Financial Performance - For the fiscal year ending December 31, 2024, revenue was SGD 101.9 million, a decrease of 19.5% year-over-year, primarily due to a strategic shift towards the higher-margin D2B business model[5]. - The company reported a net loss of SGD 269.8 million for the year, compared to a loss of SGD 17.3 million in 2023, largely due to expenses related to the special purpose acquisition company (SPAC) merger[5]. - Adjusted EBITDA loss significantly narrowed from SGD 9.2 million in 2023 to SGD 3.9 million in 2024, improving the adjusted EBITDA margin from -7.2% to -3.8%[5]. - The net loss attributable to shareholders for 2024 was SGD 269,767,000, compared to a loss of SGD 17,310,000 in 2023, indicating a significant increase in losses[19]. - The company recorded a net loss of SGD 269.8 million in 2024, compared to a net loss of SGD 17.3 million in 2023, resulting in a net loss margin of 264.8% for 2024, up from 13.7% in 2023[47]. Revenue Breakdown - Total revenue decreased to SGD 101,861,000 from SGD 126,595,000 in 2023, representing a decline of approximately 19.6%[16]. - Direct-to-Consumer (D2C) sales through omnichannel decreased to SGD 68,905,000 in 2024 from SGD 99,952,000 in 2023, a drop of about 31.1%[16]. - Digital solutions services (D2B) revenue increased to SGD 32,956,000 in 2024 from SGD 26,643,000 in 2023, marking a growth of approximately 23.6%[16]. - D2B sales revenue increased from 21.0% of total revenue in 2023 to 32.4% in 2024, indicating a strategic shift towards higher-margin business models[29]. - D2C revenue fell from SGD 100.0 million in 2023 to SGD 68.9 million in 2024, as some brand partners were transitioned to the D2B model[34]. Profitability and Margins - Gross profit remained stable at SGD 31.3 million, with a gross margin of 30.8%, reflecting a year-over-year increase of 5.7 percentage points[5]. - Overall gross margin improved from 25.1% in 2023 to 30.8% in 2024, attributed to the higher margin D2B model[38]. - Gross profit from the D2B model increased by 34.0% to SGD 24.1 million in 2024, while D2C gross profit decreased by 47.5% to SGD 7.2 million[37]. Expenses and Liabilities - General and administrative expenses surged from SGD 26.0 million in 2023 to SGD 117.5 million in 2024, mainly due to a significant increase in share-based payment expenses[43]. - The company's total liabilities as of December 31, 2024, amounted to SGD 455,000, while the net asset value was negative SGD 20,652,000[10]. - The company's current liabilities net position as of December 31, 2024, was SGD 75,912,000, which includes financial liabilities of SGD 121,577,000 to be settled in shares[15]. - Trade payables decreased from SGD 39,000 thousand in 2023 to SGD 15,458 thousand in 2024, a reduction of approximately 60.4%[21]. Cash Flow and Assets - The company reported cash and cash equivalents of SGD 47.9 million as of December 31, 2024, compared to SGD 13.4 million in 2023[9]. - The cash conversion cycle improved from -24 days in 2023 to -39 days in 2024, aligning with the company's strategy to expand its technology-driven D2B digital solutions[3]. - Trade receivables increased to SGD 19,057,000 in 2024 from SGD 17,012,000 in 2023, reflecting a rise of approximately 12.1%[20]. Strategic Initiatives - The company plans to continue expanding its presence in multiple markets, including Greater China, and aims to leverage opportunities in innovative digital solutions and AI transformation[4]. - The launch of Geene AI positions the company as a pioneer in the rapidly growing AI sector, enhancing its leadership role in the global AI ecosystem[4]. - The company aims to enhance its brand partnership network, particularly targeting Greater China brands looking to expand in Southeast Asia[61]. - The company will continue to invest in advanced technologies such as artificial intelligence and machine learning to drive automation and cost efficiency[61]. Corporate Governance and Future Outlook - The company has adopted high standards of corporate governance following the completion of a special purpose acquisition company merger on October 30, 2024[66]. - A non-binding letter of intent was signed on January 23, 2025, for a potential acquisition of up to 100% equity in a Chinese big data and digital transformation platform[65]. - The company plans to pursue strategic acquisitions and invest in digital solutions and platforms to expand market share and create long-term value[61]. Employee and Operational Metrics - As of December 31, 2024, the company had a total of 333 employees[64]. - The total employee compensation cost, including share-based payments, was SGD 30.1 million for the reporting period[64]. Audit and Reporting - The consolidated financial statements for the year ending December 31, 2024, have been verified by Deloitte Touche Tohmatsu, ensuring consistency with the amounts approved by the board on March 31, 2025[70]. - The annual general meeting is scheduled for June 27, 2025, with a record date for shareholder attendance set for the same day[71].
狮腾控股(02562) - 2024 - 年度业绩