NewGenIvf Group Limited
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsNewGenIvf Group Ltd is a fertility services provider operating primarily in Thailand, listed on Nasdaq via a SPAC merger in April 2024.
What they do
The company provides in-vitro fertilization (IVF) and related fertility treatments through clinics and medical centers, primarily in Bangkok, Thailand. It operates under the NewGenIvf brand, offering assisted reproductive technology services to local and international patients. The business is structured as a holding company incorporated in the British Virgin Islands with executive offices in Bangkok.
Revenue drivers
- IVF treatment cycles — Core service generating revenue from fertility procedures; revenue fluctuated with treatment volumes, contributing to annual revenue between $4.1M and $5.9M from 2021 to 2025.
- Ancillary fertility services — Includes diagnostic testing, laboratory services, and patient support services; these supplement core IVF revenue but are not separately disclosed.
Recent performance
Revenue for 2025 was $4.7M, down from $5.4M in 2024, and below the 2022 peak of $5.9M. Net income swung sharply to $9.9M in 2025 from a loss of $524,643 in 2024, though operating cash flow remained negative at -$10.9M. Diluted EPS was $3.04 in 2025, compared to a loss of -$4,408.76 in 2024.
Strategy
The company is focused on maintaining its Nasdaq listing and implementing restructuring actions, including a series of reverse stock splits in 2025 and early 2026. Management has not explicitly stated a public growth strategy in the provided excerpts, but the SPAC merger and continued listing efforts indicate a priority on capital markets presence. No major expansion or investment plans are detailed in the source material.
Risks
- Revenue volatility — Annual revenue has fluctuated between $4.1M and $5.9M over the past five years, indicating sensitivity to treatment volumes and market conditions.
- Negative operating cash flow — Operating cash flow turned negative in 2023 (-$1.8M) and worsened to -$10.9M in 2025, raising liquidity concerns.
- Low cash reserves — Cash and equivalents were only $758,621 as of December 31, 2025, which may limit ability to fund operations or unexpected costs.
- Reverse stock split dependence — The company executed multiple reverse splits (e.g., 1-for-20, 1-for-10, 1-for-5) in 2025 to maintain listing compliance, which can signal underlying stock price pressure.
Outlook
Management has not provided specific forward-looking guidance in the source excerpts. The company's immediate priority is to maintain its Nasdaq listing through the reverse stock splits and ongoing compliance. Cash flow trends remain a concern, with operating cash flow negative for three consecutive years.