The fundamental deterioration is severe and broad-based — revenue, volume, margins, and net income all declined sharply. The biofuel MOA extension is a non-binding early-stage exploratory agreement with no committed capital or revenue, providing no near-term offset. Monitor for any further liquidity stress given the thin equity cushion ($13.5M vs $111.7M in liabilities) and watch for any debt covenant or going-concern disclosure in the next 10-Q/20-F.
Price Chart
Executive Summary
TMD Energy reported a severe deterioration in first-half FY2026 results, with total revenue down 22.5% to $247.6M and a net loss of $8.5M vs. a $0.9M profit a year ago. Gross profit collapsed 93.8% to just $0.7M (0.3% margin) amid tariff-driven demand weakness, lower oil prices, and cost inflation that the company could not pass through. The only positive note is a two-year extension of a biofuel collaboration agreement, but this is early-stage and non-binding.
Key Facts
- Total revenue declined 22.5% YoY to $247.6M for H1 FY2026
- Net loss of $8.5M vs net income of $0.9M in prior-year period
- Gross profit margin collapsed to 0.3% from 3.4%
- Bunkering volume fell 10.1% to 516,676 metric tons
- EPS swung to -$0.35 from +$0.03
- Accumulated losses turned negative at ($42,124) vs retained earnings of $8.3M six months prior
- Total liabilities rose to $111.7M from $102.3M, with equity falling to $13.5M from $22.6M
- Company announced a two-year extension of a non-binding MOA with Double Corporate Sdn Bhd for waste-based biofuels evaluation
Financial Impact
Revenue decline of $72.1M (22.5%), net income swing of -$9.4M (from +$0.9M to -$8.5M), gross profit decline of $10.2M (93.8%)
Risk Factors
- Continued tariff and geopolitical uncertainty further depressing marine fuel demand
- Negative equity trend — accumulated losses turned negative and equity dropped 40% in six months
- High leverage: short-term loans of $91.5M against total equity of $13.5M
- Gross margin near zero leaves no buffer against further cost increases or price compression
- Biofuel collaboration is non-binding and pre-revenue — no near-term financial impact
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-031084 |
| Exhibit: ex99-2.htm | 0001493152-26-031084 |
| Document: form6-k.htm | 0001493152-26-031084 |
| Document: 0001493152-26-031084-index-headers.html | 0001493152-26-031084 |
| Document: 0001493152-26-031084-index.html | 0001493152-26-031084 |
| Document: 0001493152-26-031084.txt | 0001493152-26-031084 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | SC 13G/A | $0.5801 | awaiting T+20 | — | $0.5800 (−0.02%) |
Oct 7, 2026 19d ago | 6-K | $0.6458 | awaiting T+20 | — | $0.5800 (−10.19%) |
Sep 10, 2026 6w ago | 6-K | $0.7737 $0.6458 | ▲ +16.53% | ▲ +18.66% | $0.5800 (+25.04%) |
Aug 11, 2026 10w ago | 6-K | $0.7265 $0.7737 | ▲ +6.50% | ▲ +8.39% | $0.5800 (−20.17%) |
Jun 29, 2026 17w ago | 6-K | $0.7688 $0.8000 | ▼ −4.06% | ▼ −5.09% | $0.5800 (+24.56%) |
Jun 8, 2026 20w ago | 6-K | $0.7800 $0.7988 | ▲ +2.41% | ▲ +0.78% | $0.5800 (−25.64%) |
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