$INEO

INNEOVA Holdings Ltd

CIK:0001933951|SEC Filings

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue, net	$ 58,425	$ 62,741	$ 62,693
Cost of revenue	(47,204)	(50,439)	(50,697)
Gross profit	11,221	12,302	11,996
Operating expenses:
Selling and distribution	(1,167)	(1,687)	(1,448)
General and administrative	(10,105)	(9,366)	(7,693)
Total operating cost and expenses	(11,272)	(11,053)	(9,141)
(Loss) profit from operations	(51)	1,249	2,855
Other income (expenses):
Interest income	56	81	2
Interest expense	(1,345)	(1,449)	(1,118)
Government grant	45	94	79
Loss (gain) on disposal of property and equipment	12	(2)
Foreign exchange gain, net	66	294	153
Other income	164	234	174
Total other expenses, net	(1,002)	(748)	(710)
(Loss) income before income taxes	(1,053)	501	2,145
Income tax (benefit) expense	(656)	125	285
NET (LOSS) INCOME	(397)	376	1,860
Other comprehensive income:
Foreign currency translation adjustment	459	(192)	114
COMPREHENSIVE INCOME	$ 62	$ 184	$ 1,974
Net (loss) income per share
Basic	$ (0.03)	$ 0.04	$ 0.20
Diluted	$ (0.03)	$ 0.04	$ 0.20
Weighted average Ordinary Shares outstanding
Basic	14,402	9,545	9,375
Diluted	14,402	9,545	9,375

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (397)	$ 376	$ 1,860
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	414	294	240
Depreciation of right-of-use assets	403	368	357
Provision for impairment for estimated credit loss	800	907	251
Provision for impairment for inventories		11	231
Loss (gain) on disposal of property and equipment	12	(2)
Change in operating assets and liabilities:
Accounts receivable	3,189	(447)	1,499
Inventories	838	708	(374)
Deposits, prepayments, and other receivables	(130)	(638)	348
Accounts payable and accrued liabilities	367	2	(279)
Repayment of operating lease liabilities	(422)	(360)	(319)
Customer deposits	201	1,469	(63)
Income tax payable	(834)	(154)	(12)
Net cash provided by operating activities	4,441	2,534	3,739
Cash flows from investing activity:
Purchase of property and equipment	(10)	(739)	(309)
Net cash used in investing activity	(10)	(739)	(309)
Cash flows from financing activities:
Repayment of bank borrowings	(48,731)	(43,299)	(47,508)
Proceeds from bank borrowings	45,379	46,494	46,311
Proceeds from issuance of new shares, net of expenses		(332)
Repayment to related parties	(2,043)	(3,373)	(2,463)
Repayment of finance lease liabilities	(66)	(118)	(156)
Net cash used in financing activities	(5,461)	(628)	(3,816)
Effect on exchange rate change on cash and restricted cash	316	(196)	114
Net change in cash and restricted cash	(714)	971	(272)
CASH AND RESTRICTED CASH, BEGINNING OF FINANCIAL YEAR	2,088	1,117	1,389
CASH AND RESTRICTED CASH, END OF FINANCIAL YEAR	1,374	2,088	1,117
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	206	280	297
Cash paid for interest	1,345	$ 1,448	$ 1,118
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Issuance of ordinary shares in connection with common-control acquisition	$ 3

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash	$ 1,059	$ 1,790
Restricted cash	315	298
Inventories	18,553	19,390
Deposits, prepayments and other receivables	3,949	3,819
Total current assets	36,521	41,276
Non-current assets:
Property and equipment, net	2,129	2,404
Right-of-use assets, net	657	672
Deferred tax assets	837	128
Total non-current assets	4,897	4,499
TOTAL ASSETS	41,418	45,775
Current liabilities:
Accounts payable and accrued liabilities	5,054	4,924
Customer deposits	5,647	5,445
Bank borrowings	17,686	19,175
Finance lease liabilities, current	70	88
Operating lease liabilities, current	176	334
Income tax payable	100	173
Total current liabilities	34,444	37,025
Long-term liabilities:
Bank borrowings	1,241	3,103
Finance lease liabilities, non-current	140	188
Operating lease liabilities, non-current	508	384
Deferred tax liabilities	112	164
Total long-term liabilities	2,001	3,839
TOTAL LIABILITIES	36,445	40,864
Shareholders’ equity
Preferred Shares, 25,000,000 authorized with par value of $0.0005 each, none issued or outstanding as of December 31, 2025 and 2024
Ordinary shares, 200,000,000 authorized comprise of 150,000,000 Class A and 25,000,000 Class B shares, with par value of $0.0005 each, 16,527,249 and 10,250,000 ordinary shares issued and outstanding as of December 31, 2025 and 2024, respectively	8	5
Additional paid-in capital	1,006	1,009
Accumulated other comprehensive loss	(535)	(994)
Retained earnings	4,494	4,891
Total shareholders’ equity	4,973	4,911
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	41,418	45,775
Third Parties [Member]
Current assets:
Accounts receivable	7,935	11,413
Related Party [Member]
Current assets:
Accounts receivable	2,630	3,140
Amounts due from related parties	2,080	1,426
Non-current assets:
Amounts due from related parties	1,274	1,295
Current liabilities:
Accounts payable - Related parties	244	9
Amounts due to related parties	$ 5,467	$ 6,877