Uni-Fuels Holdings Ltd 6-K, filed Sep 9, 2026
Uni-Fuels Holdings Ltd (UFG)
About this 6-K
Uni-Fuels Holdings Ltd filed this 6-K on September 9, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
9 Temasek Boulevard, Suntec Tower 2 #19-03
Singapore 038989
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
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 ☐
Uni-Fuels Holdings Limited Announces Unaudited Interim 2026 Financial Results
Uni-Fuels Holdings Limited (the “Company”) (Nasdaq: UFG) today announced its unaudited financial results for the six months ended June 30, 2026. A copy of the press release relating to the above matter is set forth in Exhibit 99.2, which is being furnished herewith.
Uni-Fuels Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars, except for the number of shares)
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 12,185,940 | $ | 12,542,539 | ||||
| Accounts receivable, net | 31,215,233 | 26,255,689 | ||||||
| Prepayments and other assets, net | 446,556 | 316,051 | ||||||
| Total current assets | 43,847,729 | 39,114,279 | ||||||
| Non-Current Assets | ||||||||
| Property and equipment, net | 374,197 | 284,961 | ||||||
| Operating lease right-of-use assets | 1,048,599 | 79,614 | ||||||
| Prepayments and other assets, net | - | 1,486 | ||||||
| Deferred offering costs | 13,810 | - | ||||||
| Total non-current assets | 1,436,606 | 366,061 | ||||||
| Total assets | $ | 45,284,335 | $ | 39,480,340 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 27,059,792 | $ | 23,297,982 | ||||
| Short-term bank loans | 4,388,443 | 4,215,217 | ||||||
| Income tax payables | 556,676 | 162,212 | ||||||
| Operating lease liabilities, current | 359,353 | 78,281 | ||||||
| Accrued expenses and other liabilities | 347,281 | 1,215,216 | ||||||
| Total current liabilities | 32,711,545 | 28,968,908 | ||||||
| Non-Current Liabilities | ||||||||
| Operating lease liabilities, non-current | 689,740 | 6,321 | ||||||
| Deferred tax liabilities, net | 2,345 | 2,345 | ||||||
| Total non-current liabilities | 692,085 | 8,666 | ||||||
| Total liabilities | 33,403,630 | 28,977,574 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Class A ordinary shares (US$0.0001 par value, 4,500,000,000 shares and 450,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 9,815,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025) | 982 | 982 | ||||||
| Class B ordinary shares (US$0.0001 par value, 500,000,000 shares and 50,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 22,650,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025) | 2,265 | 2,265 | ||||||
| Additional paid-in capital | 11,706,110 | 11,706,110 | ||||||
| Accumulated other comprehensive income | (913 | ) | (648 | ) | ||||
| Retained earnings | 172,261 | (1,205,943 | ) | |||||
| Total shareholders’ equity | 11,880,705 | 10,502,766 | ||||||
| Total liabilities and shareholders’ equity | $ | 45,284,335 | $ | 39,480,340 | ||||
| 2 |
Uni-Fuels Holdings Limited
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(Expressed in U.S. dollar, except for the number of shares)
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | ||||||||
| Sales of marine fuels | $ | 196,654,955 | $ | 114,618,812 | ||||
| Freight services | 447,000 | - | ||||||
| Brokerage commissions | 7,800 | 1,973 | ||||||
| Total revenues | 197,109,755 | 114,620,785 | ||||||
| Cost of revenues | (191,769,911 | ) | (112,551,139 | ) | ||||
| Gross profit | 5,339,844 | 2,069,646 | ||||||
| Operating expenses | ||||||||
| Selling and marketing | (288,913 | ) | (478,825 | ) | ||||
| General and administrative | (3,139,962 | ) | (1,406,391 | ) | ||||
| Total operating expenses | (3,428,875 | ) | (1,885,216 | ) | ||||
| Income from operations | 1,910,969 | 184,430 | ||||||
| Other income | ||||||||
| Interest (expense) income, net | (142,575 | ) | 7,826 | |||||
| Other income | 123,019 | 6,221 | ||||||
| Total other income, net | (19,556 | ) | 14,047 | |||||
| Income before income tax | 1,891,413 | 198,477 | ||||||
| Income tax expense | (513,209 | ) | (107,490 | ) | ||||
| Net income | 1,378,204 | 90,987 | ||||||
| Other comprehensive income | ||||||||
| Foreign currency translation adjustments | (265 | ) | 147 | |||||
| Total comprehensive income | $ | 1,377,939 | $ | 91,134 | ||||
| Earnings per share | ||||||||
| Class A ordinary shares – basic and diluted* | $ | 0.04 | $ | 0.01 | ||||
| Class B ordinary shares – basic and diluted* | $ | 0.04 | $ | 0.01 | ||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share | ||||||||
| Class A ordinary shares – basic and diluted | 9,815,000 | 9,543,398 | ||||||
| Class B ordinary shares – basic and diluted | 22,650,000 | 22,650,000 | ||||||
*Class B ordinary shares that convertible to Class A ordinary were evaluated that conversion had no dilutive impact on Class A earnings per share.
Safe Harbor Statements
This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business , the risk that we may be unable to realize our anticipated growth strategies and expected internal growth, changes in the availability and cost of professional staff which we require to operate our business, changes in customers’ preferences and needs, changes in competitive conditions and our ability to compete under such conditions, changes in our future capital needs and the availability of financing and capital to fund such needs, changes in currency exchange rates or interest rates, projections of revenue, profits, earnings, capital structure and other financial items, changes in our plan to enter into certain new business sectors and other factors beyond our control and other risks contained in reports filed by the Company with the SEC. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
| 3 |
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.
| Uni-Fuels Holdings Limited | ||
| Date: September 9, 2026 | By: | /s/ Koh Kuan Hua |
| Name: | Koh Kuan Hua | |
| Title: | Chief Executive Officer | |
| 4 |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Unaudited Condensed Consolidated Financial Statements | |
| 99.2 | Uni-Fuels Interim Earnings Release |
| 5 |
Exhibit 99.1
UNI-FUELS HOLDINGS LIMITED
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| F-1 |
Uni-Fuels Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars, except for the number of shares)
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Accounts receivable, net | ||||||||
| Prepayments and other assets, net | ||||||||
| Total current assets | ||||||||
| Non-Current Assets | ||||||||
| Property and equipment, net | ||||||||
| Operating lease right-of-use assets | ||||||||
| Prepayments and other assets, net | ||||||||
| Deferred offering costs | ||||||||
| Total non-current assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and shareholders’ equity | ||||||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | $ | ||||||
| Short-term bank loans | ||||||||
| Income tax payables | ||||||||
| Operating lease liabilities, current | ||||||||
| Accrued expenses and other liabilities | ||||||||
| Total current liabilities | ||||||||
| Non-Current Liabilities | ||||||||
| Operating lease liabilities, non-current | ||||||||
| Deferred tax liabilities, net | ||||||||
| Total non-current liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Class A ordinary shares (US$ par value, shares and shares authorized as of June 30, 2026 and December 31, 2025; shares issued and outstanding as of June 30, 2026 and December 31, 2025) | ||||||||
| Class B ordinary shares (US$ par value, shares and shares authorized as of June 30, 2026 and December 31, 2025; shares issued and outstanding as of June 30, 2026 and December 31, 2025) | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated other comprehensive income | ( | ) | ( | ) | ||||
| Retained earnings | ( | ) | ||||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-2 |
Uni-Fuels Holdings Limited
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(Expressed in U.S. dollar, except for the number of shares)
| 2026 | 2025 | |||||||
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | ||||||||
| Sales of marine fuels | $ | $ | ||||||
| Freight services | ||||||||
| Brokerage commissions | ||||||||
| Total revenues | ||||||||
| Cost of revenues | ( | ) | ( | ) | ||||
| Gross profit | ||||||||
| Operating expenses | ||||||||
| Selling and marketing | ( | ) | ( | ) | ||||
| General and administrative | ( | ) | ( | ) | ||||
| Total operating expenses | ( | ) | ( | ) | ||||
| Income from operations | ||||||||
| Other income | ||||||||
| Interest (expense) income, net | ( | ) | ||||||
| Other income | ||||||||
| Total other income, net | ( | ) | ||||||
| Income before income tax | ||||||||
| Income tax expense | ( | ) | ( | ) | ||||
| Net income | ||||||||
| Other comprehensive income | ||||||||
| Foreign currency translation adjustments | ( | ) | ||||||
| Total comprehensive income | $ | $ | ||||||
| Earnings per share | ||||||||
| Class A ordinary shares – basic and diluted* | $ | $ | ||||||
| Class B ordinary shares – basic and diluted* | $ | $ | ||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share | ||||||||
| Class A ordinary shares – basic and diluted | ||||||||
| Class B ordinary shares – basic and diluted | ||||||||
| * |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-3 |
Uni-Fuels Holdings Limited
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Expressed in U.S. dollar, except for the number of shares)
| Share | Amount | Share | Amount | Capital | income | earnings | Total | |||||||||||||||||||||||||
| Class A ordinary share | Class B ordinary share | Additional Paid-In | Accumulated other comprehensive | Retained | ||||||||||||||||||||||||||||
| Share | Amount | Share | Amount | Capital | income | earnings | Total | |||||||||||||||||||||||||
| Balance as of December 31, 2024 (audited) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Net income | - | - | ||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | ||||||||||||||||||||||||||||||
| Issuance of shares | - | |||||||||||||||||||||||||||||||
| Balance as of June 30, 2025 (unaudited) | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 (audited) | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||||||||
| Net income | - | - | ||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Balance as of June 30, 2026 (unaudited) | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-4 |
Uni-Fuels Holdings Limited
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in U.S. dollar)
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | $ | ||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
| Depreciation | ||||||||
| Loss on disposal of property and equipment | ||||||||
| Non-cash operating lease expenses | ||||||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable | ( | ) | ( | ) | ||||
| Prepayments and other assets | ( | ) | ( | ) | ||||
| Accounts payable | ||||||||
| Income tax payables | ||||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||
| Accrued expenses and other liabilities | ( | ) | ( | ) | ||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | ( | ) | ( | ) | ||||
| Cash used in investing activities | ( | ) | ( | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from short-term bank loans | ||||||||
| Repayments of short-term bank loans | ( | ) | ( | ) | ||||
| Payment of offering costs | ( | ) | ||||||
| Payment of offering costs related to Initial Public Offering (“IPO”) | ( | ) | ||||||
| Proceeds from issuance of ordinary shares related to IPO | ||||||||
| Repayment of borrowings from shareholders | ( | ) | ||||||
| Net cash provided by financing activities | ||||||||
| Net (decrease) increase in cash and cash equivalents | ( | ) | ||||||
| Effect of exchange changes on cash and cash equivalents | ( | ) | ||||||
| Cash and cash equivalents at beginning of period | ||||||||
| Cash and cash equivalents at end of period | ||||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Income tax paid | $ | $ | ||||||
| Interest expense paid | $ | $ | ||||||
| Supplemental disclosures of non-cash investing activities: | ||||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-5 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
1. Organization and Description of Business
Uni-Fuels Holdings Limited (“Uni-Fuels Holdings”) (“the Company”) is a company incorporated in the Cayman Islands with limited liability on March 8, 2024. Uni-Fuels Holdings is a parent holding company with no operations.
Uni-Fuels Holdings together with its subsidiaries (collectively, “the Group”) operating across Singapore, Seoul, Shanghai, Dubai, Limassol and Bangkok with ship bunkering as its primary business activity. The Group is a global provider of marine fuel solutions to shipping companies, integrating supply logistics and tailored solutions, to help its customers optimize their marine fuel procurement covering all markets across all time zones. The Group primarily generates sales income by selling marine fuels to its customers and receives brokerage commissions by referring shipping companies to its customers through its key operating subsidiaries in Singapore and Dubai.
The consolidated financial statements of the Company include the following entities:
Schedule of Consolidated Financial Statements
| Entity | Date
of incorporation |
Place
of incorporation |
Ownership | Principal activities | ||||||
| Uni-Fuels Group Inc (“Uni-Fuels Group”) | % | |||||||||
| Uni-Fuels Pte. Ltd. (“Uni-Fuels”) | % | |||||||||
| Uni-Fuels Pte. Ltd. (Branch) | % | |||||||||
| Uni-Fuels (Shanghai) Co., Ltd. | % | |||||||||
| Uni-Fuels Middle East FZCO | % | |||||||||
| Uni-Fuels Ltd | % | |||||||||
| Uni-Fuels (Thailand) Co., Ltd. | % | |||||||||
Reorganization
The
Reorganization was completed on April 18, 2024 through a series of planned transactions. As a result of the Reorganization, the Company
has become the holding company for all previously mentioned entities. The primary objective of the Reorganization was to transfer
Immediately
before the Reorganization, Uni-Fuels was wholly owned and controlled by Kuan Hua KOH and functioned as the operational entity for all
the Group’s business activities. The Company and Uni-Fuels Group were established on March 8, 2024, and February 5, 2024, respectively,
by a registered agent in the Cayman Islands, with the sole purpose of acting as holding companies for the Group. On March 14, 2024,
Immediately before and after the Reorganization, the Company, Uni-Fuels Group, and Uni-Fuels remained under the complete ownership and control of Kuan Hua KOH. Consequently, the Reorganization is classified as a common control transaction under ASC 805-50.
| F-6 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
1. Organization and Description of Business (Continued)
On
January 15, 2025, the Company consummated its initial public offering (“IPO”) of Class A Ordinary Shares at an
offering price of $ per share, generating gross proceeds of $
Following this, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in these unaudited condensed consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.
2. Summary of Significant Accounting Policies
Basis of presentation and principle of consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial reporting. These financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Group’s financial position, results of operations, and cash flows for the interim periods presented.
The results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026. These unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements as of and for the year ended December 31, 2025.
These unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.
A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.
Use of estimates and assumptions
The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates and judgments are based on historical information, information that is currently available to the Group and on various other assumptions that the Group believes to be reasonable under the circumstances. Significant estimates and judgments include, but are not limited to, revenue recognition, allowance for credit losses against financial assets, accounting for operating lease right-of-use assets and operating lease liabilities, and income taxes.. Actual results could differ from the estimates, and as such, differences could be material to these unaudited condensed consolidated financial statements.
| F-7 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Cash and cash equvalents
Cash and cash equivalents include cash on hand and demand deposits, as well as short-term, highly liquid investments with original maturities of three months or less.
Accounts receivable, net
Accounts
receivable are recognized and carried at the original invoiced amount less an allowance for credit losses and do not bear interest. Customers
who owed accounts receivables, are granted credit terms based on their credit metrics. The Group adopted ASU No.2016-13 “Financial
Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”)
on its accounts receivable, starting from the incorporation date of Uni-Fuels as of October 12, 2021, and records the allowance for credit
losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance is classified as “general
and administrative” in these unaudited condensed consolidated statements of income and comprehensive income. The Group assesses
collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar
business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes
or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability
based on past due status, the age of the accounts receivable balances, credit quality of the Group’s customers based on ongoing
credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors
that may affect the Group’s ability to collect from customers. Under this accounting guidance, the Group measures credit losses
on its accounts receivable using the current credit loss model under ASC 326. As of June 30, 2026 and December 31, 2025, the Company
provided allowance for credit losses of $
Prepayments and other assets, net
Prepayments
and other assets are comprised of other receivables and prepaid expenses, including rental deposit, interest receivables and prepaid
office supplies. Since the incorporation of Uni-Fuels on October 12, 2021, the Group adopted ASC Topic 326 on its other receivables.
The new credit loss guidance replaces the old model for measuring the allowance for credit losses with a model that is based on the expected
losses. Under this accounting guidance, the Group measures credit losses on its prepayment and other assets using the current credit
loss model under ASC 326. As of June 30, 2026 and December 31, 2025, the balance of allowance for credit loss against prepayments and
other assets was $
Leases
Since the incorporation of Uni-Fuels on October 12, 2021, the Group adopted ASU No. 2016-02, Leases (Topic 842), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.
The Group is a lessee of non-cancellable operating leases for corporate office premises. The Group determines if an arrangement is a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Group are currently classified as operating leases. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities on the Group’s unaudited condensed consolidated balance sheets.
| F-8 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Leases (Continued)
ROU assets represent the Group’s right to use an underlying asset for the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term.
When determining the lease term, at lease commencement date, the Group considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The interest rate used to determine the present value of future lease payments is the Group’s incremental borrowing rate based on the information available at the lease commencement date.
The lease standard (ASC 842) provides practical expedients for an entity’s ongoing accounting. The Group elects to apply short-term lease exception for leases with a lease term of 12 months or less at commencement. Accordingly, ROU assets and operating lease liabilities do not include leases with a lease term of 12 months or less.
The Group also elects to adopt the practical expedient that allows lessee to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include building management fees, utility expenses and property taxes included and payable in the lease contract. These non-lease components are not separated from the lease components to which they relate.
The Group evaluates the impairment of its ROU assets consistently with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived assets when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the assets from the expected undiscounted future pre-tax cash flows of the related operations. For the six months ended June 30, 2026 and 2025, the Group did not recognize any impairment loss against its ROU assets.
Property and equipment, net
Property and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated useful life. The estimated useful lives of property and equipment are as follows:
Schedule of Estimated Useful Lives of Property And Equipment
| Leasehold improvements | Shorter of lease term or | |
| Furniture and fixture | ||
| Computer equipment | ||
| Motor vehicle | ||
| Office equipment |
Expenditures for repairs and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statements of income and comprehensive income under other income or expenses.
| F-9 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Impairment of long-lived assets
The
Group reviews long-lived assets, including property and equipment and ROU assets, for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison
of the carrying amount of an asset to the undiscounted future pre-tax cash flows expected to be generated by the asset. If such assets
are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds
the fair value of the assets. Fair value is generally determined by discounting the cash flows expected to be generated by the asset
(asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and
is depreciated over the asset’s remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest
level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the six months
ended June 30, 2026 and 2025,
Deferred offering costs
Deferred
offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly
related to the offering and that will charge to shareholders’ equity upon the completion of the offering. As of June 30, 2026 and
December 31, 2025, the Group had deferred offering costs of $
Revenue recognition
The Group follows the rules and guidance set out under ASC 606, Revenue from Contracts with Customers (“ASC 606”), when recognizing revenue from contracts with customers. The core principle of ASC 606 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In according with ASC 606, revenues are recognized when the Group satisfies the performance obligations by delivering the promised goods or services to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The following five steps are applied to achieve that core principle:
Step 1: Identify the contract with the customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognize revenue when the company satisfies a performance obligation.
The Group identifies each distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract terms. The Group applies a practical expedient to expense costs as incurred for those suffered in order to obtain a contract with a customer when the amortization period would have been one year or less. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year, which need to be recognized as assets.
| F-10 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
The Group’s principal revenue streams include:
Sales of marine fuels
The Group enters into a distinct agreement with its customer, through an order confirmation, to sell marine fuels in exchange for sales proceeds. The Group’s promise to sell marine fuels to its customer is considered distinct and is identified as one performance obligation. The Group charges its customer sales proceed at a fixed amount, which is explicitly stated in the contract through order confirmation and is based on the volume of marine fuels supplied to the customer.
Customer does not simultaneously receive and consume the benefits provided by the Group prior to the delivery of marine fuels. No other services are provided by the Group, and benefits are only realized upon receiving marine fuels. Before the delivery of marine fuels, no assets are created nor is there an enforceable right to payment for completed performance by the Group, as evidenced by the order confirmation. Sales income does not qualify to be recognized over time but is recognized at a point in time.
Customer’s obligation to make payment upon fuels delivery and physical possession of marine fuels indicates control over the assets is transferred to customer upon delivery. Furthermore, upon delivery, customer takes on the risks and rewards associated with ownership of the marine fuels and is ready to derive benefits from the assets. Consequently, revenue from the sales of marine fuels is recognized at a point in time when the transaction and the Group’s performance obligation is completed, as evidenced by the delivery of marine fuels.
The Group follows the rules and guidance set out under ASC 606 when determining whether it is acting as a principal or an agent in the contract with its customers. The core principle of ASC 606 requires an entity to determine whether the nature of its promise is a performance obligation to provide the goods or services itself (that is, the entity is a principal) or to arrange for those goods or services to be provided by the other party (that is, the entity is an agent). The following steps are applied to achieve that core principle:
Step 1: Identify the specified goods or services to be provided to the customer
Step 2: Assess whether it controls each specified good or service before that good or service is transferred to the customer
Under the order confirmation, the Group is solely responsible for the sales of marine fuels it committed to by providing marine fuels with the required grades set out in the agreements with the customers, procuring the relevant supplier, and supplying the required fuels at the designated ports and time, while ensuring the specifications of the marine fuels sold are met to fulfill the promise in the order confirmation. The Group controls the whole process and has an obligation to procure the fulfillment of the conditions. Moreover, the Group controls who the marine fuels may be sold to and has full authority in negotiating and determining the commercial terms with both customers and suppliers on each trade without the consent from other parties. The Group also considers elements of inventory risk that it assumes when assessing whether it controls the marine fuels before they are transferred to the customers.
Accordingly, the Group holds the sole primary responsibility for fulfilling the performance obligation and has full discretion over setting prices with its customer in the sales of marine fuels. As the principal in the contract, the Group recognizes revenue at the gross amount to which it is entitled from its customer.
| F-11 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Freight services
The Group arranges transportation services for customers through third-party freight service providers for the carriage of petroleum products between specified load and discharge ports. Revenue from freight services is recognized in accordance with ASC 606.
The transportation service represents a single performance obligation satisfied over time, as the customer simultaneously receives and consumes the benefits provided as the carriage progresses. Freight revenue is recognized over the transit period based on an output method measuring elapsed voyage time from the load port to the discharge port relative to the total estimated voyage time, which faithfully depicts the transfer of control.
The Group evaluates whether it acts as a principal or an agent in its freight service arrangements. The Group acts as a principal as it controls the specified transportation service before it is transferred to the customer. Control is demonstrated as the Group is primarily responsible for fulfilling the promise to provide the transportation service, retains discretion in establishing pricing with the customer, and assumes credit risk. As the principal in the contract, the Group recognizes revenue at the gross amount to which it is entitled from its customer.
Payments received in advance of performance are recorded as contract liabilities. Unbilled revenue earned during the transportation period is recognized as contract assets or accounts receivable, as appropriate. Adjustments resulting from final settlement of voyage uncertainties are recorded in revenue in the period in which the estimates are updated.
Brokerage commissions
The Group enters into arrangements with its customer by referring marine companies for the sales of marine fuels in exchange for a brokerage commission. These brokerage services that the Group promises to refer marine companies to its customer are considered distinct and constitute a single performance obligation. The commission earned from the brokerage services is fixed and determined at a fixed rate against the volume of marine fuels supplied by its customer to marine companies referred.
Customer does not simultaneously receive and consume the benefits provided by the Group prior to the completion of the transaction. Before the completion of the transaction, no assets are created, nor is there an enforceable right to payment for completed performance by the Group. Brokerage commissions do not qualify to be recognized over time. Revenue from brokerage services is recognized at a point in time, specifically when the transaction is completed and evidenced by the delivery of marine fuels from its customer to marine companies.
The Group follows the rules and guidance set out under ASC 606 when determining whether it is acting as a principal or an agent in the contract with its customers. The core principle of ASC 606 requires an entity to determine whether the nature of its promise is a performance obligation to provide the goods or services itself (that is, the entity is a principal) or to arrange for those goods or services to be provided by the other party (that is, the entity is an agent). The following steps are applied to achieve that core principle:
Step 1: Identify the specified goods or services to be provided to the customer
Step 2: Assess whether it controls each specified good or service before that service is transferred to the customer
| F-12 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Sources of revenues
Both sales of marine fuels and brokerage commissions were recognized at a point in time for the six months ended June 30, 2026 and 2025.
The Group carried out all its business activities and major operations in Singapore and Dubai. Disaggregated information of revenues by geographic locations, which is based on the locations at which the marine fuels are delivered to the customers is as follows:
Schedule of Disaggregated Information of Revenues
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Geographic locations | ||||||||
| Sales of marine fuels | ||||||||
| China | $ | $ | ||||||
| Hong Kong | ||||||||
| India | ||||||||
| Indonesia | ||||||||
| Malaysia | ||||||||
| Singapore | ||||||||
| South Korea | ||||||||
| Thailand | ||||||||
| Vietnam | ||||||||
| Spain | ||||||||
| UAE | ||||||||
| Sri Lanka | ||||||||
| Taiwan | ||||||||
| Australia | ||||||||
| Malta | ||||||||
| Brazil | ||||||||
| Mozambique | ||||||||
| Others | ||||||||
| Subtotal | $ | $ | ||||||
| Brokerage commissions | ||||||||
| Singapore | $ | $ | ||||||
| Subtotal | $ | $ | ||||||
| Freight services | ||||||||
| Singapore | ||||||||
| Subtotal | ||||||||
| Total | $ | $ | ||||||
| F-13 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Contract Assets and Contract Liabilities
The
Group classifies its right to consideration in exchange for goods or services transferred to a customer as either a receivable or a contract
asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration
that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its unaudited condensed
consolidated balance sheets when it transfers the goods or performs services in advance of receiving consideration and it has the unconditional
right to receive consideration. A contract asset is recorded when the Group has transferred the goods or services to the customer before
payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in
the contract. As of June 30, 2026 and December 31, 2025, the Group did
Contract
liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which include customer
advances and deferred revenue under service arrangements. As of June 30, 2026 and December 31, 2025, the Group did
Cost of revenues
Cost of revenue primarily consists of the cost of marine fuels and commission fees incurred during the sales and distribution of marine fuels.
Employee benefit plan
Employees
of the Group located in Singapore participate in a compulsory retirement benefit scheme, as mandated by local laws. Contributions to
this scheme are made by both the Group and its employees, based on certain percentages of the employees’ relevant salary income,
which varies by age bracket. These contributions are subject to a monthly income cap, which was SG$
Borrowing costs
All borrowing costs are recognized as interest expense in the unaudited condensed consolidated statements of income and comprehensive income in the period in which they are incurred.
Income taxes
The Group accounts for income taxes under ASC 740, Income Taxes. Provision for income taxes consists of current taxes and deferred taxes.
Current tax is recognized based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted as of the balance sheet date.
| F-14 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Deferred tax is recognized in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group did not have any significant uncertain tax positions nor interest and penalty associated with tax positions as of June 30, 2026 and December 31, 2025.
Segment reporting
ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Group’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Group’s business segments.
The Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group does not distinguish revenues, costs and expenses between segments in its internal reporting, but instead reports costs and expenses by nature as a whole.
Comprehensive Income
Comprehensive
income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding
transactions resulting from investments by owners and distributions to owners. Comprehensive income consists of two components, net income
and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under U.S. GAAP are recorded
as an element of shareholders’ equity but are excluded from net income. For the six months ended June 30, 2026 and 2025, the Group
recognized other comprehensive loss of $
Earnings per share is calculated in accordance with ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing net income attributable to each class of ordinary shareholders by the weighted average number of shares of that particular class outstanding during the period.
Diluted earnings per share is calculated by dividing net income attributable to each class of ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares of that class, if any, by the weighted average number of that particular class of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of one class of ordinary shares to another in accordance with the Memorandum and Articles of Association of the Company. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. Basic and diluted earnings per ordinary share are presented in the Group’s unaudited condensed consolidated statements of income and comprehensive income.
| F-15 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Earnings per share (continued)
As of June 30, 2026 and December 31, 2025, each Class B ordinary share could be converted any time at the holder’s option into one Class A ordinary share whilst Class A ordinary shares could not be converted into Class B ordinary shares. In addition, holders of both Class A and Class B ordinary shares were entitled to receive dividends paid by the Company at the same rate and had equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company’s Memorandum and Articles of Association. These shares ranked pari passu in all other respects. Basic and diluted earnings per share are calculated by referring to the rights and characteristics of these two classes of ordinary shares respectively.
Translation of foreign currencies
The Group’s principal place of operations is Singapore. The financial position and results of its operations are determined using the U.S. Dollars (“US$” or “$”), as the functional currency. The Company’s unaudited condensed consolidated financial statements are presented in US$.
Foreign currency transaction gains and losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign currency transaction gains and losses are recognized for changes between the transaction exchange rates and month-end exchange rates. Foreign currency transaction gains and losses are included in other expense (income) in the unaudited condensed consolidated statements of income and comprehensive income in the period incurred.
For subsidiaries whose functional currency is not in US$, assets and liabilities are translated into US$ at period-end exchange rates, and revenues and expenses are translated at weighted-average exchange rates for the period. Foreign currency translation adjustments arising from the consolidation of these foreign operations are recognized in other comprehensive income (loss) and accumulated as a separate component of equity within accumulated other comprehensive income (loss).
Fair value of financial instruments
The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Level 1 – Quoted prices in active markets for identical assets and liabilities.
Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
As of June 30, 2026 and December 31, 2025, financial instruments of the Group comprised primarily cash and cash equivalents, accounts receivable, other assets, short-term bank loans, accounts payable, accrued expenses and other liabilities. The Group concludes that the carrying amounts of these financial instruments approximate their fair values because of the short-term nature of these instruments.
| F-16 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
2. Summary of Significant Accounting Policies (Continued)
Related parties
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.
Commitments and contingencies
In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group’s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
Recent accounting pronouncements
The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily by requiring disclosures of significant segment expenses on an annual and interim basis. The adoption of ASU 2023-07 did not have a material impact on the Group’s condensed consolidated financial statements or footnote disclosures for the six months ended June 30, 2026.
In December 2023, the FASB issued ASU 2023-09, which requires enhanced rate reconciliation disclosures and expanded disclosures on income taxes paid. The Group adopted ASU 2023-09 effective January 1, 2026. As the standard’s primary disclosure requirements (such as the disaggregated tax rate reconciliation) apply to annual reporting periods, the adoption had no material impact on the condensed consolidated financial statements for the six-month period ended June 30, 2026. The expanded disclosures will be included in the Group’s annual consolidated financial statements for the year ending December 31, 2026.
In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01), which clarifies the effective date of ASU 2024-03. ASU 2025-01 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Group’s management does not believe the adoption of ASU 2025-01 will have a material impact on its consolidated financial statements and disclosures.
| F-17 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
3. Significant Risks
Currency risk
The functional currency of the Company and its principal operating subsidiaries is the US$, and these unaudited condensed consolidated financial statements are presented in US$. Certain foreign subsidiaries maintain functional currencies other than US$ based on the primary economic environment in which they operate.. The Group’s business activities and its assets and liabilities are predominately denominated in the functional currency. Therefore, the Group is not exposed to significant foreign currency risk as majority of the operations and transactions are denominated in the functional currency.
Concentration and credit risks
Financial instruments that potentially subject the Group to the credit risks consist of cash and cash equivalents, accounts receivable and other assets. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates.
As
of June 30, 2026 and December 31, 2025, $
Assets
that potentially subject the Company to significant credit risks primarily consist of accounts receivable and other assets. The Group
performs regular and ongoing credit assessments of the counterparts’ financial conditions and credit histories. The Group also
assesses historical collection trends, aging of receivables and general economic conditions. The Group considers that it has adequate
controls over these receivables in order to minimize the related credit risk. As of June 30, 2026 and December 31, 2025, the balances
of allowance for credit losses were $
For the six months ended June 30, 2026 and 2025, most of the Group’s assets were located in Singapore and Dubai. At the same time, the Group considers that it is exposed to the following concentrations of risk:
| (a) | Major customers |
For
the six months ended June 30, 2026, there were two customers accounted for
As
of June 30, 2026, there was one customer whose receivable accounted for
| F-18 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
3. Significant Risks (continued)
| (b) | Major vendors |
For
the six months ended June 30, 2026, there was one vendor accounted for
As
of June 30, 2026, there was no vendor whose payables accounted for
Interest rate risk
Fluctuations in market interest rates may negatively affect the Group’s financial condition and results of operations. The Group is exposed to floating interest rate risk on bank deposits and bank borrowings, particularly during periods when the interest rate is expected to significant changes. Nevertheless, given the amounts of bank deposits and bank borrowings in question, the Group considers its interest rate risk not material, and the Group has not used any derivatives to manage or hedge its interest rate risk exposure.
4. Cash and cash equivalents
As of June 30, 2026 and December 31, 2025, cash and cash equivalents consisted of the following balances:
Schedule of Cash and Cash Equivalents
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Cash and bank balances | $ | $ | ||||||
| Money market funds | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
5. Accounts Receivable, Net
As of June 30, 2026 and December 31, 2025, accounts receivable consisted of the following balances:
Schedule of Accounts Receivable
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Third parties | ||||||||
| Accounts receivable related to sales of marine fuels | $ | $ | ||||||
| Less: allowance for credit losses | ( | ) | ( | ) | ||||
| Total accounts receivable, net | $ | $ | ||||||
| F-19 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
5. Accounts Receivable, Net (continued)
The movement of allowance for credit losses is as follow:
Schedule of Allowance for Expected Credit Losses
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Beginning balance at January 1, 2026 and 2025 | $ | $ | ||||||
| Recovery of credit losses | ||||||||
| Ending balance at June 30, 2026 and 2025 | $ | $ | ||||||
6. ROU Assets and Operating Lease Liabilities
As of June 30, 2026 and December 31, 2025, the Group subsisted of the following non-cancellable lease contract.
Schedule of Non-Cancellable Lease Contract
| Description of lease | Lease term | |
| Office at Suntec Tower, Singapore | ||
| Office at Shanghai, China |
| a) | Amounts recognized in the unaudited condensed consolidated balance sheets: |
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Right-of-use assets | $ | $ | ||||||
| Operating lease liabilities | ||||||||
| Current | $ | $ | ||||||
| Non-current | ||||||||
| Total Operating lease liabilities | $ | $ | ||||||
| Weighted average remaining lease terms (in years) | ||||||||
| b) | Information related to operating lease activities during the six months ended June 30, 2026 and 2025 is as follows: |
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| ROU assets obtained in exchange for operating lease liabilities | $ | $ | ||||||
| Amortization of ROU assets | ||||||||
| Accretion of operating lease liabilities | ||||||||
| Total operating lease expenses | $ | $ | ||||||
| F-20 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
6. ROU Assets and Operating Lease Liabilities (continued)
| c) | The following table summarizes the remaining contractual maturities of lease liabilities, categorized by the years in which such lease liabilities are required to be settled, under operating leases as of June 30, 2026: |
Schedule of Remaining Contractual Maturities
| Twelve months ended June 30, | ||||
| 2027 | $ | |||
| 2028 | ||||
| 2029 | ||||
| Total future lease payments | $ | |||
| Less: imputed interest | ||||
| Present value of lease obligations | $ |
The
weighted-average discount rate used to determine the operating lease liabilities as of June 30, 2026 and December 31, 2025 was
7. Property and Equipment, Net
As of June 30, 2026 and December 31, 2025, property and equipment, net, consisted of the following:
Schedule of Property and Equipment
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Leasehold improvements | $ | $ | ||||||
| Furniture and office equipment | ||||||||
| Computer equipment | ||||||||
| Motor vehicle | ||||||||
| Less: accumulated depreciation | ( | ) | ( | ) | ||||
| Total property and equipment, net | $ | $ | ||||||
Depreciation
expenses were $
8. Prepayments and Other Assets, Net
Schedule of Prepayments and Other Assets, Net
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Other assets | $ | $ | ||||||
| Prepaid expenses | ||||||||
| GST receivable | ||||||||
| Less: allowance for credit losses | ( | ) | ( | ) | ||||
| Total prepayments and other assets, net | ||||||||
| Less: amounts classified as non-current assets | ( | ) | ||||||
| Amounts classified as current assets | $ | $ | ||||||
| F-21 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
8. Prepayments and Other Assets, Net (continued)
The movement of allowances for credit losses is as follows:
Schedule of Movement of Allowance for Credit Losses
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Beginning balance at January 1, 2026 and 2025 | $ | $ | ||||||
| Allowance for credit losses | ||||||||
| Ending balance at June 30, 2026 and 2025 | $ | $ | ||||||
9. Short-term Bank Loans
As of June 30, 2026 and December 31, 2025, short-term bank loans consisted of the following:
Schedule of Short Term Bank Loans
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Trade financing | $ | $ | ||||||
| Issuance of commercial paper | ||||||||
| $ | $ | |||||||
On
July 11, 2024, a financial institution in Singapore, granted the Group banking facilities for 12 months through July 2025, and subsequently
on 18 June 2026, extended the banking facilities for 12 months through July 2027, comprising (i) a trade financing facility of US$
On
April 17, 2026, the Group completed the offering of its 3M USD Commercial Paper Series 004, successfully raising $
No other significant covenants were noted in the Group’s banking facilities.
For
the six months ended June 30, 2026 and 2025, the weighted average annual interest rates for the short-term bank loans were approximately
| F-22 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
10. Shareholders’ Equity
Ordinary shares
The Company was established under the laws of Cayman Islands on March 8, 2024. The authorized number of ordinary shares was shares, par value of US$ per share, consisting of (i) Class A ordinary shares with a par value of US$ each; and (ii) Class B ordinary shares with a par value of US$ each. On March 8, 2024, the Company issued Class B ordinary share with a par value of US$ each.
On September 3, 2024, the shareholder of the Company resolved to allot Class B ordinary shares with a par value of US$ each. Further on September 4, 2024, the holder of Class B ordinary shares converted Class B ordinary shares into Class A ordinary shares with par value of US$ each. Then on September 25, 2024, the holder of Class B ordinary shares further converted Class B ordinary shares into Class A ordinary shares with par value of US$ each. After the allotment of Class B ordinary shares and subsequent conversions into Class A ordinary shares, the Company has Class A ordinary shares and Class B ordinary shares in issue.
The Company considered the above allotment of Class B ordinary shares part of its recapitalization prior to the completion of its initial public offering. This allotment was solely intended to increase the number of shares and represented an adjustment to the Company’s share structure, aimed at realigning its capital structure to facilitate the subsequent issuance of new shares for the IPO. The shares were issued at par value, with no consideration paid. Therefore, the Company considers the allotment of Class B ordinary shares to be a share split. The Company believed that it is appropriate to reflect the above transactions on a retroactive basis pursuant to ASC 260, Earnings Per Share, ASC 505, Equity and SAB Topic 4C. All shares and per share amounts used herein and in the accompanying unaudited condensed consolidated financial statements have been retroactively restated to reflect the above transactions. By recognizing the above transactions on a retroactive basis, Class B ordinary shares were issued and outstanding as of June 30, 2024 and December 31, 2023.
Contrary to the allotment, the conversions of and Class B ordinary shares into Class A ordinary shares were accounted for prospectively and were recognized by the Company on September 4, 2024 and September 25, 2024 respectively.
On January 15, 2025, the Company consummated its initial public offering (“IPO”) of Class A Ordinary Shares. On February 4, 2025, the underwriter exercised the OA Option in full to purchase additional Class A Ordinary Shares from the Company.
| F-23 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
10. Shareholders’ Equity (continued)
Ordinary shares (continued)
During the year ended December 31, 2025, the Company allotted Class A ordinary shares with par value of US$ each to a consultant for services rendered. The shares were valued at $ per share, representing the fair value on the grant date. The transaction was accounted for as equity-classified share-based compensation. Total expense recognized for these services was $, which is included in General and administrative expenses.
On
June 8, 2026, the shareholders, by a special resolution, approved the increase of authorised share capital of the Company from US$
Additional paid-in capital
Additional
paid-in capital constitute the capital transactions from shareholders that affected the shareholders’ equity of Uni-Fuels prior
to the Reorganization during the year ended December 31, 2023. On June 6, 2023, Uni-Fuels issued and allotted additional ordinary
shares, each with a par value of $, amounting to a total of $
Accumulated other comprehensive income
The accumulated other comprehensive income comprises foreign currency differences arising from the translation of the financial statements of foreign operations.
| F-24 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
11. Income Taxes
Cayman Islands
Under the current and applicable laws of Cayman Islands, the Group is not subject to tax on income or capital gains under this jurisdiction. The Group’s income taxes relate primarily to its operations in Singapore. For the six month ended June 30, 2026 and 2025, the income tax expense, deferred tax assets, and deferred tax liabilities associated with the Group’s other subsidiaries were not material to the consolidated financial statements, either individually or in the aggregate. However, losses incurred by certain foreign subsidiaries did not give rise to recognized tax benefits, and the resulting unrecognized tax benefits are reflected in the effective tax rate reconciliation.
Singapore
Uni-Fuels
is incorporated in Singapore and is subject to Singapore Corporate Income Tax on the taxable income as reported in their respective statutory
financial statements, adjusted in accordance with relevant Singapore tax laws. For the six months ended June 30, 2026 and 2025, Uni-Fuels
was eligible for the partial tax exemption scheme introduced under Section 43 of the Income Tax Act 1947 of Singapore. For eligible entities
under the partial tax exemption scheme, a
The current and deferred portions of the income tax expense included in the unaudited condensed consolidated statements of income and comprehensive income as determined in accordance with ASC 740 are as follows:
Schedule of Current and Deferred Portions of the Income Tax Expense
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Current taxes | $ | $ | ||||||
| Deferred taxes | ||||||||
| Income tax expense | $ | $ | ||||||
A
reconciliation of the difference between the expected income tax expense computed at Singapore income tax rate of
Schedule of Reconciliation of Difference between Expected Income Tax Expense
| 2026 | 2025 | |||||||
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Income before income tax expense | $ | $ | ||||||
| Applicable income tax rate | % | % | ||||||
| Income tax expense at applicable income tax rate | $ | $ | ||||||
| Non-deductible expenses | ||||||||
| Effect of tax exemption scheme and tax reduction | ( | ) | ( | ) | ||||
| Effect of unrecognized tax benefits on foreign losses | ||||||||
| Income tax expense | $ | $ | ||||||
| F-25 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
11. Income Taxes (continued)
Deferred tax
The Group measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Group’s deferred tax assets and liabilities are as follows:
Schedule of Components of Deferred Tax Assets and Liabilities
June 30, 2026 | December 31, 2025 | |||||||
| As of | ||||||||
June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Deferred tax assets: | ||||||||
| Allowance for credit loss | $ | $ | ||||||
| Operating lease liabilities | ||||||||
| Others | ||||||||
| Total deferred tax assets | $ | $ | ||||||
| Deferred tax liabilities: | ||||||||
| Depreciation and amortization | ( | ) | ( | ) | ||||
| ROU assets | ( | ) | ( | ) | ||||
| Others | ( | ) | ( | ) | ||||
| Total deferred tax liabilities | $ | ( | ) | $ | ( | ) | ||
| Deferred tax liabilities, net | $ | ( | ) | $ | ( | ) | ||
Movement of the Group’s deferred tax liabilities during the periods is as follows:
Schedule of Movement of Deferred Tax (Liabilities) Assets
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Beginning balance at January 1, 2026 and 2025 | $ | ( | ) | $ | ( | ) | ||
| Credited to the unaudited condensed consolidated statements of income and comprehensive income | ||||||||
| Ending balance at June 30, 2026 and 2025 | $ | ( | ) | $ | ( | ) | ||
| F-26 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
12. Related Party Transaction and Balance
a. Nature of relationships with related parties
Schedule of Nature Relationships with Related Parties
| Name | Relationship with the Company | |
| Kuan Hua KOH | ||
| Garden City Private Capital Limited |
b. Transactions with related parties
Schedule of Transactions with Related Parties
| 2026 | 2025 | |||||||||||
For the Six Months Ended June 30, | ||||||||||||
| 2026 | 2025 | |||||||||||
| Name | Nature | (Unaudited) | (Unaudited) | |||||||||
| Kuan Hua KOH | (1) | Repayment from a shareholder | $ | $ | ||||||||
| (1) | Repayment from a shareholder | $ | $ | |||||||||
| (1) | |
| (2) | The transactions represented advances to a shareholder during the period ended June 30, 2025. |
(3) |
Trade financing facilities were guaranteed by the Company’s Chief Executive Officer. For detailed terms regarding this financing facilities, please refer to Note 8 Short-term Bank Loans. |
| F-27 |
Uni-Fuels Holdings Limited
Notes to Unaudited Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2026 and 2025
13. Commitments and Contingencies
Commitments
As of June 30, 2026 and December 31, 2025, the Group had neither significant financial nor capital commitment.
Contingencies
As of June 30, 2026 and December 31, 2025, the Group was not a party to any legal or administrative proceedings. The Group further concludes that there were no legal or regulatory proceedings, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on the Group’s results of operations, unaudited condensed consolidated financial condition, or cash flows.
14. Segment information
The Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM, specifically the Group’s CEO and CFO, for making decisions, allocating resources and assessing performance.
The CODM assesses the performance of the Group’s single reportable segment and makes resource allocation decisions primarily based on Income from operations, as reported in the unaudited condensed consolidated statements of income and comprehensive income. Income from operations represents the measure of segment profit or loss that is most consistent with the amounts recognized in the unaudited condensed consolidated financial statements. In making resource allocation decisions, the CODM also considers revenue from sales of marine fuels and the level of operating expenditures, including their impact on the Group’s trade financing requirements and the deployment of working capital.
The
Group does not distinguish revenues, costs and expenses between segments in its internal reporting, but instead reports costs and expenses
by nature as a whole. Based on the management’s assessment, the Group determines that it has only
15. Subsequent Events
The Group evaluated subsequent events through September 9, 2026, the date on which the unaudited condensed consolidated financial statements were available to be issued. The Group identified the following subsequent events requiring disclosure in the unaudited condensed consolidated financial statements:
On July 17, 2026, the Group fully repaid the outstanding
principal amount of $
On July 18, 2026, the Group completed the offering
of its 3M USD Commercial Paper Series 005 and successfully raised $
On August 4, 2026, the Group fully repaid its outstanding
trade financing balance of $
| F-28 |
Exhibit 99.2
Uni-Fuels Reports Record First-Half 2026 Financial Results and Raises Full-Year Revenue Guidance to US$340M-US$360M
Revenue rose 72% to US$197.1 million
Gross profit increased 158% to US$5.3 million
Gross profit margin improved to 2.7%
Operating margin expanded to 35.8% from 8.9%
EBITDA grew 598% to US$2.1 million
SINGAPORE, September 9, 2026 - Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its unaudited interim financial results for the six months ended June 30, 2026.
First Half 2026 Highlights
The Company delivered record first-half financial results, achieving its highest first-half revenue, gross profit, income from operations, net income and EBITDA since its inception.
| ● | Revenue increased 72% to US$197.1 million for the six months ended June 30, 2026, from US$114.6 million in the corresponding period of 2025 |
| ● | Gross profit increased 158% to US$5.3 million, from US$2.1 million in the corresponding period of 2025 |
| ● | Gross profit margin expanded to 2.7%, from 1.8% in the corresponding period of 2025, representing a 50% improvement |
| ● | Income from operations increased 936% to US$1.9 million, compared to US$0.2 million in the first half of 2025 |
| ● | Operating margin improved 302% to 35.8%, from 8.9% in the prior-year period |
| ● | Net income increased 1,415% to US$1.4 million, compared to US$0.1 million in the corresponding period of 2025 |
| ● | EBITDA increased 598% to US$2.1 million, from US$0.3 million in the first half of 2025 |
Financial Summary
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue | US$ | 197,109,755 | US$ | 114,620,785 | ||||
| Gross profit | US$ | 5,339,844 | US$ | 2,069,646 | ||||
| Gross profit margin | 2.7% | 1.8% | ||||||
| Income from operations | US$ | 1,910,969 | US$ | 184,430 | ||||
| Operating margin1 | 35.8% | 8.9% | ||||||
| Net income | US$ | 1,378,204 | US$ | 90,987 | ||||
| EBITDA2 | US$ | 2,125,019 | US$ | 304,578 | ||||
1 Operating margin is calculated as income from operations divided by gross profit. For more information, refer to “Definitions”.
2 See “Non-GAAP Financial Measures” for more information.
2026 Outlook
The Company is raising its full-year 2026 revenue guidance to a range of US$340 million to US$360 million, from its previous guidance range of US$320 million to US$340 million, reflecting stronger-than-expected first-half performance and continued commercial momentum.
Management Commentary
“Our first-half 2026 results demonstrate the strength of our commercial execution and the agility of our business model,” said Koh Kuan Hua, Chief Executive Officer of Uni-Fuels. “As geopolitical developments and market volatility continued to influence global oil markets, we remained focused on delivering reliable supply solutions and value-added services to our customers. Our ability to respond quickly to changing market dynamics while maintaining disciplined execution contributed to significant improvements in revenue, profitability and operating performance. We believe this momentum positions us well for the remainder of the year, as reflected in our increased full-year 2026 revenue guidance of US$340 million to US$360 million.”
###
About Uni-Fuels Holdings Limited
Uni-Fuels is a fast-growing global provider of marine fuel solutions with a growing presence across major shipping hubs, including Singapore, Seoul, Dubai, Shanghai, Limassol, and Bangkok. Established in 2021, Uni-Fuels has evolved into a dynamic, forward-thinking company delivering customer-centric, compliant, and reliable fuel solutions across global markets and time zones, supported by 24/7 operational support year-round. Backed by a globally integrated operating platform, experienced industry professionals, and an extensive global supply network, Uni-Fuels has built trusted partnerships with customers, supporting them in achieving their operational objectives and decarbonization goals amid the maritime industry’s ongoing energy transformation.
For more information, visit www.uni-fuels.com.
Definitions
Operating Margin is calculated as income from operations divided by gross profit. Management believes this measure provides a meaningful assessment of operating efficiency because the Company’s business model involves the trading and supply of marine fuel products, where revenue primarily reflects the pass-through cost of fuel products and may fluctuate significantly with changes in underlying commodity prices. Accordingly, management believes gross profit provides a more meaningful basis than revenue for evaluating the Company’s operating performance and operating efficiency.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), the Company presents certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), which management uses to evaluate the Company’s operating performance and efficiency.
EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization. Management believes EBITDA provides useful supplemental information to investors by removing the effects of financing decisions, income taxes and certain non-cash expenses, thereby facilitating period-to-period comparisons of the Company’s operating performance.
These non-GAAP financial measures are presented solely as supplemental measures and should not be considered in isolation or as a substitute for, or superior to, the most directly comparable financial measures prepared in accordance with U.S. GAAP. In addition, these measures may not be comparable to similarly titled measures presented by other companies because they may be calculated differently. Reconciliations of certain of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures are provided in the accompanying tables.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the Company’s ability to execute its strategic growth and expansion initiatives in a timely, cost effective and efficient manner, its ability to maintain compliance with applicable laws, regulations, and licensing requirements in the jurisdictions in which it operates, its ability to attract, evaluate and complete acquisitions, investments, or other strategic transactions with suitable candidates, and other risks and uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the Company’s annual report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 22, 2026. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contact Information
For Investor Relations:
Uni-Fuels Holdings Limited
Email: investors@uni-fuels.com
Uni-Fuels Holdings Limited
Unaudited Reconciliation of GAAP to non-GAAP Financial Measures
For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Net income | US$ | 1,378,204 | US$ | 90,987 | ||||
| Add: | ||||||||
| Interest (expense) income, net | 142,575 | (7,826 | ) | |||||
| Income tax expense | 513,209 | 107,490 | ||||||
| Depreciation and amortization1 | 91,031 | 113,927 | ||||||
| EBITDA | US$ | 2,125,019 | US$ | 304,578 | ||||
1 Depreciation and amortization comprises depreciation of property and equipment of US$36,979 (2026) and US$38,781 (2025), consistent with the statement of cash flows, and amortization of right-of-use assets of US$54,052 (2026) and US$75,146 (2025). The amortization of right-of-use assets relates to operating leases and is recognized within operating lease expense under U.S. GAAP; accordingly, it is not presented as a separate depreciation charge in the statement of cash flows.