Individual and institutional investors, advisors, and analysts are invited to attendTA KHMAU, Cambodia, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced that the Company’s management team, including Director and Chairman, Duncan Miao, will present at the Skyline Signature Series™ on Thursday, February 12, 2026, at 11:00 AM ET. This will ...

TA KHMAU, Cambodia, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced the appointment of Mr. Fok Yui Kwong as Executive Director and Chief Executive Officer, effective February 1, 2026. Mr. Ngee Woon Lim, who has served as CEO and Executive Director, will cease to serve in both roles effective February 1, 2026. The Company extends its sinc ...

Core Viewpoint - Kandal M Venture Limited has received a letter of noncompliance from Nasdaq due to its closing bid price falling below the required minimum of $1 per share for the last 30 consecutive business days [1]. Group 1: Compliance and Listing Requirements - The company has a compliance period of 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement [2]. - If Kandal's closing bid price reaches at least $1 for a minimum of ten consecutive business days during this period, Nasdaq will confirm compliance [2]. - Should the company fail to regain compliance, it may be eligible for additional time, provided it meets other listing requirements [3]. Group 2: Potential Actions and Consequences - To qualify for an extension, Kandal must meet the continued listing requirements for market value of publicly held shares and may need to consider a reverse stock split [3]. - If Kandal meets the necessary requirements, Nasdaq will grant an additional 180 calendar days for compliance [4]. - If Nasdaq determines that Kandal is unlikely to cure the deficiency, the company will be notified of potential delisting [4]. Group 3: Current Status and Future Plans - The notification from Nasdaq does not result in immediate delisting, and Kandal's shares will continue to trade under the symbol "FMFC" [5]. - The company is currently evaluating options to regain compliance and is committed to timely addressing Nasdaq's continued listing requirements [5]. Group 4: Company Overview - Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods, primarily producing handbags and smaller leather goods, with manufacturing operations based in Cambodia [6].

Core Insights - Kandal M Venture Limited has received new orders totaling approximately US$4.0 million for the Trans 2026 season, bringing total orders for Fiscal Year 2026 to approximately US$17.2 million, meeting expectations despite tariff challenges in 2025 [2][3] Company Overview - Kandal M Venture Limited is a contract manufacturer specializing in affordable luxury leather goods, with manufacturing operations based in Cambodia. The company primarily produces various types of handbags and smaller leather goods [4] Customer Confidence - The orders received reflect the confidence customers have in Kandal's manufacturing capabilities and commitment to quality, with a clientele that includes several globally recognized fashion brands based in the United States [3]

Group 1 - The company Kandal M Venture Limited reported customer orders totaling approximately US$6,722,000 for the fiscal year ending March 31, 2026, with orders for the Resort 2026 and Spring 2026 seasons meeting expectations [2][3] - The company aims to increase orders and expand its operations to enhance its geographic presence and customer base [3] - Kandal M Venture Limited specializes in manufacturing affordable luxury leather goods, including various types of handbags and smaller leather items like wallets, with manufacturing operations based in Cambodia [4]

Revenue and Profitability - Revenue increased by US$3,214,934 or approximately 23.0%, from US$13,971,743 for the year ended March 31, 2024 to US$17,186,677 for the year ended March 31, 2025[4] - Gross profit decreased by US$9,897 or approximately 0.3%, from US$3,367,103 for the year ended March 31, 2024 to US$3,357,206 for the year ended March 31, 2025[6] - Net income decreased by US$909,859 or approximately 81.3%, from US$1,119,532 for the year ended March 31, 2024 to US$209,673 for the year ended March 31, 2025[11] - The gross profit margin decreased by approximately 4.6 percentage points, from approximately 24.1% for the year ended March 31, 2024 to approximately 19.5% for the year ended March 31, 2025[6] Costs and Expenses - Cost of sales increased by US$3,224,831 or approximately 30.4%, from US$10,604,640 for the year ended March 31, 2024 to US$13,829,471 for the year ended March 31, 2025[5] - Professional services fees increased by US$822,461 or approximately 1,094.5%, from US$75,147 for the year ended March 31, 2024 to US$897,608 for the year ended March 31, 2025[8] - Selling and distribution expenses remained stable at approximately 1.7% and 1.8% of revenue for the years ended March 31, 2024 and 2025, respectively[7] Cash Flow - Cash generated from operating activities was US$2,134,565 for the year ended March 31, 2025, primarily from net profit from operations of US$228,954[10] IPO and Future Plans - The total number of Class A ordinary shares sold in the IPO increased to 2,300,000, resulting in gross proceeds of US$9.2 million[2] - The company plans to expand its global presence and enhance production, design, and development capabilities following its IPO[3]

Core Viewpoint - Kandal M Venture Limited has reported significant growth in revenue and completed a successful IPO, marking a new phase of growth and global recognition for the company [2][3]. Financial Performance - Revenue increased by US$3,214,934 or approximately 23.0%, from US$13,971,743 for the year ended March 31, 2024 to US$17,186,677 for the year ended March 31, 2025, driven by growth in handbag sales and recovery in the global handbag market [4]. - Cost of sales rose by US$3,224,831 or approximately 30.4%, from US$10,604,640 to US$13,829,471 during the same period [5]. - Gross profit decreased by US$9,897 or approximately 0.3%, from US$3,367,103 to US$3,357,206, with a gross profit margin decline of approximately 4.6 percentage points, from 24.1% to 19.5% [6]. - Selling and distribution expenses remained stable at approximately 1.7% of revenue for 2024 and approximately 1.8% for 2025 [7]. - Professional services fees surged by US$822,461 or approximately 1,094.5%, from US$75,147 to US$897,608, primarily due to one-off IPO-related expenses [8][9]. - Net income decreased by US$909,859 or approximately 81.3%, from US$1,119,532 to US$209,673, attributed to increased cost of goods sold and one-off IPO expenses [12]. Cash Flow and Operating Activities - The company generated net cash from operating activities of US$2,134,565 for the year ended March 31, 2025, mainly from net profit of US$228,954 [11]. - Cash inflow was primarily from sales, while cash outflow was mainly for raw material purchases, staff costs, and other operating expenses [10]. IPO and Market Presence - The company completed its IPO on June 25, 2025, selling 2,000,000 Class A ordinary shares at a price of $4.00 per share, with total gross proceeds reaching $9.2 million after the over-allotment option [2][3]. - The IPO marks a significant milestone as the company aims to expand its global presence and enhance production and design capabilities [3]. Company Overview - Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods, primarily handbags, with manufacturing operations in Cambodia [13].

Financial Performance - Revenue increased by US$3,214,934 or 23.0%, from US$13,971,743 for the year ended March 31, 2024 to US$17,186,677 for the year ended March 31, 2025, reflecting stable growth and recovery in the global handbag market[253]. - Cost of sales increased by US$3,224,831 or 30.4%, from US$10,604,640 for the year ended March 31, 2024 to US$13,829,471 for the year ended March 31, 2025[254]. - Gross profit decreased by US$9,897 or 0.3%, with a gross profit margin decline of 4.6 percentage points from 24.1% to 19.5% due to shifts in product mix and increased production costs[255]. - Net income decreased by US$909,859 or 81.3%, from US$1,119,532 for the year ended March 31, 2024 to US$209,673 for the year ended March 31, 2025, primarily due to increased cost of goods sold and one-off IPO expenses[268]. Labor Costs - Direct labor cost increased to approximately US$4,102,000 for the year ended March 31, 2025, representing 29.7% of total cost of sales, up from US$2,314,000 and 21.8% in 2024[224]. - The minimum wage in Cambodia is set to increase from US$204 to US$208 in 2024, impacting direct labor costs and recruitment efforts[224]. - The average labor cost in Cambodia is projected to rise due to higher living costs and government-mandated wage increases, affecting overall profitability[224]. Accounts Receivable and Payable - The company reported gross accounts receivable of US$1,199,983 as of March 31, 2025, an increase from US$623,161 in 2024[242]. - The allowance for expected credit losses for accounts receivable was US$10,079 as of March 31, 2024, decreasing to US$10,079 in 2025, with a current allowance percentage of 0.8%[243]. - Trade receivables, net, increased by US$576,822 or 94.1%, from US$613,082 for the year ended March 31, 2024 to US$1,189,904 for the year ended March 31, 2025, attributed to higher sales in March 2025[273]. - Trade payables increased by US$914,612 or 55.3% from US$1,653,660 as of March 31, 2024 to US$2,568,272 as of March 31, 2025, mainly due to IPO preparation[283]. Cash Flow - Net cash generated from operating activities for the year ended March 31, 2025 was US$2,134,565, down from US$3,138,768 in 2024[290][292]. - Net cash used in investing activities increased to US$581,839 in 2025 from US$253,614 in 2024, mainly for IPO expenses[294]. - Net cash used in financing activities decreased from US$3,011,277 in 2024 to US$1,685,377 in 2025, reflecting a reduction in borrowings[295][296]. - As of March 31, 2025, current liabilities exceeded current assets by US$215,135, with cash and bank balances around US$103,000[492]. IPO and Capital Expenditures - The company completed an IPO on June 25, 2025, issuing 2,000,000 Class A ordinary shares at US$4.00 per share, raising gross proceeds of US$8,000,000[492]. - Capital expenditures were US$16,710 and US$22,972 for the years ended March 31, 2025 and 2024, respectively[298]. Economic and Market Conditions - Majority of revenue is derived from the US consumer market, with economic downturns potentially leading to lower than expected net sales, adversely affecting growth strategies[226]. - Supply chain disruptions during the COVID-19 pandemic have led to increased freight costs and delivery times, affecting overall business operations[228]. - The company is subject to U.S. tariff regimes, which create uncertainty in international trade flows and may impact pricing competitiveness in the U.S. market[229]. - Revenue recognition is based on the transfer of control of goods to customers, with typical payment terms ranging from 30 to 90 days[239]. - The company operates under favorable tax conditions in the Cayman Islands, with no taxes on profits or income, and a 20-year tax concession valid from January 30, 2024[244][245]. - The overall effective tax rate decreased by 5.3 percentage points from 13.7% for the year ended March 31, 2024 to 8.4% for the year ended March 31, 2025, mainly due to a reversal of overprovision of prior year tax[267]. Expenses - Interest expenses increased by US$178,290 or 44.2%, from US$403,723 for the year ended March 31, 2024 to US$582,013 for the year ended March 31, 2025, mainly due to additional revolving loans[265]. - Other income increased by US$216,741 or 98.8%, from US$219,309 for the year ended March 31, 2024 to US$436,050 for the year ended March 31, 2025, primarily driven by increased interest income from loans to related parties[266]. - Advance payments from customers decreased by US$291,260 or 62.8% due to fewer orders from a key customer[284]. - Accrued expenses rose by US$948,799 or 276.2% from US$343,491 to US$1,292,291, primarily due to increased professional fees related to the IPO[285]. - Other payables surged by US$386,309 or 7,516.8% from US$5,137 to US$391,446, also linked to IPO-related professional fees[286]. Inventory Management - Inventories decreased by US$156,390 or 8.7%, from US$1,802,723 as of March 31, 2024 to US$1,646,333 as of March 31, 2025, mainly due to product shipments before period end[280].

As filed with the Securities and Exchange Commission on June 6, 2025. Registration No. 333-282786 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________ Kandal M Venture Limited (Exact name of Registrant as specified in its charter) _________________ Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 3100 | Not Applicable | | --- | --- | --- | | (State or othe ...

As filed with the Securities and Exchange Commission on May 30, 2025. Registration No. 333-282786 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 4 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________ Kandal M Venture Limited (Exact name of Registrant as specified in its charter) _________________ Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 3100 | Not Applicable | | --- | --- | --- | | (State or othe ...