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ONEG

OneConstruction Group Limited

ONEG

OneConstruction Group Limited • NASDAQ
$1.20 ▲ 6.19% (+0.07)
Market Cap $15.68 M
52w High $13.50
52w Low $1.00
Dividend Yield 0%
P/E 15
Volume 67.67K
Outstanding Shares 13.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $24.469M ▼ $1.254M ▲ $-344K ▼ -1.406% ▼ $-0.028 ▼ $272K ▼
Q2-2025 $28.736M ▼ $974K ▼ $1.242M ▲ 4.322% ▲ $0.11 ▲ $1.416M ▲
Q4-2024 $32.167M ▲ $2.183M ▲ $162K ▼ 0.504% ▼ $0.014 ▼ $179K ▼
Q2-2024 $31.296M $28K $1.607M 5.135% $0.143 $2.048M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $749K ▲ $49.845M ▲ $37.704M ▼ $12.141M ▲
Q2-2025 $453K ▼ $46.286M ▲ $39.362M ▲ $6.924M ▲
Q4-2024 $1.613M $43.637M $38.008M $5.629M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-344K ▼ $-2.721M ▼ $-5K ▼ $3.096M ▲ $0 $-2.722M ▼
Q2-2025 $1.242M ▲ $-2.393M ▲ $2K ▲ $1.214M ▼ $0 $-2.395M ▲
Q4-2024 $162K ▼ $-8.067M ▼ $-4K ▼ $2.282M ▼ $0 ▼ $-8.07M ▼
Q2-2024 $1.607M $1.105M $-3K $4.92M $7.345M $1.101M

Five-Year Company Overview

Income Statement

Income Statement ONEG’s reported revenue looks very small and fairly flat over the past few years, with no clear sign of strong growth yet. Profit metrics are essentially at break-even in the data provided, which suggests very thin margins and limited earnings power so far. The jumpiness in the earnings-per-share figure versus near‑zero profit lines also hints that the financial history may be distorted by its SPAC structure and listing process, rather than reflecting a mature operating business. Overall, the income statement reads as early-stage, low-margin and still searching for scale and consistency.

Balance Sheet

Balance Sheet The balance sheet appears modest, with a gradually expanding asset base and a small but steady level of debt. Equity is positive but not large, which points to a relatively thin capital cushion. The data show no meaningful cash balance, which is likely more a limitation of this summary than a literal reflection of reality, but it still underlines that there is not a huge financial buffer visible here. In simple terms, ONEG does not look overleveraged, but it also does not look particularly robust yet; it sits in a “lightly geared, modestly capitalized” zone where discipline on new projects and costs will matter a lot.

Cash Flow

Cash Flow Operating cash flow has been slightly negative in most years, and free cash flow follows the same pattern, with no meaningful capital spending shown. That combination usually points to a business that is covering a good portion of its costs but not yet consistently turning work into cash. With little visible investment in hard assets in this snapshot, the cash story seems to be about funding everyday operations rather than growth. This kind of profile is common around a SPAC combination or early listing, but it also means the company has less room for missteps: reliable project execution and timely payments from clients will be critical.

Competitive Edge

Competitive Edge ONEG works in Hong Kong structural steelwork, a crowded and price-sensitive niche. Its main edge appears to be experience and relationships in public-sector residential projects, including a sizeable pipeline of public housing work stretching over several years. That gives some visibility and taps into a relatively stable demand source compared with private development. On the other hand, external analysis suggests its competitive advantage is not very strong and margins are slim, with direct rivals like Chiu Kee Steel Work and Chun Sum Kee Construction competing for the same tenders. In short, ONEG seems well plugged into the public-housing ecosystem but still operates in a tight, fiercely competitive market with limited pricing power.

Innovation and R&D

Innovation and R&D ONEG is taking steps toward differentiation through materials and digital tools, but much of this story is still developing. On the materials side, it is associated with low‑VOC sealants and seismic‑resistant components, which fit well with stricter environmental rules and safety expectations in Hong Kong. If these offerings are proven and widely adopted, they could help the company stand out in government procurement. On the technology side, the company talks about using smart technologies, likely including BIM and similar tools, which are increasingly standard in modern construction. At this stage, however, there is limited public detail on proprietary know‑how, the scale of R&D spending, or clear margin benefits from these initiatives, so the innovation angle looks promising but not yet clearly monetized.

Summary

ONEG comes across as a small, recently listed construction specialist with a focused niche in Hong Kong public-sector steelwork rather than a broad, diversified industrial player. Financially, it is operating close to break‑even, with modest assets, light but present leverage, and slightly negative cash generation, which together point to a business that needs steady project flow and disciplined execution to gain traction. Strategically, its strongest card is deep involvement in public residential projects, giving it visibility and a degree of stability, but competition is intense and reported margins appear thin. The innovation story—greener, more resilient materials and digital tools—adds potential upside, yet remains more of a narrative than a clearly proven profit driver. Overall, ONEG looks like an early‑stage, contract‑driven operator whose long‑term strength will depend on converting its public-sector relationships and emerging technologies into durable, higher‑quality earnings.