WFF
WFF
WF Holding LimitedIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $3.01M | $1.72M | $-3.45M | -114.44% | $-0.68 | $-739.8K |
What's going well?
Revenue is positive at $3 million, and interest costs are low. The company is not taking on much debt.
What's concerning?
The company lost more than it made in sales, with big non-operating losses and high overhead. No spending on R&D or sales suggests little investment in growth.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $2.3M ▼ | $11.39M ▼ | $6.64M ▼ | $4.75M ▼ |
| Q2-2025 | $3.15M ▲ | $15.68M ▲ | $6.9M ▲ | $8.79M ▲ |
| Q4-2024 | $1.06M ▲ | $6.22M ▲ | $3.47M ▲ | $2.74M ▲ |
| Q2-2024 | $556.22K ▼ | $5.28M ▼ | $2.57M ▼ | $2.71M ▲ |
| Q4-2023 | $777.13K | $5.38M | $2.82M | $2.56M |
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-3.45M | $-532.17K | $-531.27K | $303.35K | $-684.83K | $-2.95M |
What's strong about this company's cash flow?
Non-cash losses make the actual cash burn smaller than the reported loss. Inventory was sold down, and payables helped cash flow this quarter.
What are the cash flow concerns?
The business is burning cash at a high rate, needs outside funding, and is issuing new shares, which dilutes existing owners. Cash on hand is dropping and could run out soon.
5-Year Trend Analysis
A comprehensive look at WF Holding Limited's financial evolution and strategic trajectory over the past five years.
WFF combines a long-operating industrial business with a relatively strong financial foundation. It has meaningful revenue in a specialized niche, a reputation supported by international quality certification, and the ability to deliver customized, full-service FRP solutions. The balance sheet is conservative, with low debt, a net cash position, and solid liquidity, all bolstered by recent equity financing. Together, these factors give the company time and flexibility to pursue its strategic initiatives.
The main concerns center on profitability, cash burn, and strategic focus. The company is posting sizable operating and net losses, with high overhead costs relative to its current scale and negative free cash flow. Historical losses have accumulated in negative retained earnings, and the business remains reliant on external capital, as shown by large equity issuances and a recent reverse share split to maintain its listing. On top of this, expansion into China and a yet-to-be-defined cryptocurrency strategy add execution and diversification risk, especially given limited internal R&D and technological resources.
Looking forward, WFF appears to be in a transition phase, moving from a small, traditional FRP manufacturer toward a more ambitious, regionally scaled materials company while experimenting with digital technologies. The strong liquidity position offers a runway to pursue this shift, but the company must show clear progress in improving operating efficiency, narrowing losses, and translating its investments into sustainable cash generation. Outcomes are highly uncertain: success could reshape the company’s earnings profile and competitive standing, while prolonged losses or missteps in new ventures could strain its financial cushion over time.
About WF Holding Limited
https://www.winfung.com.myW.F Holding Ltd. engages in the manufacture of fiberglass reinforced plastic and FRP products. It sells a range of FRP products, including filament wound and molded tanks, thermoplastic tanks, lining products, ducting and fitting products, air pollution control equipment, and custom-made products.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $3.01M | $1.72M | $-3.45M | -114.44% | $-0.68 | $-739.8K |
What's going well?
Revenue is positive at $3 million, and interest costs are low. The company is not taking on much debt.
What's concerning?
The company lost more than it made in sales, with big non-operating losses and high overhead. No spending on R&D or sales suggests little investment in growth.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $2.3M ▼ | $11.39M ▼ | $6.64M ▼ | $4.75M ▼ |
| Q2-2025 | $3.15M ▲ | $15.68M ▲ | $6.9M ▲ | $8.79M ▲ |
| Q4-2024 | $1.06M ▲ | $6.22M ▲ | $3.47M ▲ | $2.74M ▲ |
| Q2-2024 | $556.22K ▼ | $5.28M ▼ | $2.57M ▼ | $2.71M ▲ |
| Q4-2023 | $777.13K | $5.38M | $2.82M | $2.56M |
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-3.45M | $-532.17K | $-531.27K | $303.35K | $-684.83K | $-2.95M |
What's strong about this company's cash flow?
Non-cash losses make the actual cash burn smaller than the reported loss. Inventory was sold down, and payables helped cash flow this quarter.
What are the cash flow concerns?
The business is burning cash at a high rate, needs outside funding, and is issuing new shares, which dilutes existing owners. Cash on hand is dropping and could run out soon.
5-Year Trend Analysis
A comprehensive look at WF Holding Limited's financial evolution and strategic trajectory over the past five years.
WFF combines a long-operating industrial business with a relatively strong financial foundation. It has meaningful revenue in a specialized niche, a reputation supported by international quality certification, and the ability to deliver customized, full-service FRP solutions. The balance sheet is conservative, with low debt, a net cash position, and solid liquidity, all bolstered by recent equity financing. Together, these factors give the company time and flexibility to pursue its strategic initiatives.
The main concerns center on profitability, cash burn, and strategic focus. The company is posting sizable operating and net losses, with high overhead costs relative to its current scale and negative free cash flow. Historical losses have accumulated in negative retained earnings, and the business remains reliant on external capital, as shown by large equity issuances and a recent reverse share split to maintain its listing. On top of this, expansion into China and a yet-to-be-defined cryptocurrency strategy add execution and diversification risk, especially given limited internal R&D and technological resources.
Looking forward, WFF appears to be in a transition phase, moving from a small, traditional FRP manufacturer toward a more ambitious, regionally scaled materials company while experimenting with digital technologies. The strong liquidity position offers a runway to pursue this shift, but the company must show clear progress in improving operating efficiency, narrowing losses, and translating its investments into sustainable cash generation. Outcomes are highly uncertain: success could reshape the company’s earnings profile and competitive standing, while prolonged losses or missteps in new ventures could strain its financial cushion over time.
CEO
Chee Hoong Lew
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2026-04-13 | Reverse | 1:5 |
Ratings Snapshot
Rating : C+