Knorex Ltd.

What they do

Knorex operates a programmatic advertising platform business and related digital media technology operations. The filing lists operating entities across Singapore (Knorex Pte Ltd), the United States (Knorex Inc), Malaysia (Knorex Software Sdn Bhd), Vietnam, India, Thailand, Australia, and Guangzhou, plus Adziggy Inc and AscendX Media Technologies Pte Ltd. It is listed with the SEC as a foreign private issuer under CIK 0001982960 and trades under KNRX.

Revenue drivers

• Programmatic advertising platform — Core Knorex platform revenue generated through the Singapore and U.S. operating entities; consolidated revenue was $6.0M in 2025, down from $10.8M in 2024 and $8.7M in 2023.
• Malaysia software operations — Knorex Software Sdn Bhd and other regional subsidiaries in Vietnam, India, Thailand, Australia and Guangzhou form part of the consolidated group; no separate segment revenue figures were disclosed in the excerpts provided.
• Media technology and acquired entities — Adziggy Inc and AscendX Media Technologies Pte Ltd are consolidated subsidiaries listed in the filing; their individual contribution to revenue is not quantified in the excerpts provided.

Recent performance

Revenue fell to $6.0M in 2025 from $10.8M in 2024 and $8.7M in 2023. Net loss widened to $11.5M in 2025 versus $5.9M in 2024 and $8.0M in 2023, and diluted EPS deteriorated to -$0.41 from -$0.22. Operating cash flow was -$10.4M in 2025, compared with -$5.3M in 2024 and -$5.5M in 2023. At 2025-12-31, total assets were $7.0M, total liabilities were $13.4M, and shareholder equity was negative $6.5M.

Strategy

The filing identifies entities across Singapore, the U.S., Malaysia, Vietnam, India, Thailand, Australia and Guangzhou, indicating a multi-jurisdiction operating structure. Banking relationships with United Overseas Bank, DBS Bank and The Development Bank of Singapore are referenced in the filing. The excerpts provided do not include management's specific strategic priorities, investment plans or capital allocation commentary, so no further direction can be stated from this source material.

Risks

• Revenue contraction — Consolidated revenue fell from $10.8M in 2024 to $6.0M in 2025, a decline of roughly 44%.
• Widening losses — Net loss increased to $11.5M in 2025 from $5.9M in 2024, with diluted EPS of -$0.41.
• Negative shareholder equity — Total liabilities of $13.4M exceeded total assets of $7.0M at 2025-12-31, leaving shareholder equity of negative $6.5M.
• Cash burn — Operating cash flow was negative $10.4M in 2025, compared with negative $5.3M in 2024.

Outlook

The excerpts provided do not include management's forward guidance, forecasts or outlook commentary. The most recent reported figures show a smaller revenue base, a larger net loss and negative shareholder equity as of 2025-12-31. Without additional disclosure in the source material, no forward projections can be attributed to the company.