FBS Global (FBGL) Q4 2024 earnings summary

Executive summary

• FBS Global Limited, a Singapore-based green building contractor, reported a net loss of S$814,366 (US$610,775) for the year ended December 31, 2024, compared to net income of S$4,685 in 2023, driven by a 36.5% decline in revenue due to fewer new projects and project delays.

• The company completed its IPO in February 2025, raising US$8.8 million in net proceeds and listing on Nasdaq under the ticker FBGL.

• Revenue is primarily derived from project-based construction contracts, with significant exposure to a small number of major customers and project timing.

Financial highlights

• Revenue fell 36.5% year-over-year to S$13.8 million (US$10.4 million) in 2024, mainly due to project delays and fewer new contracts.

• Gross profit dropped 52.7% to S$1.3 million (US$0.9 million), with gross margin declining from 12.1% to 9.0% due to higher costs and quality issues on two projects.

• Operating expenses decreased 17.6% to S$2.2 million, mainly from lower professional fees post-IPO.

• Net loss for 2024 was S$814,366 (US$610,775), compared to net income of S$4,685 in 2023.

• Cash and restricted cash at year-end 2024 was S$3.0 million (US$2.2 million), down from S$4.5 million in 2023.

• Working capital turned negative at S$1.5 million (US$1.1 million) as of December 31, 2024.

Outlook and guidance

• Management anticipates revenue growth in 2025, contingent on the timely commencement of the ICA project and two other contracts valued at approximately SGD 30 million.

• The company plans to support operations with IPO proceeds and strict cost control, but notes uncertainty due to project timing and market conditions.