DTCK
DTCK
Davis Commodities Limited Ordinary SharesIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $71.79M ▲ | $2.13M ▼ | $30.97K ▲ | 0.04% ▲ | $0.03 ▲ | $197.16K ▲ |
| Q4-2024 | $49.39M ▼ | $3.2M ▲ | $-3.67M ▼ | -7.43% ▼ | $-3 ▼ | $-3.68M ▼ |
| Q2-2024 | $49.64M ▼ | $1.33M ▼ | $990.28K ▲ | 1.99% ▲ | $0.81 ▲ | $1.31M ▲ |
| Q4-2023 | $68.86M ▼ | $2.84M ▲ | $-640.78K ▼ | -0.93% ▼ | $-0.52 ▼ | $-720.79K ▼ |
| Q2-2023 | $73.16M | $1.53M | $1.46M | 2% | $1.26 | $1.78M |
What's going well?
Revenue jumped 46% and the company swung from a big loss to a small profit. Gross profit and operating efficiency improved sharply, showing strong execution and cost control.
What's concerning?
Profit margins remain razor-thin, and interest expense is rising. The business is still low-margin and any slip in sales or costs could push it back into losses.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $1.3M ▲ | $31.84M ▲ | $26.53M ▲ | $5.31M ▼ |
| Q4-2024 | $678K ▼ | $19.69M ▼ | $12.96M ▼ | $6.73M ▼ |
| Q2-2024 | $1.36M ▲ | $28.71M ▼ | $17.12M ▼ | $11.59M ▲ |
| Q4-2023 | $1.33M ▼ | $29.88M ▼ | $19.62M ▼ | $10.26M ▲ |
| Q2-2023 | $2.51M | $32.74M | $24.77M | $7.97M |
What's financially strong about this company?
The company has a solid base of receivables and investments, and no risky goodwill or intangibles. Cash has improved since last quarter, and most assets are tangible and liquid.
What are the financial risks or weaknesses?
Debt has surged, payables are very high, and working capital is under pressure with slow customer payments and rising inventory. Equity has shrunk and liquidity is just barely above breakeven.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q2-2025 | $30.97K ▲ | $-1.74M ▼ | $-755 ▼ | $2.48M ▲ | $807.13K ▲ | $-1.74M ▼ |
| Q4-2024 | $-3.67M ▼ | $-779.96K ▼ | $-59.12 ▲ | $263.81K ▲ | $-508.72K ▼ | $-780.02K ▼ |
| Q2-2024 | $990.28K ▲ | $132.14K ▼ | $-3.71K ▼ | $-103.93K ▲ | $-2.54K ▲ | $128.42K ▼ |
| Q4-2023 | $-640.78K ▼ | $1.33M ▲ | $4.47K ▲ | $-2.2M ▼ | $-845.65K ▼ | $1.33M ▲ |
| Q2-2023 | $1.46M | $59.12K | $-223.75K | $141.43K | $-39.91K | $-164.63K |
What's strong about this company's cash flow?
The company managed to report a small net profit this quarter after a large loss previously. Capital spending is very low, so most cash burn is not from big investments.
What are the cash flow concerns?
Cash burn is accelerating, and the company now depends on borrowing to survive. Working capital is getting worse, with more money tied up in receivables and inventory.
5-Year Trend Analysis
A comprehensive look at Davis Commodities Limited Ordinary Shares's financial evolution and strategic trajectory over the past five years.
DTCK has a track record of having grown its business and maintained profitability through much of the last few years, supported by an asset-light model, low capital intensity, and a historically conservative debt profile. Its established brands and distribution relationships provide a foundation in key markets, particularly in sugar and staple commodities. The company also shows strategic awareness of major industry trends, such as demand for ESG-compliant products and the potential of digital technologies to improve transparency and settlement, and it is actively exploring ways to integrate these into its business model.
The most pressing risks stem from the recent financial downturn: a sharp revenue decline, margin compression, and a swing into operating and net losses, combined with negative operating and free cash flow. Liquidity has weakened as cash balances have fallen, leaving a smaller buffer against further shocks. Working capital volatility and allegations from external researchers add concerns about the quality and sustainability of reported performance. Layered on top of this, the company’s ambitious pivot into blockchain, tokenization, and carbon markets introduces execution, regulatory, and reputational risks that could strain management bandwidth and financial resources.
DTCK appears to be in a transitional and uncertain phase. To improve its prospects, it will likely need to stabilize the core trading business, restore consistent positive cash generation, and carefully prioritize which innovation projects offer the most realistic near-term payoff relative to their cost and complexity. The long-term opportunity in ESG-focused and technology-enabled commodity trading is conceptually attractive, but the gap between vision and current financial reality is significant. Overall, the outlook hinges on the company’s ability to arrest recent operational declines and demonstrate tangible, profitable traction from its new strategic initiatives, rather than relying primarily on narratives about future potential.
About Davis Commodities Limited Ordinary Shares
https://maxwillgroup.comDavis Commodities Limited, an investment holding company, operates as an agricultural commodity trading company in Asia, Africa, and the Middle East. The company trades in agricultural commodities, including sugar, rice, and oil and fat products under the Maxwill, Lin, and Taffy brands. It also provides warehouse storage and logistic, as well as agency services.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $71.79M ▲ | $2.13M ▼ | $30.97K ▲ | 0.04% ▲ | $0.03 ▲ | $197.16K ▲ |
| Q4-2024 | $49.39M ▼ | $3.2M ▲ | $-3.67M ▼ | -7.43% ▼ | $-3 ▼ | $-3.68M ▼ |
| Q2-2024 | $49.64M ▼ | $1.33M ▼ | $990.28K ▲ | 1.99% ▲ | $0.81 ▲ | $1.31M ▲ |
| Q4-2023 | $68.86M ▼ | $2.84M ▲ | $-640.78K ▼ | -0.93% ▼ | $-0.52 ▼ | $-720.79K ▼ |
| Q2-2023 | $73.16M | $1.53M | $1.46M | 2% | $1.26 | $1.78M |
What's going well?
Revenue jumped 46% and the company swung from a big loss to a small profit. Gross profit and operating efficiency improved sharply, showing strong execution and cost control.
What's concerning?
Profit margins remain razor-thin, and interest expense is rising. The business is still low-margin and any slip in sales or costs could push it back into losses.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $1.3M ▲ | $31.84M ▲ | $26.53M ▲ | $5.31M ▼ |
| Q4-2024 | $678K ▼ | $19.69M ▼ | $12.96M ▼ | $6.73M ▼ |
| Q2-2024 | $1.36M ▲ | $28.71M ▼ | $17.12M ▼ | $11.59M ▲ |
| Q4-2023 | $1.33M ▼ | $29.88M ▼ | $19.62M ▼ | $10.26M ▲ |
| Q2-2023 | $2.51M | $32.74M | $24.77M | $7.97M |
What's financially strong about this company?
The company has a solid base of receivables and investments, and no risky goodwill or intangibles. Cash has improved since last quarter, and most assets are tangible and liquid.
What are the financial risks or weaknesses?
Debt has surged, payables are very high, and working capital is under pressure with slow customer payments and rising inventory. Equity has shrunk and liquidity is just barely above breakeven.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q2-2025 | $30.97K ▲ | $-1.74M ▼ | $-755 ▼ | $2.48M ▲ | $807.13K ▲ | $-1.74M ▼ |
| Q4-2024 | $-3.67M ▼ | $-779.96K ▼ | $-59.12 ▲ | $263.81K ▲ | $-508.72K ▼ | $-780.02K ▼ |
| Q2-2024 | $990.28K ▲ | $132.14K ▼ | $-3.71K ▼ | $-103.93K ▲ | $-2.54K ▲ | $128.42K ▼ |
| Q4-2023 | $-640.78K ▼ | $1.33M ▲ | $4.47K ▲ | $-2.2M ▼ | $-845.65K ▼ | $1.33M ▲ |
| Q2-2023 | $1.46M | $59.12K | $-223.75K | $141.43K | $-39.91K | $-164.63K |
What's strong about this company's cash flow?
The company managed to report a small net profit this quarter after a large loss previously. Capital spending is very low, so most cash burn is not from big investments.
What are the cash flow concerns?
Cash burn is accelerating, and the company now depends on borrowing to survive. Working capital is getting worse, with more money tied up in receivables and inventory.
5-Year Trend Analysis
A comprehensive look at Davis Commodities Limited Ordinary Shares's financial evolution and strategic trajectory over the past five years.
DTCK has a track record of having grown its business and maintained profitability through much of the last few years, supported by an asset-light model, low capital intensity, and a historically conservative debt profile. Its established brands and distribution relationships provide a foundation in key markets, particularly in sugar and staple commodities. The company also shows strategic awareness of major industry trends, such as demand for ESG-compliant products and the potential of digital technologies to improve transparency and settlement, and it is actively exploring ways to integrate these into its business model.
The most pressing risks stem from the recent financial downturn: a sharp revenue decline, margin compression, and a swing into operating and net losses, combined with negative operating and free cash flow. Liquidity has weakened as cash balances have fallen, leaving a smaller buffer against further shocks. Working capital volatility and allegations from external researchers add concerns about the quality and sustainability of reported performance. Layered on top of this, the company’s ambitious pivot into blockchain, tokenization, and carbon markets introduces execution, regulatory, and reputational risks that could strain management bandwidth and financial resources.
DTCK appears to be in a transitional and uncertain phase. To improve its prospects, it will likely need to stabilize the core trading business, restore consistent positive cash generation, and carefully prioritize which innovation projects offer the most realistic near-term payoff relative to their cost and complexity. The long-term opportunity in ESG-focused and technology-enabled commodity trading is conceptually attractive, but the gap between vision and current financial reality is significant. Overall, the outlook hinges on the company’s ability to arrest recent operational declines and demonstrate tangible, profitable traction from its new strategic initiatives, rather than relying primarily on narratives about future potential.
CEO
Li Peng Leck
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2026-02-17 | Reverse | 1:20 |
| 2026-02-13 | Reverse | 1:20 |
Ratings Snapshot
Rating : C+