Vantage Corp reported weaker results for the first half of fiscal 2026 ended September 30, 2025. Revenue was $8.5 million, down from $10.4 million a year earlier, as tariffs and July 2025 sanctions weighed on global trade and demand, and revenue from dirty petroleum products declined.
Gross profit fell to $4.9 million with gross margin compressing to 57.8% from 68.6%, while operating expenses nearly doubled to $2.9 million, driven mainly by post-IPO structural costs. Net income dropped to $1.5 million from $4.7 million, and EBITDA declined to $2.2 million from $5.7 million, reflecting both softer revenue and higher costs.
The balance sheet strengthened, with cash and cash equivalents rising to $11.7 million from $5.9 million, largely from IPO proceeds, and shareholders’ equity improving to $12.5 million from a prior deficit. The company closed the acquisition of PJ Marine Singapore, entered an SPA to acquire two additional China-focused shipbroking firms, executed over half of a proposed $1 million share repurchase program, and increased its forward order book to $1.2 million from $760,000 as it pivots from spot fixtures to more stable term contracts.
Vantage Corp, a shipbroking services provider in Singapore and Dubai, reported unaudited results for the six months ended September 30, 2025 and confirmed completion of its acquisition of PJ Marine Singapore Pte. Ltd. Revenue was $8,533,185 for the period, compared with $10,427,378 a year earlier, while cost of revenue was $3,603,689. Net income declined to $1,473,399 from $4,688,060, with basic and diluted earnings per share of $0.05 versus $0.17 in the prior-year period. Total assets increased to $20,675,825 at September 30, 2025 from $11,160,406 at March 31, 2025, and shareholders’ equity improved to $12,509,158 from a deficit of $(360,201), reflecting higher cash, additional paid-in capital, and positive retained earnings.
Vantage Corp reported that its wholly owned subsidiary, Vantage (BVI) Corporation, entered into three Sales and Purchase Agreements on December 10, 2025 to acquire PJ Marine Singapore Pte. Ltd. (100% of its shares), PJ Marine Shanghai Co., Ltd. (60% of its shares), and Peijun Marine Consultant Co., Limited (60% of its shares) for an aggregate cash consideration of approximately $3.6 million. The consideration will be paid in two cash instalments, with an initial payment at each acquisition’s completion date and a second payment on the first anniversary of completion. In the same announcement, the company also disclosed updates to its Share Repurchase Program and noted that the transactions involve forward‑looking statements about synergies and financial impact that are subject to various risks and uncertainties.
Vantage Corp reported that its Board approved a Share Repurchase Program under which the Company may repurchase up to US$1 million of its Class A ordinary shares. The program is effective immediately and runs until December 31, 2026.
The authorization permits the Company to buy back shares subject to applicable rules under the Securities Exchange Act of 1934 and the Company’s insider trading policy. The announcement was made via a press release furnished as Exhibit 99.1.
Vantage Corp ("VNTG") filed a Form 6-K to report the full exercise of the 45-day over-allotment (OA) option connected to its recent IPO.
- The representative of the underwriters purchased an additional 487,500 Class A ordinary shares at the IPO price of $4.00, producing $1.95 million in gross proceeds for the company. Closing occurred on 18 June 2025.
- This raises the total IPO share count to 3,737,500 and total gross proceeds to roughly $14.95 million (before underwriting discounts and expenses).
- On the same day, Vantage issued warrants to the representative and its affiliates covering 24,375 shares, exercisable for five years at $5.00 per share (a 25% premium to the IPO price).
- Copies of the underwriting agreement, warrant agreement and related press release are attached as Exhibits 10.1, 4.1 and 99.1, respectively.
The filing contains no additional financial statements or forward-looking guidance and expressly disclaims any offer or solicitation beyond registered jurisdictions.