VME Companies (VME) investor relations material

Company overview and business model

• Operates as a holding company for subsidiaries providing proprietary process technologies, modular fabrication, and EPC solutions for offshore and onshore energy infrastructure projects.

• Main business lines: EPC & Modular Solutions (large-scale topside modules for FPSOs) and Separation Technologies (engineered separation equipment).

• Headquartered in Texas, with major fabrication and engineering operations in Southeast Asia and the U.S.

• Reorganized in 2026 to consolidate subsidiaries under a single parent for public ownership and capital allocation.

• Revenue is project-based, with a high concentration in large, long-cycle contracts and a smaller, diversified equipment business.

Financial performance and metrics

• 2025 revenue: $52.1M (down from $188.8M in 2024 due to completion of major projects); net income: $12.5M (2024: net loss of $44.5M).

• Six months ended June 30, 2026: revenue $25.0M, net loss $0.6M.

• As of June 30, 2026: working capital deficit of $43.7M, stockholders' deficit of $6.7M.

• Backlog as of June 30, 2026: $127.1M, with high customer concentration (two customers >65% of revenue).

• Auditor's report includes substantial doubt about ability to continue as a going concern due to liquidity and debt issues.

Use of proceeds and capital allocation

• Estimated net proceeds of $30M from IPO, primarily for project execution working capital, infrastructure and engineering investments, debt repayment, and general corporate purposes.

• $22M allocated to project execution and working capital, $5M to repay debt, $3M to engineering and infrastructure.

• Management has broad discretion over use of proceeds; actual allocation may vary based on business needs.