Delixy Holdings (NASDAQ:DLXY) reported a contraction in top-line growth for the first six months of 2025, as the recently listed oil trader navigated a volatile energy market and narrowed its focus toward higher-margin operations.
The Singapore-based company, which trades crude oil and refined products across Southeast Asia and the Middle East, reported revenue of $102 million for the period ended June 30, down from $143.8 million in the prior year.
The 29% decline was mirrored in gross profit, which slipped to $1.1 million from $1.8 million.
Despite the cooling revenue, Delixy managed to grow its bottom line through aggressive overhead reductions.
General and administrative expenses were slashed by more than half, falling to $0.7 million.
This efficiency drive pushed net income to $0.6 million, up from $0.5 million a year earlier, with basic and diluted earnings per share (EPS) rising to $0.04.
The results cover a period of significant transition for the firm.
Delixy completed its initial public offering (IPO) and began trading on the Nasdaq Capital Market on July 9, 2025, raising approximately $5.4 million in net proceeds to fund the expansion of its product offerings and regional market position.
As of June 30, the company’s liquidity position remained lean, with cash and cash equivalents of $1.8 million, down from $5.6 million the previous year.
Management attributed the cash burn to $2.7 million in financing activities and $0.6 million used in operations during the scaling phase.