TMD Energy FY2026 gross profit falls 79.3%
Lower bunkering volume and higher operating costs narrowed gross margin to 0.57% as TMDE reported a $19.1 million net loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
TMD Energy Limited (TMDE) reported audited results for the fiscal year ended June 30, 2026, with total revenue down 10.2% to approximately $545.0 million from approximately $606.7 million in FY2025 (unaudited). Gross profit fell 79.3% to approximately $3.1 million, with a 0.57% margin compared with approximately $15.0 million and a 2.47% margin in the prior-year period. Net loss was approximately $19.1 million, versus approximately $3.6 million.
Bunkering revenue declined 10.2% to approximately $543.8 million, primarily due to lower bunkered volume amid tariff-related trade disruptions and geopolitical uncertainty; higher bunker fuel selling prices partly offset the volume decline. Cost of revenues decreased 8.4% to approximately $541.9 million. The company cited higher crew wages, logistics rates, equipment upkeep and vessel maintenance costs, as well as a narrower spread between selling prices and procurement costs. General and administrative expenses rose 76.4% to approximately $10.4 million, including a $1.8 million increase in provision for expected credit losses. The group operates in 19 ports across Malaysia with 15 bunkering vessels.
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
- None.
Negative
- Major pointNet loss was $19.1 million, versus $3.6 million in FY2025.
- Major pointOperations shifted to a $12.9 million loss, from $3.9 million income.
- Moderate pointRevenue fell 10.2% to approximately $545.0 million in FY2026.
- Moderate pointGross profit fell 79.3% to approximately $3.1 million; margin was 0.57%.
Key Figures
Key Terms
bunkering services technical
gross profit margin financial
expected credit losses financial
very low sulfur fuel oil technical
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did TMDE report for FY2026?
What was TMDE's net loss in FY2026?
Why did TMDE's bunkering revenue decline?
How many ports and bunkering vessels does TMDE operate?
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 October 2026
Commission File Number: 001-42604
TMD Energy Limited
(Exact name of Registrant as specified in its charter)
B-10-06, Block B, Plaza Mont Kiara
No. 2, Jalan Kiara, Mont Kiara
50480 Kuala Lumpur
Wilayah Persekutuan, West Malaysia
(Address of principal executive office)
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 ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On October 29, 2026, TMD Energy Limited issued a press release announcing its audited financial results for the fiscal year ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this report of foreign private issuer on Form 6-K.
EXHIBITS
| Exhibit No. | Description | |
| 99.1 | Press Release — TMD Energy Limited Reports Its Audited Financial Results for the Fiscal Year Ended June 30, 2026 |
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.
| TMD Energy Limited | ||
| By: | /s/ Dato’ Sri Kam Choy Ho | |
| Name: | Dato’ Sri Kam Choy Ho | |
| Date: October 29, 2026 | Title: | Director and Chief Executive Officer |
Exhibit 99.1
Press Release
For Immediate Release
(Incorporated in Cayman Islands with limited liabilities)
(NYSE American: TMDE)
TMD Energy Limited Reports Its Audited Financial Results for the Fiscal Year Ended June 30, 2026
KUALA LUMPUR, MALAYSIA, October 29, 2026 (GLOBE NEWSWIRE) — TMD Energy Limited (“TMDEL” or the “Company”) (NYSE American: TMDE), together with its subsidiaries (the “Group” or “TMDEL Group”), a Malaysia and Singapore based services provider engaged in integrated bunkering services, which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced its audited financial results for the fiscal year ended June 30, 2026 (“FY2026”).
Fiscal Year 2026 Financial and Operational Metrics
| ● | Total Revenues: Total revenues decreased by 10.2% to approximately $545.0 million for the fiscal year ended June 30, 2026 compared to approximately $606.7 million for the unaudited fiscal year ended June 30, 2025. | |
| ● | Sales Volume: Bunkering revenue declined primarily due to lower bunkered volume, reflecting softer demand amid tariff-related trade disruptions and geopolitical uncertainty. The effect of lower volume was partially offset by higher bunker fuel selling prices during FY2026, as selling prices generally track prevailing market oil prices. | |
| ● | Gross Profit: Gross profit declined by 79.3% to approximately $3.1 million, yielding a gross profit margin of 0.57%, compared to a gross profit of approximately $15.0 million and a margin of 2.47% in the prior-year period. | |
| ● | Net Loss: Net loss was approximately $19.1 million, compared to net loss of approximately $3.6 million for the fiscal year ended June 30, 2025. |
Management Commentary & Business Vision
Dato’ Sri Kam Choy Ho, Executive Director and Chief Executive Officer of TMDEL, commented:
“For the fiscal year ended June 30, 2026, we operated amid a highly challenging environment shaped by lingering geopolitical uncertainty, tariff frictions, volatility in oil price, subdued global trade activity and intense market competition. These factors affect global shipping activity, volume of oil cargo bunkered, and constrained our ability to preserve pricing spread. In response to these challenges, we have been strengthening collaboration with our key service providers and exploring alternative sourcing and supply chain options to enhance resilience and operational continuity. Moreover, we have intensified our marketing efforts, to expand our customer base and promote our products and services to prospective clients.”
“Looking forward, we will continue to monitor developments closely and adapt our business strategy as needed to maintain operational stability and financial performance. We maintain confidence in our ability to create sustainable long-term value for shareholders and customers worldwide.”, Dato’ Sri Kam Choy Ho continued.
Financial Performance Overview for the Fiscal Year Ended June 30, 2026
Revenues
Total revenues decreased by approximately $61.7 million, or 10.2%, from approximately 606.7 million for the fiscal year ended June 30, 2025, to approximately $545.0 million for the fiscal year ended June 30, 2026. Revenue from bunkering services decreased by 10.2% to approximately $543.8 million. This decline was substantially attributable to the lower level of bunkering activities, which reflected weaker demand amid tariff-related developments and geopolitical uncertainties. As bunker fuel selling prices are generally linked to prevailing market oil prices, the higher average oil price environment contributed to higher selling prices and partially mitigated the decrease in bunkering services revenue. Revenue from ship management services declined by 8.7% to approximately $1.1 million, mainly attributable to changes in the company’s customer base.
Cost of Revenues and Gross Profit
Cost of revenues decreased by approximately $49.8 million, or 8.4%, to approximately $541.9 million for the fiscal year ended June 30, 2026. This volume-driven reduction was partially offset by rising bunker prices, and higher operational costs. The higher operational costs were caused by increased crew wages, elevated logistics service rates, and higher equipment upkeep and vessel maintenance costs, which are largely fixed in nature.
Gross profit decreased to approximately $3.1 million for the year ended June 30, 2026, compared to approximately $15.0 million for the year ended June 30, 2025. The decline reflected a narrower spread between selling prices and procurement costs, and limited ability to fully pass through inflationary costs to customers by the company, due to volatility in oil prices, competitive market conditions and softer demand for marine fuel. In addition, vessel schedule disruption and delays, higher transportation and logistics charges, terminal congestion, limited loading-slot availability and inflationary cost pressures increased the operating costs.
Operating Expenses
Selling and marketing expenses increased to approximately $0.72 million, attributable to additional marketing activities, including increased client engagement efforts to support existing customer relationships, expand customer base and promote products and services to potential customers. General and administrative expenses increased by 76.4% to approximately $10.4 million, primarily due to hike in staff costs, increased management fees covering overall group management and coordination services, increased professional service fees in connection with the public company, potential strategic acquisition activities, higher business development expenses related to client engagements, as well as $1.8 million increase in provision for expected credit losses. Depreciation expenses decreased by $0.27 million to approximately $4.9 million.
Loss from operations
Loss from operations was approximately $12.9 million for the fiscal year ended June 30, 2026, decreased by approximately $16.8 million from income from operations of approximately $3.9 million for the fiscal year ended June 30, 2025.
Net Loss
As a result of the foregoing factors, net loss, increased by approximately $15.5 million, from approximately $3.6 million for the fiscal year ended June 30, 2025, to approximately $19.1 million for the fiscal year ended June 30, 2026.
About TMD Energy Limited
TMD Energy Limited and its subsidiaries are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessels chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels.
For more information about our Company and its business activities, please visit our website at: www.tmdel.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, result of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s financial results filings with the SEC.
For investor and media inquiries, please contact:
TMD Energy Limited
e-Mail: corporate@tmdel.com
WFS Investor Relations
e-Mail: services@wfsir.com