Exhibit 99.1
INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Currency expressed in United States Dollars (“US$”))
| As at March 31, 2026 | As of December 31, 2025 | |||||||
| $’000 | $’000 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | 914 | 1,059 | ||||||
| Restricted cash | 314 | 315 | ||||||
| Accounts receivable - Third parties, net | 11,174 | 7,935 | ||||||
| Accounts receivable - Related parties, net | 2,825 | 2,630 | ||||||
| Inventories | 18,612 | 18,553 | ||||||
| Amounts due from related parties | 2,121 | 2,080 | ||||||
| Deposits, prepayments and other receivables | 7,678 | 3,949 | ||||||
| Total current assets | 43,638 | 36,521 | ||||||
| Non-current assets: | ||||||||
| Property and equipment, net | 2,150 | 2,129 | ||||||
| Right-of-use assets, net | 2,427 | 657 | ||||||
| Deferred tax assets | 801 | 837 | ||||||
| Amounts due from related parties | 1,242 | 1,274 | ||||||
| Total non-current assets | 6,620 | 4,897 | ||||||
| TOTAL ASSETS | 50,258 | 41,418 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | 7,121 | 5,054 | ||||||
| Accounts payable - Related parties | 279 | 244 | ||||||
| Customer deposits | 9,587 | 5,647 | ||||||
| Amounts due to related parties | 4,766 | 5,467 | ||||||
| Bank borrowings | 19,080 | 17,686 | ||||||
| Finance lease liabilities, current | 117 | 70 | ||||||
| Operating lease liabilities, current | 1,965 | 176 | ||||||
| Income tax payable | 69 | 100 | ||||||
| Total current liabilities | 42,984 | 34,444 | ||||||
| Long-term liabilities: | ||||||||
| Bank borrowings | 1,195 | 1,241 | ||||||
| Finance lease liabilities, non-current | 133 | 140 | ||||||
| Operating lease liabilities, non-current | 506 | 508 | ||||||
| Deferred tax liabilities | 78 | 112 | ||||||
| Total long-term liabilities | 1,912 | 2,001 | ||||||
| TOTAL LIABILITIES | 44,896 | 36,445 | ||||||
| Shareholders’ equity | ||||||||
| Preferred Shares, 25,000,000 authorized with par value of $0.0005 each, none issued or outstanding as of March 31, 2026 and December 31, 2025 | - | - | ||||||
| Ordinary shares, 200,000,000 authorized comprise of 150,000,000 Class A and 25,000,000 Class B shares, with par value of $0.0005 each, 16,170,624 and 16,527,249 ordinary shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 8 | 8 | ||||||
| Additional paid-in capital | 1,006 | 1,006 | ||||||
| Accumulated other comprehensive loss | (523 | ) | (535 | ) | ||||
| Retained earnings | 4,871 | 4,494 | ||||||
| Total shareholders’ equity | 5,362 | 4,973 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 50,258 | 41,418 | ||||||