Despite maintaining a robust 73.9% gross margin, the company's operating income remains near break-even at -0.2% of revenue, reflecting an inability to scale effectively against high SG&A costs.
| Sales/Revenue | 8.51M | 9.39M | 11.12M | 11.89M | 9.43M |
| Revenue Growth % | - | -15.54% | -6.49% | 26.17% | - |
| Cost of Goods Sold | 2.48M | 3.03M | 3.52M | 3.35M | 2.97M |
| COGS % of Revenue | - | 32.28% | 31.68% | 28.17% | 31.48% |
| Gross Profit | 6.03M | 6.36M | 7.6M | 8.54M | 6.46M |
| Gross Margin % | 70.9% | 67.72% | 68.32% | 71.83% | 68.52% |
| Gross Profit Growth % | - | -16.27% | -11.06% | 32.27% | - |
| Operating Expenses | 7.67M | 7.61M | 6.73M | 5.93M | 5.44M |
| OpEx % of Revenue | - | 80.99% | 60.52% | 49.82% | 57.67% |
| Selling, General & Admin | 7.67M | 5.74M | 5.48M | 5.93M | 4.63M |
| SG&A % of Revenue | - | 61.11% | 49.29% | 49.82% | 49.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 1.87M | 1.25M | 0 | 812K |
| Operating Income | -1.64M | -1.25M | 867K | 2.62M | 1.02M |
| Operating Margin % | -19.3% | -13.26% | 7.8% | 22% | 10.84% |
| Operating Income Growth % | - | -243.71% | -66.87% | 156.07% | - |
| EBITDA | -1.29M | -721K | 1.39M | 3.17M | 1.49M |
| EBITDA Margin % | -15.18% | -7.68% | 12.5% | 26.65% | 15.82% |
| EBITDA Growth % | - | -151.87% | -56.15% | 112.61% | - |
| D&A (Non-Cash Add-back) | 350K | 525K | 523K | 553K | 469K |
| EBIT | -1.35M | -1.06M | 1.13M | 2.71M | 1.28M |
| Net Interest Income | -27K | -41K | -47K | -55K | -41K |
| Interest Income | 4K | 0 | 0 | 0 | 0 |
| Interest Expense | 31K | 41K | 47K | 55K | 41K |
| Other Income/Expense | 264K | 144K | 220K | 33K | 221K |
| Pretax Income | -1.38M | -1.1M | 1.09M | 2.65M | 1.24M |
| Pretax Margin % | -16.19% | -11.73% | 9.77% | 22.28% | 13.19% |
| Income Tax | -4K | -125K | 281K | 417K | 132K |
| Effective Tax Rate % | 0.29% | 11.34% | 25.85% | 15.74% | 10.62% |
| Net Income | -1.37M | -977K | 806K | 2.23M | 1.11M |
| Net Margin % | -16.15% | -10.4% | 7.25% | 18.77% | 11.79% |
| Net Income Growth % | - | -221.22% | -63.91% | 100.99% | - |
| Net Income (Continuing) | -1.37M | -977K | 806K | 2.23M | 1.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | -0.10 | 0.08 | 0.22 | 0.11 |
| EPS Growth % | - | -221.38% | -63% | 96.08% | - |
| EPS (Basic) | - | -0.10 | 0.08 | 0.22 | 0.11 |
| Diluted Shares Outstanding | 9.63M | 9.89M | 9.89M | 9.89M | 9.89M |
| Basic Shares Outstanding | 9.63M | 9.89M | 9.89M | 9.89M | 9.89M |
| Dividend Payout Ratio | - | - | 196.77% | 91.76% | 122.5% |
Liquidity and operational insolvency
Based on the most recent financial disclosures, JBDI experienced an 8.1% year-over-year revenue decline, signaling a persistent contraction in demand for its industrial container and reconditioning services within the Singaporean market as regional manufacturing output faces significant cyclical pressure.
The decline in top-line performance suggests that the company is struggling to maintain volume in its core container trading and ancillary service segments. This downward trend appears to be a direct consequence of reduced industrial activity in the Jurong Island petrochemical hub, which serves as the primary driver for the company's replenishment cycle.
As reported in the latest quarterly filings, JBDI maintained a robust gross margin of 73.9%, yet this high level of profitability at the gross level fails to translate into operating income, which remains near break-even at -0.2% of revenue.
The wide disparity between gross and operating margins indicates that the company's cost structure is heavily burdened by fixed administrative and facility-related expenses. Investors should monitor whether the company can optimize its overhead, as the current inability to scale operating income suggests a lack of operational leverage.
According to the provided income statement data, SG&A expenses remain disproportionately high relative to revenue, effectively neutralizing the significant value-add captured at the gross margin level and resulting in a precarious financial position for the firm.
The company's cost structure appears to be dominated by fixed facility and compliance costs that do not fluctuate with revenue volume. This rigidity in the expense base suggests that any further decline in top-line revenue could rapidly push the company into deeper operating losses.
Based on the reported cash balance of only $190,000, the company faces a critical liquidity risk that may undermine its ability to sustain operations or fund necessary environmental compliance investments in the near term, as highlighted by recent financial statements.
While the company possesses specialized environmental permits that could theoretically provide a competitive moat, the current cash position is insufficient to support a prolonged period of negative operating cash flow. This warrants further investigation into whether the company has access to external financing or if it faces an imminent risk of insolvency.
Quick answers to the most common questions about buying JBDI stock.
For fiscal year 2024, JBDI Holdings Limited (JBDI) reported total revenue of $9.4M. This represents a 0.4% decline compared to $9.4M in 2021.
JBDI Holdings Limited (JBDI) reported a net loss of $1.0M for the fiscal year ending 2024.
JBDI Holdings Limited (JBDI) reported an operating income of $-1.2M, resulting in an operating profit margin of -13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
JBDI Holdings Limited (JBDI) generated $6.4M in gross profit for the year, representing a gross profit margin of 67.7%. This demonstrates the company's core pricing power and production efficiency.