DSwiss, Inc.

What they do

DSwiss operates through a Seychelles holding company, DSwiss Holding Limited, which owns DSwiss (HK) Limited in Hong Kong, which in turn owns DSwiss Sdn Bhd in Malaysia and DSwiss Biotech Sdn Bhd. The company describes itself as a biotech nutraceutical firm and turnkey private-label ODM/OEM provider of premium healthcare, skincare and personal care products, including weight management beverages, anti-aging solutions and immune system enhancers. It sells functional foods, health supplements, skincare, personal care and pet wellness products, and operates online through dswissbeauty.com.

Revenue drivers

• OEM/ODM private-label services — The company provides end-to-end original equipment and original design manufacturing for third-party brands, including custom formulation, raw material sourcing, production, quality control, clinical testing, packaging and shipping, plus business consultancy and marketing support.
• Functional foods and health supplements — DSwiss supplies weight management beverages, immune system enhancers and other functional food products; these are registered or notified with Malaysia's Drug Control Authority under the Ministry of Health.
• Skincare and personal care — The portfolio includes anti-aging and beauty skincare solutions marketed through its own online channel and through B2B private-label arrangements.
• Geographic distribution — The company states it has expanded across Malaysia, Singapore, Indonesia, Hong Kong, Australia, Taiwan, Macau and China, with a distributor network concentrated in Asia-Pacific.

Recent performance

Annual revenue fell to $2.9 million in 2025 from $3.1 million in 2024, and the company reported a net loss of $76,860 in 2025 versus net income of $22,223 in 2024. Operating cash flow also turned negative at negative $94,303 in 2025, compared with positive $182,556 in 2024. Quarterly revenue has risen sequentially through the first half of 2026: $441,618 in Q3 2025, $456,842 in Q4 2025, $477,737 in Q1 2026 and $511,781 in Q2 2026. As of June 30, 2026, total assets were $637,223, total liabilities were $645,043 and shareholders' equity was negative $7,820, with cash of $257,989. Diluted EPS was negative $0.0004 in 2025.

Strategy

DSwiss says it intends to grow primarily through social media marketing, leveraging relationships with new retail tech companies such as Facebook and e-marketplaces to reach customers directly and gather feedback. It continues to invest in research and development of functional food and beauty products with Malaysian biotech professionals, and has expanded into B2B DNA genotyping private-label services. The company describes ongoing product development, clinical testing by third-party labs, and regulatory registration with Malaysia's Ministry of Health as core activities. Management also states it is exploring new global markets beyond its established Asia-Pacific footprint.

Risks

• Negative shareholder equity and thin liquidity — At June 30, 2026, total liabilities of $645,043 exceeded total assets of $637,223, leaving shareholders' equity of negative $7,820 and limited room against the company's $257,989 cash balance.
• Operating cash flow deterioration — Operating cash flow swung to negative $94,303 in 2025 from positive $182,556 in 2024, which the company's own risk factors flag as a concern regarding the adequacy of cash flow to meet requirements.
• Regulatory dependence in Malaysia — Functional food and cosmetic products must be registered or notified with Malaysia's Drug Control Authority and Ministry of Health; manufacturing, marketing, importation or sale of unregistered products violates the Drug Control Regulations and Cosmetics Act 1984 and can trigger enforcement action.
• Concentration in Asia-Pacific and key-person exposure — The business is centered on Malaysia, Singapore, Indonesia, Hong Kong, Australia, Taiwan, Macau and China, and the 10-K attributes growth to the leadership of CEO Vincent Leong, leaving the company exposed to regional economic and competitive conditions.

Outlook

Management says it expects growth to occur primarily through social media marketing and continued expansion of its OEM/ODM and DNA genotyping private-label services. The company also states it will continue product research and development and explore new global markets. It has not provided specific numerical guidance for future periods.