The company's inability to achieve commercial scale is evidenced by a gross margin of -1.29%, reflecting structural inefficiencies in its specialized laboratory operations.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 49.89K | 48.32K | 100.77K | 56.6K | 58.5K |
| Revenue Growth % | 3.26% | -52.05% | 78.05% | -3.26% | - |
| Cost of Goods Sold | 50.54K | 51.34K | 64.17K | 36.62K | 35.45K |
| COGS % of Revenue | 101.29% | 106.26% | 63.68% | 64.7% | 60.59% |
| Gross Profit | -645 | -3.02K | 36.6K | 19.98K | 23.06K |
| Gross Margin % | -1.29% | -6.26% | 36.32% | 35.3% | 39.41% |
| Gross Profit Growth % | 78.67% | -108.26% | 83.23% | -13.35% | - |
| Operating Expenses | 4.57M | 1.64M | 1.1M | 1.2M | 575.81K |
| OpEx % of Revenue | 9153.32% | 3398.59% | 1096.46% | 2112.7% | 984.22% |
| Selling, General & Admin | 4.39M | 1.27M | 833.45K | 830.36K | 248.19K |
| SG&A % of Revenue | 8807.78% | 2626.72% | 827.05% | 1467.08% | 424.23% |
| Research & Development | 226.88K | 241.36K | 167.73K | 292.88K | 279.79K |
| R&D % of Revenue | 454.73% | 499.5% | 166.45% | 517.46% | 478.23% |
| Other Operating Expenses | -54.48K | 131.62K | 103.75K | 72.53K | 47.83K |
| Operating Income | -4.57M | -1.65M | -1.07M | -1.18M | -552.75K |
| Operating Margin % | -9154.62% | -3404.85% | -1060.13% | -2077.4% | -944.81% |
| Operating Income Growth % | -177.62% | -54% | 9.14% | -112.72% | - |
| EBITDA | -4.53M | -1.6M | -1.03M | -1.15M | -525.29K |
| EBITDA Margin % | -9081.41% | -3317.55% | -1025.34% | -2026.01% | -897.88% |
| EBITDA Growth % | -182.65% | -55.15% | 9.89% | -118.3% | - |
| D&A (Non-Cash Add-back) | 36.52K | 42.19K | 35.06K | 29.09K | 27.46K |
| EBIT | -4.6M | -1.47M | -1.03M | -1.09M | -516.9K |
| Net Interest Income | 11.84K | -37.21K | -56.59K | -2.02K | -2.78K |
| Interest Income | 26.56K | 0 | 0 | 0 | 0 |
| Interest Expense | 14.72K | 37.21K | 56.59K | 2.02K | 2.78K |
| Other Income/Expense | -105.84K | 136.66K | -17.44K | 88.62K | 33.07K |
| Pretax Income | -4.67M | -1.51M | -1.09M | -1.09M | -519.69K |
| Pretax Margin % | -9366.75% | -3122.05% | -1077.44% | -1920.83% | -888.29% |
| Income Tax | 0 | 51.93K | 33.79K | 7.34K | 0 |
| Effective Tax Rate % | 0% | -3.44% | -3.11% | -0.68% | 0% |
| Net Income | -4.67M | -1.56M | -1.12M | -1.09M | -519.69K |
| Net Margin % | -9366.75% | -3229.52% | -1110.97% | -1933.81% | -888.29% |
| Net Income Growth % | -199.48% | -39.39% | -2.29% | -110.61% | - |
| Net Income (Continuing) | -4.67M | -1.56M | -1.12M | -1.09M | -519.69K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.84 | -0.57 | -0.41 | -0.43 | -0.20 |
| EPS Growth % | -220.78% | -39.22% | 3.56% | -110.24% | - |
| EPS (Basic) | -1.84 | -0.57 | -0.41 | -0.43 | -0.20 |
| Diluted Shares Outstanding | 2.56M | 2.72M | 2.72M | 2.56M | 2.56M |
| Basic Shares Outstanding | 2.56M | 2.72M | 2.72M | 2.56M | 2.56M |
| Dividend Payout Ratio | - | - | - | - | - |
Logistical and scale constraints
According to reported financial figures, Cuprina Holdings generated approximately $50,000 in total revenue, a figure that suggests the company has yet to achieve meaningful commercial traction within its core Singaporean market or successfully scale its clinical bio-dressing products beyond a very limited, early-stage hospital footprint.
The reported 3.26% revenue growth appears statistically insignificant and likely reflects isolated contract wins rather than a sustainable expansion trend. Investors should monitor whether the company can transition from this negligible revenue base to a repeatable model before its current capital runway is exhausted.
As indicated by the reported gross margin of -1.29%, the company is currently unable to cover the direct costs of its specialized laboratory operations, highlighting a structural inability to achieve the necessary production volume required to offset the high fixed costs of maintaining sterile, climate-controlled biological environments.
This negative margin profile suggests that the current manual harvesting processes are economically unviable at the present scale. A fundamental shift in profitability would likely require a transition to automated, high-throughput production, which remains unproven and capital-intensive.
Based on the company's financial disclosures, the massive operating loss and an operating margin of -9154% indicate that administrative and research expenditures are entirely decoupled from current revenue generation, reflecting the heavy burden of maintaining specialized infrastructure without a corresponding volume of clinical or retail sales.
The cost structure appears heavily weighted toward fixed overheads necessary for regulatory compliance and facility maintenance. This misalignment warrants further investigation into whether management can achieve operational leverage or if the current expense discipline is insufficient to reach a sustainable break-even point.
While the company maintains a $3.1 million cash position, the lack of commercial adoption for its MEDIFLY product suggests that the current business model may face significant hurdles in convincing the broader medical community of the clinical necessity of maggot debridement therapy in the ASEAN region.
Short-term observers may focus on the potential for inventory spoilage, given the 48-hour viability window of the live biological agents. If the company fails to secure broader hospital formulary inclusions, the current cash reserves may be insufficient to bridge the gap to a self-sustaining operational state.
Quick answers to the most common questions about buying CUPR stock.
For fiscal year 2025, Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) reported total revenue of $0.0M. This represents a 14.7% decline compared to $0.1M in 2021.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) reported a net loss of $4.7M for the fiscal year ending 2025.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) reported an operating income of $-4.6M, resulting in an operating profit margin of -9154.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) generated $-0.0M in gross profit for the year, representing a gross profit margin of -1.3%. This demonstrates the company's core pricing power and production efficiency.