6-K
Multi Ways Holdings Ltd (MWG)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
Form6-K
REPORTOF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDERTHE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025
Commission File Number: 001-41669
MultiWays Holdings Limited
(Translation of registrant’s name into English)
3EGul Circle
Singapore629633
+656287 5252
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBITINDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: June 16, 2025 | Multi Ways Holdings Limited | |
|---|---|---|
| By: | /s/ Lim Eng Hock | |
| Name: | Lim Eng Hock | |
| Title: | Chief Executive Officer<br> and Director |
Exhibit99.1
MultiWays Holdings Reports Financial Results for Fiscal Year 2024
SINGAPORE, May 27, 2025 — Multi Ways Holdings Limited (“Multi Ways”, the “Company” or the “Issuer”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced fiscal year 2024 financial results.
“We are pleased to report on the strategic advancements Multi Ways Holdings Limited has achieved over the past year,” said Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. “Our ongoing fleet renewal and expansion initiatives are designed to meet the evolving requirements of our clients, ensuring they have access to the most advanced and dependable machinery available. With over two decades of industry experience, we have established ourselves as a reliable and trusted provider of heavy construction equipment.”
“Despite the challenges in the market that have impacted our revenue and profitability this year, we remain focused on our long-term strategic objectives. Our commitment to operational efficiency, cost management, and fleet optimization continues to be a priority as we navigate the current business environment.”
“Looking ahead, we are committed to maintaining our role as a comprehensive provider for heavy construction equipment needs. We continue to explore opportunities for growth and diversification while strengthening our core business. We remain focused on delivering exceptional value to our shareholders, customers, and the broader community, positioning Multi Ways for future success in the competitive landscape,” concluded Mr. Lim.
FiscalYear 2024 Financial Highlights
Our total revenue decreased by approximately $4.9 million or approximately 13.7% to approximately $31.1 million for the year ended December 31, 2024 from approximately $36.0 million for the year ended December 31, 2023. The decrease was mainly attributable to reduced demand in our equipment sales business.
Our cost of revenues decreased by approximately $6.0 million or approximately 22.0% to approximately $21.4 million for the financial year ended December 31, 2024 from approximately $27.4 million for the financial year ended December 31, 2023. This decrease was primarily aligned with the reduction in equipment sales volume.
Our total gross profit amounted to $9.7 million and $8.7 million for fiscal years ended December 31, 2024 and 2023, respectively. Our overall gross profit margins improved to approximately 31.3% for fiscal year ended December 31, 2024 from approximately 24.0% for fiscal year ended December 31, 2023. The improvement in gross profit margin was primarily due to our strategic focus on higher-margin business segments and improved cost management.
Selling and distribution expenses mainly included promotion and marketing expenses and transportation expenses for inbound and outbound shipments. Our selling and distribution expenses were approximately $1.7 million and approximately $1.0 million for the fiscal years ended December 31, 2024 and 2023, respectively, representing approximately 5.5% and approximately 2.6% of our total revenue for the corresponding years.
Administrative expenses were approximately $8.7 million and approximately $10.8 million for the years ended December 31, 2024 and 2023, respectively, representing approximately 28.1% and approximately 29.9% of our total revenue for the corresponding financial years.
The Company recorded share-based compensation expenses of approximately $1.2 million for the fiscal year ended December 31, 2024, with no comparable expenses in the prior year.
Net loss amounted to $2.9 million for the fiscal year ended December 31, 2024, compared to net income of approximately $1.8 million for the fiscal year ended December 31, 2023. The decrease was primarily due to lower revenue, increased selling and distribution expenses, and share-based compensation expenses, partially offset by reduced administrative expenses and cost of sales.
CashFlows Summary
Cash and cash equivalents were approximately $3.3 million as of December 31, 2024, compared to approximately $7.1 million as of December 31, 2023.
Cash used in operating activities for the fiscal year ended December 31, 2024 was impacted by the net loss of $2.9 million, compared to cash provided by operating activities of approximately $0.06 million for the fiscal year ended December 31, 2023.
Cash used in investing activities for the fiscal year ended December 31, 2024 was primarily related to capital expenditures and investments, compared to cash generated from investing activities of approximately $6.8 million for the fiscal year ended December 31, 2023, which had included proceeds from disposal of property and equipment of approximately $10.9 million.
Cash provided by financing activities for the fiscal year ended December 31, 2024 included proceeds from bank borrowings, partially offset by repayments of lease liabilities and existing loans.
BalanceSheet Summary
Total assets were approximately $69.6 million, and total liabilities were approximately $49.5 million at December 31, 2024, compared to total assets of approximately $58.0 million and total liabilities of approximately $36.2 million at December 31, 2023.
Working capital was approximately $20.2 million at December 31, 2024, versus approximately $20.9 million at December 31, 2023.
Shareholders’ equity was approximately $20.1 million at December 31, 2024, as compared to approximately $21.8 million at December 31, 2023.
AboutMulti Ways Holdings Limited
Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
InvestorRelations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]
Exhibit 99.2
MultiWays Holdings Secures Exclusive Dealership Agreement with Shandong Shantui Construction Machinery
SINGAPORE, June 3, 2025 — Multi Ways Holdings Limited (“Multi Ways,” the “Company” or the “Issuer”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced that it has entered into an exclusive dealership agreement (the “Agreement”) with Shandong Shantui Construction Machinery Import & Export Co., Ltd. (“Shantui”), a global leader in bulldozer manufacturing. Under the terms of the Agreement, Multi Ways will serve as the exclusive dealer for all Shantui earthmover equipment in Singapore from June 1, 2025, to May 31, 2026.
As part of this Agreement, Multi Ways has already ordered two Shantui bulldozers, which are projected to arrive in Singapore in June 2025. Notably, one of these bulldozers features an advanced remote control function, marking the first such technology of its kind to be introduced in the Singapore market.
“This exclusive dealership Agreement with Shantui represents a significant milestone for Multi Ways Holdings,” said Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. “By partnering with one of the world’s leading bulldozer manufacturers, we are enhancing our product portfolio with cutting-edge equipment that meets the evolving needs of our customers. Introducing Singapore’s first remote-controlled bulldozer demonstrates our commitment to bringing innovative solutions to the local construction industry.”
The Agreement grants Multi Ways exclusive rights to distribute, sell, and service Shantui’s complete range of earthmover equipment in Singapore for one year, strengthening its position in the heavy construction equipment market by expanding its product offerings with Shantui’s internationally recognized machinery. Partnering with Shantui, a subsidiary of Shandong Heavy Industry Group and one of the Top 50 global construction machinery manufacturers, aligns with the Company’s long-term strategy of offering premium equipment options to its customer base.
The two Shantui bulldozers ordered by Multi Ways will arrive in Singapore in June 2025, expanding the Company’s fleet with state-of-the-art earthmoving equipment. The remote-controlled bulldozer represents a significant technological advancement in construction equipment, allowing operators to control the machine from a safe distance. This innovation is particularly valuable for operations in hazardous environments, unstable terrain, or confined spaces where operator safety might be compromised in traditional equipment.
Shantui is recognized globally for its leadership in bulldozer manufacturing, with the company’s bulldozers known for their reliability, performance, and technological innovation. In 2019, Shantui commercialized the world’s first 5G remote-controlled high-power bulldozer, demonstrating their commitment to advancing construction equipment technology.
The introduction of Singapore’s first remote-controlled bulldozer represents a significant milestone for both Multi Ways and the local construction industry. This technological advancement positions Multi Ways at the forefront of construction equipment innovation in the region and demonstrates the Company’s commitment to bringing cutting-edge solutions to its customers.
“Being the first to introduce remote-controlled bulldozer technology to Singapore aligns with our strategy of offering the most advanced and efficient equipment to our customers,” added Mr. Lim. “We anticipate strong interest in this innovative technology, which has the potential to transform certain construction operations by enhancing safety and efficiency.”
The Company will continue to explore strategic partnerships and product innovations that enhance its equipment portfolio and create long-term value for shareholders.
AboutMulti Ways Holdings Limited
Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.
SafeHarbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
InvestorRelations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]