ALR Technologies SG Ltd. Annual Report - How They Did This Year

I’m putting together a plain-English guide to help you understand how ALR Technologies performed this year. We’ll break down the important details so you can decide if this company fits your investment goals.

1. What does this company do?

ALR Technologies is a medical tech company focused on diabetes management. They create systems that help doctors and patients track glucose levels. They have two main products: their "Diabetes Solution" for humans and "GluCurve" for animal health. They act as a digital bridge, sending daily health data to doctors so they can adjust treatment plans more efficiently.

2. Financial performance: The "Inside" Story

The latest report shows a difficult financial situation. The company is currently losing money faster than in previous years.

• Growing Losses: They reported a $22.1 million loss for 2025. This is an increase from the $15.9 million loss in 2024 and the $7.5 million loss in 2023. Their costs for research and administration significantly exceed their current revenue.
• The "Going Concern" Warning: The company has officially stated there is "substantial doubt" about their ability to stay in business over the next 12 months. They are currently running out of cash and have not yet reached a point of profitability.

3. Major wins and challenges

The company is currently operating in "survival mode."

• The "Self-Funding" Model: Because they aren't profitable, they rely on loans from their own executives and partners to stay open. They often pay these lenders back by issuing warrants, which gives lenders the right to buy stock later. While this saves cash today, it increases the total number of shares, which reduces your ownership percentage. These loans also carry interest, which adds to their overall debt.
• Distribution Struggles: Their success depends on outside medical suppliers to sell their products. So far, these partners have generated very few sales. The company is currently working to improve how they train and manage these external teams to help cover their basic operating costs.

4. Financial health

This is a high-risk investment. The company has lost over $158 million since its inception. They rely entirely on raising more money or significantly increasing sales to continue operations. If they fail to do either, they may have to sell their assets or shut down, which could result in the loss of the entire investment. They currently hold very little cash relative to their monthly spending requirements.

5. Key risks that could hurt the stock price

• Dilution: The company frequently issues new stock and warrants to pay for services and loans. This creates more shares, which means your piece of the "pie" becomes smaller and potentially less valuable.
• Market Acceptance: Their products are new and must compete with traditional methods. If they cannot convince insurance companies to cover their products, revenue will remain low.
• Conflict of Interest: Because the people in charge are also the ones lending the company money, they may face situations where their interests as lenders conflict with your interests as a shareholder.

6. Future outlook

The company is in a high-stakes transition. Their future depends on moving away from relying on insider loans and toward generating real profit from their products. Until they prove their products can sell themselves, this remains a highly speculative investment. Management must successfully scale their diabetes product sales to solve their cash problems and keep the company operational.

Investor Takeaway: Before considering an investment, ask yourself if you are comfortable with a company that is currently reliant on debt to fund its daily operations. This is a "wait and see" situation where the primary goal for the company is proving they can generate enough sales to become self-sustaining.