WEBUY GLOBAL LTD.

What they do

Webuy Global operates as a retail-miscellaneous retailer incorporated in the Cayman Islands with principal offices at 35 Tampines Street 92, Singapore. Its Class A ordinary shares trade on the Nasdaq Capital Market under the ticker WBUY. The company files as a foreign private issuer with the U.S. Securities and Exchange Commission, and reported 2,258,611 Class A ordinary shares and 178,296 Class B ordinary shares outstanding as of December 31, 2025.

Revenue drivers

• Retail operations — The company is classified under SIC code 5990 (Retail-Miscellaneous Retail); annual revenue was $50.9 million in 2024 and $18.8 million in 2025.
• Prior-year growth trend — Revenue rose from $22.3 million in 2021 to $44.6 million in 2022 and $50.8 million in 2023 before flattening at $50.9 million in 2024.
• 2025 contraction — Revenue fell sharply to $18.8 million in 2025, roughly one-third of the 2024 level, per the reported annual figures.

Recent performance

For fiscal year 2025, revenue was $18.8 million, down from $50.9 million in 2024 and $50.8 million in 2023. Net loss widened to $8.5 million in 2025 from $6.6 million in 2024 and $5.1 million in 2023. Diluted loss per share was $6.03 in 2025 versus $13.13 in 2024 and $12.69 in 2023. Operating cash flow was negative $2.9 million in 2025, an improvement from negative $7.0 million in 2024. At December 31, 2025, total assets were $16.2 million, total liabilities $12.9 million, shareholder equity $3.5 million and cash and equivalents $3.1 million.

Strategy

The filing is an Amendment No. 1 on Form 20-F/A whose stated purpose is to amend certain information under Item 16G, Corporate Governance; it does not update or modify other disclosure in the original Annual Report. The company obtained a home country practice opinion from Cayman Islands counsel Conyers Dill & Pearman Pte. Ltd. on November 26, 2025, permitting it to follow Cayman Islands practice in lieu of certain Nasdaq corporate governance requirements. It continues to comply with Nasdaq Rule 5605(b)(1) on majority board independence, Rule 5605(c) on audit committee composition and independence, and Exchange Act Rule 10A-3. The company states it may rely on other home country practice exemptions in the future. No operational or investment strategy is described in the excerpted material.

Risks

• Revenue decline — Revenue fell to $18.8 million in 2025 from $50.9 million in 2024, a contraction of roughly 63%.
• Persistent net losses — The company reported net losses every year from 2021 through 2025, with the 2025 loss of $8.5 million the largest in that period.
• Negative operating cash flow — Operating cash flow has been negative each year from 2021 to 2025, including negative $2.9 million in 2025.
• Reduced shareholder protections — The company follows Cayman Islands home country practice in lieu of ten enumerated Nasdaq governance rules, including annual meeting and shareholder approval requirements, so shareholders are afforded less protection than under Nasdaq standards for U.S. domestic issuers.

Outlook

The excerpted filing does not include forward-looking guidance, revenue or earnings forecasts, or commentary on future operations. It states only that the Form 20-F/A does not reflect events after the original Annual Report filing and makes no changes other than to Item 16G. Management's forward priorities are not described in the source material provided.