TOTM Technologies Limited Overview
| Field | Detail |
|---|---|
| Legal name | TOTM Technologies Limited |
| Former names | CMC Infocomm Limited (IPO name, 2015); Yinda Infocomm Limited (c.2017 to 11 Oct 2021) |
| Company registration no. | 201506891C (Republic of Singapore) |
| Incorporation year | 2,015 |
| Incorporation jurisdiction | Singapore |
| Headquarters / registered office | 47 Scotts Road, #17-04 Goldbell Towers, Singapore 228233 (Annual Report 2026) |
| Exchange / board | Singapore Exchange, Catalist board (sponsor-supervised) |
| Ticker | 42F (Yahoo: 42F.SI) |
| ISIN | SG1BF8000005 |
| CUSIP | Not applicable (no US listing) |
| IPO | August 2015, as CMC Infocomm Limited |
| Fiscal year end | 31 May |
| Catalist sponsor | UOB Kay Hian Private Limited (SAC Capital Private Limited until mid-2025) |
| External auditor | Forvis Mazars LLP; partner-in-charge Chin Chee Choon since FY ended 31 May 2022 |
| Internal auditor | BDO Advisory Pte Ltd |
| Share registrar | B.A.C.S. Private Limited |
| Company secretary | Sim Yok Teng |
| Employees (latest) | 97 per Google Finance (aggregator; date of count not stated). treat as not publicly verified |
| Employees (3-year trend) | Not publicly disclosed in the sources reviewed. Management cited headcount reductions in FY2024–FY2026 |
| Shares outstanding | 1,739,260,622 ordinary shares at 31 May 2026 (Annual Report 2026) |
| Share price (latest retrieved) | S$0.023 (Yahoo Finance delayed quote, 17 September 2026) |
| Market capitalisation | About S$40.0 million (derived: 1,739.26m shares × S$0.023). Yahoo showed S$41.74m on 15 Sep 2026 and S$34.93m intraday, so data-vendor share counts differ |
| Websites | totmtechnologies.com; totm-labs.com; totm.ai |
| Chairman | Vacant since 30 April 2026; search under way (Annual Report 2026) |
| CEO | Chan Wei Jie (Executive Director and Group CEO since 12 May 2026) |
TOTM Technologies is a Singapore-domiciled micro-cap on the SGX Catalist board. Its operating core is a government-grade biometric identity business in Indonesia. Through its subsidiary PT International Biometrics Indonesia (InterBio), the Group has provided annual technical support for Indonesia's national biometric identity system since 2017. It also supplies Automated Biometric Identification System (ABIS) licences to the Ministry of Home Affairs, and that relationship produced about three-quarters of FY2026 revenue.
The Group was previously a telecoms network-services contractor, and it exited that business between 2021 and 2022. Under leadership installed in 2025–2026, it is now repositioning as a "frontier technology venture builder" through TOTM Labs. The new initiatives are an enterprise agentic-AI platform (TOTM.AI), a maritime fleet-readiness cloud, a Vietnam–Indonesia–Singapore blockchain trade-finance corridor, and post-quantum cryptography advisory.
The investment case rests on a small, recurring identity revenue base of about S$6.5 million, roughly S$6.8 million of cash, and new ventures that have not yet earned revenue.
What the company does
TOTM Technologies Limited is an investment holding company. The FY2026 results notes list four principal activities for its significant subsidiaries:
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IT consulting, computer and computer-facility management services
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IT and computer services, specifically the development and sale of identity-management technologies
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Investment holding
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Developing, commercialising, investing in and operating businesses in frontier technology sectors
The fourth activity was added after shareholders approved the diversification mandate on 12 March 2026.
In substance, the Group has two components.
1. Digital Identity business (operating core). This business is conducted mainly through InterBio in Jakarta. Its development and back-office support come from TOTM Tech India Private Limited in Hyderabad, and its group management sits in Singapore. Revenue falls into three service lines:
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Annual Technical Support (ATS) and maintenance for Indonesia's national identity (e-KTP) biometric system, operated for the Directorate General of Population and Civil Registration (Dukcapil) within the Ministry of Home Affairs (MOHA)
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Sales of ABIS licences and related services, including multimodal authentication and liveness/face-recognition licences
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System installation and integration projects, which are periodic
2. Frontier technology ventures (pre-revenue). These sit under TOTM Labs Pte. Ltd. and the "Venture Business Unit" set up in September 2025. The company describes TOTM Labs as an AI-enabled venture builder. Its current portfolio:
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TOTM.AI, a "Digital Employees" agentic-AI platform
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Maritime Cloud Platform (MCP)
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Cross-Border Blockchain Corridor and Digital Product Passport
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Quantum / post-quantum cryptography (PQC) unit
Company's own description
The Annual Report 2026 Letter to Shareholders describes TOTM as part of the infrastructure behind one of Southeast Asia's largest public-sector identity programmes. It says the Indonesian government has trusted the company with citizen-identity security for more than a decade.
The same letter frames the strategy as a trusted, resilient identity core, supported by a growing set of complementary frontier-technology capabilities. The theme title is "Steady Core, New Frontiers." The May 2026 placement press release describes the Group as an integrated identity-management and biometric-solutions provider and an emerging-technologies venture builder.
Business and revenue model
| Revenue stream | Model | FY2026 revenue (SGD K) | % of FY2026 revenue | Recognition |
|---|---|---|---|---|
| Technical support services for identity management (ATS) | Annual government service contract, renewed every year since 2017 | 4,805 | 74.2 | Over time |
| Sales of licences and other related services | Per-licence sales (ABIS; multimodal authentication) | 1,189 | 18.4 | Point in time |
| Installation and integration services | Project-based systems integration (Singapore) | 485 | 7.5 | Point in time |
| Frontier technology (TOTM.AI, MCP, blockchain, quantum) | Planned SaaS, licensing and consulting | 0 | 0.0 | Not applicable (pre-revenue) |
Source: FY2026 results announcement, Note 4.2 (30 July 2026): Mix characterisation. The FY2026 revenue mix was about 74% recurring service, 18% licensing and 8% project. Subscription revenue is nil, and no frontier venture had recorded revenue at 31 May 2026.
Value chain position. The Group is a mid-chain integrator and licensor. Core matching algorithms were historically licensed from technology partners, notably TECH5 SA of Switzerland. The FY2022 InterBio acquisition disclosures state that PT IBI's platforms rely on core technologies licensed from strategic partners including TECH5. The Group adds integration, local delivery, database operations know-how and government relationships, and sells to the end customer, which is mainly the Indonesian state.
Customer types. The main customer is the Government of Indonesia (MOHA/Dukcapil). Secondary customers are other Indonesian agencies, including a law-enforcement agency that awarded a US$5.4 million contract executed in FY2023. Smaller contributions come from private-sector e-KYC users of verification licences and, in FY2026, a Singapore systems-integration client whose name was not disclosed.
End markets. Current: national ID and civil registration, public safety/law enforcement, and financial-services e-KYC. Targeted: enterprise AI (financial services, supply chain, healthcare, professional services, public sector), maritime fleet operations, cross-border trade finance, and quantum-safe security for financial institutions.
Independent characterisation
TOTM is best seen as a single-customer, single-country government services business inside a listed shell that has gone through repeated strategic pivots. The company names the counterparty: the MOHA relationship produced 100% of identity revenue in FY2024 and FY2025 and about 93% in FY2026. That concentration is both the core asset and the main vulnerability.
Revenue has been in a narrow band of S$6.5–8.1 million since FY2024. Within that band, licence volumes swing widely and the ATS base is stable at about S$4.8–5.2 million.
The 2026 move into AI, blockchain, maritime and quantum marks a third business identity in five years: telecom contractor, then biometrics specialist, then frontier-tech venture builder. It is funded by equity placements rather than internal cash generation.
Financial Narrative
All figures in S$'000 unless stated. FY2022 income statement shows continuing operations; net loss includes discontinued operations. Sources: SGXNet full-year results for FY2022 (28 Jul 2022), FY2024 (30 Jul 2024, which includes FY2023 comparatives) and FY2026 (30 Jul 2026, which includes FY2025 comparatives); Annual Report 2026 financial highlights.
Income statement
Derivation notes: Gross profit (derived): revenue − subcontractor/direct costs − project-related employee costs. This matches the company's FY2022 press release, which cited about S$3.9m gross profit and a 35% margin.
Operating loss (derived): loss before tax + finance costs − share of associate result.
Adjusted EBITDA: FY2024–FY2026 are as reported in the Annual Report 2026 financial highlights. The company excludes fair-value adjustments, goodwill impairment, share-based payments and associate results. FY2022–FY2023 were derived by the analyst using the same method.
Margins and growth
Revenue CAGR. FY2022 to FY2026 (four years): −12.6% (derived: (6,479/11,127)^(1/4) − 1). FY2024 to FY2026: −0.3% a year. A FY2021 base is not meaningful, because FY2021 continuing revenue (S$1.016m) covered only about two months of InterBio.
Cost base trend (derived)
Commentary. The clearest trend in the five-year data is cost reduction. Cash operating expenses, excluding direct project costs, fell 43% from S$11.5m in FY2023 to S$6.5m in FY2026. The drivers were three successive cost programmes:
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July 2024: strategic review, headcount reduction and product streamlining
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FY2025: management transition
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FY2026: reduced reliance on consultants and lower travel and marketing
Professional fees fell 82% from the FY2022 peak (S$4.7m) to S$0.86m. The FY2022 peak was driven by the telecom disposal, the TECH5, GenesisPro and CDI deals, and fund-raising.
Adjusted EBITDA losses therefore narrowed from −S$6.9m to −S$1.5m even though revenue fell. Reported losses stayed large because of non-cash items:
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Amortisation of acquisition intangibles: about S$4.9m a year to FY2025
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FY2025 goodwill impairment of S$20.7m on InterBio, together with a S$3.8m fair-value loss, mainly on the CDI convertible
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FY2026 TECH5 remeasurement loss of S$6.5m when the stake was reclassified from associate to fair value through profit or loss
Inflections.
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FY2023: revenue peaked at S$19.4m on two one-off integration projects. Gross margin fell to 26.5% because much of that revenue was hardware and subcontracted.
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FY2024: the integration projects did not recur and Indonesia's February 2024 elections delayed government projects. Revenue fell 66%.
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FY2025: licence sales (S$2.9m) lifted revenue 24%. Goodwill was nonetheless written off in full, which suggests management's value-in-use forecasts no longer supported the InterBio carrying amount.
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FY2026: licence volumes halved, and the new Singapore integration revenue (S$0.5m) only partly offset the decline. Amortisation fell to S$3.7m as InterBio technology intangibles became fully amortised. The remaining customer-relationship intangible of S$3.3m will continue to amortise at about S$1.28m a year.
Balance sheet
Notes: - The Group has no bank borrowings. Debt consists of lease liabilities plus, in FY2025, a S$200k loan from a former director, which was repaid in FY2026. The Annual Report 2026 reports total debts of S$420k (FY2026), S$1,369k (FY2025) and S$2,101k (FY2024), matching the derived figures.
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FY2026 cash includes S$143k of pledged deposits.
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FY2022 borrowings of S$3.7m in the FY2021 comparatives (shareholder loans from Yinda Pte. Ltd.) were settled on the telecom disposal.
Intangible assets: net book value
Sources: FY2022 Note 11; FY2024 Note 10; FY2026 Note 10: Balance sheet commentary. Total assets fell 69% in four years, from S$75.7m to S$23.6m. Almost all of the decline came from write-downs of acquired or invested assets:
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InterBio goodwill: S$20.7m
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Acquisition intangibles: about S$22m amortised
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CDI convertible: carrying value cut from S$5.1m to S$0.9m
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PAJ stake: written to nil
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TECH5: S$13.5m associate carrying value remeasured to S$7.1m fair value
The balance sheet is now small but clean. At 31 May 2026 it held S$6.8m of cash, S$8.0m of Level 3 investments (TECH5 S$7.06m; CDI S$0.94m), S$4.5m of receivables and contract assets, S$3.4m of intangibles and S$2.6m of total liabilities.
The Company-level balance sheet shows S$13.7m of investment in subsidiaries, after a S$75.8m Company-level impairment in FY2025. Company-level accumulated losses of S$141.2m exceed total Group equity several times over. This is the cumulative cost of the acquisitions made between 2021 and 2023.
Cash flow
FY2022 acquisitions and investments = GenesisPro (S$877k) + disposal of subsidiaries net (S$368k) + FVTPL purchases (S$5,158k) + TECH5 associate (S$10,832k).
Cash flow commentary. Over FY2022–FY2026 the Group consumed about S$30.3m of free cash flow and S$17.2m of investment cash, against about S$47.2m of gross equity raised. It has never paid a dividend or bought back shares.
The FY2022 operating outflow of S$14.5m was unusually large because the Group paid down S$7.1m of trade payables, including deferred cash consideration due to InterBio's vendors. The near break-even FY2025 operating cash flow (−S$0.7m) benefited from working-capital release. FY2026 operating outflow was S$1.6m, with S$2.0m of underlying cash loss partly offset by better receivable collection.
At the FY2026 burn rate, the S$6.8m cash balance covers more than four years of core operations. Actual runway will depend on how quickly the S$4.43m earmarked for frontier ventures and acquisitions is deployed. None of it had been used by 30 July 2026.
Ratios
Notes: - ROE and ROA for FY2024–FY2026 match the Annual Report 2026 financial highlights (company method). FY2022–FY2023 were derived on the same basis.
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Net debt/EBITDA and interest coverage are not meaningful because EBITDA and EBIT are negative throughout. Finance costs are lease interest only.
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A full cash conversion cycle cannot be computed reliably: there is no inventory, and payables include non-trade items. The receivable-days proxy (trade and other receivables plus contract assets over revenue × 365) shows that government customers typically settle in 7–12 months, a structural working-capital burden.
7. SEGMENTAL AND GEOGRAPHIC REVENUE MAPPING
Segment × geography matrix
There is only one business segment (Digital Identity), so the segment-by-geography matrix collapses to the geographic split above. Within Indonesia, FY2026 revenue was:
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Technical support: S$4.8m
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Licences: S$1.2m
Singapore's FY2026 revenue (S$0.485m) was all installation and integration. The Singapore revenue recorded in FY2022 (S$4.9m) and FY2023 (S$14.3m) is booked by Singapore entities but relates to Indonesian government integration projects: a security platform in FY2022 and law-enforcement and National-ID-linked systems in FY2023. On an end-customer basis, Indonesia therefore accounted for nearly 100% of revenue in FY2022–FY2025.
Fastest-growing and declining regions
Indonesia: rose in FY2024–FY2025 as ATS normalised and licence sales grew, then fell 26% in FY2026. Management attributes the fall to lower order volumes for licence sales and related services under the national-ID project. The ATS base fell 8% (S$5.23m to S$4.81m).
Singapore: moved from no revenue to S$0.5m in FY2026 from a single integration project. This is not yet a durable trend.
India and USA: have no external revenue. India is a cost centre and the US entity is dormant.
Vietnam and Malaysia: are target markets with MOUs (PILA in Vietnam; Teneo Communications in Malaysia) and no revenue disclosed.
Timor-Leste and Papua New Guinea: were cited in July 2024 as national-ID pursuits, through a shortlisting and a tender respectively. No contract awards have been disclosed since.
Country-level revenue beyond Indonesia and Singapore is not publicly disclosed.
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Income statement (SGD K)
| Income statement (SGD K) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (SGD K) | 11,127 | 19,367 | 6,517 | 8,091 | 6,479 |
Other income (SGD K) | 229 | 258 | 53 | 219 | 277 |
Subcontractor and direct costs (SGD K) | -6,810 | -13,203 | -337 | -2,098 | -1,794 |
Employee benefits, project-related (SGD K) | -463 | -1,026 | -1,146 | -978 | -704 |
Gross profit, derived (SGD K) | 3,854 | 5,138 | 5,034 | 5,015 | 3,981 |
Employee benefits, administrative (SGD K) | -4,566 | -3,978 | -4,800 | -3,584 | -3,555 |
Share-based payment (SGD K) | 0 | -728 | -908 | -266 | -527 |
Depreciation and amortisation (SGD K) | -5,493 | -5,973 | -6,046 | -6,037 | -4,406 |
Legal and professional expenses (SGD K) | -4,726 | -3,451 | -2,186 | -1,333 | -862 |
Other expenses (SGD K) | -1,728 | -3,043 | -2,623 | -2,135 | -1,389 |
Impairment of goodwill (SGD K) | 0 | 0 | 0 | -20,651 | 0 |
Fair value loss on other investments (SGD K) | 0 | 0 | 0 | -3,814 | -442 |
Fair value loss on remeasurement of retained interest, TECH5 (SGD K) | 0 | 0 | 0 | 0 | -6,494 |
Operating loss, derived EBIT before associates (SGD K) | -12,430 | -11,777 | -11,476 | -32,586 | -13,417 |
Finance costs (SGD K) | -181 | -78 | -87 | -114 | -56 |
Share of associate profit/(loss) (SGD K) | -913 | -546 | -540 | 858 | 20 |
Loss before tax (SGD K) | -13,524 | -12,401 | -12,103 | -31,842 | -13,453 |
Income tax credit (SGD K) | 707 | 482 | 586 | 530 | 462 |
Profit from discontinued operations (SGD K) | 495 | 0 | 0 | 0 | 0 |
Net loss for the year (SGD K) | -12,322 | -11,919 | -11,517 | -31,312 | -12,991 |
Net loss attributable to owners (SGD K) | -10,539 | -11,337 | -11,593 | -31,320 | -12,997 |
Adjusted EBITDA, company method (SGD K) | -6,937 | -5,076 | -4,527 | -1,845 | -1,548 |
EPS basic and diluted (SGD cents) | -1.26 | -1.07 | -0.86 | -2.31 | -0.88 |
Dividends per share (SGD cents) | 0 | 0 | 0 | 0 | 0 |
Margin and growth metric
| Margin and growth metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue YoY growth (%) | 0 | 74.1 | -66.3 | 24.2 | -19.9 |
Gross margin, derived (%) | 34.6 | 26.5 | 77.2 | 62.0 | 61.4 |
Operating margin, derived (%) | -111.7 | -60.8 | -176.1 | -402.7 | -207.1 |
Adjusted EBITDA margin (%) | -62.3 | -26.2 | -69.5 | -22.8 | -23.9 |
Net margin (%) | -110.7 | -61.5 | -176.7 | -387.0 | -200.5 |
Operating loss before impairment and FV items, derived (SGD K) | -12,430 | -11,777 | -11,476 | -8,121 | -6,481 |
Cash operating cost base (SGD K)
| Cash operating cost base (SGD K) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Employee costs, project + administrative (SGD K) | 5,029 | 5,004 | 5,946 | 4,562 | 4,259 |
Professional + other expenses (SGD K) | 6,454 | 6,494 | 4,809 | 3,468 | 2,251 |
Total cash opex excl. direct costs (SGD K) | 11,483 | 11,498 | 10,755 | 8,030 | 6,510 |
Balance Sheet and Share Count (millions)
| Balance sheet at 31 May (SGD K) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (SGD K) | 75,731 | 75,400 | 63,218 | 30,043 | 23,558 |
Cash and cash equivalents incl. pledged (SGD K) | 4,939 | 9,551 | 2,367 | 818 | 6,794 |
Short-term debt, lease + director loan (SGD K) | 748 | 716 | 698 | 584 | 250 |
Long-term debt, lease (SGD K) | 1,155 | 1,224 | 1,403 | 785 | 170 |
Total debt (SGD K) | 1,903 | 1,940 | 2,101 | 1,369 | 420 |
Net debt, negative = net cash (SGD K) | -3,036 | -7,611 | -266 | 551 | -6,374 |
Goodwill (SGD K) | 20,651 | 20,651 | 20,651 | 0 | 0 |
Total intangible assets incl. goodwill (SGD K) | 42,373 | 37,707 | 32,825 | 7,311 | 3,388 |
Investment in associate, TECH5 (SGD K) | 13,757 | 13,211 | 12,671 | 13,529 | 0 |
Financial assets at FVTPL (SGD K) | 5,506 | 5,447 | 5,435 | 1,388 | 7,991 |
Current assets (SGD K) | 11,376 | 15,969 | 8,943 | 5,752 | 11,433 |
Current liabilities (SGD K) | 2,083 | 2,183 | 1,804 | 1,534 | 1,427 |
Working capital (SGD K) | 9,293 | 13,786 | 7,139 | 4,218 | 10,006 |
Total liabilities (SGD K) | 7,372 | 6,745 | 5,745 | 3,999 | 2,553 |
Equity attributable to owners (SGD K) | 57,276 | 68,207 | 57,400 | 25,967 | 20,930 |
Total equity (SGD K) | 68,359 | 68,655 | 57,473 | 26,044 | 21,005 |
Shares outstanding (millions) | 849.304 | 1,340.991 | 1,340.991 | 1,364.991 | 1,739.261 |
NAV per share, company basis (SGD cents) | 8.05 | 5.09 | 4.28 | 1.90 | 1.20 |
Key Financials
| Intangibles net book value (SGD K) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Goodwill (SGD K) | 20,651 | 20,651 | 20,651 | 0 | 0 |
Technology (SGD K) | 13,268 | 9,707 | 6,146 | 2,585 | 0 |
Customer relationships (SGD K) | 8,441 | 7,159 | 5,876 | 4,594 | 3,312 |
Software (SGD K) | 13 | 187 | 149 | 130 | 74 |
Trademark (SGD K) | 0 | 3 | 3 | 2 | 2 |
Amortisation charge (SGD K) | 4,620 | 4,878 | 4,889 | 4,891 | 3,698 |
Cash flow (SGD K)
| Cash flow (SGD K) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (SGD K) | -14,468 | -5,562 | -5,738 | -741 | -1,594 |
Capex, PPE + intangibles (SGD K) | -842 | -745 | -580 | -134 | -36 |
Free cash flow, derived (SGD K) | -15,310 | -6,307 | -6,318 | -875 | -1,630 |
Acquisitions, investments and associates (SGD K) | -17,235 | 0 | 0 | 0 | 0 |
Proceeds from share issuance, gross (SGD K) | 26,325 | 12,173 | 0 | 0 | 8,740 |
Share issue expenses (SGD K) | -862 | -416 | 0 | 0 | -511 |
Dividends paid (SGD K) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (SGD K) | 0 | 0 | 0 | 0 | 0 |
Lease repayments (SGD K) | -826 | -742 | -710 | -686 | -319 |
Net change in cash (SGD K) | -7,617 | 4,630 | -7,165 | -1,423 | 5,905 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE, loss / year-end total equity (%) | -18.0 | -17.4 | -20.0 | -120.2 | -61.8 |
ROA, loss / year-end total assets (%) | -16.3 | -15.8 | -18.2 | -104.2 | -55.1 |
ROIC, pre-tax EBIT / (equity + debt − cash), derived (%) | -19.0 | -19.3 | -20.1 | -122.5 | -91.7 |
Current ratio (x) | 5.46 | 7.32 | 4.96 | 3.75 | 8.01 |
Total debt to equity (x) | 0.03 | 0.03 | 0.04 | 0.05 | 0.02 |
Asset turnover, revenue / average total assets (x) | 0.15 | 0.26 | 0.09 | 0.17 | 0.24 |
Receivables + contract assets days, proxy (days) | 211 | 121 | 349 | 221 | 252 |
Revenue by geography (SGD K)
| Revenue by geography (SGD K) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Indonesia (SGD K) | 6,212 | 5,029 | 6,517 | 8,091 | 5,994 |
Singapore (SGD K) | 4,915 | 14,338 | 0 | 0 | 485 |
India (SGD K) | 0 | 0 | 0 | 0 | 0 |
United States (SGD K) | 0 | 0 | 0 | 0 | 0 |
Geographic growth metric
| Geographic growth metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Indonesia YoY growth (%) | -19.0 | 29.6 | 24.2 | -25.9 |
Singapore YoY growth (%) | 191.7 | -100.0 | 0 | 0 |
Share Price & Returns
| Period (to 17 Sep 2026) | 42F.SI total return (%) | STI total return (%) |
|---|---|---|
Year to date | -4.17 | 21.91 |
1 year | -28.13 | 31.00 |
3 years | -53.06 | 72.65 |
5 years | -89.55 | 84.42 |
Valuation Multiples
| Multiple | TOTM value |
|---|---|
Market capitalisation | S$40.0m |
Enterprise value (market cap − cash S$6.79m + lease debt S$0.42m) | S$33.6m |
P/E | Not meaningful (loss-making) |
EV/EBITDA | Not meaningful (negative EBITDA) |
EV/Sales | 5.2x (Yahoo: 5.46x on its own market-cap basis) |
P/B (on equity attributable S$20.93m) | 1.9x (Yahoo: 1.99x) |
Price / NAV per share (1.20 cents) | 1.9x |
Per-share and capital metric
| Per-share and capital metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividends per share (SGD cents) | 0 | 0 | 0 | 0 | 0 |
NAV per share (SGD cents) | 8.05 | 5.09 | 4.28 | 1.90 | 1.20 |
EPS basic (SGD cents) | -1.26 | -1.07 | -0.86 | -2.31 | -0.88 |
Shares outstanding at year end (millions) | 849.304 | 1,340.991 | 1,340.991 | 1,364.991 | 1,739.261 |
Shares issued during year (millions) | 202.038 | 491.687 | 0 | 24.000 | 374.270 |
Gross equity proceeds (SGD K) | 26,325 | 12,173 | 0 | 0 | 8,740 |
Expected Timing Details
| Expected timing | Catalyst |
|---|---|
Q4 2026 | Appointment of a new (preferably independent) chairman |
15 Dec 2026 | Maturity of the extended CDI convertible loan (US$3.75m principal plus about US$0.81m accrued interest): recovery or further write-down |
Jan 2027 | 1H FY2027 results; ATS renewal for 2027 |
H1 2027 | MOHA ABIS Modernisation and facial-recognition tender awards; World Bank P175218 procurement |
FY2027 | First paying MCP customer; TOTM.AI enterprise pilots; first corridor transaction with PILA |
Ongoing | Deployment of S$4.43m frontier proceeds and any acquisition announcement |
Ongoing | Khoo Thomas Clive's shareholding and any further requisitions |
Ongoing | TECH5 fair-value remeasurement (Level 3) |
| 2,027 | Global DPI Summit in Indonesia: visibility for InterBio |
Executive Leadership
Board of Directors
| Name | Position | Appointed | Background | Other listed directorships |
|---|---|---|---|---|
Chan Wei Jie (Zeng Wei Jie) | Executive Director and Group CEO | 12 May 2026 (Head of TOTM Labs from Sep 2025) | 12 years at PwC Singapore (Director, Digital Asset Lead); Southeast Asia Head, Quranium (quantum-secure blockchain), Oct 2024–Aug 2025. B.Acc, Nanyang Technological University; CA (CAANZ, ISCA); CIA. Must complete SGX mandatory director training within one year | — |
Siek Wei Ting | Lead Independent Director; Audit Committee Chairman | 25 Feb 2025 (Lead ID from 29 Sep 2025) | More than 20 years in finance and general management. Finance Director, V3 Brands; former CFO, China Minzhong Food Corporation; ex-Ernst & Young and Deloitte. B.Acc, NTU (1996) | Synagistics Limited (HKEX) |
Tan Ser Ko | Independent Director; Remuneration Committee Chairman | 26 Jun 2025 | 26 years in banking, finance and investment. CEO, Kim Ann Engineering; former Director and CEO, Charisma Energy Services (Catalist), Mar 2012–Oct 2024. B.Eng, NUS | — |
Soh Chun Bin | Independent Director; Nominating Committee Chairman | 25 Jul 2025 | More than 25 years in corporate finance and capital-markets law. Managing Director, Icon Law LLC. LL.B (Hons), NUS (1999) | Lorenzo International; Yongmao Holdings; Triyards Holdings (in liquidation) |
Executive Leadership Team
| Name | Role | In role since | Background |
|---|---|---|---|
Bob Christoper (Sinaga) | Chief Financial and Strategy Officer; Maritime Business Leader | 18 Jul 2025 (VP Strategic Planning from May 2021) | More than 16 years in M&A, valuation and audit. Ex-EY and KPMG; Senior Manager, PT Central Proteina Prima Tbk. CPA (IAPI), CPFM |
Frederick Lau Si Kah | Deputy CFO; designated Risk Officer | — | More than 15 years of audit experience: Arthur Andersen and EY Malaysia, Deloitte Singapore, BDO Singapore. FCCA, ISCA |
Feri Risnandar | Country Head, Indonesia; Director, Enterprise and Government Services, InterBio; Identity Business Leader | 18 Jul 2025 (VP Government Relations from Jun 2023) | Long-standing adviser and partner to MOHA on national-ID biometric onboarding and e-KYC |
Ong Kok Chung | AI Business Leader; Digital Asset Solutions Head | Sep 2025 | Blockchain, digital-asset and private-equity background; former portfolio manager, True Global Ventures |
Mohit Kapadiya | Technology Lead, Venture Business Unit | Sep 2025 | Founding member, Quranium Global; founder, Tanthetaa Software Studio |
Alan Ang | Growth Director; Blockchain Business Leader | After FY2026 (Aug 2026) | Ex-Ricoh Asia Pacific; Chairman, Asia Blockchain Association |
Gunawan Halim | Head of Product, TOTM Labs | Aug 2026 | Former product leadership roles at WeLab; more than 20 years in enterprise transformation |
Tony Tran | Quantum Business Leader | — | Not disclosed (AGM 2026 presentation) |
“—” = not publicly disclosed.
Directors' Remuneration
| Director / executive | Salary and CPF (%) | Share awards and options (%) | Director's fee (%) | Other benefits (%) | Total (SGD) |
|---|---|---|---|---|---|
Chan Wei Jie (ED and CEO; includes period as Head of TOTM Labs) | 42 | 58 | 0 | 0 | 327,826 |
Pierre Prunier (former Executive Chairman, to 30 Apr 2026) | 75 | 0 | 0 | 25 | 303,723 |
Siek Wei Ting (Lead ID) | 0 | 0 | 100 | 0 | 60,000 |
Tan Ser Ko (ID) | 0 | 0 | 100 | 0 | 52,000 |
Soh Chun Bin (ID) | 0 | 0 | 100 | 0 | 47,681 |
Directors' Remuneration (Annual)
| Governance attribute | Status (Annual Report 2026) |
|---|---|
Board size | 4 |
Independent directors | 3 of 4 (75%) |
Chairman / CEO separation | Chairman vacant. CEO and chair roles were combined in the Executive Chairman from 29 Sep 2025 to 30 Apr 2026, with no separate CEO |
Lead Independent Director | Siek Wei Ting |
Audit Committee | Siek (Chair), Soh, Tan: all independent |
Nominating Committee | Soh (Chair), Siek, Tan: all independent |
Remuneration Committee | Tan (Chair), Siek, Soh: all independent |
Director tenure | All four directors have served 3 years or less |
Gender diversity | 0 of 4 directors female (all directors are referred to as "Mr"); no numeric diversity target set |
Code of Conduct and Ethics | The Board "has yet to adopt" a formal Code of Conduct and Ethics (CG Report, Provision 1.1) |
Board meetings, FY2026 | 2 (July 2025 and January 2026); 3 AC meetings |
Internal controls opinion | "Generally adequate and effective with room for improvement"; some low-risk audit findings outstanding |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
11 Oct 2024 (effective 28 Oct) | CTO Bryan Eaton Glancey Jr. resigned | Left to pursue other opportunities |
21 Oct 2024 | Pierre Prunier stepped down as CEO and remained Executive Director; Irawan Mulyadi re-designated from NED to ED and CEO | Internal strategic deliberation. Irawan, a former PT IBI CEO (2019–2023), is a 99% shareholder of PT WAN Solutions, a strategic partner with interested-person transactions disclosed |
18 Nov 2024 | Chairman Low Chai Chong resigned | Search for replacement |
16 Dec 2024 | Phang Yew Kiat appointed Independent Non-Executive Chairman | Board reconstitution |
20 Jan 2025 | Requisition by Khoo Thomas Clive, Wong Hong Eng, Ang Siew Joo, Teo Teo Lee and Tan Ah Ee to remove Aw Eng Hai (ID) and Dhanie Tri Indrasto (NED) | Khoo then held 7.35% |
25 Feb 2025 | Siek Wei Ting appointed ID | — |
31 Mar 2025 | Aw Eng Hai resigned; Siek became AC Chairman from 1 Apr 2025 | — |
7 May 2025 | Second requisition by nine shareholders (about 10% combined) to remove CEO Irawan, Dhanie Tri Indrasto and Chairman Phang Yew Kiat | Shareholder activism |
23 May 2025 | ID Diaz Faisal Hendropriyono resigned | Appointed Indonesia's Deputy Minister of Environment (Oct 2024) |
27 May 2025 | Irawan Mulyadi (CEO), Phang Yew Kiat and Dhanie Tri Indrasto resigned | Board reduced to 1 ED and 1 ID. Irawan warned of possible disruption to government projects he had led |
26 Jun 2025 | Tan Ser Ko appointed ID | — |
18 Jul 2025 | Bob Christoper named CFSO; Feri Risnandar named Country Head Indonesia | — |
25 Jul 2025 | Soh Chun Bin appointed ID and NC Chairman | — |
29 Sep 2025 | Pierre Prunier appointed Executive Chairman; Siek appointed Lead ID | Interim stability measure |
14 Apr 2026 | Prunier resignation as Executive Chairman announced (effective 30 Apr 2026) | To focus on other business commitments |
12 May 2026 | Chan Wei Jie appointed ED and Group CEO | Promoted from Head of TOTM Labs |
Aug 2026 | Alan Ang (Growth Director) and Gunawan Halim (Head of Product) appointed | Post-FY2026 |
Major Shareholders
| Holder | Stake | Basis / date |
|---|---|---|
Khoo Thomas Clive | 20.03% | Form 3 / The Edge Singapore, 6 May 2026, before the 26 May 2026 placement. |
Chan Wei Jie (CEO) | 6,250,002 shares (about 0.36%) plus 18,749,998 unvested PSP awards | Annual Report 2026 |
Siek Wei Ting (Lead ID) | 1,620,000 shares (about 0.09%) | Annual Report 2026 |
Pierre Prunier (former Executive Chairman) | Before Jan 2023 he held 17.15% of InterBIO through No Ka Oi Private Limited and Prundjaya Capital Pte. Ltd., and would have received TOTM shares on the 49% buy-out | FY2022 results, IPT note |
Free float | Catalist requires at least 10% public float | — |
Targets & Commitments
| Initiative | Date | Description | Status |
|---|---|---|---|
Strategic review and cost rationalisation | Jul 2024 | Refocus on core identity, headcount reduction, product streamlining | Executed. Cash opex down 43% FY2023–FY2026 |
Presight AI joint venture | Announced Jul 2024 (MOU Jan 2022) | JV to deliver identity and AI technology to the Middle East, Africa and Southeast Asia | No completion announcement found; status unconfirmed |
Timor-Leste unique ID model; Papua New Guinea National ID tender | Jul 2024 | Shortlisting and tender participation | Outcome not disclosed |
Teneo Communications MOU (Malaysia) | — | AI and big data for Malaysian digital transformation; possible regional base under Ministry of Digital incentives | Non-binding |
Venture Business Unit / TOTM Labs | Sep 2025 | AI-enabled venture builder | Operating |
Diversification mandate | 12 Mar 2026 (EGM) | Shareholders approved entry into AI, blockchain, quantum and other emerging technologies | Approved |
TOTM.AI launch | 29 Apr 2026 | Digital Employees agentic-AI platform | Pre-commercial; pilots targeted |
S$5.5m private placement | 26 May 2026 | Net S$5.213m: S$4.431m for frontier technology including TOTM.AI, acquisitions, investments and JVs; S$0.782m for working capital | Unused at 30 Jul 2026 |
Onchain Finance Network MOU | — | Blockchain ecosystem | Non-binding |
PILA Group MOU (Vietnam) | 13 Aug 2026 | Verifiable trade finance and cross-border payment settlement, Vietnam–Singapore | Non-binding |
KORIKA LOI (Indonesia) | 13 Aug 2026 | AI governance, trusted-data initiatives, AI ecosystem under Indonesia's National AI Strategy | Non-binding |
InterBio–Crescotec partnership | 24 Sep 2026 | iBeta Level 3 face recognition and liveness combined with InterBio identity infrastructure | Signed |
Maritime Cloud Platform | FY2026–FY2027 | Fleet-readiness SaaS | Seeking first paying customers |
Quantum unit | FY2026–FY2027 | PQC training, migration and software; validation in Vietnam | Early stage |
ESG | 30 Sep 2026 | FY2026 Sustainability Report with climate-related disclosures and GRI index | Published |
Competitive Landscape
Competitor Detail
| Metric | TOTM Technologies (FY2026) |
|---|---|
Revenue | S$6.48m |
Revenue growth | −19.9% |
Adjusted EBITDA margin | −23.9% |
Net margin | −200.5% |
R&D intensity | Not separately disclosed (India billings proxy 7.6%) |
Geographic reach | Indonesia (revenue); Singapore and India (operations) |
Recent Developments
Litigation, regulatory actions and guidance revisions: *
