Ten-League H1 2026 revenue falls 12.2% to S$33.1M
Engineering consultancy and rental activities accounted for 45.4% of revenue, compared with 18.5% a year earlier.
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.
Ten-League International Holdings Ltd. reported S$33.1 million in revenue for the six months ended June 30, 2026, down 12.2% from S$37.7 million a year earlier. Net income was S$1.7 million, compared with S$2.4 million. Heavy equipment and parts sales fell 41.1% to S$18.1 million, while engineering consultancy income rose 669.4% to S$8.6 million, mainly following delivery and acceptance of 30 electric prime movers. Rental income increased 9.9% to S$6.4 million.
Gross margin rose to 24.0% from 23.5%. Operating activities provided S$10.0 million in cash, while investing activities used S$7.1 million and financing activities used S$2.6 million; cash and cash equivalents were S$10.9 million at June 30, 2026. The company regained Nasdaq's minimum bid-price compliance and will remain under a Mandatory Panel Monitor until May 26, 2027; a future failure during monitoring could lead to an immediate delisting determination without a standard grace period.
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.
Positive
- Minor pointEngineering consultancy income rose 669.4% to S$8.6 million.
- Minor pointRental income increased 9.9% to S$6.4 million.
Negative
- Moderate pointRevenue fell 12.2% to S$33.1 million.
- Moderate pointNet income fell to S$1.7 million from S$2.4 million.
- Minor pointHeavy equipment and parts sales dropped 41.1% to S$18.1 million.
Filing Explained
At June 30, listed obligations due within one year were S$21,783 thousand, versus cash of S$10,938 thousand.
This Form 6-K furnishes the company’s unaudited interim report for the six months ended
Those one-year obligations exceeded reported cash of
The report also says about
Key Figures
Key Terms
right-of-use assets financial
working capital financial
loss allowance financial
Mandatory Panel Monitor regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TLIH's contractual obligations at June 30, 2026?
What reverse share split did TLIH complete?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 September 2026
Commission File Number: 001-42734
Ten-League International Holdings Limited
(Translation of registrant’s name into English)
7 Tuas Avenue 2,
Singapore 639447
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On September 30, 2026, Ten-League International Holdings Limited (the “Company”) issued its interim report for the six-month period ended June 30, 2026, which is furnished as Exhibit 99.1 to this Report on Form 6-K. A copy of the press release regarding the interim report is furnished as Exhibit 99.2 to this report on Form 6-K.
| 1 |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Interim Report of Ten-League International Holdings Limited for the six months ended June 30, 2026 (unaudited) | |
| 99.2 | Press release dated September 30, 2026, titled “Ten-League International Holdings Limited Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2026” |
| 2 |
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.
| Date: September 30, 2026 | Ten-League International Holdings Limited | |
| By: | /s/ Jison Lim | |
| Name: | Jison Lim | |
| Title: | Director and Chairman | |
| 3 |
Exhibit 99.1
Ten-League International Holdings Limited Announces First Six Months of Fiscal Year 2026 Unaudited Financial Results
Ten-League International Holdings Limited
Interim Earnings Results for the six months ended
June 30, 2026
Financial highlights for the six months ended June 30, 2026
Revenue, net
Six Months ended June 30, | ||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||
| S$’000 | % | S$’000 | US$’000 | % | ||||||||||||||||
| Sales of heavy equipment and parts | 30,725 | 81.5 | 18,084 | 13,974 | 54.6 | |||||||||||||||
| Engineering consultancy service income | 1,116 | 3.0 | 8,586 | 6,634 | 25.9 | |||||||||||||||
| Rental income | 5,846 | 15.5 | 6,425 | 4,966 | 19.5 | |||||||||||||||
| Total | 37,687 | 100.0 | 33,095 | 25,574 | 100.0 | |||||||||||||||
Total revenue decreased by approximately S$4.6 million or 12.2% to approximately S$33.1 million (US$25.6 million) for the six months ended June 30, 2026 from approximately S$37.7 million for the six months ended June 30, 2025.
Sales of heavy equipment and parts decreased by approximately S$12.6 million, or 41.1%, to approximately S$18.1 million (US$14.0 million) for the six months ended June 30, 2026, from approximately S$30.7 million for the six months ended June 30, 2025. The decrease was primarily attributable to contractors’ greater use of rental equipment, delayed fleet replacement after significant fleet expansion over the past two years, and an oversupply of used equipment.
Engineering consultancy service income increased by approximately S$7.5 million, or 669.4%, to approximately S$8.6 million (US$6.6 million) for the six months ended June 30, 2026 from approximately S$1.1 million for the six months ended June 30, 2025 mainly due to the delivery and acceptance of 30 electric prime movers (ePM).
Rental income increased by approximately S$0.6 million, or 9.9%, to approximately S$6.4 million (US$5.0 million) for the six months ended June 30, 2026 from approximately S$5.8 million for the six months ended June 30, 2025. This increase was primarily attributable to higher rental demands given the economic uncertainty and high financing costs.
Cost of revenue
Cost of revenue decreased by approximately S$3.7 million or 12.8%, to approximately S$25.1 million (US$19.4 million) for the six months ended June 30, 2026 from approximately S$28.8 million for the six months ended June 30, 2025.
Cost of revenue of sales of heavy equipment and parts decreased by approximately S$10.8 million, or 41.2%, to approximately S$15.4 million (US$11.9 million) for the six months ended June 30, 2025 from approximately S$26.2 million for the six months ended June 30, 2025. This increase was mainly due to lower in sales and product mix.
Cost of revenue of engineering consultancy service income increased by approximately S$6.5 million or 1,897.1%, to approximately S$6.8 million (US$5.3 million) for the six months ended June 30, 2026 from approximately S$0.3 million for the six months ended June 30, 2025. Such increase was primarily attributable to the delivery and acceptance of 30 ePM.
Cost of revenue for equipment rental increased by approximately S$0.6 million, or 24.8%, to approximately S$2.9 million (US$2.2 million) for the six months ended June 30, 2026, from approximately S$2.3 million for the six months ended June 30, 2025, mainly due to higher depreciation expenses resulting from the expansion of the existing rental fleet.
Gross profit and gross profit margin
Gross profit decreased by approximately S$0.8 million or 10.1%, to approximately S$8.0 million (US$6.1 million) for the six months ended June 30, 2026 from approximately S$8.8 million for the six months ended June 30, 2025.
Gross profit margin increased by 0.5 percentage points to 24.0% for the six months ended June 30, 2026 from 23.5% for the six months ended June 30, 2025.
Gross profit margin for sales of heavy equipment and parts increased by approximately 0.2 percentage points to 15.0% for the six months ended June 30, 2026 from 14.8% for the six months ended June 30 2025. 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 decreased by approximately 49.1 percentage points to 20.2% for the six months ended June 30, 2026 from 69.3% for the six months ended June 30, 2025. The decrease was mainly due to the delivery and acceptance of 30 ePM.
Gross profit margin for rental income decreased by 5.4 percentage points to 54.7% for the six months ended June 30, 2026 from 60.1% for the six months ended June 30, 2025. This decrease was mainly due to higher depreciation expenses.
Selling and distribution
Our selling and distribution expenses increased by approximately S$0.1 million, or 21.7%, to approximately S$0.4 million (US$0.3 million) for the six months ended June 30, 2026, from approximately S$0.3 million for the six months ended June 30, 2025, due to increase of staff salary and related costs.
General and administrative
The following table sets forth the breakdown of our general and administrative expenses for the periods indicated:
Six Months ended June 30, | ||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||
| S$’000 | % | S$’000 | US$’000 | % | ||||||||||||||||
| Audit fee | 102 | 1.8 | 87 | 67 | 1.7 | |||||||||||||||
| Bank charges | 452 | 8.0 | 138 | 107 | 2.6 | |||||||||||||||
| Consultancy fees | - | - | 375 | 290 | 7.2 | |||||||||||||||
| Depreciation | 667 | 11.8 | 99 | 77 | 1.9 | |||||||||||||||
| Director’s fee | 43 | 0.8 | 67 | 52 | 1.3 | |||||||||||||||
| Investor relations expense | 142 | 2.5 | 37 | 29 | 0.7 | |||||||||||||||
| Legal and professional fess | - | - | 111 | 86 | 2.1 | |||||||||||||||
| Listing fees | - | - | 46 | 36 | 0.9 | |||||||||||||||
| Management fees | 611 | 10.8 | 997 | 770 | 19.1 | |||||||||||||||
| Provision for doubtful debts | 935 | 16.5 | - | - | - | |||||||||||||||
| Rental of open space and equipment | 6 | 0.1 | 815 | 630 | 15.6 | |||||||||||||||
| Referral fees | 136 | 2.4 | 10 | 8 | 0.2 | |||||||||||||||
| Staff costs | 1,905 | 33.7 | 1,824 | 1,409 | 34.9 | |||||||||||||||
| IPO expenses | 198 | 3.5 | - | - | - | |||||||||||||||
| Others | 464 | 8.1 | 617 | 476 | 11.8 | |||||||||||||||
| Total | 5,661 | 100.0 | 5,223 | 4,037 | 100.0 | |||||||||||||||
Bank charges mainly relate to trade-related activities, such as letters of credit (L/Cs) and bills payable. The decrease was primarily due to fewer L/Cs being issued.
Consultancy fees were incurred for the advisory and business development services, including enhancing the company’s market presence, facilitating business relationships and networking opportunities, supporting investor and stakeholder communications.
Depreciation expense is charged on our plant and equipment which included (i) office equipment; (ii) motor vehicles; (iii) equipment accessories and (iv) right-of-use assets. The decrease of approximately S$0.6 million was mainly due to the expiry of rental of open space last Dec 2025 which was classified as right-of-use assets.
Rental of open space and equipment of approximately S$0.8 million (US$0.6 million) for the six months ended June 30, 2026, comprises mainly rental from the ultimate holding company and third parties of approximately S$0.6 million (US$0.5 million) and S$0.2 million (US$0.1 million) respectively. For the six months ended June 30, 2025, S$0.6 million in rental payments to the ultimate holding company was capitalised as a right-of-use asset because the lease term exceeded 12 months. The related expense was therefore recorded and disclosed under depreciation. By contrast, the rental period for the six months ended June 30, 2026, was for only six months. Both rental payments to ultimate holding company for the six months ended June 30, 2026 & 2025 were disclosed under related party transactions.
Legal and professional fees of approximately S$0.1 million (US$0.1 million) for the six months ended Jun 30, 2026, were mainly incurred for the advisory and consultancy of shares anti-split activities.
Management fees represent expenses charged by the ultimate holding company comprises employment cost, rental of office, open space and warehouse, allocation of director’s remuneration and expenses incurred for motor cars and trucks. Management fees increased by approximately S$0.4 million to approximately S$1.0 million (US$0.8 million) for the six months ended June 30, 2026 from approximately S$0.6 million for the six months ended June 30, 2025. The increase was mainly due to increase in headcount, benefits and annual adjustments.
No provision for doubtful debts was required for the period ended June 30, 2026, as provisions had already been made in the financial year ended December 31, 2025, for customers experiencing financial difficulty in settling their outstanding balances.
Staff costs mainly represented the salaries, employee benefits and retirement benefit costs to our administrative employees and directors’ remuneration. Staff costs decreased by approximately S$0.1 million to approximately S$1.8 million (US$1.4 million) for the six months ended June 30, 2026 from approximately S$1.9 million for the six months ended June 30, 2025. The decrease mainly reflected an approximately S$0.2 million reduction in directors’ remuneration after the cost was transferred to Ten-League Corporations Pte Ltd (“TLC”), the Company’s controlling shareholder at the beginning of the year, partly offset by increased headcount and annual adjustments during the year.
Miscellaneous or other expenses were comprised of company secretarial and tax fees, insurance expenses, office supplies, repair and maintenance, vehicle upkeep, exchange losses and other general expenses.
Total other gain/(loss), net
The following table sets forth the breakdown of total other gain/(loss), net, for the periods indicated:
Six Months ended June 30, | ||||||||||||
| 2025 | 2026 | |||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||
| (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 | 94 | (98 | ) | (75 | ) | |||||||
Gain on disposal of plant and equipment
Gain from disposal of plant and equipment comprises mainly motor vehicle.
Interest income
Interest income is earned from providing financing services to some specific customers buying equipment from us.
Interest expense
Interest expense remains stable at approximately S$0.4 million (US$0.3 million) for the six months ended June 30, 2026 and 2025 respectively.
Government grant
Government grant comprises mainly grants received for progressive wage credit scheme or PWCS.
Other income
Other income primarily comprises rental of accessories and parts, service charge, supply of manpower and back charge or recover of expenses incurred.
Income tax expense
For the six months ended June 30, 2026 and 2025, income tax expense comprised current tax expense net of non-tax-deductible expenses.
Cash flows
The following table summarizes our cash flows for the six months ended June 30, 2025 and 2026:
Six Months ended June 30, | ||||||||||||
| 2025 | 2026 | |||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||
| Cash and cash equivalent at beginning of the period | 686 | 10,684 | 8,256 | |||||||||
| Net cash provided by operating activities | 10,025 | 9,952 | 7,691 | |||||||||
| Net cash provided/(used in) by investing activities | 182 | (7,136 | ) | (5,514 | ) | |||||||
| Net cash used in financing activities | (5,729 | ) | (2,575 | ) | (1,990 | ) | ||||||
| Effect of exchange rate change on balance held in foreign currency | - | 13 | 9 | |||||||||
| Net change in cash and cash equivalent | 4,478 | 254 | 196 | |||||||||
| Cash and cash equivalent as at end of the period | 5,164 | 10,938 | 8,452 | |||||||||
Cash flows from operating activities
For the six months ended June 30, 2026, our net cash provided by operating activities was approximately S$10.0 million (US$7.7 million), primarily reflecting net income of approximately S$1.8 million (US$1.4 million), as adjusted by (a) positive changes of approximately S$2.6 million (US$2.0 million) in non-cash items primarily including depreciation of property and equipment and right-of-use assets, and gain on disposal of property and equipment; and (b) positive changes of approximately S$5.6 million (US$4.3 million) in working capital primarily reflecting (i) an increase of approximately S$2.6 million (US$2.0 million) in accounts receivable; (ii) a decrease of approximately S$0.6 million (US$0.4 million) in other receivables; (iii) an increase of approximately S$11.0 million (US$8.5 million) in inventories; (iv) a decrease of approximately S$0.6 million (US$0.5 million) in related parties; and (v) a decrease of approximately S$6.8 million (US$5.3 million) in accounts and other payables.
For the six months ended June 30, 2025, our net cash provided by operating activities was approximately S$10.0 million (US$7.9 million), primarily reflecting net income of approximately S$2.4 million (US$1.9 million), as adjusted by (a) positive changes of approximately S$2.9 million (US$2.3 million) in non-cash items primarily including depreciation of property and equipment and right-of-use assets, and loss on disposal of property and equipment; and (b) positive changes of approximately S$4.7 million (US$3.7 million) in working capital primarily reflecting (i) an increase of approximately S$1.6 million (US$1.2 million) in accounts receivable; (ii) a decrease of approximately S$0.4 million (US$0.3 million) in contract assets; (iii) an increase of approximately S$2.8 million (US$2.2 million) in inventories; (iv) an increase of approximately S$0.1 million (US$0.1 million) in related parties; (v) an increase of approximately S$0.1 million (US$0.1 million) in accounts and other payables and (vi) an increase of approximately S$0.5 million (US$0.4 million) in income tax payable.
Cash flows from investing activities
For the six months ended June 30, 2026, our net cash used in investing activities was approximately S$7.1 million (US$5.5 million), primarily consisting of purchases of property and equipment, sale proceeds from the disposal of property and equipment and payment received from finance lease receivables.
For the six months ended June 30, 2025, our net cash provided by investing activities was approximately S$0.2 million (US$0.1 million), primarily consisting of purchases of property and equipment, sale proceeds from the disposal of property and equipment and payment received from finance lease receivables.
Cash flows from financing activities
For the six months ended June 30, 2026, our net cash used in financing activities was approximately S$2.6 million (US$2.0 million) primarily consisting of proceeds from borrowings of approximately S$1.5 million (US$1.1 million), partially offset by repayment for capital and interest portions of lease liabilities of approximately S$4.1 million (US$3.1 million).
For the six months ended June 30, 2025, our net cash used in financing activities was approximately S$5.7 million (US$4.5 million) primarily consisting of proceeds from borrowings of approximately S$0.7 million (US$0.5 million), partially offset by (i) repayment for capital and interest portions of lease liabilities of approximately S$5.2 million (US$4.1 million), (ii) a decrease in bank borrowing of approximately S$0.3 million (US$0.2 million), and (iii) a decrease of approximately S$0.9 million (US$0.7 million) in deferred IPO expenses which would be capitalized on completion of the IPO exercise.
Capital Expenditures
Historically, our capital expenditure primarily consists of expenditures on equipment. We made capital expenditures of approximately S$8.9 million and S$7.6 million (US$5.9 million) in the six months ended June 30, 2025 and 2026, respectively. Out of which, approximately S$8.7 million and S$7.5 million are equipment transferred from inventories for the six months ended June 30, 2025 and 2026 respectively.
Accounts receivable, net
The following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned below:
| As of | As of | |||||||||||||||
| December 31, 2025 | June 30, 2026 | |||||||||||||||
| S$’000 | US$’000 | S$’000 | US$’000 | |||||||||||||
| Within 30 days | 4,799 | 3,732 | 3,803 | 2,939 | ||||||||||||
| Between 31 and 60 days | 1,367 | 1,063 | 3,782 | 2,922 | ||||||||||||
| Between 61 and 90 days | 2,261 | 1,758 | 1,249 | 965 | ||||||||||||
| Between 91 and 120 days | 1,307 | 1,016 | 1,413 | 1,092 | ||||||||||||
| Between 121 and 180 days | 2,867 | 2,230 | 699 | 540 | ||||||||||||
| Between 181 and 360 days | 749 | 582 | 1,507 | 1,165 | ||||||||||||
| Over 360 days | 1,060 | 825 | 131 | 101 | ||||||||||||
| Total account receivables, net | 14,410 | 11,206 | 12,584 | 9,724 | ||||||||||||
Movements in the provision for impairment of accounts receivable are as follows:
| As of | As of | |||||||||||||||
| December 31, 2025 | June 30, 2026 | |||||||||||||||
| S$’000 | US$’000 | S$’000 | US$’000 | |||||||||||||
| Opening balance | 3,053 | 2,374 | 1,901 | 1,469 | ||||||||||||
| Provision of loss allowance | 1,442 | 1,121 | - | - | ||||||||||||
| Write-off of loss allowance | (2,594 | ) | (2,017 | ) | - | - | ||||||||||
| Closing balance | 1,901 | 1,478 | 1,901 | 1,469 | ||||||||||||
For the six months ended June 30, 2026, net amounts outstanding for more than 180 days from the invoice date were approximately S$1.6 million (US$1.3 million), of which only approximately S$0.1 million (US$0.1 million) had been outstanding for more than 360 days. Amounts outstanding for 181 to 360 days increased by approximately S$0.8 million or 101.2%, to approximately S$1.5 million (US$1.2 million) for the six months ended June 30, 2026, from approximately S$0.7 million for the six months ended June 30, 2025. This increase resulted from slow payments and the availability of installment payment arrangements. As of the date of this announcement, approximately S$1.0 million (US$0.8 million) had been collected since Jun 30, 2026.
For the year ended December 31, 2025, net amount owing for more than 120 days by invoice date was approximately S$4.7 million (US$3.6 million), of which net balance of S$1.0 million was attributable to a special arrangement requested by our Major Supplier, to extend the credit term to a local customer, approximately S$1.5 million was purchased by customer under bank financing. After year ended December 31, 2025, the outstanding amount under the special arrangement was fully collected. In addition, we received approximately S$1.2 million from the bank. The special arrangement requested by our major supplier to extend credit terms previously was fully collected as of Jun 30, 2026.
We determine, on a continuing basis, the probable losses and an allowance for doubtful accounts, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecast economic and market conditions. Accounts receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.
During the six months ended June 30, 2026, no loss allowance was provided as most of it was provided for in the year ended December 31, 2025.
During the year ended December 31, 2025, approximately S$1.4 million (US$1.1 million) was provided as loss allowance. The provision was raised mainly due to customers experiencing financial difficulty in settling their outstanding balances.
Accounts payable
The general credit terms from our major suppliers are payment within 30-180 days. Our accounts payable decreased by approximately S$6.8 million to approximately S$4.7 million (US$3.6 million) as of June 30, 2026 from approximately S$11.5 million as of December 31, 2025.
We did not have any material default in payment of accounts payable during the six months ended June 30, 2026 from year ended December 31, 2025.
Material Cash Requirements
Our cash requirements consist primarily of day-to-day operating expenses, capital expenditure and contractual obligations with respect to facility leases and other operating leases. We lease all our office facilities. We expect to make future payments on existing leases from cash generated from operations. We have limited credit available from our major vendors, which further constrains our cash liquidity.
We had the following contractual obligations and lease commitments as of June 30, 2026:
| Contractual Obligations | Total | Less than 1 year | 2-5 years | More than 5 years | ||||||||||||
| S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
| Operating lease commitment | 13,800 | 7,041 | 6,759 | - | ||||||||||||
| Bank borrowings | 14,742 | 14,742 | - | - | ||||||||||||
| Total obligations | 28,542 | 21,783 | 6,759 | - | ||||||||||||
We had the following contractual obligations and lease commitments as of December 31, 2025:
| Contractual Obligations | Total | Less than 1 year | 2-5 years | More than 5 years | ||||||||||||
| S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
| Operating lease commitment | 14,164 | 6,606 | 7,558 | - | ||||||||||||
| Bank borrowings | 16,953 | 16,953 | - | - | ||||||||||||
| Total obligations | 31,117 | 23,559 | 7,558 | - | ||||||||||||
We believe that we have sufficient working capital for our requirements for at least the next 12 months from the date of this prospectus, absent unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand, cash flows from our operations and the estimated net proceeds from the initial public offering.
Bank indebtedness
Bank Borrowings | Terms of repayments | Annual interest rate | As of December 31, 2025 | As of June 30, 2026 | ||||||||||||||||||||
| S$’000 | US$’000 | S$’000 | US$’000 | |||||||||||||||||||||
| Bills payable | - | - | 16,953 | 13,184 | 14,742 | 11,392 | ||||||||||||||||||
| Total | 16,953 | 13,184 | 14,742 | 11,392 | ||||||||||||||||||||
As of December 31, 2025 and June 30, 2026, bank borrowings majority of which are trade facilities were obtained from several financial institutions in Singapore.
Our bank borrowings currently are guaranteed by personal guarantees from Mr. Jison Lim and corporate guarantee provided by Ten-League Corporations Pte Ltd, the controlling shareholder.
Capital commitments
As of December 31, 2025 and June 30, 2026, we did not have any capital commitments.
Reverse share split
On April 6, 2026, the board of directors of Ten-League International Holdings Limited, a Cayman Islands exempted company (the “Company”), approved a reverse share split of the Company’s ordinary shares at a ratio of 1-for-10 (the “Reverse Share Split”), such that (a) every ten (10) issued ordinary shares of a par value of $0.000025 each will be combined into one (1) issued ordinary share of a par value of $0.00025 each and (b) any fractional shares will be rounded to the nearest whole share. As a result, the Company’s authorized share capital will be adjusted to US$500,000 divided into 2,000,000,000 ordinary shares with a par value of US$0.00025 each.
The reverse share split was approved by vote of the Company’s shareholders at its extraordinary meeting of shareholders meeting held on April 13, 2026.
On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
Minimum bid price deficiency and compliance
The Company received a notice from The Nasdaq Stock Market LLC on September 9, 2025, stating that its share price had traded below the minimum bid price requirement of US$1.00 per share for 30 consecutive business days, resulting in non-compliance with Nasdaq Listing Rule 5550(a)(2). The company was initially given until March 9, 2026 to regain compliance but failed to do so and received a delisting determination on March 10, 2026.
The company requested a hearing, and the hearing was set for April 16, 2026. On May 12, 2026, the Nasdaq Hearings Panel allowed the company to remain listed, provided it regained compliance by May 15, 2026.
The company successfully met the requirement and was formally notified on May 26, 2026 that it had regained compliance. However, the company will remain under a Mandatory Panel Monitor until May 26, 2027. During this monitoring period, any future failure to maintain the minimum bid price requirement could result in an immediate delisting determination without the benefit of a standard grace period.
Off-Balance Sheet Transactions
As of December 31, 2025 and June 30, 2026, we do not have any outstanding off-balance arrangements and have not entered into any material off-balance sheet transactions or arrangements.
Taxation
Cayman Islands
We are an exempted company incorporated in the Cayman Islands. The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of estate duty or inheritance tax. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.
Singapore
Ten-League (E&T) and Ten-League (PES) are operating in Singapore and are subject to the Singapore tax law at the corporate tax rate at 17% on the assessable income arising in Singapore during its tax year.
Translations of the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from S$ into US$ as of and for the six months ended June 30, 2026 are solely for the convenience of the reader and were calculated at the rate of US$0.7727 = S$1.00, as set forth in the statistical release of the Federal Reserve System on July 6, 2026. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2026, or at any other rate.
RELATED PARTY TRANSACTIONS
In the ordinary course of business, during the six months ended June 30, 2025 and 2026, the Company was involved in certain transactions, either at cost or current market prices, and on normal commercial terms with related parties.
The following table provides the transactions with these parties for the six months as presented:
Six Months ended June 30, | ||||||||
| Nature of transactions | 2025 | 2026 | ||||||
| S$’000 | S$’000 | |||||||
| Ten-League Corporations Pte. Ltd.(1) | ||||||||
| - Management fee charged | 611 | 997 | ||||||
| - Purchase of plant and equipment | 21 | 80 | ||||||
| - Purchase of spare parts | 1,043 | 1,017 | ||||||
| - Expenses paid on behalf | 1,878 | 86 | ||||||
| - Lease payments in respect of: | ||||||||
| Factory premises | 617 | 617 | ||||||
| Sale of equipment | 1,261 | - | ||||||
| Sale of spare parts | - | 18 | ||||||
Note:
| (1) | - Controlling shareholder |
Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the period presented.
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$0.00025, 2,000,000,000 shares authorized, 2,940,451 ordinary shares issued and outstanding** | - | * | 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 $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders’ equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Amount in thousands, except for share and per share data, or otherwise noted)
Six Months ended June 30, | ||||||||||||||||
| Note | 2025 | 2026 | 2026 | |||||||||||||
| S$’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 $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders’ equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Amount in thousands, except for share and per share data, or otherwise noted)
| No. of | Additional paid-in | Retained | Currency translation | Total Shareholders’ | ||||||||||||||||
| shares** | capital | earnings | Reserve | Equity | ||||||||||||||||
| S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||
| Balance as of January 1, 2025 | 2,779,651 | 883 | 5,335 | - | 6,218 | |||||||||||||||
| New shares issued | 160,784 | 4,895 | - | - | 4,895 | |||||||||||||||
| Net income for the period | - | - | 5,586 | - | 5,586 | |||||||||||||||
| Foreign currency translation adjustments | - | - | - | - | * | - | * | |||||||||||||
| Balance as of December 31, 2025 | 2,940,435 | 5,778 | 10,921 | - | 16,699 | |||||||||||||||
| Balance as of January 1, 2026 | 2,940,435 | 5,778 | 10,921 | - | 16,699 | |||||||||||||||
| New shares issued | 16 | - | - | - | - | |||||||||||||||
| Net income for the period | - | - | 1,744 | - | 1,744 | |||||||||||||||
| Foreign currency translation adjustments | - | - | - | 13 | 13 | |||||||||||||||
| Balance as of June 30, 2025 | 2,940,451 | 5,778 | 12,665 | 13 | 18,456 | |||||||||||||||
* – 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 $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders’ equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in thousands, except for share and per share data, or otherwise noted)
Six Months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| S$’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 | - | - | - | |||||||||
Exhibit 99.2
Ten-League International Holdings Limited Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2026
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 contributing 45.4% of total revenue, compared with 18.5% 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 increasing 9.9% 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 from 23.5% 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 45.4% of total revenue, compared with 18.5% in the same period last year. This shift reflects the increasing contribution from our strategic focus areas, including new energy infrastructure, automation and integrated engineering solutions. The delivery and acceptance of 30 electric prime movers (“ePM”) supported significant growth in engineering consultancy service income, while rental income continued to expand. Despite softer equipment sales, gross profit margin improved to 24.0%, demonstrating the resilience of our evolving business mix.”
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$33.1 million (US$25.6 million) for the six months ended June 30, 2026. The revenue mix continued to shift towards engineering consultancy services and rental activities, which together contributed 45.4% of total revenue, compared with 18.5% for the same period last year. This change reflects the Company’s ongoing transition from primarily equipment sales towards a broader portfolio of engineering-led, new energy and recurring rental solutions.
| ● | Sales of heavy equipment and parts contributed 54.6% of total revenue for the six months ended June 30, 2026, compared with 81.5% 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 of 41.1% 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, representing 25.9% of total revenue, compared with 3.0% for the same period last year. The increase of 669.4% 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 represented 19.5% of total revenue, compared with 15.5% 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$25.1 million (US$19.4 million) for the six months ended June 30, 2026, a decrease of 12.8% from S$28.8 million for the same period last year.
Gross Profit
Gross profit was S$8.0 million (US$6.1 million) for the six months ended June 30, 2026, a decrease of 10.1% from S$8.8 million for the same period last year.
Gross profit margin was 24.0% for the six months ended June 30, 2026, an increase of 0.5 percentage points from 23.5% for the same period last year.
| ● | 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 from 14.8% 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 from 69.3% 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 from 60.1% 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$0.4 million (US$0.3 million) for the six months ended June 30, 2026, an increase of 21.7% from S$0.3 million for the same period last year. The increase was due to increase of staff salary and related costs.
General and Administrative Expenses
General and administrative expenses were S$5.2 million (US$4.0 million) for the six months ended June 30, 2026, a decrease from S$5.7 million for the same period last year.
Total Other Gain (Loss), Net
Total net other loss was S$0.1 million (US$0.08 million) for the six months ended June 30, 2026, compared to a total net other gain of S$0.1 million for the same period last year.
Net Income
Net income was S$1.7 million (US$1.3 million) for the six months ended June 30, 2026, compared to S$2.4 million for the same period last year.
Basic and Diluted Income per Share
Basic and diluted income per share was S$0.59 (US$0.46) for the six months ended June 30, 2026, compared to S$0.86 for the same period last year.
Financial Condition
As of June 30, 2026, the Company had cash and cash equivalents of S$10.9 million (US$8.5 million), compared to S$10.7 million as of December 31, 2025.
Net cash provided by operating activities was S$10.0 million (US$7.7 million) for the six months ended June 30, 2026, compared to S$10.0 million for the same period last year.
Net cash used in investing activities was S$7.1 million (US$5.5 million) for the six months ended June 30, 2026, compared to net cash provided by investing activities of S$0.2 million for the same period last year.
Net cash used in financing activities was S$2.6 million (US$2.0 million) for the six months ended June 30, 2026, compared to S$5.7 million for the same period last year.
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$1.2941 = US$1.00, which was the foreign exchange rate on June 30, 2026 as reported by the Board of Governors of the Federal Reserve System in its weekly release on July 6, 2026 .
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$0.00025, 2,000,000,000 shares authorized, 2,940,451 ordinary shares issued and outstanding** | - | * | 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 $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders’ equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Amount in thousands, except for share and per share data, or otherwise noted)
Six Months ended June 30, | ||||||||||||||||
| Note | 2025 | 2026 | 2026 | |||||||||||||
| S$’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 $0.000025 to $0.00025 per share. All share and per share information presented in these financial statements have been retrospectively adjusted, where applicable, to reflect this share consolidation. The consolidation did not affect total shareholders’ equity. On May 1, 2026, 16 ordinary shares were issued for no consideration to shareholders whose fractional shares were rounded up to the nearest whole share following the reverse share split.
TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in thousands, except for share and per share data, or otherwise noted)
Six Months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| S$’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 | - | - | - | |||||||||