Multi Ways Holdings Limited announces revenue of $26.4 Million for the First Half of Fiscal Year 2025

Multi Ways Holdings Limited (“Multi ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced its unaudited financial results for the six months ended June 30, 2025.

Financial Highlights for the First Half of Fiscal Year 2025

Financial Results for the First Half of Fiscal Year 2025

Revenue

Revenue increased of approximately $12.35 million or 87.65% to approximately $26.44 million for the six months ended June 30, 2025 from approximately $14.09 million for the six months ended June 30, 2024. The increase was largely attributable to strong demand on equipment sales for the six months ended June 30, 2025.

Gross Profit

Our gross profit increased by approximately $1.97 million, or 42.27%, to approximately $6.63 million for the six months ended June 30, 2025 from approximately $4.66 million for the six months ended June 30, 2024. Gross profit margin was 25.08% for the six months ended June 30, 2025, as compared to 33.07% for the six months ended June 30, 2024. The increased of gross profit with lower margin was primarily attributable to sales mix associated with the higher contribution from lower-margin equipment products.

Selling and Distribution Expenses

Total selling and distribution expenses was approximately $1.21 million for the six months ended June 30, 2025, compared to approximately $0.73 million for the six months ended June 30, 2024. Selling and distribution expenses increased by approximately $0.48 million or 65.75%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was mainly attributable to the higher transportation fee incurred in tandem with higher revenue.

General and Administrative expenses

Total general and administrative expenses was approximately $3.71 million for the six months ended June 30, 2025, compared to approximately $3.39 million for the six months ended June 30, 2024. General and administrative expenses increased by approximately $0.32 million or 9.44% for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to labour costs incurred on transportation of equipment in line with higher revenue.

Income/(loss) from Operations

As a result of the factors described above, total operating income was approximately $1.70 million for the six months ended June 30, 2025, compared to operating income of approximately $0.54 million for the six months ended June 30, 2024.

Other Income (Expenses)

Total other expenses, net, were approximately $0.75 million for the six months ended June 30, 2025, compared to other expenses of approximately $0.46 million for the six months ended June 30, 2024. Other expenses increased by approximately $0.29 million or 63.04%, during the six months ended June 30,2025. The increase of other expenses was primarily attributable to the higher interest expenses incurred.

Net Income (loss) before income taxes

As a result of the factors described above, net income before income taxes was approximately $0.95 million for the six months ended June 30, 2025, compared to net income before income taxes of approximately $0.08 million for the six months ended June 30, 2024.

Financial Condition as of June 30, 2025

As of June 30, 2025, cash and cash equivalents, restricted cash and short-term investments totalled $1.21 million, compared to $3.30 million as of December 31, 2024. Short-term bank borrowings were $9.74 million as of June 30, 2025, compared to $12.64 million as of December 31, 2024.

Accounts receivable was $7.34 million as of June 30, 2025, compared to $6.18 million as of December 31, 2024. Inventories were $44.65 million as of June 30, 2025, compared to $45.10 million as of December 31, 2024. Accounts payables and accrued liabilities were $6.39 million as of June 30, 2025, compared to $6.94 million as of December 31, 2024.

Total current assets and current liabilities were $58.99 million and $38.31 million, respectively, leading to a current ratio of 1.54 as of June 30, 2025. This compared to total current assets and current liabilities were $65.00 million and $44.80 million, respectively, and current ratio of 1.45 as of December 31, 2024.

Cashflows for the First Half of Fiscal Year 2025

Cash flows from operating activities

For the financial period ended June 30, 2025, our net cash generated from operating activities was approximately $5.39 million, which primarily consisted of our net income before income tax of approximately $0.95 million, adding back (i) non-cash depreciation of property, plant and equipment and right-of-use assets of approximately $0.58 million; (ii) interest expenses approximately $0.94 million; (iii) decrease in inventories of approximately $2.37 million; (iv) decreased in deposits, prepayments and other receivables of approximately $5.03 million but partially offset by (a) increase in accounts receivables of approximately $0.91 million; (b) decrease of account payables and accrued liabilities of approximately $0.28 million and (c) the decrease on customers deposits of approximately $3.28 million.

Cash flows from investing activities

For the financial period ended June 30, 2025, our net cash used in investing activities was approximately $0.20 million, primarily attributable to the purchases of property, plant and equipment of approximately $0.17 million and the investment in financial assets available for sales of approximately $0.03 million.

Cash flows from financing activities

For the financial period ended June 30, 2025, our net cash used in financing activities of approximately $7.14 million, which mainly attributable to the repayment of bank borrowings of approximately $22.17 million; repayment of lease liabilities of approximately $4.58 million and interest payments of approximately $0.59 million, but mitigate by proceeds from bank borrowings of approximately $18.78 million and proceeds from lease liabilities of approximately $1.42 million.

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME

(Currency expressed in United States Dollars (“US$”))

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”))

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Currency expressed in United States Dollars (“US$”), except for number of shares)

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(Currency expressed in United States Dollars (“US$”))

About Multi Ways Holdings Limited.

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop.

For more information, please visit www.multiwaysholdings.com. For further information on the Company’s SEC filings please visit www.sec.gov.

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Exhibit 99.2

Multi Ways Holdings Reports 88% Revenue Growth in First Half 2025, Provides Corporate Updates

NEW YORK, NY, December 23, 2025 (GlobeNewswire) — Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announces first half 2025 unaudited financial results and provides corporate updates.

Management Commentary

Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, pleased to report that “In the first half of 2025, despite a challenging and rapidly evolving business environment, the Group achieved a year-on-year increase in revenue. This growth was primarily driven by the strong performance of our equipment sales segment, reflecting the market’s confidence in our product offerings and our ability to capture new opportunities even under difficult conditions.

However, our gross profit margin experienced a decline during the period. This outcome was influenced by a combination of factors, including heightened competitive pressures, rising input costs, and sales mix associated with the higher contribution from lower-margin equipment products. We are addressing these challenges through continued cost-management initiatives, operational efficiencies, and ongoing optimisation of our product portfolio.

“Looking ahead to 2026, we are optimistic about our business prospects given several recently announced major infrastructure projects commencing construction next year. These include the ongoing expansion of Changi Airport Terminal 5 and the Marina Bay Sands integrated resort, along with strong government focus on public housing, high-specification industrial buildings, and educational and healthcare facilities. Additionally, large-scale infrastructure projects such as the Jurong Region Line (JRL), the Cross Island Line (CRL), and the Jurong Island Hydrogen-Compatible Power Plant continue to progress.

“Multi Ways remains committed to strengthening our core capabilities, enhancing profitability, and delivering sustainable value for our shareholders. While external uncertainties may persist, we believe our strategic direction and disciplined execution position us well for long-term growth” concluded Mr. Lim.

First Half 2025 Financial Highlights

For the six months ended June 30, 2025, our net revenue increased significantly by 87.65% to $26.44 million, compared to $14.09 million for the six months ended June 30, 2024. The increase in net revenue was largely due to several factors, including:

Cash Flows Summary

About Multi Ways Holdings Limited

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Investor Relations Contact:

Matthew Abenante, IRC

President

Strategic Investor Relations, LLC

Tel: 347-947-2093

Email: matthew@strategic-ir.com