NOCERA, INC.

Listed Company

NCRACIK 0001756180NasdaqEmerging GrowthAgricultural Prod-Livestock & Animal SpecialtiesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$13.63M

Net Income

$-2.88M

Total Assets

$10.11M

Equity

$-440.7K

Shares Out

17.08M

Op. Cash Flow

$-2.58M

Business

NOCERA, INC. designs, develops and produces large-scale recirculating aquaculture systems (RASs) and provides consulting, technology transfer and aquaculture project management services. Its main products and services include land-based RAS installations (tanks, circulation and filtration systems), aquaculture consulting, project management, and e-commerce food retail through affiliated divisions. The company operates through business units including Nocera Taiwan Branch, Meixin, Xinca and SY Culture, combining RAS manufacturing, consulting, e-commerce and food distribution. It primarily serves customers in Taiwan and targets markets in North and South America, Japan, Thailand, Jordan, South Africa and the United States via direct sales, distribution channels and online retail.

Summary from filing dated 2025-05-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	14	17	—	—	—
Cost of sales	−13	−17	−24	−14	−9
Gross profit	172,677	334,261	194,959	255,966	944,592
Impairment of goodwill	0	−3	−2	—	—
General and administrative expenses	−3	−3	−2	−3	−10
Share based compensation	0	−60,831	—	—	—
Total operating expenses	−3	−5	−5	−3	−10
Other income	41,424	690,722	265,266	417,999	−4,055
Net loss before income taxes	−3	−4	−4	−2	−9
Income tax expenses	−251,972	−237,071	−22,703	23,808	−139,932
Net loss from continuing operations	−3	−4	−4	−2	—
Loss on disposal	−67,660	0	—	—	—
Loss from discontinued operations	−145,545	−196,705	—	—	—
Net (loss) gain from discontinued operations	−213,205	−196,705	0	−3	—
Net loss	−3	−4	−4	−5	−10
Less: Preferred dividend	−123,014	−16,000	—	—	—
Less: Net income attributable to non-controlling interests	43,023	39,342	—	—	—
Net loss attributable to Nocera Shareholders	−3	−4	—	—	—
Foreign currency translation income (loss)	−66,901	74,888	4,688	−89,688	−63,676
Total comprehensive loss	−3	−4	−4	−5	—
Less: Net loss attributable to non-controlling interest	43,023	39,342	54,395	−76,319	—
Less: Foreign currency translation loss attributable to non-controlling interest	−2,589	4,549	−48,335	—	—
Comprehensive loss attributable to Nocera Shareholders	−3	−4	−4	−5	−10
Loss per share- basic	−0.21	−0.34	−0.42	−0.61	−1.08
Loss per share- diluted	−0.21	−0.34	−0.42	−0.61	−1.08
Net loss per share from continuing operations - basic	−0.19	−0.32	−0.42	−0.27	—
Net loss per share from continuing operations - diluted	−0.19	−0.32	−0.42	−0.27	—
Net (loss) income per share from discontinued operations - basic	−0.01	−0.01	0	−0.34	—
Net (loss) income per share from discontinued operations - diluted	−0.01	−0.01	0	−0.34	—
Weighted average shares outstanding - basic	14	13	10	8	6
Weighted average shares outstanding - diluted	14	13	10	8	6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Cash and cash equivalents	8	484,161	372,270	586,424	961,777
Accounts receivable	0	41,941	100,866	156,517	172,310
Prepaid expenses and other current assets	317,162	154,256	628,010	538,820	506,257
Financial assets at fair value through profit or loss	0	210	—	—	—
Total current assets	8	680,568	1	1	2
Equity method investments	924,152	27,206	—	—	—
Property and equipment, net	882,783	1	1	1	2
Right-of-use assets	34,942	43,453	—	—	—
Intangible asset, net	0	97,825	101,901	105,977	110,053
Goodwill	0	726,025	3	3	3
Other non-current assets	0	7,156	9,847	24,632	9,657
Total assets	10	3	6	6	7
Income tax payable	336,936	135,795	40,545	53,650	121,769
Accrued expenses and other liabilities	121,961	448,348	—	—	—
Dividend payable	177,326	54,312	38,312	38,312	38,312
Due to related parties	23,565	27,116	29,121	27,239	27,482
Warrant liability	25,859	76,847	345,920	316,071	676,273
Total current liabilities	685,646	742,418	586,288	555,770	1
Financial Liability at FVTPL	7	0	—	—	—
Lease liability	25,641	31,035	—	—	—
Total liabilities	8	773,453	619,988	589,862	2
Commitments and contingencies (Note 19)	—	—	—	—	—
Total mezzanine equity	3	—	—	—	—
Common stock ($0.001 par value; authorized 200,000,000 shares; 14,433,630 shares and 14,047,539 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	14,433	14,047	13,637	13,557	12,957
Preferred stock ($0.001 par value; authorized 10,000,000 shares; Series A Preferred Stock, 2,000,000 shares authorized, 80,000 shares issued and outstanding as of December 31, 2025 and 2024)	80	80	80	80	80
Additional paid-in capital	25	25	25	25	24
Statutory and other reserves	191,219	191,219	—	—	—
Accumulated losses	−26	−23	−19	−19	−19
Accumulated other comprehensive income	90,919	24,018	−91,357	−103,501	41,599
Total Nocera, Inc.s stockholders equity	−440,735	2	5	6	5
Non-controlling interests	0	40,434	45,935	57,690	73,537
Total equity	−440,735	2	—	—	—
Total liabilities, mezzanine equity, and equity	10	3	6	6	7

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Less: net (loss) income from discontinued operations	−457,708	−196,705	—	—	—
Net loss from continuing operations	−2	−5	—	—	—
Net gain on financial liabilities at FVTPL	−144,290	0	−8,697	—	—
Depreciation expenses	210,524	134,288	171,312	66,907	6,127
Amortization	16,304	16,304	16,305	4,891	0
Gain on disposal of SY Media	−87,603	0	—	—	—
Loss on disposal of Meixin	155,263	0	—	—	—
Share of (profit)/loss of associates	−24,152	0	—	—	—
Gain on fair value change of financial assets held for trading	−3	−4,270	−8,697	0	—
Share-based compensation	59,854	60,831	—	—	—
Other Adjustment Items	115,813	0	—	—	—
Accounts receivable, net	23,042	128,395	35,043	−95,262	−252,338
Inventories	0	88,550	1,342	5,382	278,100
Advance to suppliers	6,672	0	0	0	−40,563
Prepaid expenses and other assets, net	125,660	−94,888	−4,026	−2	−66,232
Other non-current assets	2,669	−68	−4,865	0	—
Dividend payables	0	16,000	32,000	—	—
Advanced from customers	−74,077	0	—	—	—
Other payables and accrued liabilities	−242,028	202,794	92,834	−54,526	103,599
Income tax payable	201,180	133,938	22,600	−4,712	92,346
Subtract non-cash gain on warrant liabilities	−50,179	−797,269	−305,652	—	—
Advance receipts	270	0	−42,880	—	—
Net cash (used in) provided by operating activities from continuing operations	−3	−2	−1	−470,063	—
Net cash used in operating activities from discontinued operations	782	−2,593	—	—	—
Net cash used in operating activities	−3	−2	−1	−2	251,729
Purchase of property and equipment	0	23,044	—	—	—
Purchase of financial assets at FVTPL	0	−206	—	—	—
Proceeds from disposal of financial assets at FVTPL	213	212,963	0	—	—
Proceeds from Disposal of subsidiary	781,672	0	0	300,082	0
Acquisition of associate	−900,000	0	—	—	—
Payment for acquisition of right-of-use assets	0	−15,336	—	—	—
Net cash used in investing activities from continuing operations	−118,115	220,465	−1	−4	—
Net cash used in investing activities from discontinued operations	0	0	0	0	—
Net cash (used in) provided by investing activities	−118,115	220,465	−1	−4	−25,067
Proceeds from issuance of common stock	251,700	2	626,987	6	2
Proceeds from issuance of preferred stock	3	0	—	—	—
Proceeds from issuance of convertible notes	7	0	—	—	—
Payment of lease liabilities	−6,796	−4,750	—	—	—
Proceeds from secured other borrowings	−516	−478,361	—	—	—
Net cash provided by financing activities from continuing operations	10	1	463,533	6	—
Net cash used in financing activities from discontinued operations	0	0	0	0	—
Net cash provided by financing activities	10	1	449,898	6	1
Effect of exchange rate changes on cash and cash equivalents from continuing operations	−11,868	28,446	—	—	—
Effect of exchange rate changes on cash and cash equivalents from discontinued operations	0	0	—	—	—
Net effect of exchange rate changes on cash and cash equivalents	−11,868	28,446	16,074	−23,941	−10,017
Net increase/(Decrease) in cash and cash equivalents	7	−745,419	−2	462,065	1

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