Financials & transparency
Privately held,with the books open.
Singfung Group Limited is a private company with no obligation to publish its accounts. We publish them anyway: audited financial statements every year and unaudited key figures every quarter, for the public, for every colleague and for the partners we work with.
Appointed auditor
Grant Thornton is the appointed auditor of Singfung Group and every one of its subsidiaries and branches. The group’s annual consolidated financial statements are audited by Grant Thornton UK LLP.
2025 · audited
A year infour numbers.
For the year ended 31 December 2025, audited by Grant Thornton UK LLP, unqualified opinion signed on 15 March 2026.
- Revenue
- US$39.5M
- +18.1% on 2024
- Gross margin
- 54.1%
- After data centre, bandwidth and other direct costs
- Net income
- US$2.9M
- Including unrealised portfolio gains
- Total equity
- US$103.3M
- Liabilities US$4.4M
The cloud business is still investing
We made an operating loss of US$6.2M in 2025. Gross profit was US$21.4M, against operating costs of US$27.6M, including US$12.4M on people and US$7.8M of depreciation on servers written off over four years. We are still adding regions and machines, so spending runs ahead of revenue.
Net income comes from the portfolio, and is not cash
Portfolio companies are measured at fair value, and US$9.7M of unrealised gains turned the year into net income of US$2.9M. Those gains are not cash until we sell; without them the group made a loss.
Where the money came from and went
Operations brought in US$2.5M of cash. Servers (US$12.6M) and new investments (US$6.3M) were paid for mainly by US$12.8M of new equity from shareholders. We ended the year with US$16.3M in cash and no bank borrowing.
The foundation is in the income statement
Allocations to the Towards the Light Wellbeing Foundation have been a group expense since 2024: US$0.3M in 2025. The foundation publishes its own quarterly reports, item by item.
Revenue by quarter
Every quarter,in one place.
From Q1 2021 to Q3 2026. Quarterly figures are unaudited; each year adds up to its audited annual report, and 2026 will be confirmed by the year-end audit.
2026 Q3 · Revenue
US$11,920,300
Net income US$1,008,800
Operating cash flow US$774,800
Reports
Annual andinterim reports
Every report can be read online or downloaded as a PDF. The PDFs are bilingual and carry exactly the figures shown here. Amounts are in thousands of US dollars.
Annual reports (audited)
2025
Grant Thornton UK LLP · signed 15 March 2026
- Revenue
- 39,523.4
- Net income / (loss)
- 2,927.8
2024
Grant Thornton UK LLP · signed 14 March 2025
- Revenue
- 33,476.1
- Net income / (loss)
- 1,648.0
2023
Grant Thornton UK LLP · signed 13 March 2024
- Revenue
- 26,946.9
- Net income / (loss)
- (424.7)
2022
Grant Thornton UK LLP · signed 12 March 2023
- Revenue
- 21,503.3
- Net income / (loss)
- (159.2)
2021
Grant Thornton UK LLP · signed 17 March 2022
- Revenue
- 16,635.2
- Net income / (loss)
- (670.3)
Interim reports (unaudited)
| Quarter | Revenue | Net income | Operating cash flow | Report |
|---|---|---|---|---|
| 2026 Q3 | 11,920.3 | 1,008.8 | 774.8 | |
| 2026 Q2 | 11,003.3 | 931.2 | 715.2 | |
| 2026 Q1 | 10,086.4 | 853.6 | 655.6 | |
| 2025 Q4 | 11,066.6 | 819.8 | 697.4 | |
| 2025 Q3 | 10,276.1 | 761.2 | 647.6 | |
| 2025 Q2 | 9,485.6 | 702.7 | 597.8 | |
| 2025 Q1 | 8,695.1 | 644.1 | 548.0 | |
| 2024 Q4 | 9,373.3 | 461.4 | 72.4 | |
| 2024 Q3 | 8,703.8 | 428.5 | 67.2 | |
| 2024 Q2 | 8,034.3 | 395.5 | 62.0 | |
| 2024 Q1 | 7,364.7 | 362.6 | 56.9 | |
| 2023 Q4 | 7,545.1 | (118.9) | 513.6 | |
| 2023 Q3 | 7,006.2 | (110.4) | 476.9 | |
| 2023 Q2 | 6,467.3 | (101.9) | 440.2 | |
| 2023 Q1 | 5,928.3 | (93.4) | 403.5 | |
| 2022 Q4 | 6,020.9 | (44.6) | 241.2 | |
| 2022 Q3 | 5,590.9 | (41.4) | 224.0 | |
| 2022 Q2 | 5,160.8 | (38.2) | 206.8 | |
| 2022 Q1 | 4,730.7 | (35.0) | 189.6 | |
| 2021 Q4 | 4,657.9 | (187.7) | 147.6 | |
| 2021 Q3 | 4,325.2 | (174.3) | 137.0 | |
| 2021 Q2 | 3,992.4 | (160.9) | 126.5 | |
| 2021 Q1 | 3,659.7 | (147.5) | 116.0 |
All figures on this page are prepared under IFRSs and presented in thousands of US dollars. Quarterly figures are unaudited. This page is published for transparency and is not an offer or solicitation for any security.
Also published
Beyond the accounts,we also publish these.
Towards the Light Foundation
Held by Goldman Sachs (Singapore); every quarter’s income and each item of spending, published.
Our people and dividend shares
How colleagues with a year’s service share in our growth, and the independent wellbeing committee.
Open hearings
Held at the start of every year on the year ahead; any colleague can attend, join online or send a view anonymously.
Partners
Who we work with, and on what.