$SKK

SKK Holdings Ltd

CIK:0001991261|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	$ 12,949	$ 11,108	$ 9,663
Cost of revenue	(9,695)	(7,087)	(6,914)
Gross profit	3,254	4,021	2,749
Selling and distribution expenses	(236)	(245)	(242)
General and administrative expenses	(3,153)	(3,264)	(2,182)
Stock-based compensation	(2,399)
Operating expenses	(5,788)	(3,509)	(2,424)
(Loss) Profit from operations	(2,534)	512	325
Other (expense) income:
Interest income	10	1	6
Interest expense	(481)	(334)	(221)
Gain from disposal of property and equipment	119	59	88
Write off of property and equipment	(190)
Government grant	50	10	27
(Loss) Gain in foreign exchange, net	(116)	66
Other income	326	229	101
Total other (expense) income, net	(282)	31	1
(Loss) Income before income taxes	(2,816)	543	326
Income tax expense	(104)	(161)	(128)
NET (LOSS) INCOME	(2,920)	382	198
Other comprehensive loss:
Foreign currency translation adjustment	479	(287)	43
COMPREHENSIVE (LOSS) INCOME	$ (2,441)	$ 95	$ 241
Net (loss) income per share
Basic	$ (0.16)	$ 0.02	$ 0.01
Diluted	$ (0.16)	$ 0.02	$ 0.01
Weighted average number of ordinary shares outstanding
Basic	18,750	15,625	13,875
Basic	18,750	15,625	13,875

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	$ (2,920)	$ 382	$ 198
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	1,493	1,373	1,208
Amortization of right-of-use assets	91	89	91
Amortization of intangible assets	1	13	3
Gain on disposal of property and equipment	(119)	(59)	(88)
Write off of property and equipment	190
Unrealized gain on foreign exchange, net	(408)
Stock-based compensation	2,399
Change in operating assets and liabilities:
Accounts receivable	(930)	47	(2,175)
Inventories	(1)	2	16
Accounts payable and accrued liabilities	1,208	2,063	979
Contract assets	(1,408)	(1,040)	268
Contract liabilities	119	303
Repayment of operating lease liabilities	(82)
Income tax payable	(145)	157	(306)
Net cash (used in) provided by operating activities	(512)	3,330	194
Cash flows from investing activities:
Purchase of property and equipment	(5,136)	(7,814)	(3,042)
Proceeds from disposal of property and equipment	684	184	703
(Withdrawal) Addition of fixed deposits	(5)	80	(5)
Net cash used in investing activities	(4,457)	(7,550)	(2,344)
Cash flows from financing activities:
Proceeds from bank borrowings	3,064	3,451	2,572
Repayment of bank borrowings	(543)	(2,343)	(1,468)
Addition of finance lease liabilities			692
Repayment of finance lease liabilities	(927)	(361)	(580)
Proceeds from the issuance of new shares		5,133
Amounts due to related parties	699	1,337
Dividend paid to shareholders			(205)
Net cash provided by financing activities	2,293	7,217	1,011
Effect on exchange rate change on cash and cash equivalents	477	(255)	53
Net change in cash and cash equivalents and restricted cash	(2,199)	2,742	(1,086)
BEGINNING OF YEAR	2,931	189	1,275
END OF YEAR	732	2,931	189
Add: Fixed deposits with maturities over 3 months	81	76	161
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	813	3,007	350
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	(261)	(1)	(438)
Cash paid for interest	(481)	(334)	(221)
NON-CASH TRANSACTIONS OF INVESTING ACTIVITIES
Unwinding of interests for lease liabilities	32	36	36
NON-CASH TRANSACTIONS OF FINANCING ACTIVITIES
Right-of-use assets obtained in exchange for finance lease liabilities	$ 1,401	$ 1,647	$ 679

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 732	$ 2,931
Restricted cash	81	76
Accounts receivable, net	2,458	1,881
Inventories	45	43
Contract assets	6,697	4,974
Deposits, prepayments and other receivables	1,243	890
Total current assets	11,256	10,795
Non-current assets:
Property and equipment, net	19,845	14,625
Right-of-use assets, net	542	601
Intangible assets		1
Total non-current assets	20,387	15,227
TOTAL ASSETS	31,643	26,022
Current liabilities:
Accounts payable and accrued liabilities	4,922	3,714
Amounts due to related parties	6,995	5,991
Bank borrowings	1,955	2,558
Contract liabilities	442	303
Finance lease liabilities	647	715
Operating lease liabilities	88	79
Income tax payable	140	252
Total current liabilities	15,189	13,612
Long-term liabilities:
Bank borrowings	6,972	3,452
Finance lease liabilities	1,750	1,096
Operating lease liabilities	492	548
Deferred tax liabilities		32
Total long-term liabilities	9,214	5,128
TOTAL LIABILITIES	24,403	18,740
Shareholders’ equity
Ordinary share, par value US$0.00025, 2,000,000,000 shares authorized, 18,750,000 ordinary shares issued and outstanding, 15,625,000 ordinary shares issued and outstanding as of December 31, 2025 and 2024, respectively	5	4
Additional paid-in capital	9,365	6,967
Accumulated other comprehensive income (loss)	202	(277)
(Accumulated losses) Retained earnings	(2,332)	588
Total shareholders’ equity	7,240	7,282
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 31,643	$ 26,022