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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2025
Commission File Number: 001-41829
Primech Holdings Ltd.
23 Ubi Crescent
Singapore 408579
+65 6286 1868
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Primech Holdings Ltd Announces Unaudited Interim 2024 Financial Results
Primech Holdings Ltd (“Primech” or the “Company”) (Nasdaq: PMEC), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, today announced its unaudited financial results for the six months ended September 30, 2024. A copy of the press release relating to the above matter is set forth in Exhibit 99.1, which is being furnished herewith.
Primech Holdings Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands except share data, U.S. dollars)
| September 30, 2024 |
March 31, 2024 |
|||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 9,183 | $ | 7,648 | ||||
| Accounts receivable, net | 15,970 | 18,452 | ||||||
| Government subsidies receivable | 2,023 | 1,368 | ||||||
| Prepaid expenses and other current assets | 3,078 | 3,810 | ||||||
| Inventories | 61 | 55 | ||||||
| Total current assets | 30,315 | 31,333 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 10,128 | 10,082 | ||||||
| Right of use assets | 3,253 | 3,406 | ||||||
| Goodwill | 715 | 667 | ||||||
| Intangible assets, net | 17 | 21 | ||||||
| Total assets | $ | 44,428 | $ | 45,509 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 9,203 | $ | 9,406 | ||||
| Notes payable-current portion | 10,106 | 11,277 | ||||||
| Lease liabilities-current portion | 2,113 | 2,059 | ||||||
| Total current liabilities | 21,422 | 22,742 | ||||||
| Non-current liabilities | ||||||||
| Notes payable-long term | 5,227 | 5,705 | ||||||
| Lease liabilities-long term | 1,475 | 1,752 | ||||||
| Deferred tax liability | 305 | 251 | ||||||
| Total liabilities | 28,429 | 30,450 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ Equity | ||||||||
| Common Stock, 38,050,000 and 35,550,000 shares issued and outstanding as of September 30, 2024 and March 31, 2024, respectively, | 23,693 | 22,193 | ||||||
| Additional paid-in capital | 924 | 924 | ||||||
| Accumulated other comprehensive income | 1,708 | 923 | ||||||
| Accumulated deficit | (10,236 | ) | (9,049 | ) | ||||
| Total Primech Holdings Limited shareholders’ equity | 16,089 | 14,991 | ||||||
| Non-controlling interests | (90 | ) | 68 | |||||
| Total shareholders’ equity | 15,999 | 15,059 | ||||||
| Total liabilities and shareholders’ equity | $ | 44,428 | $ | 45,509 | ||||
Primech Holdings Limited and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and other Comprehensive Loss
(in thousands except share and per share data, in U.S. dollars)
| For the Six Months Ended September 30, |
||||||||
| 2024 | 2023 | |||||||
| Revenues | ||||||||
| Revenues, net | $ | 36,947 | $ | 35,161 | ||||
| Operating costs and expenses | ||||||||
| Cost of revenue (net of $1,337 and $1,615 of government subsidies) |
28,625 | 29,397 | ||||||
| General and administrative expenses (net of $75 and $5 of government subsidies) | 7,926 | 5,345 | ||||||
| Sales and marketing expenses | 1,384 | 11 | ||||||
| Other operating (income) expenses, net (includes $51 and $62 of government subsidies) | (64 | ) | 103 | |||||
| Total operating costs and expenses | 37,871 | 34,856 | ||||||
| (Loss)/ profit from operations | (924 | ) | 305 | |||||
| Interest expense | (421 | ) | (520 | ) | ||||
| Loss before income taxes | (1,345 | ) | (215 | ) | ||||
| Income tax benefit | 3 | 446 | ||||||
| Net (loss)/ income | (1,342 | ) | 231 | |||||
| Loss/ (income) attributable to non-controlling interests | 155 | (7 | ) | |||||
| Net (loss)/ income attributable to PHL | (1,187 | ) | 224 | |||||
| Total foreign currency translation adjustment | 785 | (285 | ) | |||||
| Comprehensive loss | $ | (402 | ) | (61 | ) | |||
| (Loss)/ income per share: | ||||||||
| Basic and diluted | $ | (0.03 | ) | $ | 0.01 | |||
| Weighted average number of ordinary shares outstanding: | ||||||||
| Basic and diluted | 36,961,749 | 32,500,000 | ||||||
Safe Harbor Statements
This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Primech’s strategic and operational plans, contain forward-looking statements. Primech may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Primech’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business; the risk that we may be unable to realize our anticipated growth strategies and expected internal growth; its future business development, results of operations and financial condition; changes in the availability and cost of professional staff which we require to operate our business; changes in customers’ preferences and needs; changes in competitive conditions and our ability to compete under such conditions; changes in our future capital needs and the availability of financing and capital to fund such needs; changes in currency exchange rates or interest rates; projections of revenue, earnings, capital structure and other financial items; changes in our plan to enter into certain new business sectors; and other factors beyond our control. Further information regarding these and other risks is included in Primech’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and Primech undertakes no obligation to update any forward-looking statement, except as required under applicable law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Primech Holdings Ltd. | ||
| Date: March 27, 2025 | By: | /s/ Kin Wai Ho |
| Name: | Kin Wai Ho | |
| Title: | Chief Executive Officer | |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated March 27, 2025 |
6
Exhibit 99.1
Primech Holdings Limited Provides Financial Updates and Corporate Highlights
For the Six Months Ended September 30, 2024
SINGAPORE, March 27, 2025 /PRNewswire/ -- Primech Holdings Limited (Nasdaq: PMEC) (“Primech” or the “Company”), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, provides a financial and corporate update coincident with the filing of the Company’s financial results for the six months ended September 30, 2024.
Financial Highlights:
| ● | Revenue was approximately $36.9 million for the six months ended September 30, 2024, representing a 5.1% increase from the same period in 2023; |
| ● | Gross Profit Margin increased from 16.4% for the six months ended September 30, 2023, to 22.5% for the six months ended September 30, 2024; |
| ● | Sales and marketing expenses increased from approximately $11,000 for the six months ended September 30, 2023 to approximately $1.4 million for the six months ended September 30, 2024. |
| ● | Loss from operations was approximately $0.9 million for the six months ended September 30, 2024, while profit from operations was approximately $0.3 million for the six months ended September 30, 2023. |
| ● | Net loss was approximately $1.3 million for the six months ended September 30, 2024, while net income was approximately $0.2 million for the six months ended September 30, 2023. |
Operational and Corporate Highlights:
| ● | Primech launched Primech AI as an operating subsidiary focused on creating robotic-based solutions to meet the growing demand for efficient and autonomous cleaning technology. With patents pending, Primech AI is developing HYTRON, a fully autonomous AI-powered toilet cleaning robot featuring 3D-cleaning and electrolyzed water for enhanced efficiency. Primech AI showcased its HYTRON robot at the 2024 CleanEnviro Summit Singapore (CESG) in June, generating significant industry interest. |
| ● | Primech’s subsidiary, Primech A & P Pte. Ltd., was nominated as a finalist for The Singapore Apex Corporate Sustainability Awards in the “LowCarbonSG” category. This recognition acknowledges the Company’s achievement of at least 5% improvement in Scope 1 and 2 carbon emissions over 24 months through strategic initiatives. |
Management Commentary:
Kin Wai Ho, CEO of Primech Holdings Limited, commented, “While our financial results for this period reflect the significant investments we are making in technology and market development, we believe these strategic initiatives position us for substantial long-term growth and enhanced shareholder value. The increased marketing expenses reflect our commitment to expanding our market presence and promoting our innovative solutions, particularly our AI-powered cleaning technologies.”
About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
About Primech AI
Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
Company Contact:
Email: ir@primech.com.sg
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com