The core brokerage business is in structural decline (-32.6% revenue), and the company is burning cash while relying on dilutive equity raises. The S$4.7M goodwill impairment signals the Philippines acquisition is not performing. Monitor for further cash burn, potential Nasdaq compliance issues, and any restructuring or strategic pivot away from brokerage.
Price Chart
Executive Summary
Ohmyhome Ltd filed its annual report (20-F) for FY2025, reporting total revenue of S$12.2M (+12.5% YoY) but a net loss of S$9.2M, widened from S$4.4M in FY2024. The loss was driven by a S$4.7M goodwill impairment on the Ohmyhome Property Inc. acquisition and a 32.6% decline in core brokerage revenue to S$2.6M. While property management revenue grew 43.1% to S$6.0M and digital marketing contributed S$0.3M in its first year, the company continues to burn cash (S$4.2M operating cash outflow) and faces Nasdaq delisting risk if it fails to maintain compliance. The filing also notes a material weakness in internal controls over financial reporting.
Key Facts
- FY2025 total revenue: S$12.2M (up 12.5% YoY from S$10.9M)
- FY2025 net loss: S$9.2M (up from S$4.4M loss in FY2024)
- Brokerage services revenue fell 32.6% YoY to S$2.6M (22% of total revenue)
- Property management revenue grew 43.1% to S$6.0M (49% of total revenue)
- Digital marketing services generated S$323,525 in inaugural year
- Goodwill impairment of S$4.7M on Ohmyhome Property Inc. acquisition
- Operating cash outflow of S$4.2M in FY2025 (vs S$3.0M in FY2024)
- Cash and cash equivalents: S$4.6M as of Dec 31, 2025
- Material weakness in internal control over financial reporting identified
- 22,259,591 Class A shares and 841,540 Class B shares outstanding as of Dec 31, 2025
Financial Impact
Net loss widened to S$9.2M from S$4.4M, driven by S$4.7M goodwill impairment and 32.6% decline in brokerage revenue. Operating cash burn increased to S$4.2M.
Risk Factors
- Continued cash burn and reliance on dilutive equity financing
- Nasdaq delisting risk if minimum bid price or other listing requirements are not maintained
- Material weakness in internal controls could lead to financial reporting errors
- Goodwill impairment suggests the Philippines acquisition is underperforming
- Brokerage revenue decline may accelerate as competition intensifies
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001213900-26-048586 |
| Document: ea028645701ex2-1.htm | 0001213900-26-048586 |
| Document: ea028645701ex12-2.htm | 0001213900-26-048586 |
| Document: ea028645701ex12-1.htm | 0001213900-26-048586 |
| Document: ea028645701ex8-1.htm | 0001213900-26-048586 |
| Document: ea028645701ex13-2.htm | 0001213900-26-048586 |
| Document: ea028645701ex13-1.htm | 0001213900-26-048586 |
| Document: ea028645701ex15-1.htm | 0001213900-26-048586 |
| Document: ea028645701ex15-2.htm | 0001213900-26-048586 |
| Document: 0001213900-26-048586-index-headers.html | 0001213900-26-048586 |
| Document: 0001213900-26-048586-index.html | 0001213900-26-048586 |
| Document: 0001213900-26-048586.txt | 0001213900-26-048586 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | — | awaiting T+60 | — | — |
Oct 16, 2026 10d ago | 6-K | $2.84 | awaiting T+60 | — | $3.26 (−14.79%) |
Oct 13, 2026 13d ago | 6-K | $2.74 | awaiting T+60 | — | $3.26 (−18.98%) |
Oct 7, 2026 19d ago | 6-K | $2.37 | awaiting T+60 | — | $3.26 (−37.55%) |
Oct 7, 2026 19d ago | 424B5 | $2.43 | awaiting T+60 | — | $3.26 (−34.16%) |
Sep 17, 2026 5w ago | 6-K | $2.49 | awaiting T+60 | — | $3.26 (+30.92%) |
Aug 25, 2026 8w ago | 6-K | $0.0985 | awaiting T+60 | — | $3.26 (+3209.64%) |
Aug 20, 2026 9w ago | 6-K | $0.1040 | awaiting T+60 | — | $3.26 (+3034.62%) |
Jul 28, 2026 12w ago | 6-K | $0.1272 $0.0624 | ▲ +50.94% | ▲ +55.67% | $3.26 (−2462.89%) |
Jul 28, 2026 12w ago | 424B5 | $0.1500 $0.0664 | ▲ +55.73% | ▲ +60.08% | $3.26 (−2073.33%) |
US Market Status
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