New Weixin/WeChat Mini Program set to enhance Chinese visitors' tourism and mobility experience in Singapore HONG KONG, HK / ACCESS Newswire / November 18, 2025 / Tencent Cloud, the cloud business of global technology company Tencent, today announced the expansion of its strategic partnership with Ryde Group Ltd(NYSE American:RYDE) ("Ryde" or the "Company"), a technology leader in mobility and quick commerce in Singapore. This new phase introduces the launch of the Weixin Mini Program in Singapore, building ...

SINGAPORE, SG / ACCESS Newswire / November 6, 2025 / Ryde Group Ltd (NYSE American: RYDE) ("Ryde" or the "Company"), a leading technology platform for mobility and quick commerce in Singapore, today announced a new collaboration with Kris+, the lifestyle rewards app of Singapore Airlines, enabling KrisFlyer members to redeem their miles for RydeCoins at exclusive discounted rates via the Kris+ app. Through this collaboration, members can now enjoy greater flexibility and value from their miles, whether comm ...

Core Viewpoint - Ryde Group Ltd has made a strategic investment through its subsidiary RCSR Pte Ltd by entering into a Notes Subscription and Debenture Agreement with Singapore Electric Vehicles Pte Ltd, marking a significant step towards full electrification and commitment to a sustainable urban mobility ecosystem [1] Company Summary - Ryde Group Ltd is a leading technology platform for mobility and quick commerce in Singapore [1] - The investment with SEV, one of Singapore's largest private EV fleet operators, is aimed at enhancing Ryde's electrification roadmap [1] Industry Summary - The move reflects a broader trend in the urban mobility sector towards electrification and sustainability, aligning with global efforts to reduce carbon emissions and promote cleaner transportation solutions [1]

Core Viewpoint - Ryde Group Ltd has received a warning letter from NYSE American regarding compliance issues related to its stock price and trading volume [1] Summary by Relevant Sections - **Compliance Issue**: The warning letter from NYSE American LLC was dated October 24, 2025, indicating concerns about the Company's adherence to Section 401(a) of the NYSE American Company Guide [1] - **Stock Performance**: On October 7, 2025, NYSE Regulation staff observed a significant increase in Ryde's stock price along with an unusually large volume of trading activity [1]

Core Viewpoint - Ryde Group Ltd reported a significant increase in revenue for the first half of 2025, indicating strong growth in its mobility and quick commerce technology platform [1]. Financial Performance - Revenue for the first half of 2025 reached S$5.7 million (US$4.5 million), representing an increase from S$4.4 million (US$3.2 million) in the same period of 2024 [1].

Core Insights - Ryde Group Ltd has announced a strategic partnership with MooVita to propose an SAE Level 4 autonomous shuttle service in Punggol [1] - This initiative aligns with the Singapore government's plan to pilot autonomous shuttles in Punggol by Q4 2025, leveraging the area's mature travel patterns and infrastructure [1] Company Developments - The partnership with MooVita aims to enhance mobility and quick commerce services in Singapore [1] - The proposal submitted to the Land Transport Authority (LTA) is part of a broader strategy to implement autonomous shuttle operations in urban areas [1] Industry Context - Punggol has been identified as the first HDB estate for the autonomous shuttle pilot due to favorable resident feedback and practical route identification [1] - The initiative reflects the growing trend of integrating autonomous technology into public transport systems in urban settings [1]

Core Viewpoint - Ryde Group Ltd has announced a securities purchase agreement to raise approximately US$1.6 million through the sale of Class A shares at US$0.25 each [1] Group 1: Company Overview - Ryde Group Ltd is a leading technology platform for mobility and quick commerce, headquartered in Singapore [1] - The company is listed on NYSE American under the ticker symbol RYDE [1] Group 2: Financial Details - The offering consists of 6,422,000 Class A shares [1] - The gross proceeds from the offering are approximately US$1.6 million before deducting offering expenses [1] - The offering is a registered direct offering priced at-the-market under NYSE American rules [1] Group 3: Offering Structure - The company did not engage any placement agent for the offering [1]

Core Insights - Sydney's real estate market is experiencing a phenomenon known as "fear of missing out" among buyers due to rising property prices and decreasing interest rates [1][5] - High-end areas in Sydney have seen significant price increases, contrasting with trends in more affordable markets across the country [1][3] Price Trends - In June, Sydney's eastern suburbs recorded the highest price increase at 0.99%, followed by North Beaches at 0.96% and the Ryde area at 0.91% [3] - Overall, property prices in the Greater Sydney area rose by 0.5% in June, while regional New South Wales saw a 0.3% increase [5] Market Dynamics - The increase in prices indicates a "sharp acceleration" in market momentum, driven by buyer activity fueled by the fear of missing out [5][7] - Buyers are motivated not only by lower interest rates but also by expectations of continued price increases [5] Supply Constraints - The total number of listings in Sydney decreased by 10.3% in June, exacerbating the supply shortage and contributing to buyer anxiety [7] - Future price growth may be slower compared to previous periods of interest rate easing, as affordability concerns are likely to limit price increases [7]

Growth and Profitability - The company is still in an early stage of growth, and there is no assurance that it will achieve and maintain growth and profitability across all business segments[27] - Significant capital investment is required to support and grow the business, and the company may not be able to continue raising sufficient capital or achieve profitability[37] - The company must manage promotion and incentive spending effectively to achieve profitability[28] - The company's profitability is reliant on reducing driver partner and consumer incentives relative to the commissions and fees received for services[39] - The business model includes incentives for driver partners and consumers, which are critical for revenue growth and profitability[39] Competition and Market Risks - The company faces intense competition in the Singapore market, which may impact its market share and revenue[31] - The company faces intense competition for strategic partnerships, which could increase costs and affect the ability to consummate favorable deals[96] - The company is exposed to risks from fluctuations in foreign currency exchange rates, which could affect its financial performance[26] Regulatory and Legal Risks - The company is subject to numerous legal and regulatory risks that could impact its business and prospects[24] - Regulatory risks include evolving laws in mobility and quick commerce, data privacy, gig economy regulations, and potential new classifications for driver partners[42][45][54] - The Platform Workers Act 2024 in Singapore requires operational adjustments to comply with new regulatory requirements starting January 1, 2025[45] - The company faces challenges in maintaining independent contractor status for driver partners, which could lead to increased labor costs if reclassified as employees[54][56] - The company is subject to strict and complex data privacy laws, which may increase compliance costs and expose it to penalties for non-compliance[64] Technology and Operational Risks - The proper functioning of the company's technology platform is essential, and any system failures could disrupt operations and affect user satisfaction[79] - The interoperability of the mobile app with various devices and operating systems is crucial, and loss of compatibility could materially affect business operations[85] - The company relies on third-party cloud infrastructure services, and any disruptions could adversely impact its business operations and financial performance[76] - The company depends on third-party software and APIs for platform functionality; disruptions could lead to increased costs and negatively impact user experience[88] Financial Performance and Metrics - In 2022, 2023, and 2024, revenue from the mobility segment was S$6,510,000, S$5,866,000, and S$5,787,000 respectively[205] - Revenue from quick commerce in 2022, 2023, and 2024 was S$92,000, S$146,000, and S$221,000 respectively[211] - The company tracks key operating metrics such as Gross Merchandise Value (GMV) but acknowledges potential inaccuracies due to measurement challenges[121] Strategic Initiatives and Partnerships - The company plans to expand its quick commerce and mobility offerings, which will require investments and may absorb losses while building scale[30] - The company has entered into strategic alliances, which may expose it to risks such as non-performance and reputational damage[74] - The company aims to become a "Super mobility app," providing multiple mobility tools seamlessly through a single application[200] Human Resources and Talent Acquisition - The company faces significant challenges in recruiting and retaining qualified personnel, particularly in the technology sector, which could adversely affect its business operations and financial performance[115] - Competition for technology sector employees in Singapore is particularly acute, impacting the company's ability to attract and retain talent[116] - Government policies favoring local nationals could limit the company's ability to hire foreign talent, affecting its talent pool[117] Shareholder and Market Considerations - The company has a dual-class voting structure, with Class B shares representing approximately 22.34% of total issued shares and 74.20% of voting power, potentially limiting influence of Class A shareholders[177] - Future issuance or sale of shares may adversely affect the price of Class A Ordinary Shares, impacting market perception and fundraising efforts[174] - The ability to declare dividends is contingent on future financial performance and regulatory factors, with no assurance of future dividend payments[183][184] Economic and External Factors - Rising costs from inflation, increased fuel prices, and a hike in Goods and Services Tax (GST) from 8% to 9% in 2024 could adversely impact the company's financial condition[128] - Plans for international expansion could expose the company to economic, political, and regulatory risks in new markets[135] - Economic downturns and political instability in expansion countries may adversely affect the company's operations and financial performance[141]

Financial Performance - Total revenue for the six months ended June 30, 2024, was S$4,376, a decrease of 16.4% compared to S$5,232 for the same period in 2023[6] - Net loss attributable to Ryde Group Ltd for the six months ended June 30, 2024, was S$13,530, compared to a net loss of S$3,969 for the same period in 2023, representing an increase in loss of 240.5%[6] - The company reported operational loss of S$3,735 for the six months ended June 30, 2024, compared to S$3,335 for the same period in 2023, indicating a 12.0% increase in operational loss[6] - The basic and diluted net loss per share for the six months ended June 30, 2024, was S$0.81, compared to S$0.34 for the same period in 2023, indicating a decline in share value[6] - For the six months ended June 30, 2024, the net cash used in operating activities was S$9,522,000 (US$7,025,000), compared to S$2,521,000 for the same period in 2023[24] - The company reported a net loss of S$13,542,000 for the six months ended June 30, 2024, compared to a net loss of S$3,999,000 for the same period in 2023[24] - The company recognized employee benefits expense of S$99,000 (US$74,000) for the six months ended June 30, 2024, compared to S$104,000 for the same period in 2023[65] - The company reported share-based compensation of S$9,807,000 for the six months ended June 30, 2024[24] - The total other expenses increased from S$3,751,000 in 2023 to S$4,755,000 in 2024[118] Assets and Liabilities - Total current assets increased to S$7,284 as of June 30, 2024, from S$4,463 as of December 31, 2023, reflecting a growth of 63.5%[2] - Total liabilities decreased to S$4,914 as of June 30, 2024, from S$12,619 as of December 31, 2023, a reduction of 61.0%[2] - Cash and cash equivalents increased to S$2,976 as of June 30, 2024, from S$1,694 as of December 31, 2023, an increase of 75.6%[2] - The company has a positive working capital of S$2,402,000 (US$1,773,000) as of June 30, 2024[24] - As of June 30, 2024, the company had cash and cash equivalents of S$2,976,000 (US$2,196,000), which is unrestricted for withdrawal and use[24] - The company has tax losses carry forwards of S$2,079,000 as of June 30, 2024, with a valuation allowance of the same amount[112][113] Shareholder Information - The number of Class A Ordinary Shares outstanding increased to 17,339,871 as of June 30, 2024, from 12,571,044 as of June 30, 2023[3] - Additional paid-in capital rose to S$42,708 as of June 30, 2024, from S$18,663 as of January 1, 2024, reflecting a significant increase of 128.7%[3] - The company issued 1,155,350 Class A Ordinary Shares in September 2023, representing 7.14% of total Class A Ordinary Shares post-conversion[100] - On September 12, 2024, the company issued 107,555 Class A Ordinary Shares to Maxim Partners LLC as part of a cashless exercise of warrants[124] - The fair value of the Class A Ordinary Shares issued to consultants was based on a closing market share price of US$4.84 per share[121] Revenue Recognition - The company recognizes revenue from mobility and quick commerce transactions upon completion of each transaction, acting as an agent and reporting revenue on a net basis[47][51] - Revenue from advertising services is recognized when the services are provided, with revenue recognized at the expected amount net of discounts or refunds[59] - Membership revenue is recognized over the subscription period, with relevant costs recognized as expenses[61] - Revenue for the six months ended June 30, 2024, was S$4,376,000, a decrease from S$5,232,000 in the same period of 2023, with mobility revenue at S$2,783,000[116] Expenses and Costs - The company recognized an increase in legal and professional fees from S$1,148,000 in 2023 to S$2,313,000 in 2024[118] - Marketing and advertising expenses decreased from S$1,919,000 in 2023 to S$1,374,000 in 2024[118] - Amortization expenses for the six months ended June 30, 2024, were S$218,000 (US$161,000), compared to S$150,000 in the same period of 2023[86] Corporate Actions - The company completed an internal reorganization on May 5, 2023, resulting in Ryde Technologies Pte. Ltd. becoming a 99.26% subsidiary of Ryde Group (BVI) Ltd[17] - The company incorporated a new subsidiary, RGTC Pte Ltd, in Singapore on August 2, 2024[123] - The acquisition of Meili Technologies Pte. Ltd. was completed on February 20, 2023, with a purchase consideration of S$600,000 recognized as fair value[89] - The total identifiable assets acquired by Ryde Technologies Pte. Ltd. amounted to S$151,000, with net liabilities acquired of S$64,000 and goodwill recorded at S$664,000[91] - A goodwill impairment charge of S$664,000 was recorded for the Meili Group due to its carrying value exceeding fair value, determined using a discount rate of 6.12% and a growth rate of 5% to 10%[92] Financing Activities - The company plans to raise additional debt and equity to support its operating activities, although there is no certainty that these financings will be available on acceptable terms[27] - The convertible loan from noteholders amounted to S$368,000 as of December 31, 2023, with a total of S$1.95 million convertible loan issued to third parties[96][98] - The company has a current portion of operating lease obligations of S$25,000 as of June 30, 2024, down from S$49,000 as of December 31, 2023[105] - The total deferred tax liabilities as of June 30, 2024, were S$32,000, unchanged from December 31, 2023[112] - Government grants received amounted to S$28,000 for the six months ended June 30, 2024, compared to S$35,000 in 2023[13] - The company has established a valuation allowance for deferred tax assets when necessary, to reduce net deferred tax assets to the amount expected to be realized[69]