WF HOLDING LIMITED Announces Interim Financial Results for the Six Months Ended June 30, 2025
Rhea-AI Summary
WF Holding (NASDAQ: WFF) reported unaudited results for the six months ended June 30, 2025. Revenue rose 70.09% to $3,515,890 and gross profit increased 45.03% to $1,194,209, but net loss was $320,544 versus net income of $218,705 in the prior-year period. Gross margin fell to 33.97% from 39.83% and administrative expenses rose 133.26% to $1,469,419.
The company reported cash and cash equivalents of $3,150,892, completed an IPO selling 2,240,000 shares (gross proceeds $8,960,000) in March–May 2025, and acquired Global Key Investment for $3,000,000 cash on May 15, 2025.
Positive
- Revenue +70.09% to $3,515,890
- Gross profit +45.03% to $1,194,209
- Cash and cash equivalents of $3,150,892
- IPO gross proceeds of $8,960,000 from March–May 2025
Negative
- Net loss of $320,544 vs net income $218,705 prior year
- Administrative expenses +133.26% to $1,469,419
- Gross margin down to 33.97% from 39.83%
- Acquisition cash outlay of $3,000,000 on May 15, 2025
News Market Reaction – WFF
On the day this news was published, WFF declined 8.18%, reflecting a notable negative market reaction. Argus tracked a peak move of +31.5% during that session. Argus tracked a trough of -4.8% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $12M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
WFF was up 2.24% pre-news with light volume, while peers showed mixed moves: LBGJ appeared in momentum scanners up about 5.04%, LASE was down, and CVV/CETY/SPPL were modestly positive. This points to stock-specific factors rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Nasdaq compliance notice | Negative | -7.4% | Nasdaq minimum bid price deficiency and granted 180-day cure period. |
Limited history, but the prior Nasdaq minimum bid price deficiency notice led to a clearly negative price reaction aligned with the negative regulatory news.
This announcement follows a challenging period for WF Holding. On Oct 28, 2025, the company received a Nasdaq notification for failing to maintain the $1.00 minimum bid price, which was followed by a -7.41% move. Today’s interim results show revenue growing to $3.52M but swinging to a net loss of $0.32M, underscoring ongoing fundamental and listing-compliance pressures compared with last year’s profitability.
Market Pulse Summary
The stock moved -8.2% in the session following this news. A negative reaction despite strong top-line growth would fit a narrative where the market focused on profitability and execution risks. Revenue rose to $3.52M, yet results shifted from net income of $218,705 to a net loss of $320,544, with gross margin compression and higher administrative costs. Combined with the earlier Nasdaq minimum bid-price notice, these factors may reinforce concerns about fundamentals and listing stability.
Key Terms
over-allotment option financial
AI-generated analysis. Not financial advice.
KUALA LUMPUR, Malaysia, Dec. 31, 2025 (GLOBE NEWSWIRE) -- WF Holding Limited (the “Company”) (NASDAQ: WFF), a Malaysia-based manufacturer of fiberglass reinforced plastic products, today announced its unaudited interim financial results for the six months ended June 30, 2025.
Interim Financial Highlights
- Revenue increased by
70.09% to$3,515,890 for the six months ended June 30, 2025 from$2,067,101 for the six months ended June 30, 2024. - Cost of sales increased by
86.68% to$2,321,681 for the six months ended June 30, 2025 from$1,243,681 for the six months ended June 30, 2024. As a percentage of revenue, cost of sales was66.03% and60.17% for the six months ended June 30, 2025 and 2024, respectively. - Gross profit increased by
45.03% to$1,194,209 for the six months ended June 30, 2025 from$823,420 for the six months ended June 30, 2024. Gross margin was33.97% and39.83% for the six months ended June 30, 2025 and 2024, respectively. - Net loss was
$320,544 for the six months ended June 30, 2025, as compared to net income of$218,705 for the six months ended June 30, 2024. - Basic and diluted net loss per share was
$(0.01) for the six months ended June 30, 2025, as compared to basic and diluted net income per share of$0.01 for the six months ended June 30, 2024. - As of June 30, 2025, the Company had cash and cash equivalents of
$3,150,892. - On March 28, 2025, the Company sold 2,000,000 ordinary shares in its initial public offering for gross proceeds of
$8 million and net proceeds of approximately$7 million . - On May 7, 2025, the Company sold an additional 240,000 ordinary shares in its initial public offering upon the partial exercise of the over-allotment option for gross proceeds of
$960,000 and net proceeds of approximately$880,500. - On May 15, 2025, the Company acquired
100% of the equity interests of Global Key Investment Limited, a Hong Kong investment holding company, which also holds approximately35% of the equity interests of Carlico International Group Holdings Limited, a Hong Kong company engaged in the importation and distribution of bottled wines and liquors in mainland China, Hong Kong and Macau, for a purchase price of$3 million in cash.
Interim Financial Results
The Company’s unaudited interim consolidated financial statements for the six months ended June 30, 2025 and 2024 are attached to this release and form an integral part hereof. Below is a summary of such unaudited interim consolidated financial statements.
Revenue. Revenue increased by
Cost of sales. Cost of sales increased by
Gross profit. As a result of the foregoing, gross profit increased by
Administrative expenses. Administrative expenses increased by
Total other income. The Company had total other income, net, of
Income tax (expense) benefit. The Company incurred an income tax expense of
Net (loss) income. As a result of the cumulative effect of the factors described above, net loss was
About WF Holding Limited (NASDAQ: WFF)
Based in Malaysia, WF Holding Limited is an ISO 9001:2015 certified manufacturer of fiberglass reinforced plastic (“FRP”) products including tanks, pipes, ducts and custom-made FRP products. With a track record of over 30 years, the Company designs and fabricates products that meet the specific needs of its clients, ensuring high-quality and reliable performance. The Company’s high-quality and durable products leverage the advantages of FRP to reinforce critical industrial infrastructure, driving resilience, longevity and sustainability. The Company also delivers a wide range of related services such as consultation, delivery, installation, repair and maintenance.
Forward-Looking Statements
Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 it believes may affect its financial condition, results of operations, business strategy, and financial needs. Forward-looking statements can be identified by words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project,” “continue,” or the negative of these terms or other comparable expressions. Actual results may differ materially from those expressed or implied by such forward-looking statements. A number of factors could cause actual results to differ materially from those contained in these forward-looking statements, including, but not limited to, the risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 20-F as well as in its other reports filed or furnished from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events, except as required by applicable law. Although the Company believes the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee future results, and investors are cautioned that actual outcomes may differ materially from those anticipated.
For more information, please contact:
WF Holding Limited
Investor Relations
Email: corporate@winfung.com.my
| WF HOLDING LIMITED UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS (Amounts expressed in US dollars (“$”) except for numbers of shares) | ||||||||
| As of | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 3,150,892 | $ | 1,056,732 | ||||
| Restricted cash | - | 133,897 | ||||||
| Accounts receivable | 1,766,650 | 1,759,593 | ||||||
| Inventories | 502,171 | 846,205 | ||||||
| Other receivables, deposits and prepayments | 1,316,202 | 212,189 | ||||||
| Prepaid taxes | 106,204 | 111,036 | ||||||
| Deferred offering costs | - | 695,390 | ||||||
| Total current assets | 6,842,119 | 4,815,042 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 1,181,128 | 992,723 | ||||||
| Land use right | 331,424 | 315,712 | ||||||
| Right of use assets – operating lease | 23,229 | 41,242 | ||||||
| Deferred tax assets | 50,718 | 50,718 | ||||||
| Goodwill | 3,015,466 | - | ||||||
| Investment in equity investees | 4,239,286 | - | ||||||
| Total non-current assets | 8,841,251 | 1,400,395 | ||||||
| Total assets | $ | 15,683,370 | $ | 6,215,437 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 477,151 | $ | 434,977 | ||||
| Deferred revenue | 1,319,533 | 1,516,700 | ||||||
| Accrued expenses and other payables | 362,090 | 377,009 | ||||||
| Amount due to related parties | 4,303,704 | 696,934 | ||||||
| Operating lease liabilities – current | 20,110 | 35,851 | ||||||
| Finance lease liabilities - current | 59,074 | 54,484 | ||||||
| Borrowings – current | 53,016 | 60,413 | ||||||
| Total current liabilities | 6,594,678 | 3,176,368 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities – non-current | 3,733 | 6,132 | ||||||
| Finance lease liabilities - non-current | 97,878 | 100,312 | ||||||
| Borrowings – non-current | 161,501 | 171,541 | ||||||
| Deferred revenue | 38,464 | 16,594 | ||||||
| Total non-current liabilities | 301,576 | 294,579 | ||||||
| Total liabilities | 6,896,254 | 3,470,947 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Ordinary Shares, par value US | 1,260 | 1,148 | ||||||
| Additional paid-in capital | 6,262,069 | 84,750 | ||||||
| Retained earnings | 2,419,241 | 2,739,785 | ||||||
| Accumulated other comprehensive income (loss) | 104,546 | (81,193 | ) | |||||
| Total shareholders’ equity | 8,787,116 | 2,744,490 | ||||||
| Total liabilities and shareholders’ equity | $ | 15,683,370 | $ | 6,215,437 | ||||
| WF HOLDING LIMITED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME (Amounts expressed in US dollars (“$”) except for numbers of shares) | ||||||||
| For the Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 3,515,890 | $ | 2,067,101 | ||||
| Cost of sales | 2,321,681 | 1,243,681 | ||||||
| Gross profit | 1,194,209 | 823,420 | ||||||
| Administrative expenses | 1,469,419 | 629,940 | ||||||
| (Loss) income from operations | (275,210 | ) | 193,480 | |||||
| Other income (expense): | ||||||||
| Interest expense, net | (8,988 | ) | (10,527 | ) | ||||
| Other income | 20,895 | 11,429 | ||||||
| Total other income | 11,907 | 902 | ||||||
| Net income before income tax expense | (263,303 | ) | 194,382 | |||||
| Income tax (expense) benefit | (57,241 | ) | 24,323 | |||||
| Net (loss) income | $ | (320,544 | ) | $ | 218,705 | |||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation gain (loss) | 185,739 | (68,624 | ) | |||||
| Total comprehensive (loss) income | $ | (134,805 | ) | $ | 150,081 | |||
| (Loss) earnings per share – basic and diluted* | $ | (0.01 | ) | $ | 0.01 | |||
| Weighted average number of shares outstanding – basic and diluted* | 25,190,000 | 22,950,000 | ||||||
* Giving retroactive effect to the 22,950,000 shares issued and outstanding following the share subdivision and share surrender on September 5, 2024, starting from the earliest period presented.
| WF HOLDING LIMITED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Amounts expressed in US dollars (“$”) except for numbers of shares) | ||||||||||||||||||||||||
| Ordinary Shares* | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||
| Balance as of January 1, 2024 | 22,950,000 | $ | 1,148 | $ | 84,750 | $ | 2,628,182 | $ | (156,459 | ) | $ | 2,557,621 | ||||||||||||
| Net income | - | - | - | 218,705 | - | 218,705 | ||||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | (68,624 | ) | (68,624 | ) | ||||||||||||||||
| Balance as of June 30, 2024 | 22,950,000 | $ | 1,148 | $ | 84,750 | $ | 2,846,887 | $ | (225,083 | ) | $ | 2,707,702 | ||||||||||||
* Giving retroactive effect to the 22,950,000 shares issued and outstanding following the share subdivision and share surrender on September 5, 2024, starting from the earliest period presented.
| Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||
| Balance as of January 1, 2025 | 22,950,000 | $ | 1,148 | $ | 84,750 | $ | 2,739,785 | $ | (81,193 | ) | $ | 2,744,490 | ||||||||||||
| Issuance of ordinary shares in initial public offering | 2,240,000 | 112 | 6,177,319 | - | - | 6,177,431 | ||||||||||||||||||
| Net loss | - | - | - | (320,544 | ) | - | (320,544 | ) | ||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | 185,739 | 185,739 | ||||||||||||||||||
| Balance as of June 30, 2025 | 25,190,000 | 1,260 | $ | 6,262,069 | $ | 2,419,241 | $ | 104,546 | $ | 8,787,116 | ||||||||||||||
| WF HOLDING LIMITED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in US dollars (“$”) except for numbers of shares) | ||||||||
| For the Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net (loss) income | $ | (320,544 | ) | $ | 218,705 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
| Depreciation of property and equipment | 68,167 | 61,723 | ||||||
| Amortization on land use right | 3,728 | 3,452 | ||||||
| Gain on disposal of property and equipment | (4,681 | ) | - | |||||
| Property and equipment written off | 1 | - | ||||||
| Allowance for credit losses | 96,430 | 20,829 | ||||||
| Non-cash lease costs | 19,787 | 18,681 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (116,166 | ) | 355,983 | |||||
| Other receivables, deposits and prepayments | (1,117,583 | ) | (6,886 | ) | ||||
| Accounts payable | 39,409 | (343,599 | ) | |||||
| Accrued expenses and other payables | (17,557 | ) | 103,365 | |||||
| Deferred revenue | (175,297 | ) | (66,179 | ) | ||||
| Operating lease liabilities | (19,914 | ) | (18,494 | ) | ||||
| Inventories | 344,034 | (183,484 | ) | |||||
| Related parties | (600,864 | ) | (25,412 | ) | ||||
| Taxes payable | 4,832 | (140,069 | ) | |||||
| Net cash used in operating activities | (1,796,218 | ) | (1,385 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | (171,545 | ) | (33,466 | ) | ||||
| Sales proceeds from disposal of property and equipment | 4,681 | - | ||||||
| Investment in a subsidiary | (3,000,000 | ) | - | |||||
| Net cash used in investing activities | (3,166,864 | ) | (33,466 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of ordinary shares in initial public offering | 6,177,319 | - | ||||||
| Payment of offering costs | 695,390 | (259,894 | ) | |||||
| Utilization of bank overdraft facilities | - | 167,865 | ||||||
| Repayment of borrowings | (31,828 | ) | (27,431 | ) | ||||
| Repayment of finance lease liabilities | (31,210 | ) | (24,959 | ) | ||||
| Cash provided by (used in) financing activities | 6,809,671 | (144,419 | ) | |||||
| Effects of foreign exchange rate on cash and cash equivalents and restricted cash | 113,674 | (44,986 | ) | |||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 1,960,263 | (224,256 | ) | |||||
| Cash and cash equivalents and restricted cash at beginning of period | 1,190,629 | 903,300 | ||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 3,150,892 | $ | 679,044 | ||||
| Total cash and cash equivalents and restricted cash shown in the statements of cash flows | ||||||||
| Cash and cash equivalents | $ | 3,150,892 | $ | 556,224 | ||||
| Restricted cash | - | 122,820 | ||||||
| $ | 3,150,892 | $ | 679,044 | |||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 8,937 | $ | 10,527 | ||||
| Income taxes paid | $ | 45,708 | $ | 116,087 | ||||
FAQ
What were WF Holding (WFF) revenue and net income for the six months ended June 30, 2025?
How did WF Holding's margins change in H1 2025 compared to H1 2024?
How much cash did WF Holding have and what IPO proceeds were raised in 2025?
What drove higher administrative expenses for WF Holding in H1 2025?
Did WF Holding complete any acquisitions in 2025 that affect shareholders?
What caused the decline from net income to net loss for WF Holding in H1 2025?
