Singapore, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Springview Holdings Ltd (Nasdaq: SPHL) ("SPHL" or "we," "our," or the "Company"), a leading designer and builder of residential and commercial properties in Singapore, today announced that on November 24, 2025, its board of directors approved a reverse split of its Class A ordinary shares on a one-for-eight basis (the “Reverse Share Split”), and a change in par value of its Class A ordinary shares from US$0.0001 to US$0.0008. The Company’s Class B ordinary shares ...

Core Points - Springview Holdings Ltd has failed to comply with Nasdaq Continued Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for 30 consecutive business days [1][2] - The company was given a 180-day period until October 22, 2025, to regain compliance but did not meet this requirement, leading to a Staff Delisting Determination [2][3] - The company has appealed the delisting determination and requested a hearing, which is typically scheduled 30-45 days after the request [3] Company Overview - Springview Holdings Ltd is involved in the design and construction of residential and commercial buildings in Singapore, with operations dating back to 2002 [4] - The company offers a comprehensive range of services including new construction, reconstruction, additions, alterations, and general contracting [4] - Springview also provides post-project services such as defect repairs and maintenance, enhancing customer engagement and future project opportunities [4]

Financial Performance - Total revenue for the six months ended June 30, 2025, was S$3,734,033, a decrease of 25% compared to S$4,961,318 for the same period in 2024[6] - Gross profit for the six months ended June 30, 2025, was S$829,217, down from S$1,328,928 in 2024, reflecting a gross margin decline[6] - Net loss for the six months ended June 30, 2025, was S$508,113, compared to a net income of S$247,424 in the same period of 2024[6] - Revenue from new construction for the six months ended June 30, 2025, was S$2,466,676, down 48% from S$4,734,096 in 2024[58] - Revenue from A&A (Addition and Alteration) increased to S$719,903 in the six months ended June 30, 2025, compared to S$227,222 in 2024, representing a growth of 216%[58] - Other income for the six months ended June 30, 2025, was S$56,587 ($44,490), significantly up from S$2,789 for the year ended December 31, 2024[117] - The Company reported a deferred income tax benefit of S$12,860 for the six months ended June 30, 2025, compared to an expense of S$76,053 for the same period in 2024[121] Assets and Liabilities - Total current assets decreased to S$6,859,592 as of June 30, 2025, from S$10,731,442 as of December 31, 2024, representing a decline of approximately 36%[4] - Total liabilities as of June 30, 2025, were S$2,828,886, down from S$5,150,884 as of December 31, 2024, indicating a reduction of about 45%[4] - Cash at the end of the period on June 30, 2025, was S$2,306,410, a decrease from S$3,373,424 at the beginning of the period[13] - As of June 30, 2025, the company's cash balances were approximately S$2,933,523 ($2,306,410) and current assets were S$8,724,716 ($6,859,592) while current liabilities were S$2,650,500 ($2,083,891)[17] - The allowance for credit losses of accounts receivable was S$112,533 ($88,476) as of June 30, 2025, up from S$60,994 as of December 31, 2024[33] - The Company’s accrued provision for ongoing litigation matters was S$260,000 ($204,419) as of June 30, 2025, down from S$275,000 as of December 31, 2024[79] Cash Flow and Financing - The company provided S$1,300,000 in cash from investing activities during the six months ended June 30, 2025, primarily from loan repayments[13] - The company believes that its current cash and cash flows will be sufficient to meet its working capital needs for at least the next twelve months[20] - The company has financed its operations mainly through a successful IPO in 2024 and is seeking additional financing from local banks[19] - The company borrowed S$594,155 from Mr. Heng Kong Chuan under an interest-free working capital loan facility as of June 30, 2025[132] Revenue Recognition and Accounting Policies - The Company adopted ASC 606 for revenue recognition, which did not materially affect the financial statements upon adoption[54] - The Company recognizes revenue over time for all projects throughout the contract period, reflecting the transfer of promised services to customers[66] - The Company assesses that the four major categories of revenue share substantially the same characteristics and applies the same revenue recognition policies to all its revenue[58] Legal and Compliance - The Company has not incurred any penalties or interest related to underpayment of income tax for the six months ended June 30, 2024, and 2025[76] - The Company had no uncertain tax positions as of December 31, 2024, and June 30, 2025, and does not expect any material changes in its assessment regarding unrecognized tax positions over the next 12 months[76] - Legal proceedings related to workplace safety resulted in an accrued provision of S$260,000 as of June 30, 2025[138] - The company settled a claim from a subcontractor's employee for S$15,000 related to a work accident, finalizing the settlement on March 14, 2025[137] Operational Overview - The company’s principal activities include new construction, reconstruction, and general contracting services through its subsidiary in Singapore[1] - The Company operates as a single segment focused on the development of construction projects, with performance assessed based on net income (loss) and revenue from commercial and residential customers[82] - The Company completed its IPO on October 17, 2024, raising approximately S$5.3 million ($3.9 million) after expenses[123]

Company Overview - Springview Holdings Ltd is a leading designer and builder of residential and commercial properties in Singapore, with an operating history dating back to 2002 [4] - The company specializes in four main types of work: new construction, reconstruction, additions and alterations, and general contracting services [4] - Springview offers a comprehensive range of services including design, construction, furniture customization, project management, and post-project services such as defect repairs and maintenance [4] Recent Developments - Springview Holdings announced that its subsidiary, Springview Enterprises Pte. Ltd., won a major contract worth S$1.725 million for the redevelopment of two units of conservation shop houses in Singapore's Blair Plain Conservation Area [1][2] - This contract enhances Springview Singapore's project portfolio and strengthens its position in the urban restoration and infrastructure sectors [2] - The project aligns with the Singapore Urban Redevelopment Association's conservation framework, contributing to the cultural and commercial revitalization of a historic neighborhood [2] Project Details - The project is scheduled for completion within 10 calendar months under the Singapore Institute of Architects' Standard Conditions of Contract [3] - Springview will oversee all core structural works, regulatory compliance, and cross-disciplinary coordination to ensure the site meets requirements for Temporary Occupation Permit (TOP) issuance upon handover [3] - CEO Zhuo Wang emphasized that this project reflects the trust in Springview's capabilities and the company's commitment to honoring Singapore's architectural legacy [3]

Core Insights - Springview Holdings Ltd's subsidiary, Springview Singapore, has achieved bizSAFE Level 4 certification, effective June 9, 2025, marking a significant advancement in operational excellence and sustainable growth [1][2][3] Group 1: Certification Impact - The bizSAFE Level 4 certification highlights Springview Singapore's commitment to integrating top-tier workplace safety and health practices, enhancing workforce safety and expanding market opportunities [2][3] - This elevation from bizSAFE Level 3 to Level 4 demonstrates Springview Singapore's capability to meet and exceed stringent government and industry safety standards, positioning the company for accelerated growth in the construction sector [3] Group 2: Leadership Commentary - CEO Zhuo Wang emphasized the importance of the certification as a reflection of the company's dedication to workplace safety and operational excellence, which will enable the company to pursue new growth opportunities [4] - The certification also strengthens the company's ability to collaborate with industry leaders and public sector partners who prioritize high safety standards, with a goal to achieve bizSAFE STAR certification in the future [4] Group 3: Company Overview - Springview Holdings Ltd specializes in designing and constructing residential and commercial properties in Singapore, with a history dating back to 2002, offering a comprehensive range of services including design, construction, and project management [5]

Core Points - Springview Holdings Ltd has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as the closing bid price was below $1.00 for 30 consecutive business days from March 13, 2025, to April 24, 2025 [1] - The company has a compliance period of 180 calendar days, until October 22, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days [2] - If compliance is not achieved within the initial 180 days, the company may be eligible for an additional 180-day grace period, provided it meets other listing requirements [3] - The company is actively monitoring its share price and considering options to regain compliance, emphasizing its commitment to delivering value to shareholders and maintaining its Nasdaq listing [4] Company Overview - Springview Holdings Ltd, operating since 2002, specializes in designing and constructing residential and commercial buildings in Singapore [5] - The company offers a comprehensive range of services, including new construction, reconstruction, additions, alterations, and general contracting, along with post-project services like defect repairs and maintenance [5]

PART I [Key Information](index=7&type=section&id=Item%203.%20Key%20Information) This section outlines significant business risks, including market dependency and internal control weaknesses, and securities risks like dual-class shares and Nasdaq compliance [Risks Related to Business and Industry](index=7&type=section&id=3.D.%20Risk%20Factors%20-%20Business%20and%20Industry) The company faces significant business risks from its project-based nature, reliance on the Singapore construction market and foreign labor, and identified material weaknesses in internal financial controls - Profitability is highly variable due to its project-based nature and negotiated terms, with no guarantee of replicating past performance[29](index=29&type=chunk) - The business is heavily reliant on the **Singapore construction industry**, making it vulnerable to economic downturns, regulatory changes, and geopolitical events[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Approximately **82%** of the workforce consists of foreign employees, exposing the company to risks from changes in Singapore's foreign labor policies[39](index=39&type=chunk) - Two material weaknesses in internal controls were identified: insufficient personnel with **U.S. GAAP accounting knowledge** and a lack of **IT general controls** for financial systems and cybersecurity[67](index=67&type=chunk) - Revenue is highly concentrated, with the top ten customers accounting for approximately **98% of revenue in FY2024**, up from **94% in FY2023** and **87% in FY2022**[74](index=74&type=chunk) - The company is involved in ongoing litigation related to a 2019 workplace accident, facing potential fines ranging from **S$150,000 to S$250,000**[55](index=55&type=chunk)[175](index=175&type=chunk)[177](index=177&type=chunk) [Risks Related to Securities](index=15&type=section&id=3.D.%20Risk%20Factors%20-%20Securities) Investment in the company's securities carries significant risks, including a dual-class share structure concentrating voting power, Nasdaq minimum bid price non-compliance, and exemptions as a foreign private and controlled company - On April 25, 2025, Nasdaq notified the company of non-compliance with the **$1.00 minimum bid price** rule, granting a **180-day period** to regain compliance[81](index=81&type=chunk) - The dual-class share structure grants Class B shares **20 times the voting power** of Class A shares, giving Avanta (BVI) Limited, controlled by Ms. Siew Yian Lee, **97.87% of total voting power**[96](index=96&type=chunk)[97](index=97&type=chunk) - As a "controlled company" under Nasdaq rules, the company is exempt from certain corporate governance requirements, including the need for a majority of independent directors[99](index=99&type=chunk) - As a foreign private issuer, the company follows home country governance practices, potentially offering less shareholder protection and making judgment enforcement difficult[100](index=100&type=chunk)[105](index=105&type=chunk) - There is a risk of classification as a **Passive Foreign Investment Company (PFIC)**, which could lead to adverse U.S. federal income tax consequences for shareholders[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - The company does not expect to pay dividends in the foreseeable future, requiring investors to rely on share price appreciation for returns[89](index=89&type=chunk) [Information on the Company](index=23&type=section&id=Item%204.%20Information%20on%20the%20Company) Springview Holdings, through its Singapore subsidiary, is a design and construction firm specializing in residential and commercial buildings, offering new construction, A&A, and general contracting services - The company's primary business, through Springview Singapore, is the design and construction of **residential and commercial buildings in Singapore**[120](index=120&type=chunk)[125](index=125&type=chunk) - Core services include new construction, reconstruction, additions and alterations (A&A), and other general contracting services[121](index=121&type=chunk)[126](index=126&type=chunk) - Business strategies include enhancing client relationships, investing in technology like **BIM**, expanding the in-house team, and exploring strategic alliances[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - The company has a high concentration of customers, with the top ten accounting for **98% of revenue in FY2024**[139](index=139&type=chunk) - The company holds a Builders License from the Singapore Building and Construction Authority, expiring **July 8, 2027**, and a **bizSAFE Level 3 certificate** valid until **June 20, 2025**[169](index=169&type=chunk)[170](index=170&type=chunk) [Operating and Financial Review and Prospects](index=36&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial performance, highlighting a significant revenue decline and net loss in FY2024, contrasting with strong growth in FY2023, and details liquidity improvements from IPO proceeds [Operating Results: Comparison of FY2023 and FY2024](index=40&type=section&id=5.A.%20Operating%20Results%20-%20Comparison%20of%20Years%20Ended%20December%2031,%202023%20and%202024) FY2024 saw a **34.0% revenue decrease** to **S$8.8 million** and a shift to a **S$1.0 million net loss**, driven by project declines, lower margins, and increased IPO-related professional fees Consolidated Results of Operations (FY2023 vs FY2024) | | 2023 (S$) | 2024 (S$) | Variance (S$) | Variance (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | 13,353,013 | 8,811,646 | (4,541,367) | (34.0) | | **Total Cost of revenue** | (8,711,448) | (7,907,554) | 803,894 | (9.2) | | **Gross profit** | 4,641,565 | 904,092 | (3,737,473) | (80.5) | | **Income (loss) from operations** | 2,921,410 | (1,124,201) | (4,045,611) | (138.5) | | **Net income (loss)** | 2,390,166 | (1,031,138) | (3,421,304) | (143.1) | - The **34.0% revenue decline** in FY2024 was mainly due to a reduction in new projects, with significant drops in Reconstruction (**-88.7%**) and A&A (**-72.5%**) categories[203](index=203&type=chunk) - Gross profit margin contracted sharply from **34.8% in FY2023 to 10.3% in FY2024** due to lower revenue, a more competitive market, and additional project costs[211](index=211&type=chunk) - General and administrative expenses increased by **17.9% in FY2024**, primarily driven by an **81.3% surge in professional fees** associated with the company's IPO[213](index=213&type=chunk) - The company shifted from a net income of **S$2,390,166 in FY2023** to a net loss of **S$1,031,138 in FY2024**[217](index=217&type=chunk) [Operating Results: Comparison of FY2022 and FY2023](index=45&type=section&id=5.A.%20Operating%20Results%20-%20Comparison%20of%20Years%20Ended%20December%2031,%202022%20and%202023) FY2023 saw strong growth with **85.0% revenue surge** to **S$13.4 million**, driven by new construction and A&A projects, leading to a **126.6% gross profit increase** and a **286.9% net income rise** Consolidated Results of Operations (FY2022 vs FY2023) | | 2022 (S$) | 2023 (S$) | Variance (S$) | Variance (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | 7,215,952 | 13,353,013 | 6,137,061 | 85.0 | | **Total Cost of revenue** | (5,167,588) | (8,711,448) | (3,543,860) | 68.6 | | **Gross profit** | 2,048,364 | 4,641,565 | 2,593,201 | 126.6 | | **Net income** | 617,725 | 2,390,166 | 1,772,441 | 286.9 | - The **85.0% revenue growth in FY2023** was primarily fueled by a significant increase in new construction (**+95.9%**) and A&A (**+340.2%**) projects[237](index=237&type=chunk) - Gross profit margin improved from **28.4% in FY2022 to 34.8% in FY2023**, attributed to larger projects with better pricing power[242](index=242&type=chunk) - General and administrative expenses rose by **29.6% in FY2023**, mainly due to a significant increase in professional fees related to IPO preparations[244](index=244&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=5.B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity improved significantly in 2024, with cash increasing to **S$3.4 million** primarily due to **S$5.6 million in net IPO proceeds**, despite a net cash outflow from operations Cash and Liquidity Overview (S$) | | As of Dec 31, 2023 | As of Dec 31, 2024 | | :--- | :--- | :--- | | **Cash** | 698,106 | 3,373,424 | | **Current Assets** | 6,048,082 | 10,731,442 | | **Current Liabilities** | 3,363,968 | 4,002,580 | | **Outstanding Loans** | 1,266,265 | 835,800 | Consolidated Cash Flow Summary (S$) | | For the Year Ended Dec 31, 2023 | For the Year Ended Dec 31, 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | (1,369,386) | (531,270) | | **Net cash provided by (used in) investing activities** | 995,121 | (2,621,944) | | **Net cash provided by financing activities** | 723,686 | 5,577,867 | - Net cash from financing activities in 2024 was **S$5.6 million**, primarily due to **S$5.6 million in net proceeds from the IPO**[228](index=228&type=chunk) - Net cash used in investing activities in 2024 was **S$2.6 million**, which represented a loan to a third party[226](index=226&type=chunk) - The company's CEO, Mr. Zhuo Wang, provided a financial support letter for up to **S$2,000,000**, expiring **May 31, 2025**[253](index=253&type=chunk) [Directors, Senior Management and Employees](index=54&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's leadership, board structure, and employee base, highlighting the executive team, independent directors, and the dual-class share structure concentrating voting power - The executive team includes Mr. Zhuo Wang (Chairman & CEO), Ms. Siew Yian Lee (Executive Director), and Mr. Jordan Yi Chun Tse (CFO)[285](index=285&type=chunk) - The Board of Directors consists of **five members**, including **three independent directors**: Mr. Edward C Ye, Mr. Mikael Charette, and Ms. Hung Yu Wu[286](index=286&type=chunk)[309](index=309&type=chunk) Share Ownership of Key Personnel | Name | Class A Shares | Class B Shares | Combined Voting Power | | :--- | :--- | :--- | :--- | | **Zhuo Wang** | 1,200,000 (10.43%) | — | 0.57% | | **Siew Yian Lee** | 7,000,000 (60.87%) | 10,000,000 (100%) | 97.87% | Employee Breakdown by Function | Function | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | | :--- | :--- | :--- | :--- | | Management | 3 | 3 | 3 | | Finance and Administrative | 2 | 2 | 2 | | Quantity surveyor/Drafting | 8 | 8 | 8 | | Projects | 50 | 59 | 58 | | **Total** | **63** | **72** | **71** | [Major Shareholders and Related Party Transactions](index=64&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details related party transactions, including construction services provided to an entity controlled by an executive director and financial support received from the CEO's controlled entity - The company engaged in transactions with Springview Contracts Pte. Ltd., an entity controlled by Executive Director Ms. Siew Yian Lee and her spouse, providing construction services[77](index=77&type=chunk)[615](index=615&type=chunk) - CEO Mr. Zhuo Wang, through his controlled entity, provided financial support amounting to **S$969,247 as of December 31, 2024**, for IPO expenses and operating funds[616](index=616&type=chunk) - Mr. Heng Kong Chuan, a shareholder and spouse of the executive director, provided an interest-free working capital loan facility of up to **S$1,500,000**[617](index=617&type=chunk) [Financial Information](index=64&type=section&id=Item%208.%20Financial%20Information) This section covers consolidated financial statements, legal proceedings with an **S$275,000 provision**, and the company's dividend policy, noting no current plans for distribution and Class A share entitlement - The company is subject to legal proceedings and has accrued a provision of **S$275,000 as of December 31, 2024**, for potential losses[232](index=232&type=chunk)[623](index=623&type=chunk) - The company has no current plans to distribute dividends, with any future distributions subject to board discretion and various financial factors[327](index=327&type=chunk) - Under the company's articles, only holders of **Class A Shares** are entitled to receive dividends; Class B shareholders are not[331](index=331&type=chunk)[344](index=344&type=chunk) [Additional Information](index=66&type=section&id=Item%2010.%20Additional%20Information) This section details the company's corporate structure, including its dual-class share system, dividend entitlements for Class A shares, Cayman Islands tax status, and potential U.S. PFIC classification risk - The company has a dual-class share structure: Class A shares have one vote, while Class B shares have **20 votes per share**[346](index=346&type=chunk) - Only holders of **Class A Shares** are entitled to dividends and distributions upon liquidation; Class B shareholders have no such rights[344](index=344&type=chunk)[359](index=359&type=chunk) - The company is incorporated in the **Cayman Islands**, which currently levies no taxes on profits, income, gains, or appreciation[377](index=377&type=chunk) - For U.S. federal income tax purposes, the company does not expect to be a **Passive Foreign Investment Company (PFIC)**, though this is an annual factual determination with no assurance[391](index=391&type=chunk)[392](index=392&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant market risks, primarily from high customer and vendor concentration, with three customers accounting for a large portion of revenue and receivables, and exposure to foreign exchange risk against the U.S. Dollar - Significant customer concentration exists, with three customers accounting for **20%, 19%, and 18% of total revenue in FY2024**[271](index=271&type=chunk)[411](index=411&type=chunk) - Accounts receivable concentration is high, with three customers accounting for **28%, 32%, and 40% of total accounts receivable as of December 31, 2024**[272](index=272&type=chunk)[412](index=412&type=chunk) - Vendor concentration is notable in accounts payable, with Subcontractor A accounting for **22%** and Subcontractors B and C each for **12% as of December 31, 2024**[274](index=274&type=chunk)[414](index=414&type=chunk) - The company's operating activities are transacted in **Singapore Dollars (S$)**, creating foreign exchange risk against the **U.S. Dollar ($)**[270](index=270&type=chunk)[409](index=409&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=81&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section details the allocation of approximately **US$5.2 million** in net proceeds from the IPO completed on **October 17, 2024**, for business development, hiring, and working capital - The company completed its IPO on **October 17, 2024**, raising approximately **US$5.2 million in net proceeds**[422](index=422&type=chunk)[423](index=423&type=chunk) - Net IPO proceeds are allocated: **US$1.5 million** for business development and marketing, **US$1.5 million** for hiring and training, and **US$2.0 million** for working capital and general corporate purposes[424](index=424&type=chunk) [Controls and Procedures](index=82&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that as of **December 31, 2024**, disclosure controls were ineffective due to material weaknesses in **U.S. GAAP accounting knowledge** and **IT general controls**, with remediation efforts underway - Management concluded that as of **December 31, 2024**, the company's disclosure controls and procedures were ineffective[427](index=427&type=chunk) - Two material weaknesses were identified: insufficient personnel with **U.S. GAAP accounting knowledge** and a lack of **IT general controls** for financial systems and cybersecurity[429](index=429&type=chunk) - Remediation efforts include hiring qualified accounting and IT staff, implementing **U.S. GAAP training**, and preparing comprehensive accounting policies and manuals[430](index=430&type=chunk) - As an emerging growth company, the company is exempt from the auditor attestation requirement on internal control over financial reporting under **Section 404 of the Sarbanes-Oxley Act**[431](index=431&type=chunk)[433](index=433&type=chunk) [Corporate Governance and Other Disclosures](index=83&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers corporate governance, including the designated **audit committee financial expert**, adoption of a Code of Conduct, reliance on home country practices as a foreign private issuer, and cybersecurity risk management - The Board of Directors has designated Mr. Edward C Ye as the **"audit committee financial expert"**[435](index=435&type=chunk) Principal Accountant Fees (US$) | Services | 2023 | 2024 | | :--- | :--- | :--- | | Audit Fees (Marcum Asia CPAs LLP) | 210,000 | 325,308 | | **Total** | **210,000** | **325,308** | - As a foreign private issuer, the company follows home country (Cayman Islands) practices, exempting it from certain Nasdaq corporate governance requirements[444](index=444&type=chunk) - The company has developed a cybersecurity risk management program focused on monitoring, risk mitigation, and incident response[448](index=448&type=chunk)[449](index=449&type=chunk) PART III [Financial Statements](index=86&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for **FY2022, FY2023, and FY2024**, prepared under **U.S. GAAP**, including balance sheets, statements of operations, equity, and cash flows, with accompanying notes Consolidated Balance Sheet Highlights (S$) | | As of Dec 31, 2023 | As of Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | 6,762,187 | 11,531,808 | | **Total Liabilities** | 4,894,403 | 5,150,884 | | **Total Shareholders' Equity** | 1,867,784 | 6,380,924 | Consolidated Statement of Operations Highlights (S$) | | FY 2022 | FY 2023 | FY 2024 | | :--- | :--- | :--- | :--- | | **Total Revenue** | 7,215,952 | 13,353,013 | 8,811,646 | | **Gross Profit** | 2,048,364 | 4,641,565 | 904,092 | | **Net Income (Loss)** | 617,725 | 2,390,166 | (1,031,138) | Consolidated Statement of Cash Flows Highlights (S$) | | FY 2022 | FY 2023 | FY 2024 | | :--- | :--- | :--- | :--- | | **Net cash used in operating activities** | (597,497) | (1,369,386) | (531,270) | | **Net cash provided by (used in) investing activities** | 694,248 | 995,121 | (2,621,944) | | **Net cash (used in) provided by financing activities** | (209,439) | 723,686 | 5,577,867 | - The company completed its IPO on **October 17, 2024**, raising net proceeds of approximately **S$5.3 million**[478](index=478&type=chunk) - Revenue is recognized over time using an input method based on actual contract costs; a change in estimate in 2024 reduced revenue by **S$1,613,632**[535](index=535&type=chunk)

Core Viewpoint - Springview Holdings Ltd has received two significant government certifications (CW01 and CW02) from the Building and Construction Authority in Singapore, which will enable its subsidiary to bid for small-scale public sector projects, thereby expanding its addressable market significantly [1][3]. Group 1: Company Overview - Springview Holdings Ltd specializes in designing and constructing residential and commercial buildings in Singapore, with an operational history dating back to 2002 [1][8]. - The company offers a comprehensive range of services, including design, construction, furniture customization, project management, and post-project services such as defect repairs and maintenance [8]. Group 2: Strategic Implications and Growth Opportunities - The new CW01 and CW02 certifications enhance Springview Singapore's market position by allowing it to participate in public sector tenders for general building and civil engineering projects [3][5]. - The upgrade from General Builder Class 2 (GB2) to General Builder Class 1 (GB1) allows Springview Singapore to undertake projects of any value, removing the previous $6 million cap associated with GB2 [4][6]. - With GB1 certification, Springview Singapore can now compete for larger and more complex projects, improving its credibility and attractiveness to large developers and government agencies [6][7]. Group 3: Competitive Advantage - The certifications provide Springview Singapore with a competitive advantage in the construction market, enabling it to access new revenue opportunities with private sector developers seeking BCA-registered contractors [5][6]. - The company is positioned to capture an increased number of opportunities aligned with its long-term growth plan, focusing on more complex projects [2][4].

Core Viewpoint - Springview Holdings Ltd has received two significant government certifications (CW01 and CW02) from the Building and Construction Authority in Singapore, which will enable its subsidiary to bid for small-scale public sector projects, thereby expanding its addressable market and revenue opportunities [1][3]. Company Overview - Springview Holdings Ltd designs and constructs residential and commercial buildings in Singapore, with an operating history dating back to 2002. The company offers a comprehensive range of services, including design, construction, furniture customization, project management, and post-project services [8]. Strategic Implications and Growth Opportunities - The new CW01 and CW02 certifications enhance Springview Singapore's market position by allowing it to participate in public sector tenders and access new revenue opportunities with private sector developers [3][5]. - The upgrade from General Builder Class 2 (GB2) to General Builder Class 1 (GB1) allows Springview Singapore to undertake larger and more complex projects without the previous $6 million maximum value restriction [4][6]. - The GB1 certification positions Springview Singapore as a more attractive choice for large developers and infrastructure projects, improving its credibility and industry reputation [6][7]. Competitive Advantage - With the GB1 certification, Springview Singapore can bid for high-value projects, significantly increasing its business growth potential and competitive advantage in the construction market [4][6]. - The company can leverage its inclusion on the BCA's list of registered contractors to access a broader range of projects, including general building and civil engineering works [5][6].