[Overview](index=3&type=section&id=Overview) [Company and Financial Overview](index=3&type=section&id=Overview) The company saw significant growth in H1 2024, with revenue rising to SGD 10.7 million and net income doubling - The Group is principally engaged in the sale of cleaning systems and the provision of centralized dishwashing services in Singapore and Malaysia[5](index=5&type=chunk) Financial Highlights for the Six-Month Periods Ended June 30 | Metric | 2023 (SGD) | 2024 (SGD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 8.8 million | 10.7 million | +21.9% | | Net Income | 0.3 million | 0.6 million | +100% | Statement of Operations Data (Six-Month Periods Ended June 30) | | 2023 (SGD'000) | 2024 (SGD'000) | | :--- | :--- | :--- | | **Revenues** | **8,814** | **10,742** | | Gross profit | 2,098 | 2,834 | | Income from operations | 192 | 567 | | **Net income** | **279** | **598** | [Key Factors Affecting Operations](index=4&type=section&id=Key%20Factors%20Affecting%20the%20Results%20of%20Our%20Group's%20Operations) [Risk Factors and Business Dependencies](index=4&type=section&id=Key%20Factors%20Affecting%20the%20Results%20of%20Our%20Group's%20Operations) Financial performance is influenced by customer concentration, non-recurring revenue, and raw material cost volatility - Dependence on major customers increased, with the **top five customers accounting for 75.9% of revenue** in H1 2024, up from 63.3% in H1 2023[9](index=9&type=chunk) - The sale of cleaning systems is **non-recurring and project-based**, introducing uncertainty in future revenue streams[10](index=10&type=chunk) - Profitability is sensitive to raw material cost fluctuations, as fixed-price contracts limit passing on cost increases[11](index=11&type=chunk) [Management's Discussion and Analysis (MD&A)](index=5&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Revenue Analysis](index=5&type=section&id=Revenue) Total revenue grew 21.9% to SGD 10.7 million, driven by precision cleaning system sales, despite a decline in order backlog - The total revenue increase of approximately **SGD 1.9 million (21.9%)** was mainly due to a SGD 1.6 million increase from the sale of cleaning systems[17](index=17&type=chunk) Revenue by Business Sector (Six-month periods ended June 30) | Business Sector | 2023 (SGD'000) | 2024 (SGD'000) | % of Total (2024) | | :--- | :--- | :--- | :--- | | **Sale of cleaning systems** | **5,426** | **6,981** | **65.0%** | | - Sale of precision cleaning systems | 3,183 | 5,403 | 50.3% | | - Sale of other cleaning systems | 2,015 | 1,230 | 11.5% | | **Centralized dishwashing services** | **3,388** | **3,761** | **35.0%** | | **Total Revenue** | **8,814** | **10,742** | **100.0%** | Movement in Orders Backlog (Cleaning Systems) | | Period ended June 30, 2023 (SGD'000) | Period ended June 30, 2024 (SGD'000) | | :--- | :--- | :--- | | Outstanding contract value (start) | 29,050 | 25,280 | | New contract value | 5,986 | 2,686 | | Revenue recognized | (5,198) | (6,981) | | **Outstanding contract value (end)** | **29,838** | **20,985** | [Cost of Revenues](index=7&type=section&id=Cost%20of%20revenues) Cost of revenues rose to SGD 7.9 million in H1 2024, consistent with revenue growth, led by costs for cleaning systems - The main components of cost of revenues include raw materials, labor costs, sub-contracting costs, and production overhead[21](index=21&type=chunk) Cost of Revenues by Business Sector (Six months ended June 30) | Cost Component | 2023 (SGD'000) | 2024 (SGD'000) | % of Total (2024) | | :--- | :--- | :--- | :--- | | Cost of sale of cleaning systems | 3,796 | 4,615 | 58.4% | | Cost of centralized dishwashing | 2,920 | 3,293 | 41.6% | | **Total Cost of Revenues** | **6,716** | **7,908** | **100.0%** | [Gross Profit and Gross Profit Margin](index=7&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Gross profit increased to SGD 2.8 million and the overall margin improved to 26.4%, led by the precision cleaning systems segment - The increase in total gross profit was mainly due to higher revenue from the **more profitable precision cleaning systems sub-segment**[24](index=24&type=chunk) Gross Profit and Margin by Business Sector (Six months ended June 30) | Business Sector | Gross Profit 2023 (SGD'000) | Gross Profit Margin 2023 (%) | Gross Profit 2024 (SGD'000) | Gross Profit Margin 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Sale of precision cleaning systems | 1,083 | 34.0 | 1,943 | 36.0 | | Provision of centralized dishwashing | 468 | 13.8 | 468 | 12.4 | | **Total/Overall** | **2,098** | **23.8** | **2,834** | **26.4** | [Operating Expenses](index=8&type=section&id=Operating%20Expenses) Total operating expenses rose to SGD 2.3 million, driven by higher marketing spend and increased staff costs [Selling and Marketing Expenses](index=8&type=section&id=Selling%20and%20marketing%20expenses) Selling and marketing expenses more than doubled to SGD 86,000 due to increased promotional activities - The increase was primarily attributable to a rise in promotion and marketing activities for the company's products and services[26](index=26&type=chunk) Breakdown of Selling and Marketing Expenses (SGD'000) | Expense Item | H1 2023 | H1 2024 | | :--- | :--- | :--- | | Promotion and marketing expenses | 30 | 70 | | Transportation expenses | 8 | 16 | | **Total** | **38** | **86** | [General and Administrative Expenses](index=8&type=section&id=General%20and%20administrative%20expenses) General and administrative expenses rose to SGD 2.2 million, mainly from higher staff costs due to CEO pay and management bonuses - The increase in staff costs was mainly due to a **revision of the CEO's remuneration package** and a special bonus for key management[29](index=29&type=chunk) Breakdown of General and Administrative Expenses (SGD'000) | Expense Item | H1 2023 | H1 2024 | | :--- | :--- | :--- | | Staff costs | 976 | 1,302 | | Depreciation | 183 | 114 | | Legal and professional fees | 310 | 341 | | **Total** | **1,868** | **2,181** | [Other Income and Expenses](index=9&type=section&id=Other%20income%20(expense)) Net other income increased to SGD 205,000, driven by new interest income and foreign exchange gains - The decrease in government grants was mainly because the Jobs Support Scheme ended, while new income came from fixed deposits and FX gains[36](index=36&type=chunk)[37](index=37&type=chunk) - Interest expense increased slightly due to **higher interest rates on bank loans**[37](index=37&type=chunk) Breakdown of Other Income (SGD'000) | Income Source | H1 2023 | H1 2024 | | :--- | :--- | :--- | | Interest income | - | 107 | | Foreign exchange gain | - | 227 | | Government grants | 307 | 165 | | **Total Other Income** | **463** | **554** | [Income Tax](index=10&type=section&id=Income%20tax) Income tax expense more than doubled to SGD 174,000, in line with the growth in profit and taxable income - The company is subject to income tax in Singapore at a **statutory rate of 17%**, and the tax increase aligned with higher profit[41](index=41&type=chunk)[42](index=42&type=chunk) Breakdown of Income Tax (SGD'000) | Tax Component | H1 2023 | H1 2024 | | :--- | :--- | :--- | | Current tax expense | 74 | 238 | | Deferred tax | - | (64) | | **Total** | **74** | **174** | [Net Income](index=11&type=section&id=Net%20Income%20for%20the%20Period) Net income more than doubled to approximately SGD 0.6 million, driven by strong revenue growth and improved gross margins - Net income increased from approximately **SGD 0.3 million in H1 2023 to SGD 0.6 million in H1 2024**[6](index=6&type=chunk)[43](index=43&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) [Cash Flow Analysis](index=11&type=section&id=Cash%20flows) Cash decreased by SGD 0.3 million as operating activities consumed cash, offset by inflows from financing activities - **Net cash used in operating activities was SGD 0.5 million**, a reversal from a SGD 0.7 million inflow in H1 2023, due to working capital changes[48](index=48&type=chunk)[49](index=49&type=chunk) - **Net cash from financing activities was SGD 0.7 million**, mainly from a net drawdown of bank loans[54](index=54&type=chunk)[55](index=55&type=chunk) Summary of Cash Flows (Six months ended June 30, in SGD'000) | Cash Flow Activity | 2023 | 2024 | | :--- | :--- | :--- | | Net cash from/(used in) operating activities | 665 | (527) | | Net cash used in investing activities | (244) | (419) | | Net cash (used in)/from financing activities | (2,045) | 693 | | **Net decrease in cash** | **(1,676)** | **(282)** | | **Cash at end of period** | **4,885** | **4,807** | [Working Capital Management](index=13&type=section&id=Working%20Capital) [Accounts Receivable](index=13&type=section&id=Accounts%20receivable) Net accounts receivable increased slightly to SGD 5.0 million, with improved collection efficiency but higher aged receivables - **Average accounts receivable turnover days decreased from 96.7 to 82.8 days** due to faster customer collections[62](index=62&type=chunk)[63](index=63&type=chunk) Accounts Receivable Ageing Analysis (SGD'000) | Ageing | Dec 31, 2023 | June 30, 2024 | | :--- | :--- | :--- | | Within 30 days | 3,923 | 3,134 | | Between 31 and 60 days | 758 | 1,484 | | More than 90 days | 56 | 307 | | **Total accounts receivable, net** | **4,775** | **4,978** | [Inventory](index=14&type=section&id=Inventory) Inventory levels decreased to SGD 12.9 million, and turnover days improved due to higher sales of precision cleaning systems - **Average inventory turnover days decreased from 346.7 to 311.2 days**, reflecting more efficient inventory management[68](index=68&type=chunk)[69](index=69&type=chunk) Inventory Breakdown (SGD'000) | Category | Dec 31, 2023 | June 30, 2024 | | :--- | :--- | :--- | | Raw materials | 10,136 | 9,795 | | Work-in-progress | 3,062 | 2,259 | | Finished goods | 875 | 844 | | **Total** | **14,073** | **12,898** | [Accounts and Other Payables](index=15&type=section&id=Accounts%20and%20other%20payables) Accounts payable decreased to SGD 1.1 million as the company accelerated payments to suppliers Accounts Payable Turnover | Metric | Dec 31, 2023 | June 30, 2024 | | :--- | :--- | :--- | | Total Accounts Payable (SGD'000) | 1,396 | 1,046 | | Average accounts payable turnover days | 42.4 | 27.1 | [Other Working Capital Items](index=16&type=section&id=Other%20Working%20Capital%20Items) Contract liabilities decreased to SGD 5.1 million, while total bank indebtedness stood at SGD 8.8 million - Contract liabilities decreased to **SGD 5.1 million** as of June 30, 2024, from SGD 7.0 million at year-end 2023[74](index=74&type=chunk) - As of June 30, 2024, **total bank indebtedness was SGD 8.8 million**[75](index=75&type=chunk) - Warranty liabilities remained stable at **SGD 22,000** as of June 30, 2024[76](index=76&type=chunk) [Commitments](index=16&type=section&id=Commitments) [Lease and Capital Commitments](index=16&type=section&id=Commitments) The company has future lease receivables of SGD 250,000 and no capital commitments as of June 30, 2024 - As of June 30, 2024, the Group did not have any capital commitments[80](index=80&type=chunk) Future Minimum Lease Receivables (as Lessor) | Period | Amount (SGD'000) | | :--- | :--- | | Within one year | 193 | | After one but within two years | 57 | | **Total** | **250** | [Capital Expenditures](index=17&type=section&id=Capital%20Expenditures) [Capital Expenditures Analysis](index=17&type=section&id=Capital%20Expenditures) Capital expenditures decreased to SGD 0.1 million in H1 2024, primarily for replacing obsolete equipment - Capital expenditures were approximately **SGD 0.1 million** for H1 2024, down from SGD 0.2 million in the prior-year period[81](index=81&type=chunk) - The expenditures mainly related to the **replacement of obsolete equipment**[81](index=81&type=chunk) [Critical Accounting Policies and Estimates](index=17&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) [Accounting Policies Overview](index=17&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Financials are prepared under U.S. GAAP, with key estimates in receivables, inventory, and revenue recognition - The company is an "emerging growth company" and has elected to use the **extended transition period for new accounting standards**[83](index=83&type=chunk) - Significant accounting estimates include allowances for receivables, inventory valuation, and asset useful lives[84](index=84&type=chunk) - Revenue is recognized under **ASC Topic 606**, using a five-step model[85](index=85&type=chunk)[86](index=86&type=chunk) [Impact of Inflation](index=18&type=section&id=Impact%20of%20Inflation) [Inflation Impact](index=18&type=section&id=Impact%20of%20Inflation) Moderating inflation in Singapore has not materially affected the company's profitability or operating results to date - The **MAS core inflation moderated to 3.0% y-o-y in Q2 2024**, and has not materially affected the company's results[93](index=93&type=chunk) [Market Risk Disclosures](index=19&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) [Market Risk Factors](index=19&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to interest rate, credit, liquidity, and foreign exchange risks, with no hedging in place - The company is exposed to **interest rate risk** on its variable-rate bank loans[94](index=94&type=chunk) - **Credit risk** is managed through credit approvals and monitoring of customer accounts[95](index=95&type=chunk) - **Foreign exchange risk** arises from fluctuations between the SGD and the USD reporting currency, with no hedging transactions[97](index=97&type=chunk) [Financial Statements](index=21&type=section&id=Financial%20Statements) [Unaudited Interim Condensed Consolidated Balance Sheets](index=22&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to SGD 34.5 million, while lower liabilities led to an increase in shareholders' equity Consolidated Balance Sheet Summary (SGD'000) | | Dec 31, 2023 | June 30, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | **26,659** | **25,711** | | Inventory | 14,073 | 12,898 | | **Total Assets** | **35,493** | **34,538** | | **Total Current Liabilities** | **13,757** | **12,505** | | Contract liabilities | 6,960 | 5,061 | | **Total Liabilities** | **18,780** | **17,256** | | **Total Shareholders' Equity** | **16,713** | **17,282** | [Unaudited Interim Condensed Consolidated Statements of Income](index=24&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Net income for H1 2024 more than doubled to SGD 598,000, increasing net income per share to SGD 0.12 Consolidated Statement of Income Summary (Six-Month Periods Ended June 30, in SGD'000) | | 2023 | 2024 | | :--- | :--- | :--- | | Revenues | 8,814 | 10,742 | | Gross profit | 2,098 | 2,834 | | Income from operations | 192 | 567 | | **Net income** | **279** | **598** | | **Net income per share (basic and diluted)** | **0.06** | **0.12** | [Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity](index=25&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to SGD 17.3 million, driven by net income earned during the period Changes in Shareholders' Equity (H1 2024, in SGD'000) | | Amount | | :--- | :--- | | Balance as of January 1, 2024 | 16,713 | | Net income | 598 | | Foreign currency translation adjustment | (29) | | **Balance as of June 30, 2024** | **17,282** | [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=26&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company had a net cash outflow of SGD 282,000, as operating cash use was offset by financing inflows Consolidated Statement of Cash Flows Summary (Six-Month Periods Ended June 30, in SGD'000) | | 2023 | 2024 | | :--- | :--- | :--- | | Cash provided by/(used in) operating activities | 665 | (527) | | Cash used in investing activities | (244) | (419) | | Cash (used in)/provided by financing activities | (2,045) | 693 | | **Net change in cash and cash equivalents** | **(1,676)** | **(282)** | [Notes to Financial Statements](index=27&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Notes reveal significant customer concentration and that bank loans are secured by company assets and a director's guarantee - The company has **significant customer concentration**, with one customer accounting for 48% of H1 2024 revenue and 60% of receivables[186](index=186&type=chunk)[187](index=187&type=chunk) - Bank loans are secured by a corporate guarantee, company assets, and a **personal guarantee from a director**[161](index=161&type=chunk) Revenue by Segment (H1 2024, SGD'000) | Segment | Revenue | Gross Profit | | :--- | :--- | :--- | | Cleaning Systems | 6,981 | 2,366 | | Dishware Washing Services | 3,761 | 468 | | **Total** | **10,742** | **2,834** |

Group 1 - The Company held its Annual General Meeting (AGM) on September 20, 2024, in Singapore [1] - The members approved the appointment of six new Board of Directors for the upcoming year [2] - The appointment of WWC, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified [3] Group 2 - JE Cleantech Holdings Limited is engaged in the sale of cleaning systems and equipment, as well as providing centralized dishwashing and ancillary services [4] - The Company designs, develops, manufactures, and sells cleaning systems primarily for industrial applications in Singapore and Malaysia [4] - Its cleaning systems feature advanced technologies such as particle filtration, ultrasonic rinses, high-pressure drying, and deionized water rinses to effectively remove contaminants [4] - The Company has been providing centralized dishwashing services since 2013 and general cleaning services since 2015, mainly for food and beverage establishments in Singapore [4]

Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of cleaning systems and equipment, as well as providing centralized dishwashing and ancillary services [4] - The company designs, develops, manufactures, and sells cleaning systems for various industrial applications, mainly targeting customers in Singapore and Malaysia [4] - Its cleaning systems feature advanced technologies such as particle filtration, ultrasonic rinses, high-pressure drying, and deionized water rinses, aimed at effective contaminant removal [4] Stock Repurchase Program - The Board of Directors has authorized a stock repurchase program of up to $1,000,000 for the company's outstanding Ordinary Shares [5] - As of July 19, 2024, the company had repurchased 38,406 shares at an average price of $1.02, totaling approximately $39,175 [5] - The remaining amount available for repurchase is up to $960,825 of the company's Ordinary Shares [5] Management's Perspective - The continuation of the stock repurchase program reflects the Board's and management's confidence in the company's future growth prospects and long-term value [3]

Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of cleaning systems and equipment, as well as providing centralized dishwashing and ancillary services [2] - The company designs, develops, manufactures, and sells cleaning systems for various industrial applications, mainly targeting customers in Singapore and Malaysia [2] - Its cleaning systems feature advanced technologies such as particle filtration, ultrasonic rinses, high-pressure drying, and deionized water rinses, aimed at effective contaminant removal [2] Delisting Announcement - The company received a Determination Letter from Nasdaq indicating that its Ordinary Shares would be delisted effective June 26, 2024, due to non-compliance with Listing Rule 5550(a)(2) [8][9] - The company's bid price had closed below $1 per share for 30 consecutive business days, failing to meet the compliance requirements [8] - The company was given a 180-day period to regain compliance, which ended on June 11, 2024, but it did not meet the necessary criteria [6][8] Appeal Process - The company has submitted a request for an oral hearing to appeal the delisting decision and has paid a hearing fee of $20,000 [9] - Following the submission of the hearing request, the company's Ordinary Shares will continue to trade on Nasdaq until a final determination is made [9] Management's Response - The CEO of JE Cleantech, Ms. HONG Bee Yin, acknowledged the importance of Nasdaq listing for shareholder value and expressed commitment to improving performance to meet listing standards [4]

Secured new orders worth over S$4.7 million for precision cleaning systems in SingaporeDeveloping autonomous cleaning robots for food and beverage establishments and industrial buildingsInvested in carbon footprint reduction with electrification of vehicle fleet and installation of solar panels SINGAPORE, May 01, 2024 (GLOBE NEWSWIRE) -- Singapore-headquartered, NASDAQ-listed precision cleaning and cleantech equipment manufacturer JE Cleantech Holdings Ltd (NASDAQ:JCSE) ("JE Cleantech" or, together with its ...

Revenue Generation - The company generated approximately SGD11.0 million in revenue from the sale of cleaning systems and other equipment for the year ended December 31, 2023, representing 61.0% of total revenue[141]. - Revenue from the provision of centralized dishwashing and ancillary services was approximately SGD7.0 million for the year ended December 31, 2023, accounting for 39.0% of total revenue[142]. - Revenue from cleaning systems and other equipment totaled SGD 10,181,000 in 2023, a decrease of 2.9% from SGD 10,482,000 in 2022[149]. - Revenue from repair and servicing of cleaning systems was SGD 0.8 million in 2023, representing 4.5% of total revenue, a decline from 5.2% in 2022[151]. - Sale of STICO anti-slip shoes generated SGD 92,000 in 2023, a decrease of 42.0% from SGD 159,000 in 2022[152]. - The company achieved total sales of SGD 10,181,000 in 2023, with 100% of sales coming from existing customers[262]. - In 2023, the company completed 240 orders, a significant increase from 127 orders in 2022[262]. - The revenue from Singapore in 2023 was SGD 5,609,000, accounting for 55.1% of total sales[262]. Share and Compliance Information - The company completed its Initial Public Offering on April 22, 2022, raising approximately $12 million from the sale of 3,020,000 Ordinary Shares at a price of $4.00 per share[116]. - A share consolidation was executed at a ratio of 1-for-3 effective October 13, 2023, reducing the number of outstanding shares from 15,020,000 to 5,006,666[123]. - Following the share consolidation, the daily closing bid price of the company's Ordinary Shares remained above $1.00 for ten consecutive business days from October 16, 2023, to October 27, 2023, regaining compliance with Nasdaq listing standards[127]. - The company received a Nasdaq notification on December 14, 2023, indicating failure to maintain a minimum bid price of $1.00, with a compliance period until June 11, 2024, to regain compliance[118]. Operational Capabilities - The company has been engaged in the manufacture and sale of cleaning systems since 2006, with a focus on precision cleaning for various industrial applications[140]. - The company has provided centralized dishwashing services since 2013, primarily for food and beverage establishments in Singapore[140]. - The company operates four semi-automated dishwashing lines at its Hygieia Facility, capable of washing 20 to 30 tubs per hour[155]. - The company has been providing general cleaning services since 2015, including off-site centralized dishwashing and on-site cleaning services[158]. - The company designs and manufactures cleaning systems tailored to customer specifications, focusing on precision cleaning for industries such as HDD and semiconductors[162]. - The lead time from order confirmation to delivery of the final cleaning system generally takes approximately 8 to 18 weeks, depending on design complexity and component lead time[182]. - The centralized dishwashing process includes four semi-automated lines, with two for Halal dishware and two for non-Halal dishware[183]. - The lead time from collection of soiled dishware to completion of the dishwashing process is approximately 4 to 12 hours, depending on customer location and collection frequency[190]. - The lead time from inspection and quality checks on cleaned dishware to delivery back to customers is approximately 3 to 12 hours[193]. Customer Relationships and Sales Concentration - Top five customers accounted for approximately 80.6%, 68.1%, and 66.1% of total revenue for the years ended December 31, 2021, 2022, and 2023, respectively[205]. - The largest customer represented approximately 32.7%, 22.0%, and 24.2% of total revenue for the corresponding years[205]. - Customer Group A's sales decreased from SGD 4,833 in 2021 to SGD 4,094 in 2022, and then to SGD 1,212 in 2023, showing a significant decline[206][207][209]. - Customer Group B's sales showed a slight increase from SGD 3,188 in 2021 to SGD 3,902 in 2022, but decreased to SGD 3,495 in 2023[206][207][209]. - The company has maintained stable relationships with major customers, with three customers having over 11 years of business relationships[220]. Innovation and R&D - The company has developed an initial prototype of a robot floor scrubber and is collaborating on an autonomous train interior cleaning robot, indicating a focus on innovation and automation[222][229]. - The R&D and engineering team consists of 11 members, with six holding engineering degrees, highlighting the company's commitment to strong technical capabilities[221]. - The company aims to expand its product portfolio and R&D capabilities to align with Industry 4.0 initiatives and meet increasing customer demands[227][228]. - The autonomous robot floor scrubbers are expected to be marketed to existing customers in the food and beverage industry, leveraging the push for Industry 4.0 initiatives in Singapore[230]. - The autonomous robotic cleaning equipment industry in Singapore is projected to grow at a CAGR of 30.5% from 2021 to 2025, driven by increased demand for unmanned cleaning solutions due to the COVID-19 pandemic[231]. - The company has registered 24 patents across multiple countries, including Singapore, Malaysia, the United States, Taiwan, and the PRC[264]. Facility Utilization and Capacity - The utilization rates of the Hygieia Facility's washing lines showed a steady increase, with the average utilization rate for the Halal semi-automated washing line reaching 80.5% in 2023[238]. - The processing capacity of the Hygieia Facility for Halal semi-automated washing line A was 148,010 tubs annually, with an actual processing volume of 119,148 tubs in 2023[238]. - The average utilization rate of the non-Halal washing lines at the Hygieia Facility reached 87.4% in 2023, indicating increased demand for centralized dishwashing services[238]. - The JCS Facility has sufficient capacity to process orders for cleaning systems for at least the next 12 months, with engineering work accounting for over 60% of the total production lead time[234]. - The total estimated usable floor area utilized by machinery at the JCS Facility is approximately 1,219.4 square meters, representing about 83.0% of the available space[236]. - The JCS Facility's production capacity is customized based on customer requirements, making it difficult to quantify exact production rates[233]. Market Conditions and Trends - The precision cleaning equipment market in Singapore is consolidated, with over 80% of the market share held by the top five companies[252]. - The dishwashing services market in Singapore has a low penetration rate, with approximately 80% of the potential market untapped[253]. - The Singapore government is supporting the growth of the autonomous robotic cleaning industry through grants and incentives for technology adoption[231]. - The company has participated in overseas exhibitions and trade shows to enhance its market presence and promote its products[255]. Employment and Regulatory Compliance - As of December 31, 2023, the company employed 103 persons, an increase from 102 in 2022[265]. - The progressive wage model in Singapore mandates a wage plan for resident cleaners, specifying basic wages and aligning with the Commissioner for Labor's recommendations[274]. - Yearly wage adjustments were recommended from 2017 to 2019, with scheduled increases from 2020 to 2022, and an annual bonus equivalent to two weeks of basic wages starting in 2020[275]. - A six-year schedule of sustained wage increases is set to begin on July 1, 2023, and will be reviewed in 2025[276]. - Cleaners must complete at least one module under the EC WSQ framework to improve employability and career progression[277]. - The number of WSQ training modules for all cleaners will increase to two by December 31, 2023, and to three beyond 2025[279]. - The Environmental Protection and Management Act imposes fines up to SGD10,000 for non-compliance with noise regulations in workplaces[280]. - The Radiation Protection Act regulates the possession and use of radioactive materials, with fines up to SGD100,000 for violations[281]. - The Workplace Safety and Health Act requires employers to ensure a safe work environment, with fines up to SGD500,000 for breaches[286]. - The Work Injury Compensation Act provides compensation for employees injured in work-related accidents, covering medical expenses and lump sum payments[292]. - Employers must conduct risk assessments and maintain records for at least three years, with fines for non-compliance up to SGD20,000[290]. - Employers must maintain work injury compensation insurance for all employees engaged in manual work regardless of salary level, and for non-manual workers earning SGD2,100 or less per month[296]. - Employers who fail to provide adequate insurance face fines up to SGD10,000 or imprisonment for up to 12 months, or both[296]. - The Employment Act covers employees under a contract of service, excluding freelance contractors and certain managerial positions[297]. - Workmen earning basic monthly salaries of not more than SGD4,500 are covered under Part IV of the Employment Act, which includes provisions for working hours and overtime[300]. - Employers breaching Part IV of the Employment Act may incur fines up to SGD5,000 for the first offense, and up to SGD10,000 for subsequent offenses[301]. - Foreign employees must obtain a valid work pass, with penalties for non-compliance ranging from SGD5,000 to SGD30,000 or imprisonment[305]. - Medical insurance for foreign workers must cover at least SGD15,000 per 12-month period for inpatient care[307]. - The quota for foreign workers in the services sector is set at 35%, with local employees counted based on their salary levels[313]. - Employers pay tiered levies for foreign workers, with rates varying based on the percentage of foreign workers in the total workforce[312]. - The maximum employment period for foreign workers on a work permit varies by nationality, with PRC basic skilled workers limited to 14 years[311].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Form 20-F ☒ Form 40-F ☐ TABLE OF CONTENTS | Page | | --- | Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month of October 2023 Commission File Number: 001-41335 JE CLEANTECH HOLDINGS LIMITED (Exact name of Registrant as specified in its charter) 3 Woodlands Sector 1 Singapore 738361 (Address of principal executive offices) Indicate by check mark whether the ...

As filed with the Securities and Exchange Commission on August 1, 2023 Registration No. 333-272311 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Not Applicable (Translation of Registrants name into English) Cayman Islands 3990 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3 W ...

As filed with the Securities and Exchange Commission on May 31, 2023 Registration No. 333-__________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 JE Cleantech Holdings Limited (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrants name into English) (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 3990 Not Applicable (Primary Standard Industrial ...

Revenue Generation - For the financial years ended December 31, 2020, 2021, and 2022, the Group generated approximately S$16.9 million, S$9.0 million, and S$11.4 million from the sale of cleaning systems, representing 79.2%, 60.8%, and 61.4% of total revenue respectively[115]. - Revenue from centralized dishwashing and ancillary services for the same years was approximately S$5.8 million, S$7.8 million, and S$11.4 million, accounting for 20.8%, 39.2%, and 38.6% of total revenue respectively[116]. - The Group's revenue from repair and servicing of cleaning systems was approximately S$1.2 million, S$1.2 million, and S$1.0 million for the years ended December 31, 2020, 2021, and 2022, representing 5.4%, 7.9%, and 5.2% of total revenue respectively[125]. - The top five customers accounted for approximately 88.4%, 80.6%, and 68.1% of total revenue for the financial years ended December 31, 2020, 2021, and 2022, respectively[175]. - The largest customer contributed approximately 61.5%, 32.7%, and 22.0% of total revenue for the same periods[175]. - The Group's total sales for the financial year ended December 31, 2022, amounted to SGD 10,481,000, with 100% of sales to customers in Singapore being from repeat customers[256][257]. - In the financial year ended December 31, 2021, total sales were SGD 7,813,000, with 100% of sales to Singapore customers also from repeat customers[255][257]. - For the financial year ended December 31, 2020, total sales reached SGD 15,783,000, with approximately 61.8% from repeat customers and 38.2% from referrals[254][257]. Product and Service Offerings - The Group's cleaning systems revenue by product type in 2022 included S$5.171 million from aqueous washing systems (49.3%) and S$5.311 million from other equipment (50.7%) with no revenue from plating and cleaning systems[123]. - The Group's centralized dishwashing facility has four semi-automated washing lines, capable of processing 20 to 30 tubs per hour, designed for both Halal and non-Halal dishware[129]. - The company provides centralized dishwashing services at its Hygieia Facility, which has four semi-automated dishwashing lines, including two for Halal dishware and two for non-Halal dishware[155]. - The dishwashing equipment leased to customers can wash up to 150 racks of items per hour, depending on the size of the equipment, and the leases are typically for one to two years[135]. - The cleaning systems are designed and customized based on customer specifications, with precision cleaning systems aimed at meeting specific contamination limits[136]. Operational Capabilities - The Group's subsidiaries include JCS-Echigo Pte. Ltd., Hygieia Warewashing Pte. Ltd., and Evoluxe Pte. Ltd., which support its operational capabilities[103]. - The Group has a well-equipped JCS Facility for the fabrication, production, assembly, and in-house testing of cleaning systems and equipment[145]. - The average utilization rate of major machinery and equipment at the JCS Facility exceeded 100% during the financial years ended December 31, 2020, 2021, and 2022, limiting the ability to take on new orders[253]. - The average utilization rate of the CNC lathe machine was 137.2% in 2022, up from 103.5% in 2021[208]. - The average utilization rate of the laser cutting machine was 134.7% in 2022, compared to 112.5% in 2021[208]. Customer Relationships - The company typically enters into contracts for centralized dishwashing and general cleaning services for a term of one to two years, with a long-term relationship of at least three to four years with most customer groups[133]. - The company has maintained stable relationships with major customers, including renowned HDD manufacturers and food and beverage operators, with some relationships exceeding 10 years[190]. - The Group's customer base includes corporate groups from various countries, including Malaysia, Australia, the U.S., Thailand, Belgium, Philippines, India, South Korea, Taiwan, Japan, and the PRC[253]. Market Trends and Projections - The autonomous robotic cleaning equipment industry is projected to grow at a CAGR of 30.5% from 2021 to 2025, driven by increased demand for unmanned cleaning solutions[202]. - The manufacturing of precision cleaning equipment in Singapore is expected to grow at a CAGR of approximately 10.7% from 2021 to 2025, largely due to the expansion in the electronics sector[204]. - Approximately 80% of the potential food and beverage market for dishwashing services remains untapped in Singapore[248]. Compliance and Regulations - The Environmental Protection and Management Act imposes fines up to S$5,000 for first-time noise regulation violations, increasing to S$10,000 for subsequent offenses[275]. - The Radiation Protection Act allows fines up to S$100,000 or imprisonment for up to five years for unauthorized possession of radioactive materials[276]. - The Workplace Safety and Health Act mandates employers to ensure a safe work environment, with fines up to S$500,000 for corporate violations[281]. - Under the Work Injury Compensation Act, employers must compensate employees for work-related injuries, covering medical expenses and lump sum payments for permanent incapacity[288]. - Employers are required to maintain work injury compensation insurance for all employees, with penalties for non-compliance reaching S$10,000 or imprisonment for up to 12 months[291]. Research and Development - The company plans to expand its R&D and engineering team by hiring at least three engineers to enhance its product portfolio and competitive edge[203]. - The company has developed an initial prototype of a robot floor scrubber and is collaborating on an autonomous train interior cleaning robot, showcasing its R&D capabilities[192]. - The company intends to strengthen its production capabilities by purchasing upgraded machinery and equipment for its JCS Facility[204]. Supply Chain and Production - The company did not experience material supply chain disruptions during the Circuit Breaker Period, maintaining operational stability[224]. - The company can reduce engineering process time for subsequent units by approximately 90% compared to the first machine built, enhancing production efficiency[211]. - The company plans to consider adding shifts or increasing weekend hours to meet production demands if current usage does not suffice[212]. Employment and Workforce - The Group employed a total of 102 persons as of December 31, 2022, an increase from 90 in 2021 and 88 in 2020[260]. - The Group's sales and marketing efforts were minimal in 2022 due to a focus on fulfilling orders from repeat customers[253]. - As of April 24, 2023, the sales and marketing team consisted of one full-time employee based in Singapore[249].