NIVF
NIVF
NewGenIvf Group LimitedIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $1.28M ▲ | $2.63M ▲ | $16.82M ▲ | 1.31K% ▲ | $147.77 ▲ | $16.8M ▲ |
| Q4-2024 | $1.27M ▼ | $1.45M ▲ | $-108K ▼ | -8.48% ▼ | $-23.75 ▼ | $58.33K ▼ |
| Q3-2024 | $1.47M ▼ | $429.9K ▼ | $-19.86K ▲ | -1.35% ▲ | $-6.75 ▼ | $226.87K ▼ |
| Q4-2023 | $1.52M ▲ | $1.27M ▲ | $-955K ▼ | -62.85% ▼ | $165.25 ▲ | $451.85K ▲ |
| Q3-2023 | $0 | $377.72K | $127.02K | 0% | $117.25 | $127.02K |
What's going well?
The company reported a large net profit this quarter, mainly due to a big gain from non-operating items. Interest expenses are much lower, which helps the bottom line.
What's concerning?
The core business is losing more money than before, with gross margins shrinking and operating losses growing. The profit is not from regular business, but from a one-off gain, so results may not be repeatable.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $295.29K ▼ | $35.56M ▲ | $6.82M ▲ | $29.38M ▲ |
| Q4-2024 | $457.74K ▲ | $3.78M ▲ | $5.06M ▼ | $-844.61K ▲ |
| Q3-2024 | $169.66K ▲ | $1.47M ▼ | $8.55M ▲ | $-6.58M ▼ |
| Q4-2023 | $54.1K ▼ | $4.49M ▼ | $1.24M ▼ | $15.6M ▼ |
| Q3-2023 | $39.29M | $39.34M | $4.43M | $34.91M |
What's financially strong about this company?
Shareholder equity is now strongly positive, and the company has a high current ratio, meaning it can cover near-term bills. Retained earnings show a history of profits, and most debt is long-term.
What are the financial risks or weaknesses?
Cash is low and falling, while debt has surged. Most assets are intangibles, which could be written down if the acquisition doesn't deliver. The company may need to raise more cash soon.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2024 | $-108.24K ▲ | $-6.35M ▼ | $13.59K ▼ | $6.6M ▲ | $288.08K ▲ | $-6.36M ▼ |
| Q4-2023 | $-955.49K ▼ | $-142.71K ▲ | $18.37M ▲ | $-18.23M ▼ | $3.47K ▲ | $-142.71K ▲ |
| Q3-2023 | $127.02K ▼ | $-203.28K ▼ | $-248.28K ▼ | $368.74K ▲ | $-82.81K ▼ | $-203.28K ▼ |
| Q4-2022 | $474.36K ▲ | $-34.67K ▼ | $-241.79K ▼ | $243.81K ▲ | $-32.65K ▼ | $-34.67K ▼ |
| Q3-2022 | $208.32K | $-22.7K | $-18.82K | $18.98K | $-22.54K | $-22.7K |
What's strong about this company's cash flow?
There is little positive to highlight - the company can still access debt markets for now and has not diluted shareholders this quarter.
What are the cash flow concerns?
Cash burn is accelerating, working capital is a major drag, and survival depends on borrowing more money each quarter. The company has almost no cash left and no internal ability to fund itself.
5-Year Trend Analysis
A comprehensive look at NewGenIvf Group Limited's financial evolution and strategic trajectory over the past five years.
NIVF combines improving gross margins and continuing revenue generation in its core business with a portfolio of differentiated, innovation-driven initiatives. Its proprietary NewGenSort technology and cytometry IP create a tangible edge in fertility, while its push into asset tokenization and high-end real estate offers multiple avenues for future growth. The business is relatively light on physical capital spending, and management has shown an ability to access external financing to support liquidity and strategic moves. The company’s diversified strategy, if made coherent and well executed, could provide resilience across different economic cycles.
The financial profile is currently fragile. Profitability has swung back to sizeable losses, EBITDA has almost disappeared, and free cash flow is deeply negative. The balance sheet has deteriorated, with debt surging, equity turning negative, and liquidity cushions shrinking, leaving less room for error. Strategic complexity adds further risk: the company is operating across highly regulated and disparate sectors—healthcare, digital assets, real estate, and potentially mining—each with its own competitive dynamics, regulatory hurdles, and execution challenges. Regulatory, reputational, integration, and funding risks are all elevated given the scale of its ambitions relative to its financial resources.
The outlook is highly dependent on execution and financial stabilization. On one hand, there is a credible path to value creation if the company can control costs, restore positive cash flow, and successfully scale its differentiated offerings in fertility, tokenization, and real estate. On the other hand, the current combination of negative equity, rising leverage, and operational cash burn makes that path narrow and time-sensitive. In the near term, progress will likely be judged on the company’s ability to simplify and integrate its strategy, demonstrate clearer profitability in at least one core segment, and strengthen its balance sheet enough to support the longer-term, higher-risk projects in its pipeline.
About NewGenIvf Group Limited
https://newgenivf.comNewGenIVF Group Ltd. operates as an assisted reproductive services provider. It focuses on providing fertility treatments to fulfil the dreams of building families. The firm offers in-vitro fertilization treatment service, comprising traditional IVF and egg donation, and surrogacy and ancillary caring services. The company is headquartered in Bangkok, Thailand.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $1.28M ▲ | $2.63M ▲ | $16.82M ▲ | 1.31K% ▲ | $147.77 ▲ | $16.8M ▲ |
| Q4-2024 | $1.27M ▼ | $1.45M ▲ | $-108K ▼ | -8.48% ▼ | $-23.75 ▼ | $58.33K ▼ |
| Q3-2024 | $1.47M ▼ | $429.9K ▼ | $-19.86K ▲ | -1.35% ▲ | $-6.75 ▼ | $226.87K ▼ |
| Q4-2023 | $1.52M ▲ | $1.27M ▲ | $-955K ▼ | -62.85% ▼ | $165.25 ▲ | $451.85K ▲ |
| Q3-2023 | $0 | $377.72K | $127.02K | 0% | $117.25 | $127.02K |
What's going well?
The company reported a large net profit this quarter, mainly due to a big gain from non-operating items. Interest expenses are much lower, which helps the bottom line.
What's concerning?
The core business is losing more money than before, with gross margins shrinking and operating losses growing. The profit is not from regular business, but from a one-off gain, so results may not be repeatable.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $295.29K ▼ | $35.56M ▲ | $6.82M ▲ | $29.38M ▲ |
| Q4-2024 | $457.74K ▲ | $3.78M ▲ | $5.06M ▼ | $-844.61K ▲ |
| Q3-2024 | $169.66K ▲ | $1.47M ▼ | $8.55M ▲ | $-6.58M ▼ |
| Q4-2023 | $54.1K ▼ | $4.49M ▼ | $1.24M ▼ | $15.6M ▼ |
| Q3-2023 | $39.29M | $39.34M | $4.43M | $34.91M |
What's financially strong about this company?
Shareholder equity is now strongly positive, and the company has a high current ratio, meaning it can cover near-term bills. Retained earnings show a history of profits, and most debt is long-term.
What are the financial risks or weaknesses?
Cash is low and falling, while debt has surged. Most assets are intangibles, which could be written down if the acquisition doesn't deliver. The company may need to raise more cash soon.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2024 | $-108.24K ▲ | $-6.35M ▼ | $13.59K ▼ | $6.6M ▲ | $288.08K ▲ | $-6.36M ▼ |
| Q4-2023 | $-955.49K ▼ | $-142.71K ▲ | $18.37M ▲ | $-18.23M ▼ | $3.47K ▲ | $-142.71K ▲ |
| Q3-2023 | $127.02K ▼ | $-203.28K ▼ | $-248.28K ▼ | $368.74K ▲ | $-82.81K ▼ | $-203.28K ▼ |
| Q4-2022 | $474.36K ▲ | $-34.67K ▼ | $-241.79K ▼ | $243.81K ▲ | $-32.65K ▼ | $-34.67K ▼ |
| Q3-2022 | $208.32K | $-22.7K | $-18.82K | $18.98K | $-22.54K | $-22.7K |
What's strong about this company's cash flow?
There is little positive to highlight - the company can still access debt markets for now and has not diluted shareholders this quarter.
What are the cash flow concerns?
Cash burn is accelerating, working capital is a major drag, and survival depends on borrowing more money each quarter. The company has almost no cash left and no internal ability to fund itself.
5-Year Trend Analysis
A comprehensive look at NewGenIvf Group Limited's financial evolution and strategic trajectory over the past five years.
NIVF combines improving gross margins and continuing revenue generation in its core business with a portfolio of differentiated, innovation-driven initiatives. Its proprietary NewGenSort technology and cytometry IP create a tangible edge in fertility, while its push into asset tokenization and high-end real estate offers multiple avenues for future growth. The business is relatively light on physical capital spending, and management has shown an ability to access external financing to support liquidity and strategic moves. The company’s diversified strategy, if made coherent and well executed, could provide resilience across different economic cycles.
The financial profile is currently fragile. Profitability has swung back to sizeable losses, EBITDA has almost disappeared, and free cash flow is deeply negative. The balance sheet has deteriorated, with debt surging, equity turning negative, and liquidity cushions shrinking, leaving less room for error. Strategic complexity adds further risk: the company is operating across highly regulated and disparate sectors—healthcare, digital assets, real estate, and potentially mining—each with its own competitive dynamics, regulatory hurdles, and execution challenges. Regulatory, reputational, integration, and funding risks are all elevated given the scale of its ambitions relative to its financial resources.
The outlook is highly dependent on execution and financial stabilization. On one hand, there is a credible path to value creation if the company can control costs, restore positive cash flow, and successfully scale its differentiated offerings in fertility, tokenization, and real estate. On the other hand, the current combination of negative equity, rising leverage, and operational cash burn makes that path narrow and time-sensitive. In the near term, progress will likely be judged on the company’s ability to simplify and integrate its strategy, demonstrate clearer profitability in at least one core segment, and strengthen its balance sheet enough to support the longer-term, higher-risk projects in its pipeline.
CEO
Wing Fung Siu
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2026-01-26 | Reverse | 1:3 |
| 2025-12-03 | Reverse | 1:5 |
Ratings Snapshot
Rating : A+