UltraGreen.ai (SGX:ULG) reported a 2025 results slightly above expectations. Adjusted revenue of US$142m (+24.% y-o-y), and adjusted PATMI of US$63.8m (+14% y-o-y), forming 101% and 106% of our forecasts, respectively. This was largely driven by better-than-expected sales volume growth (+13% y-o-y), higher and average vial pricing. Gross margin improved by 0.8ppt to 85.0%, supported by economies of scale.
Margin pressure from forex and translation risk mitigated from 2026.
- Read this at SGinvestors.io -
- Read this at SGinvestors.io -
Guiding for notable growth.
For 2026, management guided for revenue of US$170m-190m, supported by core business growth, the full-year impact of 2025 pricing initiatives, and further market expansion. This is broadly in line with our US$173m forecast and indicate a y-o-y growth of over 20% for 2026.
Growth supported by ample dry powder to drive expansion.
Read more at SGinvestors.io.
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