NewGenIvf Group Ltd’s revenues declined by 13% from 2024 to 2025 due to reduced IVF treatment sales, even as fertility referral services emerged as a meaningful new segment. Operating losses expanded sharply, driven by rising operating expenses linked to business development and professional fees. The company reported a non-recurring net income gain tied to acquisitions. Liquidity remains constrained with sustained negative operating cash flow amid rising capital expenditures on real estate and digital assets. NewGenIvf’s growth hinges on expanding its fertility tourism services and leveraging regulatory-compliant technologies in Asia Pacific, yet international travel restrictions and regulatory risk loom large.