Vantage Corp Reports Financial Results for the First Half Fiscal 2026 Ended September 30, 2025

SINGAPORE--( BUSINESS WIRE)--Vantage Corp (NYSE American: VNTG) (“Vantage” or the “Company”), a shipbroking company providing comprehensive services including brokerage, consultancy, and operational support in the tanker market, reports financial and operational results for the first six months of fiscal 2026 ended September 30, 2025.

Recent Operational Highlights

Management Commentary

“Over the past several months since our public listing, we’ve made some encouraging strides towards our global expansion initiative,” said Vantage Corp CEO Andre D’Rozario. “Starting with our most recent news, we were pleased to close the acquisition of PJ Singapore, in addition to entering into a SPA to acquire PJ Shanghai and Peijun Marine. These three acquisitions support our entry into the China market, which we believe has significant potential within the Petrochemicals and Sales & Purchase (S&P) market. These three firms not only align with Vantage operationally but provide us with the necessary network and infrastructure to accelerate our presence in the China market.

“Looking ahead, we intend to continue focusing on our global expansion initiative through inorganic means. We are continuing to evaluate a handful of opportunities in Europe and North America, including the potential acquisitions of shipbroking firms as well as targeted talent acquisitions of experienced brokers across global markets. These efforts are aimed at delivering immediate impact to our global footprint and client network. By strategically adding firms and personnel that align with Vantage’s mission and vision, we aim to continue growing and scaling our operational presence in Singapore, Dubai, China, and explore opportunities to eventually enter the European and North American markets.”

First Half Fiscal 2026 Financial Results

Total revenue for the six months ended September 30, 2025, was $8.5 million compared to $10.4 million in the same period last year. The decrease primarily reflects broader market pressures driven by external factors, including tariffs imposed by President Trump and the July 2025 sanctions, which introduced uncertainty across global trade and dampened overall demand, in addition to decrease in revenue from DPP operations.

Gross profit for the six months ended September 30, 2025, was $4.9 million, while gross margin was 57.8%. Gross profit for the same period last fiscal year was $7.2 million, while gross margin was 68.6%. The decrease was primarily driven by current market conditions resulting in leaner commission structures, partially offset by the Company’s increased focus on cost management.

Total operating expenses for the six months ended September 30, 2025, were $2.9 million compared to $1.5 million in the same period last year. The increase was primarily due to higher general and administrative expenses primarily driven by post-IPO structural adjustments, in addition to modest increase in selling and marketing and depreciation and amortization expenses.

Net income for the six months ended September 30, 2025, was $1.5 million compared to $4.7 million in the same period last year. The decline reflects both lower revenue and higher operating expenses, partially offset by ongoing cost management initiatives.

EBITDA for the six months ended September 30, 2025, was $2.2 million compared to $5.7 million in the same period last year.

Forward book order for the six months ended September 30, 2025 was $1.2 million compared to $760,000 in the same period last year.

As of September 30, 2025, cash and cash equivalents were $11.7 million compared to $5.9 million on March 31, 2025. The increase during the six month period was primarily driven by net IPO proceeds.

Vantage Corp CFO Lilian Lim commented: “Amid heightened market volatility during the six-month period stemming from tariffs and sanctions, we executed strategic changes to our business model that have meaningfully improved the sustainability and predictability of our future income streams. This includes a deliberate shift in focus toward term contracts, which provide stable and predictable income regardless of market volatility, compared to our prior heavy reliance on spot fixtures that are typically one-off, non-recurring contracts. As a result of this strategy shift, term contracts increased 8.9% year-over-year, and our forward order book grew to $1.2 million. Going forward, we remained focused on expanding our forward order book to enhance revenue visibility across future quarters and support efficient cost management.”

Conference Call

Vantage Corp CEO Andre D’Rozario will host a conference call and webcast tomorrow, January 21, 2026, at 8:30 a.m. Eastern time to discuss its financial and operational results for the first six months of fiscal 2026 ended September 30, 2025.

To listen to the audio webcast, please visit Vantage Corp’s Investor Relations website at https://www.vantageshipbrokers.com/investors or use the webcast link below. A replay of the webcast will also be available on Vantage Corp’s Investor Relations website shortly after the call.

Date/Time: Wednesday, January 21, 2026, at 8:30 a.m. Eastern time

Dial-In: https://register-conf.media-server.com/register/BI8f2aca1110b741a89fd5d8eb14b9386f

Webcast: https://edge.media-server.com/mmc/p/3hgg2yrt

Earnings Presentation: https://www.vantageshipbrokers.com/investors-news-events

First Half Fiscal 2026 Revenue by Commission Type and Geographical Region

For the Six Months Ended September 30, 2025

Singapore

Dubai

Total

US$

Freight commission

6,044,533

155,402

6,199,935

Freight hire commission

1,530,697

7,503

1,538,200

Demurrage commission

690,679

15,289

705,968

Deviation and other commission

85,140

3,942

89,082

Total

8,351,049

182,136

8,533,185

For the Six Months Ended September 30, 2024

Singapore

Dubai

Total

US$

Freight commission

7,811,621

183,840

7,995,461

Freight hire commission

1,307,220

104,764

1,411,984

Demurrage commission

826,696

966

827,662

Deviation and other commission

189,343

2,928

192,271

Total

10,134,880

292,498

10,427,378

Non-GAAP Financial Measure: Adjusted EBITDA

To supplement our GAAP results, we present Adjusted EBITDA, a non-GAAP financial measure that we define as net income adjusted for interest expense, income tax, depreciation and amortization, and interest income (including interest earned on fixed deposits). We use Adjusted EBITDA to evaluate core operating performance and guide strategic planning. This measure is widely used by investors and analysts to assess underlying business performance, excluding items that may vary significantly across companies.

For the Six Months Ended September 30,

2025

2024

US$

Net Income (GAAP)

1,473,399

4,688,060

Add (Deduct):

Interest Expenses

23,530

6,581

Income Tax

493,404

961,716

Depreciation and Amortization

244,970

102,927

Interest Income

(585)

(13,080)

Adjusted EBITDA

2,234,718

5,746,204

Form 6-K

Vantage Corp has filed its Form 6-K with an interim balance sheet and semi-annual income statement as of September 30, 2025, with the U.S. Securities and Exchange Commission on January 05, 2026.

The report is available on the SEC’s website at www.sec.gov and on the Company’s website at https://www.vantageshipbrokers.com/investors.

About Vantage Corp

Founded in 2012 by five seasoned shipbrokers, Vantage Corp provides comprehensive shipbroking services, including operational support and consultancy services, in the tanker markets, covering clean petroleum products (“CPP”) and petrochemicals, dirty petroleum products (“DPP”), biofuels and vegetable oils. Vantage Corp also has a sales & projects team, a research/strategy team and an IT team. Vantage over the years has emerged as a trusted intermediary and a pivotal link between oil companies, traders, shipowners, and commercial managers, ensuring smooth logistical flow for cargo deliveries to timely demurrage and claims settlements. Through its 100%-owned subsidiary Vantage (BVI) Corporation, Vantage Corp operates a growing network of regional subsidiaries, including Vantage Shipbrokers Pte Ltd (Singapore), Vantage Nexus Commercial Brokers Co., L.L.C (UAE), and PJ Marine Singapore Pte. Ltd. Vantage Corp listed on the NYSE American on 12 June 2025. For more information, visit https://www.vantageshipbrokers.com/.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s future performance, outlook, strategies and general business conditions. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Vantage’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the Company’s annual report on Form 20-F filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Vantage Corp and Subsidiaries

Condensed Consolidated Balance Sheets

30 September 2025

31 March 2025

US$

(Unaudited)

ASSETS

Current Assets

Cash and Cash Equivalents

11,664,012

5,948,806

Accounts Receivable, Net

3,941,981

3,766,357

Prepaid Expenses and Other Current Assets, Net

3,604,105

1,193,972

Total Current Assets

19,210,098

10,909,135

Non-Current Assets

Plant and Equipment, Net

243,773

108,746

Right-of-Use Assets

1,221,954

142,525

Total Non-Current Assets

1,465,727

251,271

TOTAL ASSETS

20,675,825

11,160,406

LIABILITIES

Current Liabilities

Lease Payable – Current

477,227

144,747

Accounts Payable

51,265

46,177

Accruals and Other Current Liabilities

314,282

3,873,327

Dividend Payable

5,307,063

5,101,002

Income Tax Payable

1,257,889

853,048

Total Current Liabilities

7,407,726

10,018,301

Non-Current Liabilities

Lease Payable – Non-Current

754,231

981

Deferred Tax Liabilities

4,710

1,325

Dividend Payable

1,500,000

Total Non-Current Liabilities

758,941

1,502,306

TOTAL LIABILITIES

8,166,667

11,520,607

SHAREHOLDERS’ EQUITY

Ordinary shares, Class A, US$0.001 par value, 25,000,000 shares authorized, 11,371,120 and 7,633,620 issued and outstanding as of September 30, 2025 and March 31, 2025, respectively

11,371

7,634

Ordinary shares, Class B, US$0.001 par value, 25,000,000 shares authorized, 20,366,380 issued and outstanding as of September 30, 2025 and March 31, 2025, respectively

20,366

Additional paid-in capital

11,392,121

Retained Earnings / (Accumulated Deficit)

607,402

(865,997)

Merger Reserve

504,549

Accumulated Other Comprehensive Loss

(26,651)

(26,753

)

Total Shareholders’ Equity (Deficit)

12,509,158

(360,201

)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

20,675,825

11,160,406

Vantage Corp and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations and other Comprehensive Loss

For the Six Months

Ended September 30,

2025

2024

US$

Revenue

8,533,185

10,427,378

Cost of Revenue (exclusive of depreciation and amortization shown separately below)

(3,603,689)

(3,274,354)

Gross Profit

4,929,496

7,153,024

Operating Expenses:

Selling and Marketing Expenses

666,399

570,710

Depreciation and Amortization

244,970

102,927

General and Administrative Expenses

2,030,163

838,042

Total Operating Expenses

2,941,532

1,511,679

Income from Operations

1,987,964

5,641,345

Other Income (Expense):

Government Grants

1,784

1,932

Other Income

585

13,080

Interest Expenses

(23,530)

(6,581)

Total Other (Expense) Income

(21,161)

8,431

Income before Tax Expense

1,966,803

5,649,776

Income Tax Expense

(493,404)

(961,716)

Net Income

1,473,399

4,688,060

Other Comprehensive Income

Foreign currency translation loss, net of taxes

102

283

Total Comprehensive Income

1,473,501

4,688,343

Earnings Per Share Attributable to Weighted Average Number of Outstanding Ordinary Shares

Basic and Diluted

0.05

0.17

Weighted Average Number of Outstanding Ordinary Shares

Basic and Diluted

30,233,265

28,000,000*

Retroactively presented for 28,000,000 ordinary shares issued in preparation of the Company’s initial public offering