New York, NY, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Spartan Capital Securities, LLC (“Spartan Capital”), a premier investment banking firm, announced the closing of the second tranche of a registered direct offering for Multi Ways Holdings Limited (NYSE American: MWG), a leading supplier of heavy construction equipment in Singapore and the surrounding region. The second tranche consisted of 9,000,000 ordinary shares priced at $0.165 per ordinary share and accompanying warrant, and warrants to purchase up to 9,0 ...

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 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].