Contract asset represents revenue recognized for goods or services transferred to the customer for which the Company does not yet have an unconditional right to consideration. These amounts are expected to be billed and collected within the next 12 months.

As of March 31, 2025, S$180,597 previously presented within contract assets, representing goods delivered to customer sites but pending installation, has been reclassified to inventories, net, to conform to the current year’s presentation, refer to Note 2, Reclassification.