📄 What This Document Is 📜

This document is an Exhibit 99.1 and a set of accompanying financial statements (Form 6-K) filed by Uni-Fuels Holdings Ltd. 📜. A 6-K filing is how foreign private issuers (companies listed in the U.S. that are incorporated elsewhere) report their financial results and material corporate updates to the U.S. public.

This report provides audited financial results for the fiscal year ended December 31, 2025. You should expect a deep dive into Uni-Fuels' growth, its financial stability, its international operations, and how it accounts for its complex revenue streams.

🏢 What Uni-Fuels Does 🚢

Uni-Fuels Holdings is a global parent company that specializes in marine fuel solutions, primarily serving the shipping industry. Although the parent company itself has no operations, it oversees multiple subsidiaries that handle the core business activities.

The Group operates across key global maritime hubs, including Singapore, Dubai, Shanghai, and Limassol. Its main business model is twofold: selling marine fuels and providing brokerage commissions. They help shipping companies optimize their fuel procurement and support their efforts toward decarbonization goals.

👉 Why it matters: By being a global solutions provider, Uni-Fu-Fuels is positioned to benefit from the massive global trade volume, while also getting involved in the industry's transition toward cleaner, sustainable fuels (like biofuels).

💰 Financial Performance Highlights 💪

Uni-Fuels reported a year of massive expansion in 2025. The financial highlights show dramatic growth in activity, though the profitability picture is more complex.

Total Revenues: Increased sharply by 70% year over year, reaching US$263.9 million (up from US$155.2 million in 2024).
- Why it matters: This massive revenue boost shows that the company successfully scaled its sales activities and expanded its customer base significantly over the past year.
Marine Fuel Volumes: The company saw its physical volumes increase even more dramatically, soaring 112% year over year to over 535,000 MT.
- Why it matters: Volume growth is the engine of the business. This statistic confirms that the core demand for their fuel products is robust and rapidly expanding globally.
Global Reach: The physical port coverage expanded to 156 locations, representing a 79% increase year over year.
- Why it matters: Geographic expansion is critical for a maritime company. Having a footprint in more ports means they can serve more clients more efficiently, increasing their market potential.
Gross Profit: While revenue jumped 70%, the gross profit only rose 47% year over year, hitting US$4.7 million (up from $3.2 million).
- Why it matters: The drop in the gross profit margin (from 2.1% in 2024 to 1.8% in 2025) suggests that while they sold more volume, they faced intense competitive market conditions, forcing them to sacrifice some pricing power to gain market share.

📊 The Operating Results (P&L) Breakdown 📈

While the high-level summary is useful, the detailed Income Statement reveals how cost management influenced profits. Uni-Fuels experienced major increases in operational costs, which impacted their bottom line.

Operating Expenses: Total operating expenses rose by over 120% to (US$6.26 million) in 2025 (from $2.97 million in 2024).
- Why it matters: This rise was primarily due to two areas: Selling and Marketing costs ($1.29 million up from $0.66 million) and General and Administrative costs ($4.96 million up from $2.31 million). These increases reflect the company's intense push to grow its sales force and establish new offices, which is expected during a major expansion phase.
Net Income: Despite the massive revenue increase, Uni-Fuels recorded a net loss of US$1.75 million in 2025, compared to a net income of US$0.2 million in 2024.
- Why it matters: The overall net loss, compared to the year before, shows that the company's ambitious growth and increased operational costs were challenging its profitability.
Tax and Other Items: The company reported other items that included a net loss of $38,017 due largely to interest expenses of $97,737 incurred in 2025 for short-term financing.

🏦 The Balance Sheet & Financial Health 🧑‍💼

This section shows the company's snapshot of what it owns (assets) and what it owes (liabilities) as of the end of 2025. The balance sheet shows impressive growth in liquidity.

Total Assets: Grew dramatically from $16.96 million in 2024 to $39.48 million in 2025.
- Why it matters: This signals that the company is significantly scaling its overall operational capacity and asset base globally.
Current Assets: The most notable asset growth is seen in Cash and Cash Equivalents, which jumped from $4.32 million in 2024 to $12.54 million in 2025.
- Why it matters: This surge in cash is a huge positive sign, providing management with substantial funds to execute future growth strategies and repay debt.
Working Capital: Increased to $10.1 million (up from $3.7 million).
- Why it matters: Working capital (current assets minus current liabilities) indicates the company's short-term operational resilience. A large increase means they have plenty of immediate cash to cover their day-to-day obligations, supporting their high trading volumes.
Liabilities: Total liabilities jumped to $28.98 million in 2025 from $12.42 million in 2024. This increase was driven by higher Accounts Payable ($23.3 million), suggesting they bought more goods and services on credit to fuel their expansion.

💸 Cash Flow Story: How Money Moved 💧

The Cash Flow Statement is arguably the most telling financial document, as it tracks the actual movement of cash, regardless of how revenues and expenses are accounted for.

Cash from Operations: This category was negative, recording a cash usage of ($2.33 million) in 2025 (from $0.33 million provided in 2024).
- Why it matters: The primary reason for this negative flow is the massive drop in Accounts Receivable (from $1.35 million provided to $14.79 million used). This huge increase in receivables suggests the company made a massive amount of sales but hasn't been paid for them yet, which ties up cash and is a major focus point for analysts.
Cash from Financing Activities: This was the most positive category, providing $10.58 million in 2025 (up from $(62.7 million)$ in 2024).
- Why it matters: This shows how the company raised funds. The proceeds came from a mix of new short-term bank loans ($27.7 million) and IPO proceeds ($9.66 million), allowing them to rapidly increase their cash reserves.
Net Change in Cash: The total cash available increased by $8.22 million in 2025, bringing the end-of-year cash balance to $12.54 million.

🚀 Strategic Milestones & Future Plans ✨

Management commentary provides insight into the company's immediate priorities. Uni-Fuels is focused on securing market position, sustainability, and international growth.

Commitment to Sustainability: Uni-Fuels successfully enhanced its ability to supply biofuels that comply with the European Union Renewable Energy Directive (RED II). This includes achieving ISCC EU and ISCC PLUS certifications.
- Why it matters: Compliance with EU standards is a massive advantage. As global shipping adopts cleaner fuels, having the necessary certifications allows Uni-Fuels to tap into high-demand, future-proof markets.
Geographic Expansion: The company strengthened its international presence by setting up new subsidiaries in Dubai, Shanghai, and Limassol.
- Why it matters: These locations are major global shipping and trade hubs. This expansion improves their proximity to suppliers and customers across key international routes.
Capital Raising: The company diversified its funding by raising $3 million through the ADDX private market platform, alongside fully repaying its 3M USD Commercial Paper Series 001 and 002.
- Why it matters: Accessing private capital and successfully repaying short-term debt indicates strong financial management and investor confidence in their ability to structure deals.
Major Contract Win: Uni-Fuels secured a three-year Letter of Award to supply marine fuels to a leading EPCI contractor in the Asia Pacific offshore oil and gas sector, effective January 1, 2026.
- Why it matters: This contract provides significant revenue visibility and stability for the immediate future, underpinning their growth narrative.
2026 Guidance: Uni-Fuels forecasts that total revenues for the full year 2026 will be between US$310 million and US$330 million.
- Why it matters: Management expects strong momentum, driven by the continued global expansion of their operations and customer base.

🗺️ Global Revenue Breakdown 🌏

This section details where the company earns its money, which is key to understanding its reliance on major markets. Uni-Fuels' sales are highly diversified, though Singapore and Asia dominate.

The data tracks revenue from the sales of marine fuels (the largest segment) and brokerage commissions.

Singapore is the Leader: Singapore continues to be the largest revenue source, generating $90.37 million in 2025 (up from $58.37 million in 2024). This reflects the company's core focus and establishment in a key global trade hub.
Asian Markets: The total revenue from Asia Pacific regions remains dominant. Malaysia generated $78.49 million, making it a critical source of income.
Market Stability: The company shows consistent growth across almost all key regions, from China ($29.77 million) to the UAE ($5.56 million), demonstrating that its global expansion is successfully translating into revenue.

🔎 Critical Risk Factors & Policies 🚧

The notes to the financial statements explain the detailed rules and risks associated with the numbers provided. Understanding these is crucial to assessing the company's risk profile.

🛑 Concentration Risk (Vendor/Customer)

The filing highlights the potential risk from major customers and vendors. While generally diversified, the company notes that:

In 2025, one vendor accounted for 17% of their Cost of Revenues.
In 2025, two vendors accounted for approximately 26% of the total Accounts Payable.
- Why it matters: Having a few large partners (vendors or customers) means that if any one of them faces financial difficulty or changes its terms, it could significantly impact Uni-Fuels' profitability.

🛡️ Financial Accounting Policies (Revenue & Leases)

Revenue Recognition (ASC 606): Uni-Fuels confirms it follows U.S. GAAP rules (ASC 606). They recognize revenue when the marine fuel is physically delivered to the customer. Furthermore, they assert that for sales of marine fuels, they act as a principal (taking primary responsibility for the sale), allowing them to recognize the revenue at the gross amount.
- Why it matters: This confirms that the company controls the entire sale process—from sourcing to delivery—which is necessary for them to claim the full gross revenue amount.
Operating Leases: They adopted standards requiring them to treat most of their long-term leases as Right-of-Use (ROU) assets and corresponding liabilities. The weights average remaining lease term as of December 31, 2025, was 0.81 years.
- Why it matters: This required accounting method gives a clearer picture of their actual long-term cost commitment in the balance sheet.

☎️ Contact & Key Dates 📞

If you want to learn more about the company's performance or ask questions, here are the key contacts and resources provided in the filing.

Investor Relations:
- Email: [email protected]
Audit Firms:
- The 2025 audit was conducted by Assentsure PAC Singapore.
- The 2024 audit was conducted by Marcum Asia CPAs LLP.

🧠 The Analogy

Uni-Fuels is like a global railway supply depot that didn't own the trains or the tracks itself. Instead, it specializes in selling and moving the essential fuel (the "rails grease") that keeps all the trains (global shipping traffic) running. In 2025, the depot saw massive growth in fuel sales and physical locations (112% and 79% increases, respectively), which proved the demand was incredible. However, managing that expansion—opening new sheds (subsidiaries), hiring staff, and paying for the massive volume of supplies—meant the operational costs grew even faster, leading to a profitability challenge this year.

🧩 Final Takeaway

Uni-Fuels is a rapidly scaling, geographically expanding fuel giant whose record 70% revenue growth and 112% volume increase confirm its industry necessity. However, the sharp decline in gross profit margin and the negative cash flow from operations signal that scaling up globally is expensive, presenting a key risk that must be managed to improve profitability in 2026.

UFG posts 70% revenue jump and raises $10.58M cash during expansion