UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of October 2026

Commission File Number: 001-41335

JE CLEANTECH HOLDINGS LIMITED

(Exact name of Registrant as specified in its charter)

3 Woodlands Sector 1

Singapore 738361

(Address of principal executive offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

TABLE OF CONTENTS

Overview

JE Cleantech Holdings Limited (together with its subsidiaries, our “Group”) is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Our Group commenced business in the selling of cleaning systems in 2005, before starting our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We design, develop, manufacture and sell cleaning systems for various industrial end-use applications to our customers mainly in Singapore and Malaysia. We have also provided centralized dishwashing services since 2013 and general cleaning services since 2015 mainly for food and beverage establishments in Singapore.

For the six-month periods ended June 30, 2025 and 2026, our revenue amounted to SGD6.5 million and SGD20.8 million, respectively. Our net loss amounted to SGD0.8 million and net income amounted to SGD1.7 million for the six-month periods ended June 30, 2025 and 2026, respectively.

The following table shows our Statement of Operations data for the six-month periods ended June 30, 2025 and 2026 in SGD and, for 2026, in USD. For further information regarding the results of our operations, see our unaudited interim condensed consolidated financial statements appearing elsewhere in this Report.

⁽¹⁾ Calculated at the rate of US$0.7727 = SGD1, as set forth in the statistical release of the Federal Reserve System on June 30, 2026.

Key Factors Affecting the Results of Our Group’s Operations

Our financial condition and results of operations have been and will continue to be affected by a number of factors, many of which may be beyond our control, including those factors set out in the section headed “Risk Factors’’ in our Annual Report for the fiscal year ended December 31, 2025, filed with the United States Securities and Exchange Commission (the “SEC”) on May 8, 2026, and those set out below:

Dependence on our major customer groups

Our aggregate sales generated from our top five customer groups were 54.7% and 90.0% of our revenue for the six-month periods ended June 30, 2025 and 2026, respectively. Accordingly, our sales would be significantly negatively affected by a reduction in orders from our top five customer groups. Maintaining a certain level of customer orders is subject to certain inherent risks, many of which are beyond our control, including, among others, risks related to changes and developments in the local political, regulatory and business conditions that may affect customers’ purchases from us. A reduction in demand for our products and services by our top customer groups could have a material adverse effect on our business, results of operations and financial condition, and could affect our ability to remain profitable and achieve business growth.

In addition to maintaining and growing our business with existing customers, the success of our business also depends on our ability to attract new customers. If we are unable to attract new customers, our business growth will be hampered and our business, financial condition, results of operations and prospects may be materially and adversely affected.

Non-recurring nature of our sale of cleaning systems and other equipment business

We design, manufacture and sell cleaning systems and other equipment on an order-by-order basis. Our customers are under no obligation to continue to award contracts to or place orders with us and there is no assurance that we will be able to secure new orders in the future. Moreover, our Group generally must go through a tendering or quotation process to secure new orders, and the number of orders and the amount of revenue that we are able to derive therefrom are affected by a series of factors including but not limited to changes in our clients’ businesses and changes in market and economic conditions. The result of such process is beyond our control and there is no assurance that our Group will secure new projects from future tender submissions or new orders. Accordingly, our results of operations, revenue and financial performance may be adversely affected if our Group is unable to obtain new orders from our customers of contract values, size and/or margins comparable to previous orders.

Fluctuations in the cost of our raw materials

Raw materials, such as steel and electronic components, are the largest component of our cost of revenues, representing 17.6% and 63.7% of our total cost of revenues for the six-month periods ended June 30, 2025 and 2026, respectively. As our contract price is fixed once our customer confirms an order for a cleaning system or other equipment, it is difficult for us to manage the pricing of our cleaning systems and other equipment to pass on any increase in costs to our customers. Any fluctuations in the cost of raw materials would affect our profitability.

The prices at which we purchase such raw materials are determined principally by market forces, such as the relevant supply of and demand for such raw materials and by our bargaining power with our suppliers. During the six-month periods ended June 30, 2025 and 2026, the majority of our raw materials were commonly available from the marketplace, and their prices are affected by market forces. We monitor supply and cost trends of these raw materials and take appropriate actions to obtain the materials we need for production. We expect fluctuations in the cost of key materials to continue to affect our margins.

All of the raw materials we procure, including stainless steel, aluminum and electronic components, are purchased from a number of suppliers to ensure adequate supply and efficient delivery to our production and processing facilities.

We may not be able to maintain compliance with Nasdaq’s continued listing requirements.

In November 2022 and again in December 2023, we received notifications from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that our Ordinary Shares had failed to maintain a minimum bid price of $1.00 over the last 30 consecutive business days as required by Nasdaq’s Minimum Bid Price Requirement, putting our Ordinary Shares at risk of being delisted from Nasdaq. Although, in both of those instances, we regained compliance and our Ordinary Shares were not delisted from Nasdaq, the trading price of our shares is volatile and there can be no assurance that it will not drop below $1.00 for 30 consecutive business days in the future. If that happens, and if we are unable to regain compliance with the Minimum Bid Price Requirement, our Ordinary Shares could be delisted from Nasdaq.

If, in the future, our Ordinary Shares are delisted from Nasdaq, we could face significant material adverse consequences, including:

In addition, as long as our Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts the states from regulating their sale, although the law does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. If we were no longer listed on Nasdaq, we would be subject to regulations in each state in which we offer our shares in the future.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is based on our Group’s historical results of operations and may not be indicative of our Group’s future operating performance.

Revenue

During the six-month periods ended June 30, 2025 and 2026, our customers were from various industries, including HDD manufacturing, semiconductor manufacturing, food and beverage and industrial electronic. As of the date of this Report, our customers continue to be from such various industries. Our cleaning systems and other equipment were mainly sold in Singapore and Malaysia, and we provided centralized dishwashing and ancillary services to customers in Singapore.

Our revenue was derived from (i) our sale of cleaning systems and other equipment business; and (ii) our provision of centralized dishwashing and ancillary services business. The following table sets out the revenue generated from each of our business sectors during the six-month periods ended June 30, 2025 and 2026:

Our total revenue increased by SGD14.3 million or 220.5% to SGD20.8 million for the six-month period ended June 30, 2026 from SGD6.5 million for the six-month period ended June 30, 2025. The increase was primarily attributable to our sale of precision cleaning systems, which increased by SGD13.4 million. This was driven by higher sales to a group of key customers in Malaysia, whose major orders were rescheduled for delivery and commissioning in the first half of 2026 pursuant to their factory upgrading and expansion plans. As revenue is recognised upon completion of installation and customer acceptance, these orders were recognised in the six-month period ended June 30, 2026. As a result, revenue from customers in Malaysia increased to SGD12.8 million (61.5% of total revenue) as compared to SGD0.6 million (9.7% of total revenue) in the prior period. As this increase was largely attributable to the one-time rescheduling of these orders, we do not expect revenue in future periods to remain at this level.

The following table sets forth the movement in orders backlog for our sale of cleaning systems and other equipment in terms of approximate contract value of orders during the six-month periods ended June 30, 2025 and 2026.

⁽¹⁾ Outstanding contract value as of beginning of period represents the contract value of orders which were not completed as of the beginning of the relevant period.

⁽²⁾ Outstanding contract value as of period-end represents the contract value of ongoing orders as of the end of the relevant year or period that will be carried forward to the next year or period.

Revenue by geographical locations

For the six-month periods ended June 30, 2025 and 2026, 67.3% and 23.0% of our total revenue, respectively, was generated from customers located in Singapore and 9.7% and 61.5% of our total revenue, respectively, was generated from customers located in Malaysia. For the same six-month periods, our revenue generated from customers located in other countries accounted for 23.0% and 15.5% of our total revenue, respectively.

Cost of revenues

During the six-month periods ended June 30, 2025 and 2026, our cost of revenues was mainly comprised of raw materials costs, labor costs, sub-contracting costs and production overheads. For the six-month periods ended June 30, 2025 and 2026, our cost of revenues amounted to SGD4.9 million and SGD13.3 million, respectively. The cost of revenues increased in line with the increase in our revenues.

Gross profit and gross profit margin

Our total gross profit amounted to SGD1.6 million and SGD7.5 million for the six-month periods ended June 30, 2025 and 2026, respectively. Our overall gross profit margins were 25.1% and 36.2% for the six-month periods ended June 30, 2025 and 2026, respectively.

Our total gross profit increased by SGD5.9 million for the six-month period ended June 30, 2026, primarily due to higher revenue from the sales of precision cleaning systems, our most profitable business sub-segment, which higher revenue was primarily due to the rescheduling by a group of key customers in Malaysia of orders from the second half of 2025 to the first half of 2026.

Selling and marketing expenses

Our selling and marketing expenses mainly included sales commission, promotion and marketing expenses and transportation expenses. Our selling and marketing expenses increased by SGD0.5 million to SGD0.6 million for the six-month period ended June 30, 2026 from SGD0.1 million for the six-month period ended June 30, 2025. The increase was mainly due to higher sales commissions incurred on new sales orders secured during the period, which account for part of the significant increase in revenue from our sale of precision cleaning systems, particularly to a new customer that operates in the semiconductor industry and that is located in France.

General and administrative expenses

Our general and administrative expenses primarily consist of: (i) staff cost; (ii) depreciation; (iii) office supplies and upkeep expenses; (iv) travel and entertainment; (v) legal and professional fees; (vi) directors and officers liability insurance; (vii) keyman insurances; (viii) consultancy fee; and (ix) miscellaneous expenses. The following table sets forth the breakdown of our general and administrative expenses for the six-month periods ended June 30, 2025 and 2026:

Our general and administrative expenses amounted to SGD1.9 million and SGD3.4 million for the six-month periods ended June 30, 2025 and 2026, respectively, representing 29.9% and 16.2% of our total revenue for the corresponding periods.

Staff costs mainly represented the salaries, employee benefits and retirement benefit costs attributable to our employees and directors’ remuneration. The increase in staff costs for the six-month period ended June 30, 2026 was primarily attributable to (i) the accrual of a performance bonus of SGD0.4 million for our Chief Executive Officer, calculated based on our net income for the period; and (ii) the recruitment of additional engineers to support our operations. 

Depreciation expense is charged on our property, plant and equipment which included (i) leasehold buildings; (ii) equipment, furniture and fittings; and (iii) motor vehicles.

Office supplies and upkeep expenses mainly represented office supplies, cleaning costs and utilities expenses such as electricity and water.

Travel and entertainment mainly represented expenditures for business travel and costs incurred for social gatherings and refreshments for our staff.

Legal and professional fees mainly represented auditor’s remuneration and other professional fees for legal and other expenses and applications and registrations of trademarks and patents, legal consultation fees, transfer agent fee and staff recruitment services.

Directors and officers liability insurance relates to premiums paid for liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

Keyman insurance represented premiums paid for life insurance policies for our Chief Executive Officer and our Head of Mechanical Design, for a total sum-insured of approximately SGD2.6 million under which we are the beneficiary, to protect us against financial losses arising from the death or loss of services of these key personnel. Keyman insurance expenses amounted to approximately SGD0.6 million for the six-month period ended June 30, 2026, compared to nil for the six-month period ended June 30, 2025.

Consultancy fees were incurred in connection with strategic and corporate development initiatives undertaken during the six-month period ended June 30, 2026. These services primarily related to due diligence on prospective projects, identification and introduction of potential business partners and customers and advisory services on business expansion. Management views these engagements as integral to the Group’s growth strategy and value creation initiatives, and accordingly, the associated costs have been recognised as operating expenses in the period incurred.

Miscellaneous expenses were mainly comprised of office upkeep and maintenance, membership and subscription fees, permit and license renewal fees, medical expenses and other miscellaneous expenses.

Other income

Other income of our Group amounted to SGD0.3 million and SGD0.3 million for the six-month periods ended June 30, 2025 and 2026, respectively. There were no significant changes in other income between the two periods. The following table sets forth the breakdown of our other income for these periods.

⁽¹⁾ Other mainly consists of sale of scrap materials and other miscellaneous income.

Interest expense

Our interest expense arose from lease liabilities and secured bank loans. Interest expense of our Group amounted to SGD0.2 million and SGD0.1 million for the six-month periods ended June 30, 2025 and 2026, respectively.

Other expenses

Other expenses of our Group mainly consist of cost of STICO anti-slip shoes, bank charges and exchange loss.

Loss from cybersecurity incident

On February 7, 2026, the Company discovered that it had been the victim of fraud in connection with its payment of a previously declared cash dividend. A fraudulent email purporting to be from The Depository Trust Company (“DTC”) contained false wire instructions; as a result, the funds were not received by DTC, the dividend was not paid to the Company’s street-name shareholders and the Company incurred a loss of approximately SGD1.0 million (approximately USD0.8 million). The dividend was subsequently paid to shareholders by the end of February 2026.

The fraud has been reported to the U.S. Federal Bureau of Investigation’s Internet Crime Complaint Center, the Singapore Police Force and the relevant banks, and the Company is conducting a review of the incident with its internal IT security team. The incident has had no significant impact on the Group’s business and operations, and the investigation is ongoing.

Income tax

During the six-month periods ended June 30, 2025 and 2026, our income tax expense was comprised of our current tax expense for the period. The following table sets forth the breakdown of our income tax for the six-month periods ended June 30, 2025 and 2026:

Our income tax, net, increased from approximately SGD20 thousand for the six-month period ended June 30, 2025 compared to SGD0.8 million for the six-month period ended June 30, 2026. This was generally in line with the increase in our profit and taxable income.

Our Group had no tax obligation arising from other jurisdictions during the six-month periods ended June 30, 2025 and 2026. During the six-month periods ended June 30, 2025 and 2026, our Group had no material dispute or unresolved tax issues with the relevant tax authorities.

Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands, our Group is not subject to any income tax in the Cayman Islands or in the British Virgin Islands. Our Group’s operations are based in Singapore and we are subject to income tax on an entity basis on the estimated chargeable income arising in Singapore at the statutory rate of 17%.

Net Income/(loss) for the period

As a result of the foregoing, our net loss amounted to SGD0.8 million for the six-month period ended June 30, 2025 and our net income amounted to SGD1.7 million for the six-month period ended June 30, 2026.

Key Non-US GAAP Financial Measures

In addition to the measures presented in our consolidated financial statements, we use the following key non-US GAAP financial measures to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions.

Adjusted EBITDA

Adjusted EBITDA is a non-US GAAP financial measure calculated as net income adjusted to exclude: (a) depreciation and amortization; (b) interest expense; and (c) income tax expense.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP measure see the section titled “Reconciliation of Non-US GAAP Financial Measures.”

Reconciliation of Non-US GAAP Financial Measures

To supplement our financial information we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-US GAAP financial measures in conjunction with their respective related US GAAP financial measures.

The following tables provide reconciliations of Adjusted EBITDA.

Liquidity and Capital Resources

Our liquidity and working capital requirements primarily related to our operating and capital expenditure requirements. We expect to fund our working capital and other liquidity requirements from various sources, including but not limited to cash generated from our operations, loans from banking facilities, capital contributions from shareholders and other equity and debt financings as and when appropriate.

Cash flows

The following table summarizes our cash flows for the six-month periods ended June 30, 2025 and 2026:

Cash flows from operating activities

During the six-month periods ended June 30, 2025 and 2026, the cash inflows from our operating activities were primarily derived from the revenue generated from our sale of cleaning systems and other equipment and provision of centralized dishwashing and ancillary services, whereas the cash outflows for our operating activities mainly consisted of the purchase of raw materials, production costs and overheads, staff costs and general and administrative expenses.

Our net cash generated from operating activities primarily reflected our net income, as adjusted for (i) non-operating items, such as depreciation and amortization, and (ii) effects of changes in working capital such as (a) increase or decrease in inventories, (b) accounts receivable, prepaid expenses and other current assets, (c) accounts payable, accruals and other current liabilities, and (d) contract liabilities, (iii) repayment of bank loans and lease liabilities, and (iv) income taxes payable.

For the six-month period ended June 30, 2025, our net cash provided by operating activities was approximately SGD19 thousand, which reflected our loss of SGD0.8 million, as positively adjusted primarily by (i) the non-cash depreciation of property, plant and equipment of SGD0.3 million; and (ii) amortization of right-of-use asset of SGD0.1 million. The effect of these factors was offset by the increase in inventories of SGD0.8 million; the decrease in accounts receivable, prepaid expenses and other current asset of SGD2.2 million; the decrease in accounts payable, accruals and other current liabilities of SGD0.4 million; the decrease of contract liabilities of SGD0.5 million; and the repayment of lease liabilities of SGD0.2 million.

For the six-month period ended June 30, 2026, our net cash provided by operating activities was SGD9.6 million, which reflected our profit of SGD1.7 million, as positively adjusted primarily by (i) the non-cash depreciation of property, plant and equipment of SGD0.3 million; and (ii) amortization of right-of-use asset of SGD0.1 million. The effect of these factors was offset by the decrease in inventories of SGD3.0 million; the increase in accounts receivable, prepaid expenses and other current asset of SGD2.4 million; the increase in accounts payable, accruals and other current liabilities of SGD1.6 million; the increase of contract liabilities of SGD4.9 million; and the repayment of lease liabilities of SGD0.3 million.

Cash flows from investing activities

Our cash flows used in investing activities primarily consists of purchase of property, plant and equipment.

For the six-month period ended June 30, 2025, our net cash used in investing activities was SGD0.1 million, mainly attributable to the purchase of property, plant and equipment of SGD0.1 million.

For the six-month period ended June 30, 2026, our net cash used in investing activities was SGD0.7 million, mainly attributable to the purchase of property, plant and equipment of SGD0.7 million.

Cash flows from financing activities

Our cash flows used in financing activities primarily consists of repayment of bank loans and dividends paid.

For the six-month period ended June 30, 2025, our Group recorded net cash used in financing activities of SGD0.7 million, which was mainly attributable to the repayment of bank loans of SGD0.7 million.

For the six-month period ended June 30, 2026, our Group recorded net cash used in financing activities of SGD3.7 million, which was mainly attributable to the repayment of bank loans of SGD0.7 million and dividends paid of SGD3.0 million.

Working Capital

We believe that our Group has sufficient working capital for our requirements for at least the next 12 months from the date of this Report, in the absence of unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand and cash flows from our operations.

Accounts receivable

Our accounts receivable, net, increased from SGD7.4 million as of December 31, 2025 to SGD10.0 million as of June 30, 2026. The increase mainly resulted from the increase in sales during the six-month period ended June 30, 2026.

We did not charge any interest on, or hold any collateral as security for these accounts receivable balances. We generally offer credit periods of 30 to 90 days to our customers in respect of the manufacture and sale of cleaning systems and other equipment, whereas our customers will be offered credit terms of 7 to 30 days in respect of the provision of centralized dishwashing services and general cleaning services.

The following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned below:

Movements in the allowance for expected credit losses of accounts receivable are as follows:

We have a policy for determining the allowance for expected credit losses based on the evaluation of collectability and ageing analysis of accounts receivable and on management’s judgment, including the change in credit quality, the past collection history of each customer, the current market condition, future expectations, and customer specific quantitative and qualitative factors that may affect the Company’s customer’s ability to pay.

The allowance for expected credit losses for accounts receivable related to a general provision for accounts receivable applying the simplified approach to providing for expected credit loss(es) (“ECL(s)’’). Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. An ECL rate is calculated based on historical loss rates of the industry in which our customers operate and ageing of the accounts receivable.

During the year ended December 31, 2025 and the six-month period ended June 30, 2026, other than the allowance for expected credit losses discussed above, no impairment loss was provided for amounts that were past due.

The following table sets forth our average accounts receivable turnover days for the year ended December 31, 2025 and the six-month period ended June 30, 2026:

⁽¹⁾ Average accounts receivable turnover days is calculated as the average of the beginning and ending of accounts receivable balance for the respective year/period divided by revenue for the respective year/period and multiplied the number of days in the respective year/period.

Our average accounts receivable turnover days were 107.0 days and 76.8 days for the year ended December 31, 2025 and the six-month period ended June 30, 2026, respectively. The decrease in average accounts receivable turnover days for the six-month period ended June 30, 2026 was mainly due to faster collection from customers.

The accounts receivable were closely monitored and reviewed on a regular basis to identify any potential non-payment or delay in payment. Our Group conducted an individual review of each of the customers to determine the impairment, which is aligned with external credit rating agencies’ definition when it is available or based on other data such as available press information about the customer and past due status. Our Group has further implemented certain procedures to strengthen our credit control. For instance, we are actively monitoring the credit terms of our customers and follow up on collection regularly to ensure greater control over our accounts receivable.

Prepaid expenses and other current assets, net

Prepaid expenses and other current assets, net of our Group mainly represents advances made to suppliers, prepaid operating expenses and other receivables, including loan receivables from a third party and staff loans. The following table sets forth the breakdown of the prepaid expenses and other current assets, net as of the dates indicated:

Our total other receivables, deposits and prepayments decreased from SGD0.9 million as of December 31, 2025 to SGD0.6 million as of June 30, 2026, primarily attributable to decrease in other receivables and prepayments.

Inventory

Our inventory primarily consists of raw materials, work-in-progress and finished goods as of the dates indicated.

The following table sets forth our average inventory turnover days for the year ended December 31, 2025 and the six-month period ended June 30, 2026:

⁽¹⁾ Average inventory turnover days is calculated as the average of the beginning and ending of inventory balance for the respective year/period divided by cost of purchases for the respective year/period and multiplied the number of days in the respective year/period.

The decrease in inventories of SGD3.1 million and average inventory turnover days was primarily the result of increased sales for precision cleaning systems in which certain delivery dates of the systems were rescheduled to be delivered and commissioned in the first half of 2026.

Accounts payable, accruals and other current liabilities

Accounts payable

The general credit terms from our major suppliers are 15 to 90 days. Our accounts payable increased from SGD1.9 million as of December 31, 2025 to SGD2.7 million as of June 30, 2026, primarily attributable to increased purchases to fulfil customer sales orders during the period.

The following table sets forth the ageing analysis of our accounts payable based on the invoice date as of the dates mentioned below:

The following table sets forth our average accounts payable turnover days for the year ended December 31, 2025 and the six-month period ended June 30, 2026:

⁽¹⁾ Average accounts payable turnover days is calculated as the average of the beginning and ending of accounts payable balance for the respective year/period divided by cost of revenues for the respective year/period and multiplied the number of days in the respective year/period.

Our average payables turnover days remained within the credit term for the period ended June 30, 2026.

Our Group did not have any material default in payment of accounts payable during the year ended December 31, 2025 and the six-month period ended June 30, 2026.

Accruals and other current liabilities

Accruals and other current liabilities mainly represented expenses related to professional fees, project sales commission and payroll costs. As of December 31, 2025 and June 30, 2026, our Group’s accruals and other current liabilities amounted to SGD0.8 million and SGD1.6 million, respectively. This is mainly attributable to the increase in accrual of sales commission and performance bonus during the period.

Our Group did not have any material default in payment of other payables during the year ended December 31, 2025 and the six-month period ended June 30, 2026.

Bank indebtedness

As of June 30, 2026, our bank indebtedness equaled an aggregate of SGD3.4 million, all of which is denominated in Singapore dollars and bears interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate (“SIBOR”). SGD1.1 million of our bank indebtedness constitutes current liability and SGD2.3 million constitutes non-current liability.

The following table summarized our contractual obligations, which include principal in the case of bank borrowings and lease payables, as of June 30, 2026:

Commitments

Capital commitments

As of December 31, 2025 and June 30, 2026, our Group did not have any capital commitments.

Capital Expenditures

Historical capital expenditures

Our capital expenditures during the six-month periods ended June 30, 2025 and 2026 mainly related to replacement of obsolete equipment. For the six-month periods ended June 30, 2025 and 2026, our capital expenditures in relation to property, plant and equipment were SGD0.1 million and SGD0.7 million, respectively. We principally funded our capital expenditures through cash flows from operations and borrowings during the six-month periods ended June 30, 2025 and 2026. The net proceeds from our initial public offering have been used primarily to fund operations and for expansions and upgrades of our manufacturing facilities.

Critical Accounting Estimates

Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments. The Company’s critical accounting estimates affecting the financial statements were:

Inventories valuation

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing inventories to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. The majority of our inventories consist of raw materials and work-in-progress, which are mainly for confirmed project ordered by customers.

The Company’s business relies on customer demand for our products and services. Any reduction in customer demand for instance cancellation of order for our products may have an adverse impact on our product sales, which may in turn lead to inventory obsolescence, decline in inventory value or inventory write-off. In such event, our business, financial condition, results of operations and prospects may be materially and adversely affected.

The Company compares the cost of inventories for each project with the net realizable value and, if applicable, an allowance is made to bring down the inventory to its net realizable value, if lower than cost. On a going basis, inventories are reviewed for potential write-down for estimated obsolescence or slow moving which equals the difference between the costs of inventories and estimated net realizable value based on customers’ demand including expected delivery date, historical working profile, total advance payment received and market condition. When inventories are written down to the lower of cost or net realizable value, they are not marked up subsequently based on changes in underlying facts and circumstances. Based on the Company’s assessment, as of June 30, 2025, no inventories are recorded at lower of cost and there is no indication of slow moving or obsolete inventories.

Recent Accounting Pronouncements

See Note 2 of the notes to the unaudited interim condensed consolidated financial statements included elsewhere in this Report for a discussion of recently issued accounting standards.

Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

We are exposed to interest rate risk in connection with our bank borrowings, which are primarily based on floating interest rates. Our bank borrowings are generally subject to variable interest rates, including benchmark rates such as SIBOR and the London Interbank Offered Rate (“LIBOR”) or its successor benchmark rates, plus an applicable margin.

To manage this exposure and achieve a more predictable interest cost, we have entered into interest rate swap arrangements, including an overnight indexed swap, under which we pay a fixed rate of interest and receive a floating rate based on market benchmarks.

As a result, a portion of our exposure to fluctuations in market interest rates is mitigated. However, changes in market interest rates may still affect our interest expense and the fair value of our derivative instruments.

Credit Risk

Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research and analysis of the relevant economy and the underlying obligors and transaction structures. We identify credit risk collectively based on industry, geography and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the “probability of default” by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely future exposures to the customer.

Liquidity Risk

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

Foreign Exchange Risk

While our reporting currency is the US Dollar, almost all of our consolidated revenues and consolidated costs and expenses are denominated in SGD. All of our assets are denominated in SGD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rate between the US Dollar and SGD. If the SGD depreciates against the US Dollar, the value of our SGD revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.

We monitor our foreign currency exposure on an ongoing basis and, where appropriate, utilize foreign exchange derivative instruments, including foreign exchange option contracts, to mitigate short-term exposure.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

INDEX TO JE CLEANTECH HOLDINGS LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Amount in thousands, except for share and per share data, or otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amount in thousands, except for share and per share data, or otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Amount in thousands, except for share and per share data, or otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amount in thousands, except for share and per share data, or otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS