Monitor the Orbis Technology acquisition closing conditions and Nasdaq listing approval; the massive potential dilution (up to 600M shares) could severely dilute existing shareholders. Also watch cash runway given the cash burn rate and the high-cost loan terms.
Price Chart
Executive Summary
Orangekloud Technology reported H1 2026 unaudited results with revenue essentially flat at S$2.5 million (~$1.9M) and net loss narrowing to S$3.0M from S$3.6M year-over-year. Cash dropped sharply to S$847,703 from S$2.99M at year-end 2025, and the company disclosed a S$1.3M working capital loan at 2.25% monthly interest and a proposed share-exchange acquisition of Orbis Technology involving up to 600M shares. The filing is bearish due to declining revenue, cash burn, and dilutive financing.
Key Facts
- H1 2026 revenue was S$2.5 million, down ~2.5% YoY from S$2.5 million.
- Net loss narrowed to S$3.0 million loss from S$3.6 million loss YoY.
- Cash and cash equivalents dropped to S$847,703 from S$2,986,037 at Dec 31, 2025.
- Gross margin improved slightly to 35.8% from 35.4%.
- General and administrative expenses fell to S$2.8 million from S$3.7 million.
- Other income fell 74.1% to S$50,245 from S$193,843.
- On Aug 17, 2026, subsidiary MSC Consulting obtained a S$1.3 million working capital loan at 2.25% monthly interest.
- On Aug 21, 2026, entered into an Exchange Agreement to acquire up to 100% of Orbis Technology, issuing up to 600,000,000 ordinary shares.
- Settled underwriter warrants with Maxim Partners LLC by issuing 80,000 Class A ordinary shares.
- Total shareholders' equity fell to S$5,510,463 from S$8,515,685 at Dec 31, 2025.
Financial Impact
Revenue decline of ~2.5% YoY; net loss of S$3.0M; cash burn of ~S$2.1M in six months; high-cost loan of S$1.3M at 2.25% monthly; potential massive dilution from up to 600M shares for Orbis acquisition.
Risk Factors
- Massive dilution risk from the Orbis acquisition (up to 600M shares).
- Cash burn rate and reliance on high-cost working capital loan (2.25% monthly).
- Revenue decline and declining core product revenue (No-Code platform down 70% YoY).
- Nasdaq listing approval and shareholder approval risks for the Orbis deal.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-048026 |
| Document: form6-k.htm | 0001493152-26-048026 |
| Document: 0001493152-26-048026-index-headers.html | 0001493152-26-048026 |
| Document: 0001493152-26-048026-index.html | 0001493152-26-048026 |
| Document: 0001493152-26-048026.txt | 0001493152-26-048026 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $1.01 $1.01 | · 0.00% | ▼ −0.52% | $1.00 (+0.99%) |
Aug 24, 2026 9w ago | Press Release | $1.11 $1.05 | ▼ −5.41% | ▼ −5.43% | $1.00 (−9.91%) |
May 20, 2026 22w ago | 6-K | $1.03 $1.03 | · 0.00% | ▼ −0.19% | $1.00 (−2.91%) |
Mar 16, 2026 32w ago | Press Release | $1.04 $1.05 | ▲ +0.96% | ▲ +0.69% | $1.00 (−3.85%) |
US Market Status
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