SINGAPORE, May 29, 2025 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways,” the “Company” or the “Issuer”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced that it received a notification from the New York Stock Exchange Regulation (“NYSE Regulation”) that it officially regained compliance with exchange listing requirements. On May 16, 2025, the Company received a notification fro ...

SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways”, the “Company” or the “Issuer”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced fiscal year 2024 financial results. "We are pleased to report on the strategic advancements Multi Ways Holdings Limited has achieved over the past year," said Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways Ho ...

Financial Performance - As of December 31, 2024, the company had inventories of $45.1 million, up from $36.7 million in 2023, indicating a 23% increase in inventory levels[43]. - Equipment sales business constituted approximately 69.2% of the company's total revenue for the financial year ended December 31, 2024, generating $21.5 million[208]. - In the financial year ended December 31, 2023, equipment sales revenue was $24.7 million, representing 68.6% of total revenue[208]. - The rental business constitutes approximately 23.1%, 13.8%, and 9.9% of the Company's total revenue for the financial years ended December 31, 2024, 2023, and 2022 respectively[222]. - The top five customer groups contributed approximately 32.7%, 35.8%, and 39.4% of the company's revenue for the financial years ended December 31, 2024, 2023, and 2022, respectively[62]. - The largest customer accounted for approximately $4.8 million, or 15.6% of total revenue, for the financial year ended December 31, 2024[62]. Market and Economic Conditions - The company's rental business is heavily dependent on the economic conditions in Singapore, with potential adverse effects on revenue and profitability if demand for construction falls[40]. - The company is susceptible to cyclical fluctuations in the infrastructure and construction industries, which could lead to reduced demand for its services and products[35]. - The company’s performance is influenced by regional and global political, regulatory, and economic conditions, which are beyond its control[37]. - The war in Ukraine has affected global economic markets, which could indirectly impact the company’s business despite no direct exposure[83]. Risks and Challenges - The company faces risks from fluctuations in the prices and availability of heavy construction equipment and parts, which could negatively impact sales and rental operations[44]. - The company is exposed to credit risks from customers, which could impact revenue if customers are unable to secure financing for projects[39]. - The company faces risks from equipment downtime, which can lead to substantial opportunity costs in terms of foregone revenue[51]. - The company is exposed to credit risks, as customers may delay or default on payments, impacting financial performance[65]. - Changes in government policies regarding foreign labor could increase labor costs and disrupt operations[50]. - The company faces risks from negative publicity that could affect customer satisfaction and its reputation, impacting business operations[80]. - The company may be subject to litigation and regulatory investigations, which could have a material adverse effect on its reputation and financial condition[89]. Management and Personnel - The company relies on key management personnel, particularly Mr. James Lim, whose departure could materially affect business operations and strategy implementation[46]. - The company relies heavily on skilled labor, particularly crane operators and maintenance technicians, which may lead to increased costs if skilled labor becomes scarce[48]. - The company has 14 employees approved by the Ministry of Manpower (MOM) to operate cranes in Singapore, which is critical for its operations[72]. - The company appointed Mr. Tan Cheon Kem as the Financial Controller effective June 3, 2024, following the resignation of Mr. Tan Noon Huan[151]. Corporate Governance and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[117]. - The company may face increased costs after ceasing to qualify as an emerging growth company, including legal and accounting expenses[117]. - The company is classified as a controlled company under the NYSE American Company Guide, allowing it to rely on exemptions from certain corporate governance requirements[109]. - The company plans to follow home country practices in corporate governance, which may afford less protection to shareholders compared to U.S. regulations[110]. - The company expects to incur significant expenses related to compliance with Section 404 of the Sarbanes-Oxley Act after no longer being classified as an "emerging growth company"[123]. Shareholder and Market Information - The controlling shareholder, Mr. James Lim, indirectly controls approximately 61.8% of the company's issued and outstanding Ordinary Shares, which may lead to conflicts of interest[106]. - The company received a notice from NYSE Regulation regarding its low trading price, which has fallen below $1.00 over a 30-trading day period, potentially leading to delisting if it falls below $0.10[153]. - The trading price of the company’s Ordinary Shares may be volatile, influenced by market factors and operational performance, leading to potential losses for investors[93]. - The trading market for the company's Ordinary Shares may decline if analysts publish unfavorable research or downgrade their recommendations[102]. - The company may have difficulties in protecting shareholder interests due to its incorporation under Cayman Islands law, which offers less protection than U.S. law[111]. Operational Capabilities - The company has established itself as a reliable supplier of heavy construction equipment in Singapore and the surrounding region, with over two decades of experience[142]. - The company offers a wide range of heavy construction equipment for sale and rental, including earth-moving, material-handling, and road-building equipment[144]. - The company has approximately 56 employees in its maintenance and servicing team, contributing to its operational capabilities[130]. - The company maintains a network of over 100 customers for its equipment sales business, sourcing both new and used heavy construction equipment[204]. - The company has a maintenance and service team of 56 employees in Singapore, responsible for refurbishing and servicing used heavy construction equipment[205]. - The Company provides crane operation services, including transportation and erection of cranes at job sites, with 14 qualified operators available[221]. Future Plans and Investments - The company may require additional financing in the future to fund the purchase of heavy construction equipment and support growth initiatives[16]. - The company plans to expand capabilities through acquisitions, investments, and strategic partnerships, potentially requiring additional funds[78]. - The company completed its initial public offering on April 5, 2023, issuing 6,040,000 Ordinary Shares at a price of $2.50 per share, resulting in gross proceeds of $15.1 million[147]. - The company granted an option to purchase a property for S$14.3 million, which was exercised and completed on November 30, 2023[147]. - The company acquired a 4.4% ownership in Blissful Link Investments Limited for $2.2 million on May 2, 2023[148]. - The company adopted a new equity incentive plan effective November 1, 2023, to enhance employee engagement and retention[148]. - The company issued 1,700,000 ordinary shares under the 2023 Equity Incentive Plan as compensation for key executives, including the CEO and Chief Administration Officer[152]. - The company issued 790,000 shares under the 2023 Equity Incentive Plan to various executives and employees as compensation for their continued service[154]. - The company adopted the 2024 Equity Incentive Plan, authorizing the issuance of up to 3,000,000 ordinary shares for share-based compensation awards[155]. Customer Relations and Services - The rental business primarily serves customers in the infrastructure and building construction industry in Singapore[219]. - Customer inquiries for equipment rentals are actively managed, allowing the Company to gather feedback on market demand[225]. - Warranty for new equipment is covered by original equipment manufacturers, while used equipment is delivered to customer satisfaction without warranty[216]. - The Company supports customers in complying with regulations set by MOM, BCA, HDB, and LTA in Singapore[218]. - The Company arranges shipments and provides container packing services for overseas customers[215].

SINGAPORE, May 23, 2025 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways”, the “Company” or the “Issuer”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced the receipt of notification (the “Filing Deficiency Notification”) from New York Stock Exchange Regulation (“NYSE Regulation”) on May 16, 2025, indicating that, as a result of not having timely filed its Annual Report on Form 2 ...

Core Viewpoint - Multi Ways Holdings Limited announced the sale of 23 SANY cranes in 2024, generating revenue of SGD 8.9 million (US$6.6 million), highlighting strong demand for premium construction equipment and the company's strategic partnership with SANY [1][2]. Company Overview - Multi Ways Holdings Limited is a leading supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [3]. - The company serves a diverse customer base, including clients from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, positioning itself as a one-stop shop for heavy construction equipment [3]. Sales and Revenue - The sale of 23 SANY cranes represents a significant portion of Multi Ways' equipment transactions for 2024, demonstrating the company's ongoing strategy to maintain a modern and high-performance fleet [2]. - The revenue generated from this sale amounts to SGD 8.9 million (US$6.6 million), indicating a successful transaction that contributes to the company's financial performance [1]. Strategic Partnerships - The partnership with SANY, the world's third-largest machinery manufacturer, allows Multi Ways to offer advanced construction machinery, meeting the strong demand in the construction sector [2]. - By actively refreshing its equipment lineup, the company aims to stay competitive in the rapidly evolving construction market [2].

Core Insights - Multi Ways Holdings Limited has secured a significant leasing agreement worth US$17.6 million with the Ministry of Defence of Singapore, showcasing its capabilities in providing advanced machinery tailored to governmental needs [2][3][4] - The agreement highlights the company's commitment to quality and reliability in heavy construction equipment, reinforcing its reputation in the equipment leasing industry [2][3][4] Financial Impact - The leasing agreement is expected to boost the financial outlook of Multi Ways, validating its strategic focus on delivering high-quality equipment solutions [3][4] - The company is well-positioned to capitalize on the growing demand for heavy machinery and equipment solutions, supported by a robust pipeline of opportunities and a strong balance sheet [3][4] Strategic Importance - This contract is seen as a major accomplishment for Multi Ways, potentially paving the way for future agreements with government entities, which could open new opportunities both within and outside Singapore [3][4] - The company aims to leverage this success to drive further growth and enhance shareholder value, emphasizing its commitment to innovation and operational excellence [3][4] Company Background - Multi Ways Holdings is established as a reliable supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [8] - The company offers a wide variety of heavy construction equipment and complementary refurbishment and cleaning services, positioning itself as a one-stop shop for customers [8]

Core Insights - Multi Ways Holdings Limited has secured a significant leasing agreement worth US$17.6 million with the Ministry of Defence of Singapore, enhancing its financial outlook and market presence [2][7] - The agreement involves leasing advanced machinery and equipment specifically designed to meet the needs of the Ministry of Defence, showcasing the quality and reliability of Multi Ways' fleet [2][9] - The company aims to leverage this success to drive further growth and enhance shareholder value, while also positioning itself for future opportunities with government entities [3][8] Company Overview - Multi Ways Holdings Limited is a leading supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [10] - The company is recognized for its reliable supply of both new and used heavy construction equipment to various markets, including Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines [10] - Multi Ways is committed to innovation and excellence, ensuring sustainable growth and long-term value for its stakeholders [3]

Core Viewpoint - Multi Ways Holdings Limited reported a decrease in total revenue for fiscal year 2023, primarily due to reduced demand for equipment sales, but improved net income and cash flows indicate a strengthened financial position and resilience in operations [2][3][8]. Financial Performance - Total revenue decreased by approximately $2.3 million or 6.1% to approximately $36.0 million for the year ended December 31, 2023, down from approximately $38.4 million in 2022 [3]. - Cost of revenues decreased by approximately $1.3 million or 4.4% to approximately $27.4 million in 2023, attributed to lower demand in equipment sales [4]. - Gross profit amounted to $8.7 million in 2023, down from $9.7 million in 2022, with gross profit margins at approximately 24.0% compared to 25.4% in the previous year [5]. - Selling and distribution expenses were approximately $1.0 million in 2023, representing 2.6% of total revenue, down from approximately $1.5 million or 3.9% in 2022 [6]. - Administrative expenses increased to approximately $10.8 million in 2023, representing 29.9% of total revenue, compared to approximately $6.7 million or 17.6% in 2022 [7]. - Net income for 2023 was approximately $1.8 million, up from approximately $1.0 million in 2022 [8]. Cash Flow and Balance Sheet - Cash and cash equivalents increased to approximately $7.1 million as of December 31, 2023, compared to approximately $1.0 million in 2022 [8]. - Cash provided by operating activities was approximately $0.06 million in 2023, down from approximately $0.9 million in 2022 [9]. - Cash generated from investing activities was approximately $6.8 million in 2023, primarily from the disposal of property and equipment [9]. - Total assets were approximately $58.0 million, with total liabilities at approximately $36.2 million as of December 31, 2023 [11]. - Working capital improved significantly to approximately $20.9 million in 2023, compared to approximately $2.9 million in 2022 [11]. Strategic Initiatives - The company has made strategic advancements, including the acquisition of SANY equipment and the formation of partnerships to enhance service offerings [2]. - Ongoing fleet renewal and expansion initiatives are aimed at meeting evolving client requirements [2].

Financial Performance - As of December 31, 2022 and 2023, the company had inventories of $31.4 million and $36.7 million respectively, indicating a growth in inventory levels[43] - Approximately 35.8%, 39.4%, and 43.6% of the company's revenue for the financial years ended December 31, 2023, 2022, and 2021, respectively, came from the top five customer groups[61] - The largest customer contributed approximately $4.4 million, representing 12.1% of total revenue for the financial year ended December 31, 2023, down from $9.6 million or 28.8% in 2021[61] - Equipment sales business generated total revenue of $24.7 million in FY 2023, constituting approximately 68.6% of the Group's total revenue[174] - In FY 2022, equipment sales revenue was $32.2 million, with 31.2% from Singapore and 68.8% from overseas markets[174] - The Group's rental business accounted for approximately 13.8% of total revenue in FY 2023, compared to 9.9% in FY 2022[186] - Services contributed approximately 17.6%, 6.2%, and 8.7% to the Company's total revenue for the financial years ended December 31, 2023, 2022, and 2021, respectively[198] Business Risks - The company's rental business is heavily dependent on the general economic conditions in Singapore, with potential adverse effects on revenue and profitability if demand for construction falls[40] - The company is susceptible to fluctuations in the prices and availability of heavy construction equipment and parts, which may negatively impact sales and rental businesses[44] - The company faces risks related to cyclical fluctuations in the infrastructure and construction industries, which could lead to decreased demand for its services and products[34] - The company is exposed to credit risks from customers, which could impact their ability to commence or continue construction projects[38] - The company faces risks from fluctuations in foreign currency exchange rates, particularly with transactions in Japanese Yen[69] - Any changes in government policies regarding foreign labor could increase labor costs and disrupt operations[50] - The company is exposed to potential legal liabilities and reputational damage from accidents involving its heavy construction equipment[54] - The company faces risks related to negative publicity, which could impact customer satisfaction and business reputation[79] - The company may be subject to litigation and regulatory investigations, which could adversely affect its reputation and financial condition[87] Management and Personnel - The company relies on key management personnel, particularly Mr. James Lim, whose absence could materially affect business operations and future growth prospects[46] - The company relies on skilled labor, particularly crane operators and maintenance technicians, which may lead to increased costs if skilled personnel are in short supply[48] - The company has 14 employees approved by the Ministry of Manpower (MOM) to operate cranes in Singapore, which is crucial for compliance and operational capability[71] - The company employs 54 skilled mechanics and technicians for the refurbishment of heavy construction equipment[171] - The Company has 15 certified crane operators qualified by the Ministry of Manpower (MOM) to operate cranes in Singapore[204] Equipment and Operations - The company is dependent on maintaining a wide range of heavy construction equipment that meets evolving customer needs and preferences[42] - Equipment downtime can lead to substantial opportunity costs in terms of foregone revenue, affecting profitability[51] - The company maintains a fleet of more than 30 cranes registered with HDB, with 14 employees approved as crane erectors by MOM[182] - The crawler crane range has maximum load capacities from 50 tons to 300 tons, catering to various construction needs[156] - The company sources new heavy construction equipment from reputable dealers globally to meet customer demands[172] - The rental contracts for cranes are typically monthly, providing flexibility based on customer project schedules[184] - The Company regularly reviews its fleet of heavy construction equipment to ensure it meets customer requirements and monitors operational needs against repair and maintenance costs[196] - The Company aims to maintain reliability and safety by disposing of older equipment and replacing them with newer models as part of its fleet renewal strategy[197] - The Company offers customization refurbishment services, allowing customers to modify equipment to fit specific needs, such as changing technical specifications or corporate branding[200] Financial Strategy and Capital - The company may require additional financing in the future to fund the purchase of heavy construction equipment and support growth initiatives[16] - The company requires financing for purchasing heavy construction equipment, which is critical for maintaining a competitive advantage[76] - The company may encounter business opportunities that require additional funds for expansion through acquisitions or partnerships[77] - The company plans to retain all available funds and future earnings to fund business development and growth[100] - The company does not expect to pay dividends in the foreseeable future, relying instead on price appreciation for returns on investment[100] - The company may require substantial capital expenditure for its business strategies, with no assurance of achieving expected results[86] Regulatory and Compliance - The company is subject to environmental, health, and safety regulations, which may increase costs and adversely affect financial performance[73] - The company expects to incur significant expenses related to compliance with Section 404 of the Sarbanes-Oxley Act after no longer being classified as an "emerging growth company"[121] - The company is currently evaluating the potential loss of its foreign private issuer status, which could lead to increased legal and compliance costs[118] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[116] - The company is exempt from certain corporate governance requirements under the NYSE American Company Guide due to its status as a controlled company[108] Market and Shareholder Information - The company’s Ordinary Shares are listed on the NYSE American, and failure to meet listing requirements could lead to delisting[90] - The trading price of the company’s Ordinary Shares may be volatile, influenced by market conditions and operational performance[92] - Approximately 66.75% of the company's issued and outstanding Ordinary Shares are controlled by the Controlling Shareholder, Mr. James Lim[106] - The company may experience a decline in market price and trading volume if analysts publish unfavorable research or downgrade its shares[102] Safety and Compliance Regulations - The Workplace Safety and Health Act (WSHA) imposes a duty on manufacturers of machinery and hazardous substances to ensure safety information is provided and that the equipment is safe for use[218] - Non-compliance with WSHA can result in fines up to S$200,000 or imprisonment for up to two years for individuals, and fines up to S$500,000 for corporations[218] - The Commissioner for Workplace Safety and Health (CWSH) can issue remedial or stop-work orders if workplace conditions pose risks to safety and health[219] - Employers must conduct risk assessments and maintain records for at least three years, with fines up to S$10,000 for first offenses and S$20,000 for subsequent offenses[222] - The Workplace Safety and Health (Noise) Regulations require occupiers to control excessive noise exposure, with fines up to S$10,000 for violations[221] - The owner of cranes and material handling machinery must ensure proper maintenance and stability during operation[223] - Employers are required to implement safety procedures to minimize foreseeable risks and inform workers accordingly[222] - A stop-work order mandates immediate cessation of work until safety measures are satisfied by the CWSH[220] - The WSHA applies to all persons manufacturing or supplying machinery in the course of business, regardless of profit motives[218] - The CWSH has the authority to assess workplace conditions and enforce compliance with safety regulations[219]

Financial Performance - Multi Ways Holdings Limited reported fiscal year 2022 revenue of approximately $38.4 million, representing a 15% increase year-over-year from approximately $33.4 million in 2021[3] - Gross profit for the fiscal year 2022 was approximately $9.7 million, with a profit margin of 25.4%, compared to a margin of 28% in 2021[3] - Net income for fiscal year 2022 was approximately $1 million, a decrease from approximately $1.8 million in 2021, primarily due to increased selling and administrative expenses[3] Revenue Sources - 41.2% of total revenue in 2022 was generated from customers in Singapore, while 23.6% came from Australia, and 35.2% from other countries[3] Cash Flow and Assets - Cash provided by operating activities decreased to approximately $0.8 million in 2022, down from approximately $5.6 million in 2021[7] - Cash and cash equivalents decreased to approximately $1.0 million as of December 31, 2022, compared to approximately $1.5 million in 2021[7] - Working capital decreased to approximately $2.9 million at the end of 2022, down from approximately $4.4 million at the end of 2021[7] - Total assets as of December 31, 2022, were approximately $52.8 million, while total liabilities were approximately $46.5 million[7] Shareholders' Equity - Shareholders' equity increased to approximately $6.3 million as of December 31, 2022, compared to approximately $5.4 million in 2021[7] Future Plans - The company plans to invest in expanding and renewing its fleet of heavy construction equipment to meet growing demand following its initial public offering[6]