Deep Intelligence Across Industries

YYForce is a Singapore-headquartered micro-cap services group. It combines two businesses. The first is an app-based on-demand staffing marketplace (YY Circle). The second is an acquisition-built integrated facility management (IFM) business covering cleaning, security, pest control, property management and façade services. Revenue grew from US$17.5M in FY2021 to US$57.2M in FY2025, a four-year CAGR of about 35%. Growth came from geographic roll-outs of the staffing app and a run of Singapore IFM acquisitions in 2025. The economics remain those of a labor-intensive contractor. Gross margins sit in the 10–14% band. Since FY2024 the company has posted losses driven by share-based compensation, acquisition impairments and expansion overheads. It has financed itself through repeated equity issuance, including two reverse splits in 2026. Management's rebrand to YYForce and its "2030 Vision" reposition the group as a human–AI–robotics workforce platform. As of H1 2026, these AI and robotics initiatives had not contributed materially to revenue. --- ### What the company does YYForce provides two core services to service-sector businesses, mainly in Singapore and Malaysia, with smaller operations elsewhere in Asia and beyond. **Manpower outsourcing (on-demand and full-time staffing)** - The business is delivered through the YY Circle Super App ("YY App"), launched in June 2019 to digitize the founders' traditional casual-labor agency. - Clients post shifts, and registered workers accept them. The company invoices clients and pays workers. - Key FY2025 metrics (company releases / FY2025 20-F): - 903,952 cumulative app downloads and 268,241 total active users at end-2025. - Monthly active users of 40,688 and a 95% job fulfillment rate. - 305 employers served and roughly 12 million man-hours deployed. - The core client base is hotels, F&B operators, private clubs, MICE/banqueting and retail. **Integrated facility management (IFM)** - This began in 2018 as a professional cleaning business, built out of the founders' agency, Hong Ye Group. - In 2025 it was expanded by acquisition into a multi-service IFM platform: - Property Facility Services (property and facility management) - Uniforce Security Services (security) - Pest Fighter (pest control) - the 24iFM software platform - Services include commercial, hospitality and industrial cleaning, façade cleaning, disinfection, MICE stewarding, pest control, security, landscaping and property management. - Smart-cleaning technology includes the Smart iClean IoT toilet-management platform and deployed cleaning robots. - FY2025: 274 IFM customers, average revenue per customer of US$119,887, and 612 active cleaners. **Other services** - Web design, development and digital marketing through Mediaplus Venture Group (54% owned). - Rental income from investment properties. - YY Smart Tech (IT services). - Since August 2026, a supply-chain unit (YY Logitech) and a 95%-owned Singapore distributor. ### Business model and revenue model The company's revenue is overwhelmingly service revenue. There is no material product, subscription or licensing revenue. **Manpower:** billed largely by hours or shifts deployed. Gross margin was 13.8% in FY2025 and 15.5% in FY2024. **IFM:** generally multi-year headcount-based or performance-based service contracts. Gross margin was 13.2% in FY2025 and 10.8% in FY2024. **Software:** the 24iFM platform and the Smart iClean app are positioned as enablers of the service contracts. The company does not report separate software subscription revenue. **New models:** the 2030 Vision contemplates Robotics-as-a-Service and leasing, and a services marketplace with lifestyle advertising inside 24iFM (announced 8 October 2026). None was revenue-material as of H1 2026. **Working-capital profile.** The FY2025 20-F states that customers typically pay one to two months after service, while app workers are paid within a week. Days sales outstanding have run at about 80–85 days. Growth therefore consumes cash. ### Value-chain position, customers and end-markets | Top-five customer share of segment revenue (%) | FY2023 | FY2024 | FY2025 | |---|---|---|---| | Manpower outsourcing (%) | 35 | 28 | 23 | | IFM (%) | 31 | 27 | 21 | YYForce is a labor intermediary and outsourced service contractor. It sits between building owners/operators and hospitality operators on one side and a flexible workforce on the other. **End-markets:** hospitality (hotels, F&B, clubs), MICE, retail and shopping malls, transportation, banking, mixed-use developments, education, and residential/commercial property. **Customer base:** 1,054 customers at 31 December 2025 across all businesses (FY2025 20-F). Of these, 274 were IFM and 305 were manpower; the remainder relate to other services. **Concentration:** is moderate and declining (FY2025 20-F): ### Company self-description versus independent characterization **Company's description.** In the FY2025 20-F, the company calls itself a data- and technology-driven company developing enterprise intelligent labor matching and smart cleaning services. Since September 2026 it has described itself as an "AI-enabled workforce management platform and integrated facility management provider." Its stated ambition is to evolve from intelligent decision support toward increasingly autonomous workforce management. **Independent characterization.** On the financial evidence, YYForce is a staffing and contract-cleaning/IFM roll-up with a consumer-grade job-matching app. Its characteristics: - Thin gross margins (10–14%). - R&D expense reported as zero in every year. - Customer-acquisition-driven overseas staffing expansion, partly reversed in 2025–26. - A capital structure dominated by equity issuance and founder super-voting control. The AI, robotics and humanoid narrative is real in the sense of pilots, a robotics center and partnerships. It is not yet visible in revenue or margins: H1 2026 gross margin fell to 10.1%.