NOCERA, INC. Annual Report - How They Did This Year

I am writing this guide to help you understand Nocera, Inc.’s performance over the past year. My goal is to turn complex financial filings into clear information so you can decide if this company fits your investment goals.

1. What does this company do and how did they perform this year?

Nocera, Inc. is a Taiwan-based company currently shifting its business focus. They operate in two main areas: trading eels and managing e-commerce marketing for live-streaming platforms in Asia. They also provide consulting for "RAS," which are high-tech, indoor fish-farming systems.

This year was about "pruning." They sold their catering business and stopped manufacturing their own fish-farming equipment. By exiting the expensive manufacturing sector, they hope to move to an "asset-light" model. They now focus on trading margins and consulting fees rather than building hardware.

2. Financial performance

Revenue fell this year. The company reported $13.63 million in sales for 2025, a 19.9% drop from the $17.01 million reported in 2024. This decline stems from stopping their manufacturing work and volatility in the eel market.

The company is still losing money. They reported an operating loss of $2.67 million for 2025. While this is an improvement over the $4.94 million loss in 2024, the company still spends more cash than it generates and relies on outside funding to sustain operations.

3. Major wins and challenges

The company is aggressively raising cash to cover its losses. In late 2025, they secured $8 million through a convertible note—which could lead to more shares being issued, reducing your ownership percentage—and $3.15 million from selling preferred stock.

They also made a bold move: they used $2 million of their cash to buy Bitcoin. They now hold 12.1 Bitcoin. This ties a portion of their remaining cash to the unpredictable cryptocurrency market rather than their core business.

4. Financial health

This is the most important section for investors. The company’s auditors have expressed "substantial doubt" about Nocera's ability to stay in business. The auditors warn that the company’s high spending and lack of profit make it unlikely they can pay their bills over the next year without selling more shares or assets. They have lost over $26.4 million since they began.

5. Key risks

• The "Going Concern" Warning: Auditors flagged that the company owes more than it owns, creating a cash crisis.
• Nasdaq Trouble: The stock price is below the $1.00 minimum requirement. They have until August 2026 to fix this or risk being removed from the Nasdaq exchange.
• The Bitcoin Gamble: Holding Bitcoin adds unnecessary risk. If crypto prices drop, the company’s already thin cash reserves will shrink further.
• No Intellectual Property: They own no patents or trademarks, meaning they lack a "moat" to stop competitors from copying their work.

6. Competitive positioning

The company is struggling to find its footing. They own 229 acres in Alabama intended for fish farming, but those plans are on hold. This land is currently a non-productive asset that requires ongoing maintenance costs.

7. Future outlook

The company is in survival mode. Their future depends on growing their e-commerce and eel trading segments to reach break-even before their cash runs out.

Final Thought for Investors: When considering this investment, weigh the company's aggressive pivot toward an "asset-light" model against the significant risks of ongoing losses, the "going concern" warning from auditors, and the potential for share dilution. Given the current financial instability and the Nasdaq compliance deadline, this company is currently in a high-risk turnaround phase.