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FGL

Founder Group Limited Ordinary Shares

FGL

Founder Group Limited Ordinary Shares • NASDAQ
$0.41 ▲ 5.09% (+0.02)
Market Cap $6.96 M
52w High $5.00
52w Low $0.28
Dividend Yield 0%
P/E -5.87
Volume 575.18K
Outstanding Shares 16.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $83.905M ▲ $11.142M ▲ $-4.788M ▼ -5.706% ▼ $-0.045 ▼ $-2.617M ▼
Q2-2024 $6.439M ▼ $708.217K ▼ $-362.126K ▼ -5.624% ▼ $-0.021 ▼ $-194.408K ▼
Q4-2023 $132.642M ▲ $5.824M ▲ $6.555M ▲ 4.942% ▲ $0.425 ▲ $10.401M ▲
Q2-2023 $15.412M $874.88K $592.083K 3.842% $0.035 $952.564K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $13.902M ▲ $114.292M ▲ $97.171M ▲ $17.121M ▲
Q2-2024 $10.035M ▲ $75.368M ▼ $62.288M ▼ $13.08M ▼
Q4-2023 $5.6M ▼ $83.874M ▲ $69.084M ▲ $14.79M ▲
Q4-2022 $8.232M ▲ $34.356M ▲ $26.718M ▲ $7.638M ▲
Q4-2021 $1.29M $9.968M $6.275M $3.693M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2024 $-362.126K ▼ $689.485K ▲ $-801.66K ▲ $1.048M ▼ $0 ▼ $-112.18K ▲
Q4-2023 $6.555M ▲ $-15.501M ▼ $-4.039M ▼ $15.021M ▲ $5.6M ▲ $-16.708M ▼
Q2-2023 $592.083K $-1.949M $-248.027K $1.233M $0 $-2.197M

Five-Year Company Overview

Income Statement

Income Statement FGL’s income statement shows a young, project‑driven business that is still very small in scale and not yet consistently profitable. Revenue has been growing from a low base, but earnings have swung from a small profit to a small loss most recently, which is typical for early‑stage engineering and construction companies that depend on the timing of a few key contracts. Profitability margins appear thin, so even minor project delays, cost overruns, or mix shifts can quickly move results from profit to loss. Overall, the trend suggests commercial traction, but with high volatility and limited cushion if projects do not execute as planned.

Balance Sheet

Balance Sheet The balance sheet is light and still developing, reflecting a relatively small and young company. Total assets have grown over time, indicating an expanding project base and business footprint, but the absolute scale remains modest. Cash levels are stable but not large, so financial flexibility seems limited, especially if big projects require upfront working capital. Debt has increased but is still moderate relative to assets, while equity has inched up, suggesting some reliance on borrowing and a narrow capital base. This structure can support growth, but it leaves less room for error if cash collections or project economics disappoint.

Cash Flow

Cash Flow Cash flow from operations has been negative in the most recent periods, which indicates the business is consuming cash rather than generating it on a steady basis. This is common for early‑stage project companies, but it raises questions about how long current funding can support growth and project execution. Free cash flow is also negative, although actual capital spending appears low, implying that working capital swings and project timing are the main drivers. Sustained improvement in cash collections and more predictable operating cash flow will be important to reduce dependence on external financing.

Competitive Edge

Competitive Edge FGL occupies a focused niche as a solar engineering, procurement, construction, and commissioning provider in Malaysia, benefiting from supportive government policy and a growing renewable energy market. Its end‑to‑end capabilities and track record in delivering complex projects, including utility‑scale and corporate power programs, provide some differentiation and help with repeat business. The company’s involvement in floating solar and large solar‑plus‑storage projects further enhances its positioning as a specialist in more advanced, higher‑value solutions. However, its relatively small size, concentration in a single country, and dependence on winning and executing large contracts leave it exposed to competitive bidding, regulatory shifts, and project‑specific risks.

Innovation and R&D

Innovation and R&D FGL appears to be leaning heavily on innovation rather than traditional, low‑tech construction work. Its partnership to develop AI‑powered drones for solar farm inspections could improve efficiency, reduce maintenance costs, and create a differentiated service offering if the technology scales successfully. The company’s move into floating solar and integrated solar‑plus‑storage projects, including support for green data centers, positions it at the frontier of renewable energy applications in its region. Collaboration with larger technology and solar equipment partners suggests an asset‑light approach to R&D, relying on alliances rather than large in‑house labs. The opportunity is meaningful, but execution risk is high, and the commercial payoff from these innovations is still emerging rather than proven.

Summary

Overall, FGL looks like an early‑stage, specialist solar EPC player with promising strategic direction but a still‑fragile financial profile. The business is growing from a low base, with lumpy revenue and profits that can swing quickly due to the timing and economics of a small number of projects. Its balance sheet is lean, and recent negative operating cash flows highlight the importance of disciplined project management, timely collections, and access to funding. On the strategic side, a strong focus on solar, energy storage, AI‑enabled operations, and innovative project formats (like floating solar and green data centers) gives FGL a clear identity in a supportive policy environment. Future performance will hinge on converting its pipeline and innovation initiatives into stable, cash‑generating projects while keeping financial risk and execution challenges under control.

NEWS

November 12, 2025 · 8:30 AM UTC

Founder Group Limited Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

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September 26, 2025 · 8:30 AM UTC

Founder Group Limited Announces Landmark RM1.16 billion [USD276 million] 310 MWp Solar-Plus-Storage Project in Sarawak, Anchoring Regional Green Data Centre

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September 24, 2025 · 8:30 AM UTC

Founder Group Limited to Significantly Benefit From up to RM17.4 billion [USD4.1 billion] Solar EPCC Contract Value Expected to Ignite Green Energy, Data Center Expansion and National AI Ambitions in Malaysia

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