The core heavy equipment sales business continues to contract sharply (-41.1%), while the growth in engineering consultancy (669.4%) and rental (9.9%) is not yet large enough to offset the decline in absolute dollars. Monitor whether the ePM delivery pipeline sustains engineering income growth in H2, and whether the rental fleet expansion continues to support recurring revenue. The Nasdaq compliance monitor period through May 2027 adds delisting risk if the stock price dips again.
Price Chart
Executive Summary
Ten-League International Holdings reported H1 FY2026 unaudited results showing a 12.2% revenue decline to S$33.1M (US$25.6M) and a 26.8% drop in net income to S$1.7M (US$1.3M), driven by a 41.1% plunge in heavy equipment sales. The company's revenue mix shifted toward engineering consultancy (+669.4%) and rental (+9.9%), which together contributed 45.4% of revenue vs 18.5% a year ago. Operating cash flow remained stable at S$10.0M, and the company recently regained Nasdaq compliance after a reverse share split, but remains under a Mandatory Panel Monitor through May 2027.
Key Facts
- Total revenue decreased 12.2% YoY to S$33.1M (US$25.6M) for H1 FY2026
- Net income fell 26.8% to S$1.7M (US$1.3M) from S$2.4M a year ago
- Sales of heavy equipment and parts dropped 41.1% to S$18.1M (US$14.0M)
- Engineering consultancy service income surged 669.4% to S$8.6M (US$6.6M) on delivery of 30 electric prime movers
- Rental income grew 9.9% to S$6.4M (US$5.0M)
- Gross profit margin improved slightly to 24.0% from 23.5%
- Operating cash flow was stable at S$10.0M (US$7.7M)
- Cash and cash equivalents were S$10.9M (US$8.5M) as of June 30, 2026
- Shareholders' equity increased to S$18.5M (US$14.3M)
- Company regained Nasdaq compliance on May 26, 2026 after a 1-for-10 reverse share split, but remains under Mandatory Panel Monitor until May 26, 2027
- Bank borrowings decreased to S$14.7M from S$17.0M at year-end 2025
- Accounts payable declined sharply by S$6.8M to S$4.7M
Financial Impact
Revenue decline of S$4.6M (-12.2%) and net income decline of S$0.6M (-26.8%) vs prior year period
Risk Factors
- Sustained decline in heavy equipment sales due to contractor fleet oversupply and delayed replacement
- Nasdaq Mandatory Panel Monitor until May 2027 — any future bid price non-compliance could trigger immediate delisting
- High related-party payables (S$13.9M due to related parties vs S$10.7M cash)
- Engineering consultancy gross margin collapsed 49.1 percentage points to 20.2% from 69.3% — scalability of this business line is unproven at higher revenue levels
- Limited vendor credit availability constrains cash liquidity
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-045028 |
| Exhibit: ex99-2.htm | 0001493152-26-045028 |
| Document: form6-k.htm | 0001493152-26-045028 |
| Document: 0001493152-26-045028-index-headers.html | 0001493152-26-045028 |
| Document: 0001493152-26-045028-index.html | 0001493152-26-045028 |
| Document: 0001493152-26-045028.txt | 0001493152-26-045028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | 6-K | $5.70 $5.50 | ▲ +3.51% | ▲ +3.69% | $5.50 (+3.51%) |
Sep 30, 2026 27d ago | Press Release | $5.70 $5.50 | ▼ −3.51% | ▼ −3.69% | $5.50 (−3.51%) |
Jun 1, 2026 21w ago | 6-K | $4.11 $3.90 | ▼ −5.09% | ▼ −5.23% | $5.50 (+33.85%) |
Apr 29, 2026 25w ago | 6-K | $2.49 $2.43 | ▼ −2.41% | ▼ −3.43% | $5.50 (+120.88%) |
Apr 13, 2026 28w ago | 6-K | $2.43 $0.2430 | ▼ −90.00% | ▼ −90.78% | $5.50 (+126.34%) |
Mar 16, 2026 32w ago | Press Release | $2.66 $0.2640 | ▲ +90.08% | ▲ +88.68% | $5.50 (−106.77%) |
US Market Status
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