Graphjet Technology (GTI) Q4 2025 earnings summary

Executive summary

• The company completed a business combination in March 2024, becoming a holding company for a Malaysian subsidiary focused on producing artificial graphite and graphene from palm kernel shells, with proprietary technology and patents in place.

• In August 2025, a 1-for-60 share consolidation was implemented, and the company acquired its main operating property in Malaysia via share issuance.

• The company was delisted from Nasdaq in November 2025 and now trades on OTC Pink Limited, impacting liquidity and capital access.

Financial highlights

• For the year ended September 30, 2025, revenue was $92,776, up from zero in 2024, from selling side products.

• Net loss for 2025 was $16.4 million, an 8% improvement from a $17.8 million loss in 2024.

• Gross loss was $100,165 due to low productivity and discounted sales of side products.

• General and administrative expenses dropped 81.5% to $3.2 million, mainly due to reversal of a $13.8 million bonus provision.

• Share compensation expense increased by $19.2 million due to warrant issuance.

• Cash at year-end was $7,354, with a working capital deficit of $10.1 million.

• The company has an accumulated deficit of $42.2 million and negative shareholders' equity.

Outlook and guidance

• Commercial production is expected to commence by February 2026, with plans to ramp up output and secure commercial agreements.

• The company is pursuing diversified funding, including government incentives, strategic partnerships, and asset-based financing.

• Management expects sufficient working capital for the next 12 months but notes significant uncertainty beyond that without additional capital.