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 December 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
| Exhibit No. | Description |
|---|---|
| 99.1 | Interim Earnings Result for the Six Months Ended June 30, 2025 |
| 99.2 | Press Release - Multi Ways Holdings Announces First Half 2025 Unaudited Financial Results |
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:<br> December 23, 2025 | Multi Ways Holdings Limited | |
|---|---|---|
| By: | /s/ Lim Eng Hock | |
| Name: | Lim<br> Eng Hock | |
| Title: | Chief<br> Executive Officer and Director | |
| Multi Ways Holdings Limited. | Exhibit 99.1 | |
| --- | --- | |
| First Half of Fiscal Year 2025 | For the six months ended June 30, 2025 |
MultiWays Holdings Limited announces revenue of $26.4 Million for the First Half of Fiscal Year 2025
Multi Ways Holdings Limited (“Multi ways” or the “Company”) (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 its unaudited financial results for the six months ended June 30, 2025.
FinancialHighlights for the First Half of Fiscal Year 2025
| ( millions, except per share data) | 2024 | % Change | ||||||
| Revenue | 26.44 | $ | 14.09 | 87.65 | % | |||
| Gross profit | 6.63 | $ | 4.66 | 42.27 | % | |||
| Gross profit margin | 25.08 | % | 33.07 | % | -24.16 | % | ||
| Income/(Loss) from operations | 1.70 | $ | 0.54 | 214.81 | % | |||
| Operating profit margin | 6.43 | % | 3.83 | % | 67.89 | % | ||
| Net income/(Loss) | 0.90 | $ | 0.08 | 1,025.00 | % | |||
| Basic & Diluted earnings per share( cents) | 2.71 | 0.25 | 984.34 | % | ||||
| Net book value per share | 0.65 | $ | 0.70 | -7.14 | % |
All values are in US Dollars.
| ● | Revenue<br> increased 87.65% to approximately $26.44 million for the six months ended June 30, 2025,<br> from approximately $14.09 million for the six months ended June 30, 2024. The increase was<br> mainly attributable to strong demand on equipment sales. |
|---|---|
| ● | Gross<br> profit increased by 42.27% to approximately $6.63 million for the six months ended June 30,<br> 2025, from approximately $4.66 million for the six months ended June 30, 2024. Gross profit<br> margin was 25.08% for the six months ended June 30, 2025, compared to 33.07% for the six<br> months ended June 30, 2024. The increased of gross profit was primarily attributable to higher<br> revenue generated from equipment sales segment. |
| --- | --- |
| ● | Income<br> from operations were approximately $1.70 million for the six months ended June 30, 2025,<br> compared to Income from operations of approximately $0.54 million for the six months ended<br> June 30, 2024. The operating profit margin was 6.43% for the six months ended June 30, 2025,<br> compared to operating profit margin of 3.83% for the six months ended June 30, 2024. The<br> increase of operating profit margin was primarily attributable to the higher gross profit<br> contributed from equipment sales segment. |
| --- | --- |
| ● | Net<br> Income was approximately $0.90 million for the six months ended June 30, 2025, compared to<br> net Income of approximately $0.08 million for the six months ended June 30, 2024. |
| --- | --- |
| ● | Net<br> book value per share was $0.65 as of June 30, 2025, compared to $0.70 as of June 30, 2024. |
| --- | --- |
| 1 |
| --- |
| Multi Ways Holdings Limited. | |
|---|---|
| First Half of Fiscal Year 2025 | For the six months ended June 30, 2025 |
FinancialResults for the First Half of Fiscal Year 2025
Revenue
Revenue increased of approximately $12.35 million or 87.65% to approximately $26.44 million for the six months ended June 30, 2025 from approximately $14.09 million for the six months ended June 30, 2024. The increase was largely attributable to strong demand on equipment sales for the six months ended June 30, 2025.
GrossProfit
Our gross profit increased by approximately $1.97 million, or 42.27%, to approximately $6.63 million for the six months ended June 30, 2025 from approximately $4.66 million for the six months ended June 30, 2024. Gross profit margin was 25.08% for the six months ended June 30, 2025, as compared to 33.07% for the six months ended June 30, 2024. The increased of gross profit with lower margin was primarily attributable to sales mix associated with the higher contribution from lower-margin equipment products.
Sellingand Distribution Expenses
Total selling and distribution expenses was approximately $1.21 million for the six months ended June 30, 2025, compared to approximately $0.73 million for the six months ended June 30, 2024. Selling and distribution expenses increased by approximately $0.48 million or 65.75%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was mainly attributable to the higher transportation fee incurred in tandem with higher revenue.
Generaland Administrative expenses
Total general and administrative expenses was approximately $3.71 million for the six months ended June 30, 2025, compared to approximately $3.39 million for the six months ended June 30, 2024. General and administrative expenses increased by approximately $0.32 million or 9.44% for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to labour costs incurred on transportation of equipment in line with higher revenue.
Income/(loss)from Operations
As a result of the factors described above, total operating income was approximately $1.70 million for the six months ended June 30, 2025, compared to operating income of approximately $0.54 million for the six months ended June 30, 2024.
OtherIncome (Expenses)
Total other expenses, net, were approximately $0.75 million for the six months ended June 30, 2025, compared to other expenses of approximately $0.46 million for the six months ended June 30, 2024. Other expenses increased by approximately $0.29 million or 63.04%, during the six months ended June 30,2025. The increase of other expenses was primarily attributable to the higher interest expenses incurred.
NetIncome (loss) before income taxes
As a result of the factors described above, net income before income taxes was approximately $0.95 million for the six months ended June 30, 2025, compared to net income before income taxes of approximately $0.08 million for the six months ended June 30, 2024.
FinancialCondition as of June 30, 2025
As of June 30, 2025, cash and cash equivalents, restricted cash and short-term investments totalled $1.21 million, compared to $3.30 million as of December 31, 2024. Short-term bank borrowings were $9.74 million as of June 30, 2025, compared to $12.64 million as of December 31, 2024.
Accounts receivable was $7.34 million as of June 30, 2025, compared to $6.18 million as of December 31, 2024. Inventories were $44.65 million as of June 30, 2025, compared to $45.10 million as of December 31, 2024. Accounts payables and accrued liabilities were $6.39 million as of June 30, 2025, compared to $6.94 million as of December 31, 2024.
Total current assets and current liabilities were $58.99 million and $38.31 million, respectively, leading to a current ratio of 1.54 as of June 30, 2025. This compared to total current assets and current liabilities were $65.00 million and $44.80 million, respectively, and current ratio of 1.45 as of December 31, 2024.
| 2 |
| --- |
| Multi Ways Holdings Limited. | |
|---|---|
| First Half of Fiscal Year 2025 | Forthe six months ended June 30, 2025 |
Cashflowsfor the First Half of Fiscal Year 2025
Cashflows from operating activities
For the financial period ended June 30, 2025, our net cash generated from operating activities was approximately $5.39 million, which primarily consisted of our net income before income tax of approximately $0.95 million, adding back (i) non-cash depreciation of property, plant and equipment and right-of-use assets of approximately $0.58 million; (ii) interest expenses approximately $0.94 million; (iii) decrease in inventories of approximately $2.37 million; (iv) decreased in deposits, prepayments and other receivables of approximately $5.03 million but partially offset by (a) increase in accounts receivables of approximately $0.91 million; (b) decrease of account payables and accrued liabilities of approximately $0.28 million and (c) the decrease on customers deposits of approximately $3.28 million.
Cashflows from investing activities
For the financial period ended June 30, 2025, our net cash used in investing activities was approximately $0.20 million, primarily attributable to the purchases of property, plant and equipment of approximately $0.17 million and the investment in financial assets available for sales of approximately $0.03 million.
Cashflows from financing activities
For the financial period ended June 30, 2025, our net cash used in financing activities of approximately $7.14 million, which mainly attributable to the repayment of bank borrowings of approximately $22.17 million; repayment of lease liabilities of approximately $4.58 million and interest payments of approximately $0.59 million, but mitigate by proceeds from bank borrowings of approximately $18.78 million and proceeds from lease liabilities of approximately $1.42 million.
| 3 |
| --- | | Multi Ways Holdings Limited | | | --- | --- | | First Half of Fiscal Year 2025 | For the six months ended June 30, 2025 |
MULTIWAYS HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITEDINTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME
(Currencyexpressed in United States Dollars (“US$”))
| Six Months ended June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| ’000 | ’000 | |||
| Revenues, net | ||||
| Cost of Sales | ) | ) | ||
| Gross Profit | ||||
| Operating costs and expenses: | ||||
| Selling and distribution | ) | ) | ||
| General and administrative | ) | ) | ||
| Total operating costs and expenses | ) | ) | ||
| Profit from operations | ||||
| Other Income/(expenses):- | ||||
| Gain from disposal of plant and equipment | ||||
| Interest income | ||||
| Interest expenses | ) | ) | ||
| Dividend income | ||||
| Government grants | ||||
| Foreign exchange gain/(loss), net | ) | |||
| Other income | ||||
| Total other (loss)/income, net | ) | ) | ||
| Profit before income taxes | ||||
| Less: Income tax expenses | ) | ) | ||
| NET INCOME | ||||
| Less: Net (loss)/income attributable to non-controlling interest (NCI) | ||||
| NET INCOME/(LOSS) ATTRIBUTABLE TO EQUITY HOLDER OF THE COMPANY | ||||
| Other comprehensive income/(loss): | ||||
| Foreign currency translation adjustment | ) | |||
| COMPREHENSIVE INCOME/(LOSS) | ) | |||
| Net income per share | ||||
| Basic and Diluted (cents) | ||||
| Weighted average number of ordinary shares outstanding | ||||
| Basic and diluted |
All values are in US Dollars.
| 4 |
| --- |
MULTIWAYS HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITEDINTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Currencyexpressed in United States Dollars (“US$”))
| Dec 31, 2024 | ||
|---|---|---|
| ’000 | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | ||
| Accounts receivable, net | ||
| Inventories | ||
| Amounts due from related parties | ||
| Financial assets available for sales | ||
| Deposits, prepayments and other receivables | ||
| Total current assets | ||
| Non-current assets: | ||
| Property and equipment, net | ||
| Right-of-use assets | ||
| Investment in equity securities | ||
| Deferred tax assets | ||
| Total non-current assets | ||
| TOTAL ASSETS | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | ||
| Customer deposits | ||
| Amounts due to related parties | ||
| Bank borrowings | ||
| Lease liabilities | ||
| Income tax payable | ||
| Total current liabilities | ||
| Long-term liabilities: | ||
| Bank borrowings | ||
| Lease liabilities | ||
| Total long-term liabilities | ||
| TOTAL LIABILITIES | ||
| Shareholders’ equity | ||
| Ordinary share, par value US0.00025, 400,000,000 shares authorized, 33,330,000 ordinary shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | ||
| Additional paid-in capital | ||
| Retained earnings | ||
| Non-controlling interest | ||
| Accumulated other comprehensive loss | ) | |
| Total shareholders’ equity | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
All values are in US Dollars.
| 5 |
| --- |
MULTIWAYS HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATEDSTATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Currencyexpressed in United States Dollars (“US$”), except for number of shares)
| Ordinary Shares | Additional | Accumulated Other | Non- | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. of shares | Amount | paid-incapital | comprehensive loss | Retained earnings | Controlling Interest | shareholders’ equity | ||||||
| ‘000 | ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | ||||||
| Balance as of January 1, 2023 | 24,800 | ) | ||||||||||
| Foreign currency translation adjustment | - | |||||||||||
| Net income for the year | - | ) | ||||||||||
| Issue of new shares net of deferred offering costs | 6,040 | |||||||||||
| Balance as of December 31, 2023 | 30,840 | ) | ||||||||||
| Foreign currency translation adjustment | - | ) | ) | |||||||||
| Net income for the year | - | ) | ) | |||||||||
| Issue of new shares net of deferred offering costs | 2,490 | |||||||||||
| Balance as of December 31, 2024 | 33,330 | ) | ||||||||||
| Foreign currency translation adjustment | - | |||||||||||
| Net income for the period | - | |||||||||||
| Issue of new shares net of deferred offering costs | - | |||||||||||
| Balance as of June 30, 2025 | 33,330 |
All values are in US Dollars.
| 6 |
| --- | | Multi Ways Holdings Limited | | | --- | --- | | First Half of Fiscal Year 2025 | For the six months ended June 30, 2025 |
MULTIWAYS HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITEDINTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS
(Currencyexpressed in United States Dollars (“US$”))
| Six Months ended June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| ’000 | ’000 | |||
| Cash flows from operating activities | ||||
| Net Income/(loss) before tax | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||
| Depreciation of property, plant and equipment | ||||
| Depreciation of Right-of-Use assets | ||||
| Inventories written down | ) | |||
| Gain on disposal of property, plant and equipment | ) | |||
| Gain on disposal of Financial Assets available for sales | ) | |||
| Provision of impairment of trade receivables, net | ) | |||
| Loss on revaluation of quoted shares | ) | |||
| Interest expense | ||||
| Income tax expenses (current year provision) | ||||
| Change in operating assets and liabilities: | ||||
| Account receivable | ) | ) | ||
| Inventories | ) | |||
| Deposits, prepayments and other receivables | ) | |||
| Accounts payable and accrued liabilities | ) | ) | ||
| Customer deposits | ) | |||
| Net cash generated from/(used in) operating activities | ) | |||
| Cash flows from investing activities: | ||||
| Purchase of property, plant and equipment | ) | ) | ||
| Proceeds from disposal of property, plant and equipment | ||||
| Investment in equity securities | ) | |||
| Proceeds from / (investment in) financial assets available for sales, net | ) | |||
| Net cash used in investing activities | ) | ) | ||
| Cash flows from financing activities: | ||||
| Proceeds from bank borrowing | ||||
| Repayment of bank borrowing | ) | ) | ||
| Proceeds from lease Liabilities | ||||
| Repayment of lease liabilities | ) | ) | ||
| Interest paid | ) | ) | ||
| Net cash (used in)/generated from financing activities | ) | |||
| Effect on exchange rate change on cash and cash equivalents | ) | ) | ||
| Net change in cash and cash equivalents | ) | ) | ||
| BEGINNING OF THE PERIOD | ||||
| END OF THE PERIOD |
All values are in US Dollars.
| 7 |
| --- |
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, please visit www.multiwaysholdings.com. For further information on the Company’s SEC filings please visit www.sec.gov.
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.
| 8 |
| --- |
Exhibit99.2
MultiWays Holdings Reports 88% Revenue Growth in First Half 2025, Provides Corporate Updates
NEW YORK, NY, December 23, 2025 (GlobeNewswire) — Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (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 announces first half 2025 unaudited financial results and provides corporate updates.
ManagementCommentary
Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, pleased to report that “In the first half of 2025, despite a challenging and rapidly evolving business environment, the Group achieved a year-on-year increase in revenue. This growth was primarily driven by the strong performance of our equipment sales segment, reflecting the market’s confidence in our product offerings and our ability to capture new opportunities even under difficult conditions.
However, our gross profit margin experienced a decline during the period. This outcome was influenced by a combination of factors, including heightened competitive pressures, rising input costs, and sales mix associated with the higher contribution from lower-margin equipment products. We are addressing these challenges through continued cost-management initiatives, operational efficiencies, and ongoing optimisation of our product portfolio.
“Looking ahead to 2026, we are optimistic about our business prospects given several recently announced major infrastructure projects commencing construction next year. These include the ongoing expansion of Changi Airport Terminal 5 and the Marina Bay Sands integrated resort, along with strong government focus on public housing, high-specification industrial buildings, and educational and healthcare facilities. Additionally, large-scale infrastructure projects such as the Jurong Region Line (JRL), the Cross Island Line (CRL), and the Jurong Island Hydrogen-Compatible Power Plant continue to progress.
“Multi Ways remains committed to strengthening our core capabilities, enhancing profitability, and delivering sustainable value for our shareholders. While external uncertainties may persist, we believe our strategic direction and disciplined execution position us well for long-term growth” concluded Mr. Lim.
FirstHalf 2025 Financial Highlights
For the six months ended June 30, 2025, our net revenue increased significantly by 87.65% to $26.44 million, compared to $14.09 million for the six months ended June 30, 2024. The increase in net revenue was largely due to several factors, including:
| ● | Strong<br> equipment sales boosted by few local ongoing major infrastructure projects |
|---|---|
| ● | Sales<br> orders locked-in last year which translated into revenue in 1^st^ half 2025. |
| ● | Aggressive<br> & proactive marketing strategy to entice potential customers |
| ● | Gross<br> profit was approximately $6.63 million, with 25.08% profit margin, for the first six months<br> of 2025, compared with gross profit of $4.66 million, with 33.07% profit margin for the first<br> six months of 2024. |
| --- | --- |
| ● | Net<br> income was approximately $0.90 million for the first six months of 2025, compared with a<br> net income of $0.08 million for the first six months of 2024. Net Income increased substantially<br> by 1,025% to $0.82 million. |
CashFlows Summary
| ● | Cash<br> and cash equivalents were approximately $1.14 million as of June 30, 2025, compared to approximately<br> $3.66 million as of June 30, 2024. |
|---|---|
| ● | Cash<br> generated from operating activities for the six months ended June 30, 2025, was approximately<br> $5.39 million, compared to cash used in operating activities of approximately $8.03 million<br> for the six months ended June 30, 2024. |
| ● | Cash<br> used in investing activities for the six months ended June 30, 2025, was $0.20 million, compared<br> to cash used in investing activities of $0.18 million for the six months ended June 30, 2024. |
| ● | Cash<br> used in financing activities for the six months ended June 30, 2025, was approximately $7.14<br> million, compared to cash generated from financing activities of approximately $5.22 million<br> for the six months ended June 30, 2024. |
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]