grants a two-year exclusivity period to advance discussions and evaluate a strategic collaboration on waste-to-energy sustainable marine fuel and sustainable aviation fuel solutions for the EU, Asia, and global markets.

About TMD Energy Limited

TMD Energy Limited and its subsidiaries are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessels chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels.

For more information about our Company and its business activities, please visit our website at: www.tmdel.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including but not limited to, statements regarding the MOA and the proposed collaboration with Double Corporate. 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, result of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. 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 financial results filings with the SEC.

For investor and media inquiries, please contact:

TMD Energy Limited

e-Mail: corporate@tmdel.com

WFS Investor Relations

e-Mail: services@wfsir.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did TMD Energy (NYSE American: TMDE) perform in the first half of fiscal 2026?

TMD Energy reported lower revenue and a net loss for the first half of fiscal 2026. According to the company, revenue was $247.6 million, down 22.5% year over year, and it recorded an $8.5 million net loss versus prior-period net income.

What were TMD Energy (TMDE) revenues and volumes for the six months ended December 31, 2025?

TMD Energy generated $247.6 million of revenue and bunkered 516,676 metric tons in the period. According to the company, revenue declined 22.5% from $319.6 million and total bunkered and traded volume fell 10.1% from 574,883 metric tons a year earlier.

Why did TMD Energy (TMDE) report a net loss for the six months ended December 31, 2025?

TMD Energy reported a net loss mainly due to margin compression and higher expenses. According to the company, competitive pressures, lower oil prices, operational bottlenecks, and increased operating costs cut gross profit to $0.7 million and contributed to an $8.5 million net loss.

How did TMD Energy's gross margin change in the first half of fiscal 2026?

TMD Energy’s gross margin decreased significantly in the first half of fiscal 2026. According to the company, gross profit fell to $0.7 million and gross margin narrowed to 0.3%, compared with $10.9 million gross profit and a 3.4% margin in the prior period.

What is the Double Corporate MoA extension announced by TMD Energy (TMDE) in June 2026?

TMD Energy extended a Memorandum of Agreement with Double Corporate for two years starting June 8, 2026. According to the company, the deal grants two-year exclusivity to advance discussions on waste-based sustainable marine fuel and sustainable aviation fuel for EU, Asia, and global markets.

How did operating expenses change for TMD Energy during the six months ended December 31, 2025?

TMD Energy’s operating expenses increased during the six-month period ended December 31, 2025. According to the company, selling and marketing expenses reached about $0.2 million, while general and administrative expenses rose 20.9% to approximately $3.1 million, partly from higher professional fees and staff costs.