SUGP
SUGP
SU Group Holdings Limited Ordinary SharesIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $84.12M ▲ | $23.7M ▲ | $-13.9M ▼ | -16.52% ▼ | $-9.49 ▼ | $-13.09M ▼ |
| Q2-2025 | $53.96M | $13.35M | $-2.26M | -4.2% | $-1.64 | $-1.03M |
| Q1-2025 | $53.96M ▲ | $13.35M ▲ | $-2.26M ▼ | -4.2% ▼ | $-1.64 ▼ | $-1.03M ▼ |
| Q4-2024 | $45.16M | $10.22M | $264.81K | 0.59% | $0.02 | $751.36K ▼ |
| Q3-2024 | $45.16M | $10.22M | $264.81K | 0.59% | $0.02 | $761.67K |
What's going well?
Revenue growth is very strong, up 56% from last quarter. The company is clearly able to sell more, which could be a good sign if it can control costs in the future.
What's concerning?
Losses are growing much faster than sales, and margins are getting squeezed hard. Costs, especially overhead, are rising rapidly, and the company is burning through cash with no sign of profitability.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $25.35M ▼ | $127.76M ▼ | $41.6M ▲ | $86.15M ▼ |
| Q2-2025 | $40.92M | $134.78M | $39.16M | $95.62M |
| Q1-2025 | $40.92M ▼ | $134.78M ▼ | $39.16M ▼ | $95.62M ▼ |
| Q4-2024 | $52.34M | $157.08M | $59.36M | $97.72M |
| Q3-2024 | $52.34M | $157.08M | $59.36M | $97.72M |
What's financially strong about this company?
SUGP has a huge cash cushion, very little debt, and most assets are high quality and easy to turn into cash. Customers are paying faster, inventory is moving, and more revenue is coming in upfront.
What are the financial risks or weaknesses?
Cash dropped by nearly 40% in one quarter and equity fell by $9.5 billion, which could signal big spending or payouts. Debt also increased, so if this trend continues, financial strength could erode.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-13.9M ▼ | $-4.76M ▲ | $-875.31K ▼ | $0 ▼ | $-15.57M ▼ | $-5.39M ▲ |
| Q2-2025 | $-2.26M | $-5.31M | $-379.05K | $45 | $0 | $-5.82M |
| Q1-2025 | $-2.26M ▼ | $-5.31M ▼ | $-379.05K ▼ | $45 ▲ | $0 | $-5.82M ▼ |
| Q4-2024 | $264.81K | $0 | $0 | $0 | $0 | $0 |
| Q3-2024 | $264.81K | $0 | $0 | $0 | $0 | $0 |
What's strong about this company's cash flow?
Operating cash burn is shrinking slightly, and working capital moves (like selling down inventory) temporarily helped cash flow. No new debt or dilution this quarter.
What are the cash flow concerns?
Net losses are growing fast, and the company is burning millions in cash each quarter. The cash balance is dropping quickly, and recent working capital boosts are likely one-time.
5-Year Trend Analysis
A comprehensive look at SU Group Holdings Limited Ordinary Shares's financial evolution and strategic trajectory over the past five years.
Key strengths include sustained revenue growth, a strong and liquid balance sheet with net cash and low leverage, and a differentiated competitive position built on integrated security engineering, advanced technology solutions, and in‑house training. The company has proven its ability to win sizable, high‑profile contracts and is actively developing AI‑, robotics‑, and IoT‑based offerings that align with long‑term trends in smart infrastructure and automated security. Its conservative debt profile gives it room to absorb volatility while it refines its operating model.
The main risks arise from profitability and cash flow instability. A sharp swing from steady profits to a substantial loss in 2025, driven by rising overheads and margin compression, shows that the current growth strategy is stressing the cost base. Highly volatile operating and free cash flow increase dependence on external funding and raise the stakes on project execution and working capital management. Additional risks include intense competition, wage and subcontractor cost inflation, concentration in a limited set of markets, and the technical and adoption risks inherent in scaling new AI and robotics solutions.
Looking ahead, SUGP appears to be in a transition phase: moving up the value chain from traditional security services to technology‑rich, integrated solutions with potentially better long‑term economics but bumpier near‑term results. The company’s solid balance sheet and growing contract wins provide a foundation, while its innovation agenda offers meaningful upside if it can translate those efforts into stable margins and recurring cash flow. The overall outlook hinges on whether management can tighten cost control, improve project discipline, and convert its technological and contractual momentum into a consistent, high‑quality earnings and cash flow profile over the next few years.
About SU Group Holdings Limited Ordinary Shares
https://www.sugroup.com.hkSU Group Holdings Limited, through its subsidiaries, operates as an integrated security-related services company in Hong Kong and internationally. The company operates through two segments, Security-Related Engineering Services Business; and Security Guarding and Screening Services Business.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $84.12M ▲ | $23.7M ▲ | $-13.9M ▼ | -16.52% ▼ | $-9.49 ▼ | $-13.09M ▼ |
| Q2-2025 | $53.96M | $13.35M | $-2.26M | -4.2% | $-1.64 | $-1.03M |
| Q1-2025 | $53.96M ▲ | $13.35M ▲ | $-2.26M ▼ | -4.2% ▼ | $-1.64 ▼ | $-1.03M ▼ |
| Q4-2024 | $45.16M | $10.22M | $264.81K | 0.59% | $0.02 | $751.36K ▼ |
| Q3-2024 | $45.16M | $10.22M | $264.81K | 0.59% | $0.02 | $761.67K |
What's going well?
Revenue growth is very strong, up 56% from last quarter. The company is clearly able to sell more, which could be a good sign if it can control costs in the future.
What's concerning?
Losses are growing much faster than sales, and margins are getting squeezed hard. Costs, especially overhead, are rising rapidly, and the company is burning through cash with no sign of profitability.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $25.35M ▼ | $127.76M ▼ | $41.6M ▲ | $86.15M ▼ |
| Q2-2025 | $40.92M | $134.78M | $39.16M | $95.62M |
| Q1-2025 | $40.92M ▼ | $134.78M ▼ | $39.16M ▼ | $95.62M ▼ |
| Q4-2024 | $52.34M | $157.08M | $59.36M | $97.72M |
| Q3-2024 | $52.34M | $157.08M | $59.36M | $97.72M |
What's financially strong about this company?
SUGP has a huge cash cushion, very little debt, and most assets are high quality and easy to turn into cash. Customers are paying faster, inventory is moving, and more revenue is coming in upfront.
What are the financial risks or weaknesses?
Cash dropped by nearly 40% in one quarter and equity fell by $9.5 billion, which could signal big spending or payouts. Debt also increased, so if this trend continues, financial strength could erode.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-13.9M ▼ | $-4.76M ▲ | $-875.31K ▼ | $0 ▼ | $-15.57M ▼ | $-5.39M ▲ |
| Q2-2025 | $-2.26M | $-5.31M | $-379.05K | $45 | $0 | $-5.82M |
| Q1-2025 | $-2.26M ▼ | $-5.31M ▼ | $-379.05K ▼ | $45 ▲ | $0 | $-5.82M ▼ |
| Q4-2024 | $264.81K | $0 | $0 | $0 | $0 | $0 |
| Q3-2024 | $264.81K | $0 | $0 | $0 | $0 | $0 |
What's strong about this company's cash flow?
Operating cash burn is shrinking slightly, and working capital moves (like selling down inventory) temporarily helped cash flow. No new debt or dilution this quarter.
What are the cash flow concerns?
Net losses are growing fast, and the company is burning millions in cash each quarter. The cash balance is dropping quickly, and recent working capital boosts are likely one-time.
5-Year Trend Analysis
A comprehensive look at SU Group Holdings Limited Ordinary Shares's financial evolution and strategic trajectory over the past five years.
Key strengths include sustained revenue growth, a strong and liquid balance sheet with net cash and low leverage, and a differentiated competitive position built on integrated security engineering, advanced technology solutions, and in‑house training. The company has proven its ability to win sizable, high‑profile contracts and is actively developing AI‑, robotics‑, and IoT‑based offerings that align with long‑term trends in smart infrastructure and automated security. Its conservative debt profile gives it room to absorb volatility while it refines its operating model.
The main risks arise from profitability and cash flow instability. A sharp swing from steady profits to a substantial loss in 2025, driven by rising overheads and margin compression, shows that the current growth strategy is stressing the cost base. Highly volatile operating and free cash flow increase dependence on external funding and raise the stakes on project execution and working capital management. Additional risks include intense competition, wage and subcontractor cost inflation, concentration in a limited set of markets, and the technical and adoption risks inherent in scaling new AI and robotics solutions.
Looking ahead, SUGP appears to be in a transition phase: moving up the value chain from traditional security services to technology‑rich, integrated solutions with potentially better long‑term economics but bumpier near‑term results. The company’s solid balance sheet and growing contract wins provide a foundation, while its innovation agenda offers meaningful upside if it can translate those efforts into stable margins and recurring cash flow. The overall outlook hinges on whether management can tighten cost control, improve project discipline, and convert its technological and contractual momentum into a consistent, high‑quality earnings and cash flow profile over the next few years.
CEO
Ming Chan
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2025-08-25 | Reverse | 1:10 |
Ratings Snapshot
Rating : C+