Recent developments focus on the completion and approval of the business combination with De Tomaso Automobili, unveiling of new automotive products, and a reported turnaround in FY2024 with return to profitability and growth in circular products.

• OIO Group shareholders approved the business combination with De Tomaso Automobili, completed on April 24, 2026, making De Tomaso a wholly owned subsidiary [N1][S2].
• The company filed a proxy statement for the proposed business combination with De Tomaso Automobili Holdings in May 2025 [N3].
• OIO and De Tomaso announced the unveiling of the production specification P72 ahead of merger completion in May 2025 [N4].
• OIO reported a significant turnaround in FY2024 with a return to profitability and strong growth in circular products [N5].
• The chairman of OIO acquired additional shares amid the ongoing business combination with De Tomaso Automobili in June 2025 [N2].

OIO's circular economy approach positions it as a pioneer in sustainable industrial waste management, offering differentiated products and services that align with growing ESG and regulatory demands. The company's investments in proprietary technologies and renewable energy integration could enhance operational efficiency and cost competitiveness. Expansion into Malaysia and other ASEAN markets provides avenues for scaling its business model. The acquisition of De Tomaso Automobili opens a new growth avenue in the luxury automotive sector, potentially leveraging synergies in sustainable materials and brand development. OIO's experienced management team and strategic partnerships support its ability to execute on growth initiatives and diversify its revenue base.

OIO faces significant financial challenges, including net losses, negative working capital, and liquidity constraints as of mid-2025. The company's growth and diversification strategies, including the acquisition of De Tomaso Automobili, introduce execution risks related to integration, market acceptance, and capital allocation. Competition from larger, better-capitalized waste management firms could pressure pricing and market share. The company's customer concentration risk and exposure to currency and commodity price fluctuations add to operational risks. Regulatory compliance and technology development uncertainties may impact the scalability and profitability of its circular economy business model. The luxury automotive sector presents distinct challenges that may divert focus and resources from core operations.

OIO Group's moat is anchored in its circular economy business model that transforms industrial waste into valuable circular products, differentiating it from traditional waste management companies that primarily focus on waste disposal. Its proprietary technologies, certifications (ISO 14001:2015, ISO 9001:2015, ISCC PLUS), and renewable energy integration provide operational efficiencies and sustainability credentials. The company's established relationships with multinational customers targeting ESG goals and its regional expansion efforts enhance its competitive positioning. The recent acquisition of De Tomaso Automobili introduces a unique diversification into the luxury automotive sector, leveraging OIO's expertise in sustainable materials and engineering. However, the company faces competition from larger waste management firms and must manage execution risks related to technology development, market expansion, and integration of new business lines.

• Liquidity and Financial Risk: OIO reported a current ratio of 0.18 and cash ratio of 0.02 as of June 30, 2025, indicating tight liquidity. Negative working capital and net losses pose ongoing financial risks.
• Execution Risk in Growth and Diversification: The acquisition of De Tomaso Automobili and expansion into new markets require successful integration and execution. Failure to achieve performance targets or synergies could impact value creation.
• Competitive Pressure: OIO competes with larger waste management companies with greater capital and resources, which may affect pricing and customer retention.
• Customer Concentration: Over 60% of trade receivables are concentrated among three largest customers, posing credit and revenue concentration risks.
• Regulatory and Market Risks: The company operates in multiple jurisdictions with varying regulatory requirements. Compliance and market acceptance of circular products and luxury automotive offerings carry uncertainties.

• OIO Group is a Cayman Islands holding company with no material operations of its own, conducting operations through its Singapore subsidiary Environmental Solutions (Asia) Pte. Ltd. (ESA).
• ESA is a waste management, treatment, and recycling company focused on hazardous and non-hazardous industrial waste from sectors including pharmaceutical, semiconductor, petrochemical, and electroplating.
• ESA has two revenue streams: fees for waste collection and disposal services, and sales/trading of circular products made from recycled waste, which differentiates it in the market.
• ESA's circular products include pyrolysis oil, diesel, metals (nickel, zinc, copper, silver, gold), minerals (lime, fluorspar), and chemicals (hydrochloric acid, sulfuric acid, calcium chloride).
• ESA operates an industrial waste management plant in Singapore using waste wood gasification and solar energy (640kWp photovoltaic panels) for thermal treatment.
• ESA's circular pyrolysis oil is ISCC PLUS-certified, supporting sustainability claims.
• ESA's operations are ISO 14001:2015 and ISO 9001:2015 certified; workplace safety is certified Bizsafe Level 3.
• OIO has expanded operations to Malaysia with a subsidiary ESG Chemicals Sdn. Bhd. and a warehousing and sales facility in Johor Bahru launched in late 2024.
• OIO is evaluating expansion into other ASEAN markets such as Batam, Indonesia, to establish local hazardous waste treatment capabilities.
• OIO pursues growth through four strategic pillars: (1) establishing Singapore as a center of excellence for circular technologies, (2) overseas expansion via recyclable materials offtake, (3) partnerships through technology licensing and joint ventures, and (4) portfolio diversification including acquisitions.
• OIO entered a definitive agreement in February 2025 to acquire De Tomaso Automobili Holdings Limited, a high-performance automotive brand, completed April 24, 2026, making De Tomaso a wholly owned subsidiary.
• The acquisition consideration was US$1.03 billion paid in newly issued shares, with potential earnout shares based on vehicle delivery targets.
• Following the acquisition, OIO effected a 1-for-3 reverse stock split and commenced trading on Nasdaq under ticker 'OIO' on April 24, 2026.
• De Tomaso is an ultra-luxury automotive group with a legacy dating to 1959, focused on high-performance vehicles and a global collector community.
• OIO's financial snapshot as of June 30, 2025, shows cash and equivalents of $141,804, current assets of $1.71 million, current liabilities of $9.41 million, resulting in a current ratio of 0.18 and cash ratio of 0.02.
• For the quarter ending June 30, 2025, OIO reported revenue of $2.72 million and a net loss of $2.57 million, with basic and diluted EPS of -$0.07.
• The company has a history of net losses and negative working capital, with liquidity risks noted in SEC filings.
• OIO's management team has extensive experience in waste management and sustainability, led by CEO and Chairman Quek Leng Chuang and Chief Growth and Sustainability Officer Law Beng Hui.
• OIO's business model emphasizes circular economy principles, converting waste into valuable commodities and using renewable energy to reduce operating costs.
• The company holds proprietary technologies and is engaged in joint development agreements to advance circular technology, including converting plastic pyrolysis gas into carbon nanotubes and hydrogen.
• OIO's waste management services are priced competitively with peers and target multinational corporations with ESG goals.
• The company has a diversified customer base but with some concentration risk, with three largest customers accounting for over 60% of trade receivables as of 2025.
• OIO's financial disclosures include detailed risk management policies covering currency risk, interest rate risk, credit risk, liquidity risk, and commodity price risk.
• The company has lease agreements for facilities in Singapore and Malaysia integral to its operations, with long-term leases and solar energy installations.
• OIO's acquisition of De Tomaso represents a strategic diversification into luxury innovation and automotive sectors, leveraging sustainable materials and engineering capabilities.
• Recent news highlights include shareholder approval of the De Tomaso business combination, proxy filings, unveiling of De Tomaso's production specification P72, and a reported turnaround in FY2024 with return to profitability and growth in circular products.