SINGAPORE, Aug. 21, 2026 (GLOBE NEWSWIRE) -- Enigmatig Limited (NYSE American: EGG) ("Enigmatig" or the "Company"), a global business enabler supporting companies expanding across borders, announced on August 7, 2026, its unaudited financial results for the first six months of fiscal year 2026, ended March 31, 2026.
First Half Fiscal Year 2026 Financial Snapshot
- Total corporate services income was US$1.2 million for the six months ended March 31, 2026, compared with US$2.9 million in the same period of fiscal year 2025, primarily reflecting the Company’s transition to a cost-plus billing model, which naturally reduces reported revenue.
- Cost of sales was US$1.2 million for the six months ended March 31, 2026, compared with US$0.7 million in the same period of fiscal year 2025.
- Gross profit was US$21,738 for the six months ended March 31, 2026, compared with US$2.2 million in the same period of fiscal year 2025.
- Loss from operations was US$2.3 million for the six months ended March 31, 2026, compared with profit from operations of US$1.2 million in the same period of fiscal year 2025.
- Net loss was US$2.0 million for the six months ended March 31, 2026, compared with net profit of US$1.2 million in the same period of fiscal year 2025.
- Cash and cash equivalents were US$13.2 million as of March 31, 2026, essentially unchanged from September 30, 2025. Net cash provided by operating activities was US$0.5 million for the six months ended March 31, 2026.
Business Updates
- Effective October 1, 2025, the Company implemented a cost-plus billing model for certain client engagements.
- The Company expanded its global footprint to six offices, comprising two in Singapore, two in London, one in Hong Kong and one in Shanghai, together with a representative desk in Bangkok, Thailand.
- Following a review of the underlying technology framework, the Company discontinued its proprietary CRM platform and the related application, having determined that the costs of upgrading and maintaining the system would outweigh the expected economic benefits.
Management Quotes
“The first six months of fiscal 2026 were a period of deliberate structural change at Enigmatig,” said Desmond Foo, Enigmatig’s Founder and CEO. “While this naturally reduces reported revenue and compresses margin, the work we deliver under it will help stabilize our revenue base for the longer term. With a larger team and footprint in place, we are well positioned to continue strengthening our geographic reach to build long-term value for our shareholders.”
“Our first-half results primarily reflect the transition to a cost-plus billing model effective October 1, 2025, as well as a one-time bonus, salary increments and an increase in headcount,” said Mingwen Teo, Enigmatig’s Director and CFO. “This period’s margin reset represents a new baseline, though we do expect operating leverage to improve as we scale. Our capital position is intact, with cash and cash equivalents of US$13.2 million as of March 31, 2026, essentially unchanged from the prior fiscal year end, giving us the flexibility to continue investing in growth.”
First Half Fiscal Year 2026 Financial Results
Corporate Services Income
Corporate services income was US$1.2 million for the six months ended March 31, 2026, compared with US$2.9 million in the same period of fiscal year 2025, a decrease of 59.1%. The decrease was primarily driven by the implementation of a cost-plus billing model effective October 1, 2025, which naturally compresses the amount of revenue recognized from certain engagements, and by the discontinuation of the Company’s CRM services and corporate structuring services for certain clients upon expiration of the related service agreements.
The table below sets forth the breakdown of our corporate services income for the periods indicated:
For the Six Months Ended March 31, 20252026
US$% US$%Corporate services income: License application and renewal services 1,138,27039.3% 717,91960.5%Corporate secretarial and other services 1,761,74660.7% 468,77439.5%Total 2,900,016100.0 1,186,693100.0
- License application and renewal services. Income from license application and renewal services was US$0.7 million, compared with US$1.1 million in the prior-year period, a decrease of 36.9%. The segment’s contribution to total corporate services income was 60.5%, compared with 39.3% in the prior-year period.
- Corporate secretarial and other services. Income from corporate secretarial and other services was US$0.5 million, compared with US$1.8 million in the same period of fiscal year 2025, a decrease of 73.4%. The segment represented 39.5% of total corporate services income, compared with 60.7% in the prior-year period.
Cost of Sales
Cost of sales was US$1.2 million for the six months ended March 31, 2026, compared with US$0.7 million in the same period of fiscal year 2025, an increase of 59.6%. The increase was primarily driven by higher payroll costs of US$0.4 million, reflecting a one-time bonus, salary increments implemented from October 1, 2025, and an increase in headcount during the period, together with higher client operation costs. These increases were partially offset by lower commission expenses.
Gross Profit
Gross profit was US$21,738 for the six months ended March 31, 2026, compared with US$2.2 million in the same period of fiscal year 2025. Gross margin for the first six months of fiscal year 2026 was 1.8%, compared with 74.8% in the same period of fiscal year 2025, primarily reflecting the transition to the cost-plus billing model, which naturally carries lower margins.
Operating Expenses
Operating expenses totaled US$2.3 million, compared with US$0.9 million in the same period of fiscal year 2025. Payroll and employee benefits increased to US$1.2 million from US$0.2 million, primarily attributable to the increase in full-time employees and overall salary increases across the Company. Operating lease expenses increased to US$0.2 million from US$38,662, primarily driven by new office leases entered into in London and Hong Kong. Other operating expenses increased by 30.4% to US$0.9 million, primarily attributable to higher professional fees, travel, information technology, marketing and retirement expenses.
Loss from Operations
Loss from operations was US$2.3 million, compared with profit from operations of US$1.2 million in the same period of fiscal year 2025.
Other Income
Other income, net totaled US$0.3 million, compared with US$0.2 million in the same period of fiscal year 2025. The increase was primarily driven by interest income of US$0.4 million earned on the Company’s cash and deposit balances, partially offset by a foreign exchange loss of US$29,805.
Net Loss
The Company reported a net loss of US$2.0 million for the six months ended March 31, 2026, compared with net profit of US$1.2 million in the same period of fiscal year 2025.
Cash and Cash Equivalents
As of March 31, 2026, the Company had cash and cash equivalents of US$13.2 million, essentially unchanged from US$13.2 million as of September 30, 2025. Net cash provided by operating activities was US$0.5 million for the six months ended March 31, 2026, compared with US$2.1 million in the same period of fiscal year 2025.
About Enigmatig Limited
Enigmatig is a global business enabler supporting companies in achieving their international ambitions. Since 2010, we have provided regulatory, corporate, and technology-driven solutions to help businesses operate and scale across borders. Headquartered in Singapore, with a presence in Bangkok, Hong Kong, Jakarta, Shanghai, London, Taipei and Tokyo, Enigmatig serves a diverse and growing international client base.
For more information, please visit: https://enigmatig.com
Safe Harbor Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “aim,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “is/are likely to,” “potential,” “project” or “continue” or the negative of these terms or other comparable or similar terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.
For investor and media inquiries, please contact:
[email protected] / [email protected]
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data, or otherwise noted)
As of
March 31, 2026 As of
September 30, 2025 (Unaudited) ASSETS Current assets Cash and cash equivalents $13,207,803 $13,206,006Accounts receivable, net 897,829 1,237,290Contract assets 185,005 46,347Other current assets 607,518 578,783Due from related party 525,967 29,733Total current assets 15,424,122 15,098,159 Non-current assets Property and equipment, net 251,348 218,450Right-of-use assets, net 838,354 721,176Deposits 208,029 2,179,519Total non-current assets 1,297,731 3,119,145 TOTAL ASSETS $16,721,853 $18,217,304 LIABILITIES Current liabilities Accounts payable $408,147 $334,923Accrual and other liabilities 260,606 122,783Contract liabilities 1,019,149 765,229Amount due to shareholder 23,915 -Operating lease liabilities, current 359,899 300,824Income taxes payable 150,884 293,088Total current liabilities 2,222,600 1,816,847 Non-current liabilities Operating lease liabilities, non-current 465,132 407,622Total non-current liabilities 465,132 407,622 TOTAL LIABILITIES 2,687,732 2,224,469 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY Class A ordinary shares, US$0.000002 par value, 17,500,000,000 shares authorized, 12,255,200 issued and outstanding as of March 31, 2026 and September 30, 2025 25 25Class B ordinary shares, US$0.000002 par value, 7,500,000,000 shares authorized, 15,750,000 issued and outstanding as of March 31, 2026 and September 30, 2025 31 31Additional paid in capital 13,801,234 13,801,234Retained earnings 115,485 2,078,949Accumulated other comprehensive income 117,346 112,596Total shareholders’ equity 14,034,121 15,992,835 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $16,721,853 $18,217,304
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In U.S. dollars, except for share and per share data, or otherwise noted) For the Six Months Ended March 31, 2026 2025 Corporate services income $1,186,693 $2,900,016 Cost of sales (1,164,955) (729,724) Gross profit 21,738 2,170,292 Operating expenses Payroll and employee benefits (1,202,209) (217,665)Depreciation expenses (35,110) (8,273)Operating lease expenses (191,793) (38,662)Other operating expenses (859,199) (659,126)Total operating expenses (2,288,311) (923,726) Profit / (loss) from operations (2,266,573) 1,246,566 Other income Other income, net 333,248 244,337 Total other income 333,248 244,337 Profit / (loss) before income tax expense (1,933,325) 1,490,903 Income tax expense (30,139) (257,343)Net profit / (loss) (1,963,464) 1,233,560 Other comprehensive income / (loss) Foreign currency translation adjustment 4,750 (98,747)Total comprehensive income / (loss) $(1,958,714) $1,134,813 Net Income (loss) per share attributable to ordinary shareholders Basic and diluted $(0.07) $0.05 Weighted average number of ordinary shares used in computing net income per share Basic and diluted 28,005,200 25,000,000