SINGAPORE, July 28, 2025 (GLOBE NEWSWIRE) -- OMS Energy Technologies Inc. (“OMS” or the “Company”) (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced its financial results for the fiscal year ended March 31, 2025.

Fiscal Year 2025 Financial Highlights

  • Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.
  • Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024.
  • Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.
     

Mr. How Meng Hock, Chairman and Chief Executive Officer of OMS, commented, “We are extremely proud to report strong results for fiscal year 2025 in our first earnings announcement as a publicly listed company. Our double-digit revenue growth, expanded gross margin, and increase in operating profit are a direct result of our team’s disciplined execution and commitment to delivering value across all areas of our business. We have also recorded several new customer wins and contract renewals since our IPO in May, further broadening and diversifying our revenue base. With our focus on long-term growth, we’re entering fiscal 2026 with strong momentum and a clear strategy for continued innovation and expansion.”

Mr. Kevin Yeo, Chief Financial Officer, added, “Our fiscal 2025 financial performance reflects both top-line strength and meaningful margin improvement. Total revenues grew to $203.6 million, with gross margin reaching 33.9%. Operating profit increased to $59.9 million, highlighting our enhanced cost discipline and the benefits of growing economies of scale. Our net profit for the year was $47.0 million. When excluding a one-time $49.4 million bargain purchase gain recognized in fiscal 2024 related to the Management Buyout, our underlying profitability in 2025 demonstrates strong growth momentum. Supported by these solid fundamentals, a healthy balance sheet and loyal customer base, we remain confident of driving sustainable growth and building long-term shareholder value.”

Fiscal Year 2025 Financial Results

Total revenues. Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.

  • Specialty connectors and pipes. Revenues from sales of specialty connectors and pipes in 2025 were $143.1 million, compared with $5.1 million for the period from April 1, 2023, through June 15, 2023, and $113.5 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to a significant increase in demand from one of the Company’s major customers who had higher levels of business activities related to oil and gas production.
  • Surface wellhead and Christmas tree equipment. Revenues from sales of surface wellhead and Christmas tree equipment in 2025 were $8.7 million, compared with $3.0 million for the period from April 1, 2023, through June 15, 2023, and $6.8 million for the period from June 16, 2023, through March 31, 2024. This decrease was primarily due to delayed demand from one of the Company’s major customers in Indonesia, who is rationalizing their requirements as they plan for increased production to meet Indonesia’s energy security plan, as well as a delayed shipment to the Middle East which will materialize in the fiscal year 2026.
  • Premium threading services. Revenues from rendering of premium threading services in 2025 were $36.8 million, compared with $7.6 million for the period from April 1, 2023, through June 15, 2023, and $31.1 million for the period from June 16, 2023, through March 31, 2024. This slight decrease was primarily attributable to a relatively stable level of rig activities across oil and gas customers in the countries that drive demand for the Company’s premium threading services.
  • Other ancillary services. Revenues generated from other ancillary services in 2025 were $15.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $11.9 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to greater customer demand for engineering testing, inspection and maintenance services.
     

Cost of revenues. Cost of revenues in 2025 was $134.6 million, compared with $13.2 million for the period from April 1, 2023, through June 15, 2023, and $114.5 million for the period from June 16, 2023, through March 31, 2024.

Gross profit. Gross profit in 2025 was $69.0 million, compared with $5.0 million for the period from April 1, 2023, through June 15, 2023, and $48.7 million for the period from June 16, 2023, through March 31, 2024. Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024. The increase was mainly due to the growth in total revenues, as well as the benefits from economies of scale stemming from higher sales volume, sourcing productivity and an increase in the proportion of higher-margin services performed.

Selling, general and administrative expenses. Selling, general and administrative expenses in 2025 were $9.1 million, compared with $1.8 million for the period from April 1, 2023, through June 15, 2023, and $8.6 million for the period from June 16, 2023, through March 31, 2024. The decrease was mainly due to a decrease in legal and professional fees, staff expenses and depreciation.

Operating profit. Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

Total other income/(expense), net. Total other income, net in 2025 was $0.2 million, compared with total other expense, net of $0.08 million for the period from April 1, 2023, through June 15, 2023, and total other income, net of $50.2 million for the period from June 16, 2023, through March 31, 2024. The change was primarily due to a non-recurring bargain purchase gain of $49.4 million related to the management buyout in the period from June 16, 2023, through March 31, 2024.

Net profit. Net profit in 2025 was $47.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $82.1 million for the period from June 16, 2023, through March 31, 2024.

Basic and diluted EPS. Basic and diluted earnings per share were both $1.18 in 2025, compared with $2.19 for the period June 16, 2023, through March 31, 2024.

Balance Sheet and Cash Flow

As of March 31, 2025, the Company’s cash and cash equivalents and restricted cash totaled $75.8 million, compared with $45.4 million as of March 31, 2024.

Net cash provided by operating activities was $40.5 million, compared with net cash used of $2.9 million for the period from April 1, 2023, through June 15, 2023, and net cash provided of $24.0 million for the period from June 16, 2023, through March 31, 2024.

About OMS Energy Technologies Inc.

OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

For more information, please visit ir.omsos.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to 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,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

OMS Energy Technologies Inc.
Investor Relations
Email: ir@omsos.com

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: oms@thepiacentegroup.com

Hui Fan
Tel: +86-10-6508-0677
Email: oms@thepiacentegroup.com

 

Unaudited Summary of Financial Results

Consolidated Statements of Financial Positions
             
    For the
year ended
March 31, 2025		     For the
year ended
March 31, 2024		  
    US$’000     US$’000  
Assets            
Current assets:            
Cash and cash equivalents   72,950     43,470  
Restricted cash, current   1,692     1,593  
Trade receivables   13,467     31,948  
Contract assets   983     1,730  
Inventories   32,546     30,689  
Prepayment and other current assets   1,646     3,067  
Amount due from a related party   1,584     1,585  
Total Current Assets   124,868     114,082  
             
Non-current assets:            
Restricted cash, non-current   1,189     367  
Right-of-use assets   8,086     3,549  
Property, plant and equipment   32,055     32,040  
Intangible assets   42     126  
Deferred tax assets   2,938     2,574  
Prepayment and other non-current assets   1,327     694  
Total Non-Current Assets   45,637     39,350  
Total Assets   170,505     153,432  
             
Liabilities            
Current Liabilities:            
Trade and other payables   15,070     47,535  
Loans and borrowings   —     6,504  
Tax payable   8,200     6,669  
Lease liabilities, current   1,187     741  
Total Current Liabilities   24,457     61,449  
             
Non-current Liabilities:            
Employee benefits obligation   827     751  
Lease liabilities, non-current   6,096     1,843  
Deferred tax liabilities   4,217     3,684  
Other payables, non-current   —     5,000  
Provisions   321     351  
Total Non-Current Liabilities   11,461     11,629  
Total Liabilities   35,918     73,078  
             
Equity            
Share capital   4     4  
Share premium   72,648     67,648  
Retained earnings   58,634     13,818  
Accumulated other comprehensive loss   (2,397 )   (4,441 )
Equity attributable to Shareholders of the Company   128,889     77,029  
Non-controlling interests   5,698     3,325  
Total equity   134,587     80,354  
             
Total liabilities and equity   170,505     153,432  

 

 

Consolidated Statements of Profit or Loss and Other Comprehensive Income
                   
    Successor     Successor     Predecessor  
    For the
year ended
March 31, 2025		     For the period
June 16, 2023
through
March 31, 2024		     For the period
April 1
through
June 15, 2023		  
    US$’000     US$’000     US$’000  
Revenue – third parties   203,607     163,267     16,967  
Revenue – related parties   —     —     1,215  
Total revenue   203,607     163,267     18,182  
                   
Cost of revenue – third parties   (134,620 )   (114,525 )   (13,080 )
Cost of revenue – related parties   —     —     (75 )
Total cost of revenue   (134,620 )   (114,525 )   (13,155 )
                   
Gross profit   68,987     48,742     5,027  
                   
Selling, general and administrative expenses   (9,122 )   (8,574 )   (1,790 )
Operating profit   59,865     40,168     3,237  
                   
Bargain purchase gain   —     49,429     —  
Other income/(expenses), net – third parties   246     775     (108 )
Other income, net – related parties   —     —     29  
Total other income/(expenses), net   246     50,204     (79 )
                   
Finance income – third parties   339     55     9  
Finance income – related parties   —     —     65  
Total finance income   339     55     74  
                   
Finance cost – third parties   (284 )   (915 )   (38 )
Finance cost – related parties   —     —     (162 )
Total finance cost   (284 )   (915 )   (200 )
                   
Profit before tax   60,166     89,512     3,032  
Income tax expense   (13,189 )   (7,424 )   (657 )
Net profit   46,977     82,088     2,375  
                   
Other comprehensive income/(loss):                  
Items that will not be reclassified to profit or loss                  
Foreign currency translation differences   2,258     (1,701 )   (610 )
Changes resulting from actuarial remeasurement of employee benefits obligation   (2 )   (33 )   (9 )
Other comprehensive income/(loss), net of tax   2,256     (1,734 )   (619 )
Total comprehensive income   49,233     80,354     1,756  
                   
Net profit attributable to:                  
Shareholders of the Company   44,816     80,880     1,867  
Non-controlling interests   2,161     1,208     508  
Net profit   46,977     82,088     2,375  
                   
Total comprehensive income attributable to:                  
Shareholders of the Company   46,860     79,184     1,310  
Non-controlling interests   2,373     1,170     446  
Total comprehensive income   49,233     80,354     1,756  
                   
Basic and diluted weighted-average shares outstanding   37,822,500     36,900,000        
Basic and diluted earnings per share (as adjusted) (US$)   1.18     2.19        

 

 

Consolidated Statements of Cash Flows
                   
    Successor     Successor     Predecessor  
    For the
year ended
March 31, 2025		     For the period
June 16, 2023
through
March 31,
2024		     For the period
April 1
through
June 15,
2023		  
    US$’000     US$’000     US$’000  
Operating activities                  
Net profit   46,977     82,088     2,375  
Adjustments for:                  
Income tax expenses   13,189     7,424     657  
Depreciation of property, plant and equipment   2,711     3,800     251  
Amortization of intangible assets   84     97     6  
Depreciation of right-of-use assets   1,412     1,030     140  
Loss/(gain) on disposal of property, plant and equipment   111     (357 )   —  
Allowance for/(reversal of) inventories obsolescence   571     (335 )   (6 )
Allowance for/(reversal of) expected credit losses   121     (3 )   —  
Finance costs   284     915     200  
Finance income   (339 )   (55 )   (74 )
Loss/(gain) on unrealized foreign exchange   493     (793 )   134  
Gain on bargain purchase   —     (49,429 )   —  
                   
Changes in operating assets and liabilities:                  
Trade receivables   18,975     (17,961 )   (2,727 )
Contract assets   764     (1,505 )   1,139  
Inventories   (2,329 )   (20,817 )   (360 )
Prepayment and other assets   809     418     (1,219 )
Trade receivables due from related parties   —     284     (428 )
Trade and other payables   (32,239 )   26,157     (2,224 )
Employee benefits obligation   59     11     24  
    51,653     30,969     (2,112 )
Cash provided by operations:                  
Interest received   339     55     74  
Income taxes paid   (11,490 )   (6,979 )   (852 )
Net cash provided by/(used in) operating activities   40,502     24,045     (2,890 )
                   
Investing activities                  
Proceeds from sale of property, plant and equipment   —     698     —  
Cash payment for management buyout   —     (2,000 )   —  
Acquisition of property, plant and equipment   (2,863 )   (3,238 )   (1,200 )
Acquisition of intangible asset   —     (11 )   —  
Repayment from/(loan to) related parties   —     —     20,981  
Amount due from a related party   1     (1,585 )   —  
Net cash (used in)/provided by investing activities   (2,862 )   (6,136 )   19,781  
Financing activities                  
Advances from potential investors   —     5,000     —  
Proceeds from loans and borrowings   —     —     874  
Proceeds from loans from related parties   —     —     8,845  
Repayment of loans from related parties   —     —     (28,038 )
Repayment of loans and borrowings   (6,504 )   (3,874 )   —  
Interest paid   (253 )   (211 )   (200 )
Payment of lease liabilities   (1,302 )   (824 )   (197 )
Net cash (used in)/provided by financing activities   (8,059 )   91     (18,716 )
Effect of foreign exchange on cash, cash equivalents and restricted cash   820     (2,473 )   (75 )
Net increase/(decrease) in cash, cash equivalents and restricted cash   30,401     15,527     (1,900 )
Cash, cash equivalents and restricted cash at beginning of year/period   45,430     29,903     31,803  
Cash, cash equivalents and restricted cash at end of year/period   75,831     45,430     29,903  
Less: Restricted cash, non-current   1,189     367     1,150  
Less: Restricted cash, current   1,692     1,593     1,087  
Cash and cash equivalents at end of year/period   72,950     43,470     27,666