Ryde Group Ltd (RYDE) - Form 20-F Summary
Business Context and Reporting Period
Company: Ryde Group Ltd (Cayman Islands exempted company)
Reporting Period: Fiscal Year Ended December 31, 2025
Listing: NYSE American (Ticker: RYDE)
Business Model: A technology-driven platform operating in Singapore, providing mobility (ride-hailing, carpooling) and quick commerce (on-demand delivery) services. The company acts as an agent, connecting driver partners with consumers and recognizing revenue on a net basis (fees/commissions).
Key Milestones: Completed IPO in March 2024; acquired 40% stake in Atoll Discovery Pte Ltd (EV rental) in June 2025; completed multiple registered direct and private offerings in late 2025 and early 2026.
Key Financial Metrics (Year Ended Dec 31, 2025)
| Metric | 2025 (S$'000) | 2025 (US$'000) | 2024 (S$'000) |
|---|---|---|---|
| Total Revenue | 12,506 | 9,725 | 8,950 |
| Net Loss | (17,449) | (13,570) | (18,675) |
| Adjusted EBITDA | (5,764) | (4,483) | (7,692) |
| Cash & Equivalents | 5,002 | 3,890 | 5,519 |
| Shareholders' Equity | 31,982 | 24,870 | 3,868 |
| Operating Cash Flow | (23,533) | (18,301) | (11,733) |
Note: US$ figures are translated at the rate of S$1.00 = US$0.7777 as of Dec 31, 2025.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 40% to S$12.5 million, driven primarily by a 61% surge in Mobility revenue (S$9.3 million) due to increased consumer demand. Conversely, Quick Commerce revenue declined 14% and Membership revenue declined 12%.
- Profitability: Net loss narrowed by 7% to S$17.4 million compared to S$18.7 million in 2024. Adjusted EBITDA improved by 25% to a loss of S$5.8 million.
- Expense Dynamics:
- Drivers/Riders Costs: Increased 51% to S$7.0 million, attributed to higher incentives paid to drivers and riders and increased payment processing fees.
- Share-Based Compensation (SBC): Increased 7% to S$11.1 million, largely due to significant equity awards granted to the CEO and consultants.
- Other Expenses: Decreased 9% to S$8.9 million, primarily due to a reduction in consultant and advisory fees.
- Liquidity: Cash and cash equivalents decreased to S$5.0 million (US$3.9 million) despite significant financing inflows, due to high operating cash burn and investing outflows (including a S$8.0 million note subscription and S$1.3 million advances).
Guidance, Outlook, Risks, and Unusual Items
- Listing Compliance: The company received notice from NYSE American regarding non-compliance with stockholders' equity requirements (Section 1003(a)(ii)). A compliance plan was accepted in August 2025, with a deadline to regain compliance by November 21, 2026. Failure to comply may result in delisting.
- Regulatory Environment: The Platform Workers Act 2024 in Singapore, effective Jan 1, 2025, mandates operational adjustments regarding driver partner classification and CPF contributions, potentially increasing costs.
- Capital Strategy: The company has been actively raising capital through registered direct offerings and private placements in late 2025 and early 2026 to fund operations and expansion. Proceeds are being used for working capital and deposits for electric vehicle purchases.
- Unusual Items:
- Joint Venture: Acquired 40% of Atoll Discovery Pte Ltd (EV rental) in June 2025; recognized a share of loss of S$119,000 for the period.
- CEO Compensation: Significant share-based compensation awards (Class B shares) were granted to the CEO in 2025, including performance-based awards linked to fundraising milestones.
- Risks: Intense competition in Singapore (Grab, Gojek, TADA); reliance on driver incentives to maintain supply; potential reclassification of drivers as employees; cybersecurity threats; and foreign exchange fluctuations between SGD and USD.
Investor Verification Checklist
- Listing Status: Verify the company's progress on its NYSE American compliance plan to avoid delisting by November 2026.
- Capital Burn Rate: Assess the sustainability of the current operating cash burn (S$23.5M in 2025) against the cash raised in recent offerings and the timeline to profitability.
- Incentive Structure: Analyze the trend of "Drivers and riders cost" relative to revenue to determine if the company can reduce incentive dependency without losing market share.
- CEO Equity Dilution: Review the impact of the dual-class share structure and recent large equity grants to the CEO on future dilution and voting control.
- Regulatory Impact: Monitor the financial impact of the new Singapore Platform Workers Act on labor costs and driver partner retention.
- EV Expansion: Verify the status of deposits placed for electric vehicle purchases and the strategic rationale for the joint venture in EV rentals.