Operating income remains structurally constrained, evidenced by a -$2.1M loss in 2025Q4 despite a 53.8% gross margin, highlighting the company's struggle to scale profitably.
| Sales/Revenue | 5.81M | 3.86M | 4.62M | 6.35M | 4.2M | 3.4M |
| Revenue Growth % | 50.8% | -16.51% | -27.31% | 51.11% | 23.6% | - |
| Cost of Goods Sold | 2.93M | 1.54M | 2.21M | 2.84M | 1.86M | 1.54M |
| COGS % of Revenue | 50.4% | 40.07% | 47.89% | 44.71% | 44.33% | 45.37% |
| Gross Profit | 2.88M | 2.31M | 2.41M | 3.51M | 2.34M | 1.86M |
| Gross Margin % | 49.6% | 59.93% | 52.11% | 55.29% | 55.67% | 54.63% |
| Gross Profit Growth % | 24.79% | -3.98% | -31.49% | 50.07% | 25.96% | - |
| Operating Expenses | 6.54M | 6.83M | 4.91M | 4.46M | 2.28M | 2.23M |
| OpEx % of Revenue | 112.44% | 177.13% | 106.41% | 70.24% | 54.34% | 65.69% |
| Selling, General & Admin | 6.54M | 6.83M | 4.91M | 4.46M | 2.28M | 2.23M |
| SG&A % of Revenue | 112.44% | 177.13% | 106.41% | 70.24% | 54.34% | 65.69% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -3.65M | -4.52M | -2.51M | -949.81K | 56.05K | -376.4K |
| Operating Margin % | -62.85% | -117.2% | -54.3% | -14.95% | 1.33% | -11.07% |
| Operating Income Growth % | 19.14% | -80.2% | -163.99% | -1794.67% | 114.89% | - |
| EBITDA | -2.89M | -3.81M | -1.97M | -645.57K | 232.16K | -199.16K |
| EBITDA Margin % | -49.65% | -98.81% | -42.71% | -10.16% | 5.52% | -5.86% |
| EBITDA Growth % | 24.23% | -93.15% | -205.5% | -378.08% | 216.57% | - |
| D&A (Non-Cash Add-back) | 767.06K | 708.86K | 535.17K | 304.24K | 176.11K | 177.24K |
| EBIT | -3.61M | -4.36M | -7.25M | -521.78K | 391.42K | -376.4K |
| Net Interest Income | -503.35K | -34.85K | -183.05K | -130.87K | -157.15K | -117.83K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 503.35K | 34.85K | 183.05K | 130.87K | 157.15K | 117.83K |
| Other Income/Expense | -464.66K | 123.45K | -4.93M | 297.16K | 178.22K | 44.95K |
| Pretax Income | -4.12M | -4.39M | -7.44M | -652.65K | 234.27K | -331.44K |
| Pretax Margin % | -70.84% | -114% | -161.04% | -10.27% | 5.57% | -9.74% |
| Income Tax | 0 | -376.54K | 22.74K | 115.81K | 168.06K | 75.07K |
| Effective Tax Rate % | 0% | 8.57% | -0.31% | -17.74% | 71.74% | -22.65% |
| Net Income | -4.12M | -4.02M | -7.46M | -768.46K | 66.21K | -406.51K |
| Net Margin % | -70.84% | -104.23% | -161.53% | -12.1% | 1.57% | -11.95% |
| Net Income Growth % | -2.49% | 46.13% | -870.62% | -1260.68% | 116.29% | - |
| Net Income (Continuing) | -4.12M | -4.02M | -7.46M | -768.46K | 66.21K | -406.51K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.71 | -0.24 | -0.46 | -0.05 | 0.00 | -0.03 |
| EPS Growth % | -195.83% | 47.83% | -862.34% | - | 115.95% | - |
| EPS (Basic) | -0.71 | -0.25 | -0.48 | -0.05 | 0.00 | -0.03 |
| Diluted Shares Outstanding | 5.79M | 16.46M | 16.46M | 16.46M | 16.46M | 16.46M |
| Basic Shares Outstanding | 5.79M | 15.67M | 15.67M | 15.67M | 16.46M | 16.46M |
| Dividend Payout Ratio | - | - | - | - | - | - |
High Cash Burn Rate
As evidenced by the quarterly income statement data, SPPL's revenue trajectory remains highly inconsistent, with significant fluctuations such as the 136.3% growth in 2025Q2 followed by a 0.7% contraction in 2025Q4, suggesting that the company's project-based revenue model lacks the predictability of a mature SaaS enterprise.
The erratic nature of top-line performance indicates that the company is heavily reliant on individual contract wins rather than a stable, recurring subscription base. Investors should monitor whether the firm can transition toward a more predictable revenue stream, as current volatility complicates long-term forecasting and valuation.
Based on reported financial figures, SPPL's gross margins have fluctuated between 46.6% and 63.7% over the last ten quarters, reflecting the inherent difficulty in maintaining pricing power while balancing hardware-heavy deployments with the company's proprietary software-as-a-service offerings in the competitive Singaporean facility management market.
The variability in gross margins suggests that the cost of hardware procurement and installation services exerts significant pressure on profitability. A sustained expansion in margins appears contingent upon the company's ability to increase the software-to-hardware attachment ratio, thereby reducing the impact of variable hardware costs.
According to the provided income statement data, SPPL continues to exhibit negative operating leverage, with SG&A expenses frequently exceeding gross profit, as seen in 2025Q4 where operating income reached -$2.1M despite $1.3M in gross profit, highlighting a structural inability to scale operations efficiently at current revenue levels.
The persistent gap between gross profit and operating expenses suggests that the company is prioritizing aggressive market penetration over immediate operational efficiency. This structure implies that significant revenue growth is required before the firm can achieve the operating leverage necessary to reach a break-even point.
As reported in financial statements, the company's consistent net losses, including a -$2.6M net income in 2025Q4, raise significant questions regarding the sustainability of its current business model, particularly given the limited cash reserves available to fund ongoing operations without further dilutive financing or capital injections.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which suggests that the current growth strategy may be capital-intensive and potentially value-destructive. The lack of a clear path to profitability warrants further investigation into the company's long-term liquidity and capital allocation strategy.
Quick answers to the most common questions about buying SPPL stock.
For fiscal year 2025, SIMPPLE Ltd. Ordinary Shares (SPPL) reported total revenue of $5.8M. This represents a 70.9% increase compared to $3.4M in 2020.
SIMPPLE Ltd. Ordinary Shares (SPPL) reported a net loss of $4.1M for the fiscal year ending 2025.
SIMPPLE Ltd. Ordinary Shares (SPPL) reported an operating income of $-3.7M, resulting in an operating profit margin of -62.8%. This margin reflects the operational efficiency of the business before interest and taxes.
SIMPPLE Ltd. Ordinary Shares (SPPL) generated $2.9M in gross profit for the year, representing a gross profit margin of 49.6%. This demonstrates the company's core pricing power and production efficiency.