Core Viewpoint - Multi Ways Holdings Limited has filed its annual report for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission, highlighting its financial results and operational performance [1][2]. Company Overview - Multi Ways Holdings Limited is a leading supplier of a wide range 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 customers from various regions including Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, positioning itself as a reliable supplier of both new and used heavy construction equipment [3]. - Multi Ways Holdings offers a comprehensive inventory of heavy construction equipment along with refurbishment and cleaning services, establishing itself as a one-stop shop for customers [3]. Investor Relations - Shareholders can access the 2024 Annual Report and request hard copies of the complete audited financial statements free of charge [2][5]. - The investor relations contact for Multi Ways Holdings is Matthew Abenante, President of Strategic Investor Relations, LLC, who can be reached via phone or email for inquiries [5].

Core Insights - Multi Ways Holdings Limited has entered into an exclusive dealership agreement with Shandong Shantui Construction Machinery Import & Export Co., Ltd to distribute Shantui's earthmover equipment in Singapore from June 1, 2025, to May 31, 2026 [1][3] - The company has ordered two Shantui bulldozers, including Singapore's first remote-controlled bulldozer, which is expected to arrive in June 2025 [2][4] Company Overview - Multi Ways Holdings is a leading supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience [8] - The company aims to enhance its product portfolio by partnering with Shantui, a top global construction machinery manufacturer, to offer premium equipment options [3][5] Technological Advancements - The introduction of the remote-controlled bulldozer represents a significant technological advancement, allowing for safer operations in hazardous environments [4][6] - Shantui is recognized for its innovation in bulldozer manufacturing, having previously commercialized the world's first 5G remote-controlled high-power bulldozer in 2019 [5] Strategic Goals - The exclusive dealership agreement is seen as a milestone for Multi Ways, aligning with its strategy to provide advanced and efficient equipment to customers [3][7] - The company plans to continue exploring strategic partnerships and product innovations to enhance its equipment portfolio and create long-term value for shareholders [7]

Core Viewpoint - Multi Ways Holdings Limited has regained compliance with NYSE listing requirements after timely filing its Annual Report for the fiscal year ended December 31, 2024 [1][3]. Company Summary - 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 [4]. - The company serves a diverse customer base, including clients from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, and offers a wide variety of new and used heavy construction equipment [4]. - Multi Ways is positioned as a one-stop shop for customers, providing not only equipment but also refurbishment and cleaning services [4]. Compliance and Regulatory Summary - On May 16, 2025, the company was notified by NYSE Regulation of non-compliance due to the late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 [2]. - The company filed its 2024 Form 20-F on May 23, 2025, and subsequently received confirmation of regained compliance from NYSE Regulation on May 27, 2025 [3].

Core Viewpoint - Multi Ways Holdings Limited reported a decrease in total revenue and net loss for fiscal year 2024, while focusing on strategic advancements and operational efficiency to navigate market challenges [2][3][8]. Financial Performance - Total revenue decreased by approximately $4.9 million or approximately 13.7% to approximately $31.1 million for the year ended December 31, 2024, down from approximately $36.0 million for the year ended December 31, 2023 [3]. - Cost of revenues decreased by approximately $6.0 million or approximately 22.0% to approximately $21.4 million for the financial year ended December 31, 2024, from approximately $27.4 million for the financial year ended December 31, 2023 [4]. - Total gross profit amounted to $9.7 million for fiscal year 2024, with an overall gross profit margin improvement to approximately 31.3% from approximately 24.0% in fiscal year 2023 [5]. - Net loss amounted to $2.9 million for the fiscal year ended December 31, 2024, compared to net income of approximately $1.8 million for the fiscal year ended December 31, 2023 [8]. Expenses Overview - Selling and distribution expenses were approximately $1.7 million for fiscal year 2024, representing approximately 5.5% of total revenue, compared to approximately $1.0 million or approximately 2.6% of total revenue for fiscal year 2023 [6]. - Administrative expenses decreased to approximately $8.7 million for fiscal year 2024 from approximately $10.8 million for fiscal year 2023, representing approximately 28.1% and approximately 29.9% of total revenue, respectively [7]. Cash Flow and Balance Sheet - Cash and cash equivalents were approximately $3.3 million as of December 31, 2024, down from approximately $7.1 million as of December 31, 2023 [9]. - Total assets were approximately $69.6 million and total liabilities were approximately $49.5 million at December 31, 2024, compared to total assets of approximately $58.0 million and total liabilities of approximately $36.2 million at December 31, 2023 [12]. - Shareholders' equity was approximately $20.1 million at December 31, 2024, down from approximately $21.8 million at December 31, 2023 [13].

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].