TMD Energy (NYSE: TMDE) revenue drops 22.5% and swings to $8.5M loss
Rhea-AI Filing Summary
TMD Energy Limited reported a sharp downturn for the first half of fiscal 2026. Total revenues for the six months ended December 31, 2025 fell to $247.6 million from $319.6 million, a decline of 22.5%, mainly from weaker demand and lower prices in its core bunkering services.
Gross profit dropped to $0.7 million from $10.9 million, compressing gross margin from 3.4% to 0.3% as competitive pressures, higher logistics and labor costs, and operational bottlenecks limited pricing power. Operating expenses rose, with general and administrative costs up 20.9% to $3.1 million, driven by higher professional fees and staff costs.
As a result, the company swung from net income of $0.9 million to a net loss of $8.5 million, and basic and diluted earnings per share moved from $0.03 to a loss of $0.35. The balance sheet shows total assets of $125.2 million and total liabilities of $111.7 million as of December 31, 2025, indicating a relatively thin equity cushion.
Positive
- None.
Negative
- Severe earnings deterioration: Revenue fell 22.5% while gross profit dropped 93.8% to $0.7 million, driving a swing from $0.9 million net income to an $8.5 million net loss and EPS falling from $0.03 to a loss of $0.35.
- Margin and leverage pressure: Gross margin compressed from 3.4% to 0.3%, interest expense rose to $3.0 million, and short-term loans reached $91.5 million with total equity at only $13.5 million as of December 31, 2025.
Insights
Core bunkering margins collapsed, driving a swing to loss and tightening equity.
TMD Energy Limited saw revenue fall 22.5% to $247.6 million while gross profit shrank to just $0.7 million. A combination of lower fuel demand, a roughly 16.0% decline in oil prices, and intense competition severely compressed spreads.
Operating expenses did not adjust downward: general and administrative costs rose 20.9% to $3.1 million, and interest expense increased to $3.0 million, reflecting heavy use of trade financing. This produced a net loss of $8.5 million versus prior net income of $0.9 million, with EPS deteriorating from $0.03 to a loss of $0.35.
The balance sheet shows total liabilities of $111.7 million against equity of $13.5 million, including $91.5 million of short-term loans as of December 31, 2025. Sustainability of this structure depends on restoring margins in bunkering and successfully executing the stated strategy around higher-value services and potential biofuel-related initiatives.
Key Figures
Key Terms
bunkering services financial
cost-plus pricing model financial
expected credit losses financial
non-controlling interests financial
operating lease liabilities financial
Earnings Snapshot
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 June 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
Unaudited Interim Financial Statements
TMD Energy Limited is furnishing its unaudited financial results for the six months ended December 31, 2025, a copy of which is attached as Exhibit 99.1 to this report of foreign private issuer on Form 6-K.
On June 29, 2026, TMD Energy Limited issued a press release announcing its unaudited interim financial results for the six months ended December 31, 2025. A copy of the press release is attached as Exhibit 99.2 to this report of foreign private issuer on Form 6-K.
EXHIBITS
| Exhibit No. | Description | |
| 99.1 | TMD Energy Limited Announces Financial Results for the First Half of Fiscal Year 2026 | |
| 99.2 | Press Release — TMD Energy Limited Announces Financial Results for the Six Months Ended December 31, 2025 |
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: June 29, 2026 | Title: | Director and Chief Executive Officer |
Exhibit 99.1
TMD Energy Limited Announces Financial Results for the First Half of Fiscal Year 2026
TMD Energy Limited (“TMDEL” or the “Company”) (NYSE American: TMDE), together with its subsidiaries, is 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. The Company today announced its unaudited financial results for the six months ended December 31, 2025 (“First Half 2026”).
First Half of Fiscal Year 2026 Financial Results
For the Six Months Ended December 31, | ||||||||||||||||
| 2025 | 2024 | Variance | ||||||||||||||
| US$ | US$ | US$ | % | |||||||||||||
| Revenues | ||||||||||||||||
| - Bunkering services | 247,131,765 | 319,240,251 | (72,108,486 | ) | (22.6 | ) | ||||||||||
| - Ship management services | 453,917 | 401,179 | 52,738 | 13.1 | ||||||||||||
| Total revenues | 247,585,682 | 319,641,430 | (72,055,748 | ) | (22.5 | ) | ||||||||||
| Cost of revenues | (246,908,420 | ) | (308,771,930 | ) | (61,863,510 | ) | (20.0 | ) | ||||||||
| Gross profit | 677,262 | 10,869,500 | (10,192,238 | ) | (93.8 | ) | ||||||||||
| Selling and marketing expenses | (210,136 | ) | (52,056 | ) | 158,080 | 303.7 | ||||||||||
| General and administrative expenses | (3,115,828 | ) | (2,576,691 | ) | 539,137 | 20.9 | ||||||||||
| Depreciation expenses | (2,312,612 | ) | (2,454,329 | ) | (141,717 | ) | (5.8 | ) | ||||||||
| Other expenses, net | (3,490,979 | ) | (3,742,490 | ) | (251,511 | ) | (6.7 | ) | ||||||||
| (Loss) Income before income taxes | (8,452,293 | ) | 2,043,934 | (10,496,227 | ) | (513.5 | ) | |||||||||
| Income tax expenses | (84,069 | ) | (1,144,360 | ) | (1,060,291 | ) | (92.7 | ) | ||||||||
| Net (loss) income | (8,536,362 | ) | 899,574 | (9,435,936 | ) | (1,048.9 | ) | |||||||||
| Less: loss (income) attributable to non-controlling interest | 219,990 | (200,814 | ) | 420,804 | 209.5 | |||||||||||
| Net (loss) income attributable to controlling interest | (8,316,372 | ) | 698,760 | (9,015,132 | ) | (1,290.2 | ) | |||||||||
Revenues
Total revenues decreased by $72,055,748, or 22.5%, from $319,641,430 for the six months ended December 31, 2024 to $247,585,682 for the six months ended December 31, 2025. This decrease in total revenues was primarily driven by lower demand for marine fuels under our bunkering services due to ongoing geopolitical uncertainties and softer global trade activities, which adversely affected both sales volume and selling price for the six months ended December 31, 2025.
Bunkering services – Revenue from bunkering services decreased by 22.6%, from $319,240,251 for the six months ended December 31, 2024, to $247,131,765 for the six months ended December 31, 2025. The decrease was mainly attributable to lower sales volume and a decline in average selling prices of marine fuels for the six months ended December 31, 2025.
Total bunkered and traded volume decreased by 10.1%, from 574,883 metric ton for the six months ended December 31, 2024 to 516,676 metric ton for the six months ended December 31, 2025. The decline was mainly due to softer demand amid tariff-related developments and geopolitical uncertainties, which led to more cautious purchasing behavior by customers and downward pressure on marine fuel demand.
In addition, average global oil price declined by approximately 16.0% for the six months ended December 31, 2025, compared to that for the six months ended December 31, 2024. As our bunkering services operate under a cost-plus pricing model, movements in underlying fuel prices directly impact our selling prices. Accordingly, the combined effect of lower volumes and reduced price levels led to the overall decline in revenue from bunkering services.
Ship management services – Revenue from ship management services increased by 13.1%, from $401,179 for the six months ended December 31, 2024, to $453,917 for the six months ended December 31, 2025. The increase was mainly attributable to foreign exchange translation effects. Excluding the impact of currency fluctuations, revenue remained broadly stable, reflecting consistent underlying business performance for the six months ended December 31, 2025.
Cost of revenues
For the Six Months Ended December 31, | ||||||||||||||||
| 2025 | 2024 | Variance | ||||||||||||||
| US$ | US$ | US$ | % | |||||||||||||
| Oil cargo sold | 238,845,687 | 301,683,394 | (62,837,707 | ) | (20.8 | ) | ||||||||||
| Bunker own used | 2,015,759 | 1,805,612 | 210,147 | 11.6 | ||||||||||||
| Crew wages | 1,905,057 | 1,764,213 | 140,844 | 8.0 | ||||||||||||
| Other operating cost | 4,141,917 | 3,518,711 | 623,206 | 17.7 | ||||||||||||
| Total cost of revenues | 246,908,420 | 308,771,930 | (61,863,510 | ) | (20.0 | ) | ||||||||||
Cost of revenues decreased by $61,863,510, or 20.0%, from $308,771,930 for the six months ended December 31, 2024 to $246,908,420 for the six months ended December 31, 2025. The decrease was primarily driven by lower bunker procurement costs, mainly due to reduced purchase volumes reflecting lower demand for bunkering activities. While bunker procurement costs generally move in line with global oil price movements, the reduction in costs for the six months ended December 31, 2025 was primarily volume-driven rather than price-driven, and accounted for the majority of the overall decrease.
The decrease was partially offset by higher operational costs associated with bunkering logistics, which includes: (i) increased crew wages due to market-wide labour cost adjustments; (ii) increased transportation and delivery cost at selected ports, primarily driven by higher logistics service rates and pricing fluctuations. In addition, terminal congestion and limited loading slot availability resulted in a greater reliance on truck loading, which is more costly than conventional loading methods, despite the lower level of bunkering activities for the six months ended December 31, 2025; and (iii) higher maintenance and repair costs incurred to maintain vessel operational readiness, safety standards and regulatory compliance. The increase was primarily attributable to more extensive routine maintenance activities and scheduled repairs required to ensure the continued efficient and reliable operation of the vessels. These costs are largely fixed in nature and required to be incurred despite lower bunkering activities for the six months ended December 31, 2025. In addition, the increase in other operating cost reflected a period-over-period baseline effect arising from the timing of actual vendor billings and accrued expenses recognized for the six months ended December 31, 2024, which did not recur for the six months ended December 31, 2025.
Gross profit
Our gross profit decreased by $10,192,238, or 93.8%, from $10,869,500 for the six months ended December 31, 2024 to $677,262 for the six months ended December 31, 2025. Our gross profit margin for the six months ended December 31, 2025 was 0.3%, compared to 3.4% for the six months ended December 31, 2024.
The decline in gross profit and gross profit margin was primarily attributable to the lower revenues in light of a challenging operating environment characterized by ongoing tariff tensions and uncertainties in global trade, which adversely affected shipping activities and softened demand for marine fuel. In addition, volatility and the overall decline in global oil prices negatively impacted marine fuel price levels, contributing to reduced gross profit. Furthermore, operation bottleneck and chellenges in bunkering, including vessel schedule delays, increased crew wages, higher transportation charges and inflationary cost pressures, further reduced gross margin from bunkering services. The highly competitive market environment further reduced the premiums charged to customers, compressing spreads between selling prices and procurement costs and limiting our ability to fully pass increased operating costs to customers. As a result, gross profit and gross profit margin declined for the six months ended December 31, 2025.
Operating expenses
Selling and Marketing Expenses
Selling and marketing expenses increased to $210,136 for the six months ended December 31, 2025, from $52,056 for the six months ended December 31, 2024. The increase was primarily attributable to higher marketing activities, including increased client engagement efforts to support existing customer relationships, expand our customer base and promote our products and services to potential customers for the six months ended December 31, 2025.
General and Administrative Expenses
For the Six Months Ended December 31, | ||||||||||||||||
| 2025 | 2024 | Variance | ||||||||||||||
| US$ | US$ | US$ | % | |||||||||||||
| Staff cost | 1,573,870 | 1,035,099 | 538,771 | 52.1 | ||||||||||||
| Staff cost – related parties | 95,065 | 95,002 | 63 | 0.1 | ||||||||||||
| Management fees – related party | 390,891 | 371,698 | 19,193 | 5.2 | ||||||||||||
| Professional fees | 1,153,197 | 76,688 | 1,076,509 | 1,403.8 | ||||||||||||
| Leasing license | 150,030 | 150,030 | - | - | ||||||||||||
| (Reversal of) Provision for expected credit losses | (1,147,644 | ) | 69,474 | (1,217,118 | ) | (1,751.9 | ) | |||||||||
| Others | 818,100 | 680,042 | 138,058 | 20.3 | ||||||||||||
| Others – related parties | 82,319 | 98,658 | (16,339 | ) | (16.6 | ) | ||||||||||
| Total general and administrative expenses | 3,115,828 | 2,576,691 | 539,137 | 20.9 | ||||||||||||
General and administrative expenses increased from $2,576,691 for the six months ended December 31, 2024, to $3,115,828 for the six months ended December 31, 2025. The increase was primarily due to higher advisory and professional service fees associated with investor relations activities, potential merger and acquisition opportunities, and corporate development initiatives undertaken for six months ended December 31, 2025.
Management fees paid to our related company, Straits Management Services Sdn. Bhd., represents fees cover management and coordination services provided, including compliance, reporting, governance, corporate secretarial, finance, banking coordination, accounting, and marketing and public relations functions. The amount remained stable for the six months ended December 31, 2025.
In addition, staff costs increased by $538,834, or 47.7%, from $1,130,101 for the six months ended December 31, 2024 to $1,668,935 for the six months ended December 31, 2025, primarily due to annual salary adjustments and discretionary bonuses and incentive payments for the six months ended December 31, 2025.
Other general and administrative expenses also increased by $121,719, or 15.6%, mainly attributable to higher operational support activities of our operation team for the six months ended December 31, 2025. The increase were partially offset by the reversal of expected credit losses on our accounts receivable, following the implementation of scheduled repayment arrangements with our major customers and observed improvement in repayment performance. Based on these arrangements, management reassessed the credit risk profile of the relevant receivables, including updated estimates of probability of default and expected credit loss rates. As a result, certain long-aged receivables previously assessed as higher risk were reclassified under revised risk parameters, leading to a significant reduction in the allowance for expected credit losses.
Depreciation
Depreciation represents the depreciation on the cost of our vessels, dry-dock cost, tools, office equipment, computer hardware and software, motor vehicles, real property and furniture and fittings. The decrease, from $2,454,329 for the six months ended December 31, 2024 to $2,312,612 for the six months ended December 31, 2025 was due to limited capital expenditure, as well as certain existing assets becoming fully depreciated for the six months ended December 31, 2025.
Other expenses, net
For the Six Months Ended December 31, | ||||||||||||||||
| 2025 | 2024 | Variance | ||||||||||||||
| US$ | US$ | US$ | % | |||||||||||||
| Interest income | (104,053 | ) | (22,285 | ) | (81,768 | ) | (366.9 | ) | ||||||||
| Interest income – related party | (684,628 | ) | (375,365 | ) | (309,263 | ) | (82.4 | ) | ||||||||
| Sundry expense, net | 1,375,610 | 1,590,610 | (215,000 | ) | (13.5 | ) | ||||||||||
| Interest expenses | 2,950,209 | 2,548,820 | 401,389 | 15.7 | ||||||||||||
| Share of (profit) losses of associates and joint ventures | (46,159 | ) | 710 | (46,869 | ) | (6,601.3 | ) | |||||||||
| Total other expenses, net | 3,490,979 | 3,742,490 | (251,511 | ) | (6.7 | ) | ||||||||||
Interest income
Interest income represents interest income earned from a related party, late payment interest charge to customers and amounts placed with lender bank of our operating subsidiary, Tumpuan Megah Development Sdn. Bhd. (“Tumpuan Megah”), as a term deposit and in a designated current account. The increase in interest income was due to late payment interest charges to customers of $69,514 incurred for the six months ended December 31, 2025.
In addition, interest income earned from a related party, Straits Energy Resources Berhad, increased to $684,628 for the six months ended December 31, 2025, from $375,365 for the six months ended December 31, 2024.
Sundry expense, net
For the Six Months Ended December 31, | ||||||||||||||||
| 2025 | 2024 | Variance | ||||||||||||||
| US$ | US$ | US$ | % | |||||||||||||
| Loss on foreign exchange | 1,402,784 | 1,863,991 | (461,207 | ) | (24.7 | ) | ||||||||||
| Miscellaneous income | (27,174 | ) | (273,381 | ) | 246,207 | 90.1 | ||||||||||
| Total sundry expense, net | 1,375,610 | 1,590,610 | (215,000 | ) | (13.5 | ) | ||||||||||
Sundry expense decreased by $215,000 from $1,590,610 for the six months ended December 31, 2024 to $1,375,610 for the six months ended December 31, 2025. The decrease was primarily attributable to lower foreign exchange losses arising from the strengthening of the Malaysian Ringgit (“RM”) and Singapore Dollar (“SGD”) against the United States Dollar (“USD”), as the majority of our business activities are denominated in USD while the functional currencies of our five subsidiaries remain RM and SGD, resulting in reduced translation losses on USD-denominated balances. In addition, a decrease of $246,207 in miscellaneous income was mainly due to the absence of an adjustment of $157,535 related to the previously recognized value of the acquisition of Straits Marine Fuels & Energy Sdn. Bhd and a revision of prior-year accruals based on actual marketing expenses incurred, amounting to $61,223 for the six months ended December 31, 2024.
Interest Expense
Interest expense primarily consisted of interest incurred on trade financing facilities granted to Tumpuan Megah, and interest on term loans to our operating subsidiary, Straits Marine Services Pte. Ltd., which bear interest rates ranging from 5.5% to 7.5% per annum. Interest expense increased by $401,389 to $2,950,209 for the six months ended December 31, 2025, up from $2,548,820 for the six months ended December 31, 2024, was due to a higher utilization of trade facilities to support ongoing bunkering activities for the six months ended December 31, 2025.
(Loss) Income before income taxes
We recorded loss before income taxes of $8,452,293 and an income before income taxes of $2,043,934 for the six months ended December 31, 2025 and 2024, respectively. The deterioration was primarily attributable to the decrease in revenue, compression in gross profit margins, increased interest expense and continued operating cost pressures for the six months ended December 31, 2025.
Income tax expense
Income tax expense decreased from $1,144,360 for the six months ended December 31, 2024 to $84,069 for the six months ended December 31, 2025. The decrease was primarily driven by our overall loss position for the six months ended December 31, 2025, driven by the underperformance of our major operating subsidiary. As a result, only minimal current tax expense was incurred, mainly attributable to certain profitable subsidiaries operating in lower-tax jurisdictions.
In contrast, for the six months ended December 31, 2024, we recorded higher income tax expense, driven by stronger profitability contributed by two operating subsidiaries in Singapore and Malaysia, which were subject to higher statutory tax rates compared to entities operating in lower-tax jurisdictions.
Net (loss) income
As a result of the foregoing factors, net income of $899,574 for the six months ended December 31, 2024 decreased by $9,435,936, or 1,048.9%, to net loss of $8,536,362 for the six months ended December 31, 2025.
About TMD Energy Limited
TMD Energy Limited (the “Company”) 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. The Company is also involved in the provision of ship management services for in-house and external vessels, as well as vessels chartering services.
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 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 “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” 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 SEC.
For more information, please contact:
TMD Energy Limited
Email: corporate@tmdel.com
WFS Investor Relations
Email: services@wealthfsllc.com
TMD Energy Limited
Unaudited Consolidated Balance Sheets
As of December 31, 2025 and June 30, 2025
(Expressed in U.S. Dollars, except for the number of shares)
| As of | ||||||||
December 31, 2025 | June 30, 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 8,413,838 | $ | 7,060,410 | ||||
| Accounts receivable, net | 20,132,207 | 28,371,702 | ||||||
| Inventories, net | 9,408,369 | 7,627,129 | ||||||
| Due from related parties | 20,212,582 | 17,992,929 | ||||||
| Other receivables and current assets | 34,884,932 | 30,958,684 | ||||||
| Income tax receivable | 1,424,169 | 1,003,350 | ||||||
| Total current assets | 94,476,097 | 93,014,204 | ||||||
| Non-Current Assets | ||||||||
| Property, plant and equipment, net | 30,402,020 | 31,733,289 | ||||||
| Investments, net | 207,433 | 89,712 | ||||||
| Operating lease right of use asset, net | 26,861 | 37,981 | ||||||
| Deferred tax assets, net | 70,225 | 67,217 | ||||||
| Total Non-Current Assets | 30,706,539 | 31,928,199 | ||||||
| Total Assets | $ | 125,182,636 | $ | 124,942,403 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 15,362,591 | $ | 7,057,387 | ||||
| Other payables | 2,553,596 | 1,402,444 | ||||||
| Short-term loans | 91,500,744 | 91,806,603 | ||||||
| Due to related parties | 1,454,785 | 1,024,058 | ||||||
| Operating lease liabilities – current portion | 25,889 | 24,437 | ||||||
| Long-term debt payable – current portion | 239,564 | 409,025 | ||||||
| Finance lease payable – current portion | 12,836 | 11,979 | ||||||
| Total current liabilities | 111,150,005 | 101,735,933 | ||||||
| Non-Current Liabilities | ||||||||
| Operating lease liabilities – non current | 2,104 | 14,301 | ||||||
| Long term debt payable – non current | 492,268 | 525,148 | ||||||
| Finance lease payable – non current | 49,561 | 53,658 | ||||||
| Total Non-Current Liabilities | 543,933 | 593,107 | ||||||
| Total Liabilities | 111,693,938 | 102,329,040 | ||||||
| Shareholders’ Equity | ||||||||
| Ordinary share, par value $0.0001 per share; 500,000,000 shares authorized; 23,565,000 shares issued and outstanding at December 31, 2025 and June 30, 2025, respectively | 2,357 | 2,357 | ||||||
| Additional paid-in capital | 12,731,677 | 12,731,677 | ||||||
| (Accumulated losses) Retained earnings | (42,124 | ) | 8,274,248 | |||||
| Accumulated other comprehensive income | 7,053 | 578,386 | ||||||
| Total equity attributable to equity holders’ of TMD Energy Limited | 12,698,963 | 21,586,668 | ||||||
| Non-controlling interests | 789,735 | 1,026,695 | ||||||
| Total Equity | 13,488,698 | 22,613,363 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 125,182,636 | $ | 124,942,403 | ||||
TMD Energy Limited
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income
For the Six Months Ended December 31, 2025 and 2024
(Expressed in U.S. dollar, except for the number of shares)
| For the Six Months Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues, net | $ | 247,566,352 | $ | 319,487,548 | ||||
| Revenues – related parties, net | 19,330 | 153,882 | ||||||
| Total revenues | 247,585,682 | 319,641,430 | ||||||
| Cost of revenues | (246,845,539 | ) | (308,650,427 | ) | ||||
| Cost of revenues – related parties | (62,881 | ) | (121,503 | ) | ||||
| Total cost of revenues | (246,908,420 | ) | (308,771,930 | ) | ||||
| Gross profit | 677,262 | 10,869,500 | ||||||
| Operating expenses | ||||||||
| Selling and marketing expenses | (210,136 | ) | (52,056 | ) | ||||
| General and administrative expenses | (2,547,553 | ) | (2,011,333 | ) | ||||
| General and administrative expenses – related parties | (568,275 | ) | (565,358 | ) | ||||
| Depreciation expenses | (2,312,612 | ) | (2,454,329 | ) | ||||
| Total operating expenses | (5,638,576 | ) | (5,083,076 | ) | ||||
| (Loss) Income from operations | (4,961,314 | ) | 5,786,424 | |||||
| Other (expenses) income, net | ||||||||
| Interest income | 104,053 | 22,285 | ||||||
| Interest income – related party | 684,628 | 375,365 | ||||||
| Sundry expense, net | (1,375,610 | ) | (1,590,610 | ) | ||||
| Interest expenses | (2,950,209 | ) | (2,548,820 | ) | ||||
| Share of profit (losses) of associates and joint ventures | 46,159 | (710 | ) | |||||
| Total other expenses, net | (3,490,979 | ) | (3,742,490 | ) | ||||
| (Loss) Income before income taxes | (8,452,293 | ) | 2,043,934 | |||||
| Income tax expenses | (84,069 | ) | (1,144,360 | ) | ||||
| Net (loss) income | (8,536,362 | ) | 899,574 | |||||
| Less: loss (income) attributable to non-controlling interest | 219,990 | (200,814 | ) | |||||
| Net (loss) income attributable to controlling interest | $ | (8,316,372 | ) | $ | 698,760 | |||
| Weighted average number of ordinary shares outstanding: | ||||||||
| Ordinary shares - Basic and diluted | 23,565,000 | 20,000,000 | ||||||
| (Loss) Earnings per share: | ||||||||
| Basic and diluted | $ | (0.35 | ) | $ | 0.03 | |||
| Other comprehensive (loss) income: | ||||||||
| Net (loss) income | $ | (8,536,362 | ) | $ | 899,574 | |||
| Foreign currency translation adjustments | (588,303 | ) | 368,947 | |||||
| Total comprehensive (loss) income | $ | (9,124,665 | ) | $ | 1,268,521 | |||
| Comprehensive (loss) income including non-controlling interest | $ | (9,124,665 | ) | $ | 1,268,521 | |||
| Comprehensive (loss) income attributable to non-controlling interest | (236,960 | ) | 200,665 | |||||
| Comprehensive (loss) income attributable to controlling interest | $ | (8,887,705 | ) | $ | 1,067,856 | |||
Exhibit 99.2
Press Release
For Immediate Release
(Incorporated in Cayman Islands with limited liabilities)
(NYSE American: TMDE)
TMD Energy Limited Announces Financial Results for the Six Months Ended December 31, 2025
KUALA LUMPUR, MALAYSIA, June 29, 2026 (GLOBE NEWSWIRE) — TMD Energy Limited (“TMDEL” or the “Company”) (NYSE American: TMDE), together with its subsidiaries, a Malaysia and Singapore based services provider engaged in integrated bunkering services, which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced its unaudited financial results for the six months ended December 31, 2025 (“First Half 2026”).
First Half of Fiscal Year 2026 Financial and Operational Highlights
| ● | Total Revenues: Total revenues decreased by 22.5% to approximately $247.6 million for the six months ended December 31, 2025, compared to approximately $319.6 million for the six months ended December 31, 2024. |
| ● | Sales Volume: Total bunkered and traded volume decreased by 10.1% to 516,676 metric tons, down from 574,883 metric tons for the six months ended December 31, 2024. |
| ● | Gross Profit: Gross profit declined by 93.8% to approximately $0.7 million, yielding a gross profit margin of 0.3%, compared to a gross profit of approximately $10.9 million and a margin of 3.4% in the prior-year period. |
| ● | Net Loss: Net loss was approximately $8.5 million, compared to a net income of approximately $0.9 million for the six months ended December 31, 2024. |
Management Commentary & Business Vision
Dato’ Sri Kam Choy Ho, Executive Director and Chief Executive Officer of TMDEL, commented: “During the first half of fiscal year 2026, we navigated a highly challenging operating environment characterized by ongoing geopolitical uncertainties, tariff tensions, and softer global trade activities, which collectively put downward pressure on marine fuel demand. Concurrently, a highly competitive market compressed our gross margins, limiting our ability to fully pass increased logistics, labor, and operational costs on to our customers. Despite these near-term sector headwinds, we remained focused on maintaining rigorous safety standards, ensuring vessel operational readiness, and scaling our client engagement efforts.”
“Looking ahead, our vision extends beyond navigating immediate market cycles. We are actively exploring strategic avenues to diversify our offerings and embrace the maritime industry’s green transition. A key pillar of this strategy is our extended partnership with Double Corporate Sdn Bhd to evaluate sustainable waste-based biofuels. This extension grants us a valuable timeframe to potentially integrate their innovative, ISCC-EU-approved technology with our expansive bunkering footprint. As global maritime trade stabilizes and the demand for greener fuels accelerates, TMDEL is committed to building a resilient, future-ready business model that drives long-term value for our shareholders.”
Financial Performance Overview for the Six Months Ended December 31, 2025
Revenues
Total revenues decreased by approximately $72.1 million, or 22.5%, from approximately $319.6 million for the six months ended December 31, 2024, to approximately $247.6 million for the six months ended December 31, 2025. Revenue from bunkering services decreased by 22.6% to approximately $247.1 million. This decline was primarily driven by lower demand and an approximate 16.0% drop in average global oil prices, which directly impacted selling prices under the Company’s cost-plus pricing model. Revenue from ship management services increased by 13.1% to approximately $0.5 million, mainly attributable to foreign exchange translation effects.
Cost of Revenues and Gross Profit
Cost of revenues decreased by approximately $61.9 million, or 20.0%, to approximately $246.9 million for the six months ended December 31, 2025. This volume-driven reduction was partially offset by higher operational costs, including increased crew wages, elevated transportation and delivery costs, and higher maintenance expenses required for operational readiness.
Gross profit decreased to approximately $0.7 million for the six months ended December 31, 2025, compared to approximately $10.9 million for the same period in 2024. The decline was due to the highly competitive market compressing spreads between selling prices and procurement costs, alongside operation bottleneck and challenges in bunkering such as vessel schedule delays and inflationary cost pressures.
Operating Expenses
Selling and marketing expenses increased to approximately $0.2 million, driven by heightened client engagement and marketing efforts. General and administrative expenses increased by 20.9% to approximately $3.1 million, primarily due to higher professional service fees associated with investor relations, potential M&A opportunities, and corporate development initiatives, as well as an increase in staff costs. Depreciation expenses slightly decreased to approximately $2.3 million.
Net Loss
As a result of the foregoing factors, net income of approximately $0.9 million for the six months ended December 31, 2024, decreased by approximately $9.4 million to a net loss of approximately $8.5 million for the six months ended December 31, 2025.
Recent Strategic Developments
| ● | Green Bioenergy Collaboration: On June 8, 2026, the Company announced a two-year extension of its Memorandum of Agreement with Malaysian bioenergy leader Double Corporate Sdn Bhd. The extension grants a two-year exclusivity period to advance discussions and evaluate a strategic collaboration on waste-to-energy sustainable marine fuel and sustainable aviation fuel solutions for the EU, Asia, and global markets. |
About TMD Energy Limited
TMD Energy Limited and its subsidiaries are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessels chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels.
For more information about our Company and its business activities, please visit our website at: www.tmdel.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including but not limited to, statements regarding the MOA and the proposed collaboration with Double Corporate. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, result of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s financial results filings with the SEC.
For investor and media inquiries, please contact:
TMD Energy Limited
e-Mail: corporate@tmdel.com
WFS Investor Relations
e-Mail: services@wfsir.com