Capital raise reshapes Skyline Builders (Nasdaq: SKBL) balance sheet

Rhea-AI Filing Summary

Skyline Builders Group Holding Limited reported unaudited results for the six months ended September 30, 2025, showing modest revenue growth but lower profit. Revenue rose to $27,102,960, up 6.3% from 2024, driven by higher volumes on sizable Hong Kong public works projects and more new projects.

Gross profit increased 18.4% to $1,863,833, with gross margin improving from 6.2% to 6.9% on economies of scale and cost-control measures. However, net income fell 17.2% to $439,016 as general and administrative expenses nearly tripled to $1,425,322, largely due to $752,835 of investor relations marketing, higher staff costs, and new legal and professional fees.

Other income surged to $639,026 mainly from $543,810 of distribution fee income, while interest expense declined 21.8% to $352,751 as borrowing costs fell. The company completed a $17.8M private placement in August 2025, issuing new Class A shares and warrants, and used about $7.0M to retire 18,500,000 Class A shares from its previous controlling shareholder, lifting cash to $9,342,865 and total shareholders’ equity to $18,085,008 as of September 30, 2025.

Positive

• Stronger top line and margins: Revenue grew 6.3% to $27.1M and gross margin improved from 6.2% to 6.9%, reflecting better project mix and cost control.
• Balance sheet strengthened by capital raise: The $17.8M private placement and $7.0M share retirement lifted cash to $9.3M and shareholders’ equity to $18.1M.

Negative

• Profitability under pressure: Net income fell 17.2% to $439k and income from operations dropped 62.1%, driven by a 179.6% surge in general and administrative expenses.
• Higher effective tax rate: Income tax expense nearly tripled to $240,643, pushing the effective tax rate from 14.1% to 21.4% and further weighing on bottom-line results.

Insights

Equity analyst

Revenue and margins improved, but higher overheads and heavy equity financing diluted earnings momentum.

Skyline Builders delivered 6.3% revenue growth to $27.1M and lifted gross margin to 6.9%, indicating solid execution on Hong Kong infrastructure projects. Operating leverage was negative, though, as income from operations dropped 62.1% to $391k on sharply higher general and administrative costs.

Net income declined 17.2% to $439k and basic EPS slipped to $0.016, even with stronger gross profit and a 21.8% reduction in interest expense. The main pressure came from new marketing, compliance and staffing investments, which may support future growth but currently compress profitability.

Balance sheet metrics improved significantly. A $17.8M private placement in August 2025 and subsequent $7.0M share retirement more than doubled shareholders’ equity to $18.1M and boosted cash to $9.3M. However, the transaction added substantial warrants, expanding fully diluted share count to 39,815,847 for the period.

Key Figures

Revenue: $27,102,960 Gross margin: 6.9% Net income: $439,016 +5 more

8 metrics

Revenue $27,102,960 Six months ended September 30, 2025; up 6.3% year over year

Gross margin 6.9% Up from 6.2% for six months ended September 30, 2024

Net income $439,016 Six months ended September 30, 2025; down 17.2% year over year

General and administrative expenses $1,425,322 Six months ended September 30, 2025; up 179.6% from prior year

Private placement proceeds $17.8 million Gross proceeds from August 2025 Skyline Private Placement

Share retirement payment $7,000,000 Used to retire 18,500,000 Class A shares from prior controlling shareholder

Cash and cash equivalents $9,342,865 As of September 30, 2025, up from $718,625 at March 31, 2025

Shareholders’ equity $18,085,008 As of September 30, 2025; up from $8,592,123 at March 31, 2025

Key Terms

ASU 2025-12, prefunded warrants, Additional paid-in capital, contract assets, +1 more

5 terms

ASU 2025-12 financial

"The Company elected to early adopt the guidance in ASU 2025-12, effective April 1, 2025."

prefunded warrants financial

"prefunded warrants to purchase 22,990,000 Class A Ordinary Shares, at an exercise price of $0.0001 per share"

Prefunded warrants are a security that gives the holder the right to convert the warrant into a share after paying a very small remaining amount because almost the full purchase price was paid upfront. They matter to investors because exercising them increases the company’s outstanding shares (dilution) and can provide immediate cash to the issuer while allowing holders to bypass ownership limits or simplify timing, similar to buying a nearly-complete gift card that only needs a tiny top-up to use.

Additional paid-in capital financial

"The adoption of ASU 2025-12 resulted in the Company recording the excess of share retirement costs over par value as a direct reduction to APIC."

Amount of money shareholders have paid to a company for shares that is above the stock’s nominal or par value; think of it as the extra premium paid when a group buys a ticket that has a low listed price. It matters to investors because it represents permanent capital on the balance sheet that can cushion losses, affect book value per share and indicate how much fresh cash equity holders have contributed beyond the minimum share value.

contract assets financial

"Contract assets, current portion 1,295,572 ... Contract assets, net of current portion 1,321,770"

Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.

Hong Kong profits tax financial

"Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000."

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-42461

SKYLINE BUILDERS GROUP HOLDING LIMITED

(Registrant’s Name)

Office A, 15/F, Tower A, Capital Tower,

No. 38 Wai Yip Street, Kowloon Bay, Hong Kong

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

Financial Statements and Exhibits.

The following exhibit is being filed herewith:

EXHIBIT INDEX

Exhibit No.		Description
99.1		Skyline Builders Group Holding Limited Financial Results For The Six Months Ended September 30, 2025

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Skyline Builders Group Holding Limited
Date: March 31, 2026	By:	/s/ Ngo Chiu Lam
	Name:	Ngo Chiu, LAM
	Title:	Chairman of the Board, Chief Executive Officer and Director

2

Exhibit 99.1

Skyline Builders Group Holding Limited Financial Results For The Six Months Ended September 30, 2025

Skyline Builders Group Holding Limited (“SKBL” or the “Company”) (Nasdaq: SKBL) is an exempted company with limited liability incorporated under the laws of the Cayman Islands with no material operations of its own. The Company operates its business primarily through its indirectly wholly-owned operating subsidiary, Kin Chiu Engineering Limited, as an approved public works contractor undertaking roads and drainage works in Hong Kong. The Company today announced its unaudited financial results for the six months ended September 30, 2025.

Financial Results For The Six Months Ended September 30, 2025

		2025				2024				variance				variance
		US$				US$				US$				%
Revenues			27,102,960				25,491,474				1,611,486				6.3	%
Cost of revenue			(25,239,127	)			(23,917,413	)			1,321,714				5.5	%
Gross profit			1,863,833				1,574,061				289,772				18.4	%
Operating expenses:
General and administrative expenses			(1,425,322	)			(509,741	)			915,581				179.6	%
Allowance for credit losses			(47,453	)			(31,357	)			16,096				51.3	%
Total operating expenses			(1,472,775	)			(541,098	)			931,677				172.2	%
Income from operations			391,058				1,032,963				(641,905	)			-62.1	%
Other income/(expense)
Interest expense			(352,751	)			(450,917	)			(98,166	)			-21.8	%
Other income, net			639,026				35,153				603,873				1,717.8	%
Total other income/(expense), net			286,275				(415,764	)			702,039				168.9	%
Income before income taxes and equity in net losses of affiliates			677,333				617,199				60,134				9.7	%
Income tax expense			(240,643	)			(86,825	)			153,818				177.2	%
Income before equity in net losses of affiliates			436,690				530,374				(93,684	)			-17.7	%
Equity in net gains / (losses) of affiliates			2,326				(431	)			2,757				639.7	%
Net income			439,016				529,943				(90,927	)			-17.2	%
Other comprehensive income/(loss)
Foreign currency translation adjustment			4,312				23,973				(19,661	)			-82.0	%
Comprehensive income			443,328				553,916				(110,588	)			-20.0	%

Revenue

Our revenue was US$27,102,960 for the six months ended September 30, 2025, as compared to US$25,491,474 for the six months ended September 30, 2024, representing an increase of approximately US$1,611,486 or approximately 6.3%. The increase in our revenue was mainly driven by the higher volume of work performed by our Group on ongoing sizable public sector projects and the increase in number of newly public sector projects that commenced in the previous fiscal year ended March 31, 2025.

Cost of revenue

Our cost of revenue primarily consists of subcontracting charges, material and consumables costs, direct labor costs, and overhead costs such as depreciation of equipment that are directly attributable to services provided. We incurred a cost of revenue of US$25,239,127 for the six months ended September 30, 2025, as compared to US$23,917,413 for the six months ended September 30, 2024, an increase of US$1,321,714 or 5.5%. The increase was generally in line with the increase in revenue. The increase in cost of revenue was primarily driven by higher material costs, which stemmed from the execution of certain projects that required more material-intensive during the six months ended September 30, 2025.

Gross profit and gross profit margin

Our gross profit for the six months ended September 30, 2025 increased by US$289,772, or 18.4%, to US$1,863,833 from US$1,574,061 in the corresponding period of 2024. The increase was primarily driven by higher revenue for the six months ended September 30, 2025, as discussed above. Additionally, there was an improvement in gross profit margin, which rose from approximately 6.2% for the six months ended September 30, 2024 to 6.9% for the six months ended September 30, 2025. The increase in gross profit margin was principally attributable to (i) the economies of scale realized on certain larger projects across a higher volume of work performed during the six months ended September 30, 2025; (ii) continued effectiveness of cost-control measures implemented in prior periods.

General and administrative expenses

General and administrative expenses mainly consist of administrative staff costs, consultancy fees, directors’ remuneration, bank charges, depreciation, and other miscellaneous administrative expenses. We incurred general and administrative expenses of US$1,425,322 for the six months ended September 30, 2025, compared to US$509,741 for the six months ended September 30, 2024, an increase of US$915,581 or 179.6%. The increase in general and administrative expenses was attributable to several changes: (i)Marketing services fee significantly increased from US$Nil for the six months ended September 30, 2024 to US$752,835 for the six months ended September 30, 2025, related to marketing activities for investor relation and training. (ii)Administrative staff costs increased by 32.1% from US$232,319 for the six months ended September 30, 2024 to US$306,842 for the six months ended September 30, 2025, attributed to the hiring of two additional assistant project managers during the six months September 30, 2025 to strengthen project execution capabilities on newly awarded projects. In addition, (iii) Legal and professional fee increased from US$Nil for the six months ended September 30, 2024 to US$63,683 for the six months ended September 30, 2025, mainly related to the post-listing fees for compliance purpose during the six months ended September 30, 2025.

2

Other income, net

Other income, net mainly represents various income streams including bank interest income, imputed interest income, consultancy fee income, and sundry income. The overall increase in other income by 1,717.8%, from US$35,153 for the six months ended September 30, 2024 to US$639,026 for the six months ended September 30, 2025, was primarily driven by the presence of the distribution fee income of US$543,810 for the six months ended September 30, 2025, which related to the resale of construction machinery and equipment during the six months ended September 30, 2025.

Interest expense

We incurred an interest expense of US$352,751 for the six months ended September 30, 2025, as compared to US$450,917 for the six months ended September 30, 2024, a decrease of US$98,166 or 21.8%. The decrease in interest expense was primarily due to a lower average interest rate, reflecting the full impact of the successive interest rate cuts. The decline in the HSBC Prime Lending Rate and HIBOR directly translated into reduced borrowing costs across our outstanding bank loans and other borrowing.

Income tax expense

Our Company, Skyline Builders Group Holding Limited, was incorporated in the Cayman Islands. Our wholly-owned subsidiary, Skyline Builders (BVI) Holding Limited, was incorporated in the British Virgin Islands. Pursuant to the current rules and regulations, the Cayman Islands and British Virgin Islands currently levy no taxes on individuals or corporations based upon profits, income, gains, or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any income tax in the Cayman Islands or British Virgin Islands.

Our indirectly wholly-owned subsidiary, Kin Chiu Engineering Limited, is subject to income tax within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (US$255,957) and 16.5% on any part of assessable profits over HK$2,000,000 (US$255,957). For the years ended March 31, 2025, and 2024, our Group had assessable profits in Hong Kong and a provision for paying the Hong Kong profits tax has been made accordingly.

We incurred income tax expenses of US$240,643 for the six months ended September 30, 2025, compared to US$86,825 for the six months ended September 30, 2024, an increase of US$153,818 or 177.2%. Our effective tax rate was approximately 21.4% for the six months ended September 30, 2025, and approximately 14.1% for the six months ended September 30, 2024. The increase in effective tax rate was mainly due to less non-tax income during the six months ended September 30, 2025.

3

Net income and total comprehensive income

As a result of the foregoing, we reported a net profit for the year of US$439,016 for the six months ended September 30, 2025, as compared to US$529,943 for the six months ended September 30, 2024, an decrease of US$90,927 or 17.2%.

Total comprehensive income for the year was US$443,328 for the six months ended September 30, 2025, as compared to US$553,916 for the six months ended September 30, 2024, and decrease of US$110,588 or 20.0%.

The decrease in other comprehensive income was attributed to lower profits during the six months ended September 30, 2025.

Share Capital and Additional Paid-in Capital

Disclosure of early adoption of ASU 2025-12

The Company elected to early adopt the guidance in ASU 2025-12, effective April 1, 2025. The adoption of ASU 2025-12 resulted in the Company recording the excess of share retirement costs over par value as a direct reduction to APIC.

Private Placement Disclosure

In August 2025, the Company closed a private placement (the “Skyline Private Placement”) pursuant to which the Company issued and sold (i) 1,359,314 Class A Ordinary Shares, (ii) prefunded warrants to purchase 22,990,000 Class A Ordinary Shares, at an exercise price of $0.0001 per share (“Prefunded Warrants”) (iii) Class A Ordinary Share Purchase Warrant As to purchase up to 24,349,314 Class A Ordinary Shares, at an exercise price of $0.60 per share (“A Warrants”), (iv) Class A Ordinary Share Purchase Warrant Bs to purchase up to 24,349,314 Class A Ordinary Shares, at an exercise price of $0.65 per share (“B Warrants” and together with the Prefunded Warrants and A Warrants, “Warrants”), and (v) placement agent warrants to purchase 1,947,945 Class A Ordinary Shares issued to the placement agents of the Private Placement as compensation. The Company received aggregate gross proceeds of $17.8 million from the Private Placement, before deducting fees and offering expenses. Approximately $7.0 million of the proceeds from the Private Placement was used to retire 18,500,000 Class A Ordinary Shares owned by Supreme Development (BVI) Holdings Limited, the Company’s previous controlling shareholder, which was accounted for under ASU 2025-12.

About Skyline Builders Group Holding Limited

Skyline Builders Group Holding Limited operates as an Approved Public Works Contractor undertaking roads and drainage to its customers in Hong Kong. Its construction activities mainly include public civil engineering works, such as road and drainage works, in Hong Kong. It mostly undertakes civil engineering works in the role of subcontractor, while it is also fully qualified to undertake such works in the capacity of main contractor. The Company’s public sector projects mainly involve infrastructure developments while private sector projects mainly involved residential and commercial developments.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update 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 in its other filings with the SEC.

For more information, please contact:

Skyline Builders Group Holding Limited
Investor Relations Department
Email: ir@skylinebuilders.cc

4

SKYLINE BUILDERS GROUP HOLDING LIMITED AND ITS SUBSIDIARIES
Condensed Consolidated Balance Sheets
As of September 30, 2025 and March 31, 2025
(Expressed in United States Dollars (“US$”))

		As of September 30, 2025				As of March 31, 2025
		(Unaudited)				(Audited)
ASSETS
Current assets:
Cash and cash equivalents			9,342,865				718,625
Accounts receivable, net			15,951,678				10,032,305
Contract assets, current portion			1,295,572				4,636,670
Prepayments and other current assets			5,667,863				7,020,687
Total current assets			32,257,978				22,408,287
Non-current assets:
Equity method investments			1,326,124				1,324,129
Property, plant and equipment, net			167,428				241,809
Finance lease right-of-use assets, net			21,492				87,385
Operating lease right-of-use assets, net			73,889				162,886
Life insurance policy, cash surrender value			1,416,699				1,390,388
Contract assets, net of current portion			1,321,770				1,029,078
Deposits for acquisition of plant and equipment			1,783,930				1,784,389
Deferred tax assets			90,268				65,241
TOTAL ASSETS		$	38,459,578				28,493,592
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			1,133,824				1,797,735
Contract liabilities			1,349,850				2,322,911
Bank and other borrowings			11,959,527				12,044,435
Finance lease liabilities, current portion			10,626				56,795
Operating lease liabilities, current portion			62,563				115,372
Due to related parties			3,427,243				1,360,024
Accrued expenses and other current liabilities			1,901,117				1,770,319
Income tax payable			495,467				372,816
Total current liabilities			20,340,217				19,840,407
Non-current liabilities:
Operating lease liabilities, net of current portion			—				26,700
Other long-term liabilities, net of current portion			34,353				34,362
TOTAL LIABILITIES			20,374,570				19,901,469

5

SKYLINE BUILDERS GROUP HOLDING LIMITED AND ITS SUBSIDIARIES
Condensed Consolidated Balance Sheets — (Continued)
As of September 30, 2025 and March 31, 2025
(Expressed in United States Dollars (“US$”))

		As of September 30, 2025				As of March 31, 2025
		(Unaudited)				(Audited)
SHAREHOLDERS’ EQUITY
Class A Ordinary shares, 4,950,000,000 shares authorized, par value US$0.00001 each, 11,089,314 and 28,230,000 Class A ordinary shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively			111				282
Class B Ordinary shares, 50,000,000 shares authorized, par value US$0.00001 each, 1,995,000 Class B ordinary shares issued and outstanding as of September 30, 2025 and March 31, 2025			20				20
Additional paid-in capital			14,814,427				5,764,699
Retained earnings			3,260,800				2,821,784
Accumulated other comprehensive income			9,650				5,338
Total shareholders’ equity			18,085,008				8,592,123
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	38,459,578				28,493,592

6

SKYLINE BUILDERS GROUP HOLDING LIMITED AND ITS SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
For the Six Months Ended September 30, 2025 and 2024
(Expressed in United States Dollars (“US$”))

		Six Months Ended September 30,
		2025				2024
		(Unaudited)				(Unaudited)
Revenues		$	27,102,960			$	25,491,474
Cost of revenue			(25,239,127	)			(23,917,413	)
Gross profit			1,863,833				1,574,061
Operating expenses:
General and administrative expenses			(1,425,322	)			(509,741	)
Allowance for credit losses			(47,453	)			(31,357	)
Total operating expenses			(1,472,775	)			(541,098	)
Income from operations			391,058				1,032,963
Other income/(expense)
Interest expense			(352,751	)			(450,917	)
Other income, net			639,026				35,153
Total other income/(expense), net			286,275				(415,764	)
Income before income taxes and equity in net losses of affiliates			677,333				617,199
Income tax expense			(240,643	)			(86,825	)
Income before equity in net losses of affiliates			436,690				530,374
Equity in net gains / (losses) of affiliates			2,326				(431	)
Net income		$	439,016			$	529,943
Other comprehensive income
Foreign currency translation adjustment			4,312				23,973
Comprehensive income		$	443,328			$	553,916
Earnings per share – Basic			0.016				0.019
Earnings per share – Diluted		$	0.011			$	0.019
Weighted average shares outstanding – Basic			27,211,253				28,500,000
Weighted average shares outstanding – Diluted			39,815,847				28,500,000

7

SKYLINE BUILDERS GROUP HOLDING LIMITED AND ITS SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Shareholders’ Equity
For the Six Months Ended September 30, 2025 and 2024
(Expressed in United States Dollars (“US$”))

		Class A Ordinary Shares								Class B Ordinary Shares								Additional				Accumulated other
		No. of shares				Amount				No. of shares				Amount				paid-in- capital				comprehensive income/(loss)				Retained earnings				Total
Balance as of March 31, 2024			26,505,000			$	265				1,995,000			$	20			$	957,394			$	(10,261	)		$	2,094,337			$	3,041,755
Net income			—				—				—				—				—				—				529,943				529,943
Foreign currency translation adjustment			—				—				—				—				—				23,973				—				23,973
Balance as of September 30, 2024 (Unaudited)			26,505,000			$	265				1,995,000			$	20			$	957,394			$	13,712			$	2,624,280			$	3,595,671

		Class A Ordinary Shares								Class B Ordinary Shares								Additional				Accumulated other
		No. of shares				Amount				No. of shares				Amount				paid-in- capital				comprehensive income/(loss)				Retained earnings				Total
Balance as of March 31, 2025			28,230,000			$	282				1,995,000			$	20			$	5,764,699			$	5,338			$	2,821,784			$	8,592,123
Net income			—				—				—				—				—				—				439,016				439,016
Issue of shares			1,359,314				14				—				—				16,049,728				—				—				16,049,742
Share Retirement			(18,500,000	)			(185	)			—				—				(7,000,000	)			—				—				(7,000,185	)
Foreign currency translation adjustment			—				—				—				—				—				4,312				—				4,312
Balance as of September 30, 2025 (Unaudited)			11,089,314			$	111				1,995,000			$	20			$	14,814,427			$	9,650			$	3,260,800			$	18,085,008

8

SKYLINE BUILDERS GROUP HOLDING LIMITED AND ITS SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
For the Six Months Ended September 30, 2025 and 2024
(Expressed in United States Dollars (“US$”))

		Six Months Ended September 30,
		2025				2024
		(Unaudited)				(Unaudited)
Cash flows from operating activities:
Net income			439,016				529,943
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization			229,184				450,774
Allowance for credit losses			47,453				31,357
Change in cash value of life insurance policy			(26,559	)			6,779
Equity in net (gain)/ losses of affiliates			(2,326	)			431
Deferred income taxes			(24,942	)			(40,788	)
Change in operating assets and liabilities:
Accounts receivable			(5,983,659	)			(3,828,876	)
Contract assets			3,072,905				3,508,769
Prepayments and other current assets			1,346,918				(1,932,514	)
Income tax payable			122,651				(8,183	)
Accounts payable			(660,749	)			(341,927	)
Contract liabilities			(968,507	)			925,263
Accrued expenses and other current liabilities			142,670				353,020
Operating lease liabilities			(78,790	)			(151,223	)
Due to related parties			2,059,154				(53,665	)
Other long-term liabilities			(12,309	)			(7,702	)
Net cash used in operating activities			(297,890	)			(558,542	)
Cash flows from investing activities:
Purchase of property, plant and equipment			(973	)			—
Proceeds from redemption of life insurance policy			—				158,975
Net cash (used in) provided by investing activities			(973	)			158,975
Cash flows from financing activities:
Repayment of bank and other borrowings			(17,925,396	)			(20,932,540	)
Proceeds from bank and other borrowings			17,843,917				21,438,339
Proceeds from bank overdrafts			—				64,572
Payment of offering costs			—				(388,983	)
Proceed from private placement			17,775,000				—
Transaction costs attributable to private placement			(1,725,272	)			—
Payment of share retirement			(7,000,000	)			—
Transaction costs attributable to issuance of shares			(171	)			—
Repayment of finance lease liabilities			(45,967	)			(90,857	)
Net cash provided by financing activities			8,922,111				90,531
Foreign currency translation adjustment			992				867
Net change in cash and cash equivalents			8,624,240				(308,169	)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD			718,625				323,595
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			9,342,865				15,426
Supplemental disclosure of cash flow information:
Interest paid			(352,751	)			(450,917	)
Income taxes paid			(143,336	)			(135,321	)

9

FAQ

How did SKBL’s revenue perform for the six months ended September 30, 2025?

Revenue increased to $27,102,960, up 6.3% from $25,491,474 a year earlier. Growth was mainly driven by higher work volume on sizable Hong Kong public sector projects and additional new projects that commenced in the prior fiscal year.

What was Skyline Builders Group Holding Limited’s net income and EPS for this period?

SKBL reported net income of $439,016, down from $529,943 in 2024. Basic earnings per share were $0.016, versus $0.019 previously, reflecting higher operating costs and a higher effective tax rate despite better gross profit.

Why did SKBL’s general and administrative expenses increase so sharply?

General and administrative expenses jumped 179.6% to $1,425,322. The rise was mainly due to $752,835 of investor relations marketing services, higher administrative staff costs from additional project managers, and new legal and professional fees related to post-listing compliance.

What drove the large increase in SKBL’s other income during the period?

Other income rose to $639,026 from $35,153, mainly because SKBL earned $543,810 of distribution fee income. This income came from resales of construction machinery and equipment during the six months ended September 30, 2025.

What were the key terms and impact of SKBL’s August 2025 private placement?

In August 2025, SKBL raised gross proceeds of $17.8M by issuing Class A shares and multiple warrant classes. About $7.0M was used to retire 18,500,000 Class A shares from its previous controlling shareholder, significantly increasing cash and total shareholders’ equity.

How did SKBL’s balance sheet change by September 30, 2025?

Total assets increased to $38,459,578 from $28,493,592, while cash rose to $9,342,865. Shareholders’ equity more than doubled to $18,085,008, reflecting the private placement proceeds and retained earnings over the period.

What was Skyline Builders’ cash flow profile for the six months ended September 30, 2025?

Operating activities used $297,890, mainly due to higher accounts receivable. Financing activities provided $8,922,111, led by private placement proceeds and net borrowings, resulting in a net cash increase of $8,624,240 and ending cash of $9,342,865.

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