Mobile-health Network Solutions Announces H1 FY2025 Results; Continues on Drive Towards Scale and Profitability

For the period ended December 31, 2024, the company reported:

• Revenue of US$4.3 million, compared to US$6.6 million for the same prior period
  ("H1 FY2024")

• Net earnings of US$(1.7 million), compared to US$(1.5 million) in H1 FY2024

• Cash and cash equivalents were at US$2.6 million, compared to US$6.7 million in H1 FY2024

The lower revenue was mainly due to a drop in the use of MNDR's telemedicine services from the year-ago period, following the closure of its CityGate clinic in Singapore. This was slightly offset by an increase in sales of medicine and medical devices during the period.

The higher net loss resulted primarily from the decline in revenue.

MNDR Co-CEO, Dr Siaw Tung Yeng, said: "The closure of our CityGate clinic was an inflection point as we transform from an asset-heavy model to a more asset-light business focused on delivering a globally scalable, AI-focused virtual care platform that can be deployed anywhere in the world."

"We have since achieved many milestones, and are confident that our stronger, leaner core will not only enable us to reverse the short-term downtrend but set us on a more sustainable path to scale and create value for all our stakeholders. From the outset of our founding in 2016, our vision has been to deliver affordable, round-the-clock, quality care to patients via the transformative power of technology. With the rapid advancement of AI, we are well-placed to accelerate our journey towards that vision."

Key operational milestones post H1 FY2025: Transformative acquisition of Lifepack and continued advancement in AI-led solutions

MNDR made a transformative acquisition in April 2025 of Lifepack, a leading pharmacy and telehealth platform in Indonesia. Together, the Company can now offer advanced telehealth-pharmacy solutions for Indonesia's 280 million people as well, a majority of whom are underserved by telemedicine services.