APEX Global Solutions Ltd Annual Report - How They Did This Year

I’ve put together this guide to help you understand how APEX Global Solutions performed last year. I’ve skipped the complex financial jargon so you can quickly decide if this company fits your investment goals.

1. What does this company do?

APEX Global Solutions is a Singapore-based industrial and engineering firm. They specialize in corrosion prevention, including surface preparation and protective coatings. They also provide general maintenance for the marine, oil, and gas sectors. Their work helps extend the life of industrial equipment in harsh, salty environments.

Important Note: The company is working toward an IPO on the Nasdaq. They are not yet trading on the stock market.

2. Financial performance: Growing revenue, shrinking profit

The company is currently managing rising operational costs. While they are bringing in more money, their profit margins have tightened.

• Revenue: They brought in S$8.96 million (about $6.97 million) in 2025, a 3% increase from the previous year, driven by their core marine and offshore services.
• Profit: Their profit dropped by over 26% to S$1.01 million (about $784,000).
• Cost Factors: Expenses have risen due to competitive staff wages and increased housing costs for workers. Additionally, the company is managing "bad debts"—money owed by customers that remains uncollected—which reduces the cash available for operations.

3. Major risks: What to consider

Investing in a pre-IPO company involves specific challenges that could impact future performance:

• Customer Concentration: The company relies heavily on a small group of clients. In 2025, their top three customers provided 77% of their total revenue.
• Contract Structure: They do not utilize long-term service agreements, relying instead on individual purchase orders. This makes future income streams less predictable.
• Related-Party Transactions: Their largest supplier accounts for 35% of their purchases and is controlled by the company’s CEO. This structure creates a conflict of interest that may impact supply costs.
• Labor Market: The business relies on a large workforce of skilled foreign labor. Rising wages in Singapore, combined with government quotas and taxes on foreign workers, continue to pressure their operating margins.

4. Future outlook

APEX is currently navigating a period of transition. Their ability to scale will depend on diversifying their client base, managing supply chain costs, and successfully completing their planned transition to a public company on the Nasdaq.

Investor Takeaway: APEX is a niche player in the marine and industrial maintenance space, but their current financial profile shows significant sensitivity to labor costs and a high reliance on a few major customers. As you weigh this opportunity, focus on whether they can stabilize their profit margins and reduce their dependency on a handful of clients before they hit the public markets. I will continue to monitor their filings for updates on their IPO progress.