Singfung Group Limited · Singfung Group
Annual report and audited financial statements 2025
For the year ended 31 December 2025 · Expressed in thousands of US dollars
Independent Auditor’s Report
To the members of Singfung Group Limited
Opinion
We have audited the financial statements of Singfung Group Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated balance sheet as at 31 December 2025, and the consolidated income statement and consolidated statement of cash flows for the year then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics.
Grant Thornton UK LLPStatutory Auditor · London, 15 March 2026
Consolidated Income Statement
| Item | 2025 | 2024 |
|---|---|---|
| Revenue | 39,523.4 | 33,476.1 |
| Cost of revenue | (18,135.3) | (15,872.3) |
| Gross profit | 21,388.1 | 17,603.8 |
| Personnel | (12,409.7) | (9,627.8) |
| Office and daily operations | (3,165.6) | (2,648.1) |
| Software tools | (1,617.7) | (1,144.2) |
| Travel and other | (2,523.2) | (2,138.9) |
| Depreciation | (7,845.5) | (6,062.5) |
| Operating income / (loss) | (6,173.6) | (4,017.7) |
| Unrealized gains on portfolio | 9,661.4 | 6,007.0 |
| Towards the Light Foundation | (308.2) | (200.0) |
| Other income | 33.6 | 47.7 |
| Profit / (loss) before tax | 3,213.2 | 1,837.0 |
| Income tax | (285.4) | (189.0) |
| Net income / (loss) | 2,927.8 | 1,648.0 |
Consolidated Balance Sheet
| Item | 2025 |
|---|---|
| ASSETS | |
| Cash and cash equivalents | 16,338.9 |
| Accounts receivable | 2,222.2 |
| Other current assets | 1,387.8 |
| Property, plant and equipment – net | 29,858.9 |
| Investments in portfolio companies | 57,930.4 |
| TOTAL ASSETS | 107,738.2 |
| LIABILITIES | |
| Accounts payable | 2,083.1 |
| Accrued expenses | 1,302.0 |
| Deferred revenue | 1,062.7 |
| TOTAL LIABILITIES | 4,447.8 |
| EQUITY | |
| Share capital and premium | 99,968.8 |
| Retained earnings / (accumulated deficit) | 3,321.6 |
| TOTAL EQUITY | 103,290.4 |
| TOTAL LIABILITIES AND EQUITY | 107,738.2 |
Consolidated Statement of Cash Flows
| Item | 2025 |
|---|---|
| Net income / (loss) | 2,927.8 |
| Depreciation | 7,845.5 |
| Unrealized gains (non-cash) | (9,661.4) |
| Changes in working capital | 1,378.9 |
| Net cash from operating activities | 2,490.8 |
| Purchase of servers (Dell, HPE, H3C) | (12,644.8) |
| Investments in portfolio | (6,277.8) |
| Net cash used in investing | (18,922.6) |
| Proceeds from share issuance | 12,821.1 |
| Net cash from financing | 12,821.1 |
| Cash at end of year | 16,338.9 |
Notes
- Private company financial statements prepared under IFRSs, presented in USD thousands.
- Revenue from Singfung Labs cloud infrastructure services.
- Servers acquired from Dell, HPE and H3C; depreciated over 4 years.
- Portfolio investments measured at fair value; ending balance equals opening + additions + unrealized gains.
- Retained earnings equal prior year balance plus current year net income.
- Working capital change in the cash flow statement is derived from movements in accounts receivable, other current assets, accounts payable, accrued expenses and deferred revenue.
- Towards the Light Foundation contributions from 2024 onwards (held in trust by Goldman Sachs Singapore).
- Grant Thornton UK LLP is the statutory auditor.
Approved by the Board of Directors