OxPay Financial Limited (TVV) AI Stock Analysis

• Market Cap: S$12.76M
• Dividend Yield: N/A
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.31
• Revenue Growth: 23.30%
• EPS Growth: -46.43%
• Country: SG
• Employees: 37
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): >-0.01
• Shares Outstanding: 311,253,140
• 10 Day Avg. Volume: 1,585,830
• 30 Day Avg. Volume: 1,003,446
• PEG Ratio: 0.50
• Price to Book (P/B): -11.91
• Price to Sales (P/S): 3.22
• P/FCF Ratio: -4.76
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: S$0.03 ▼(-32.00% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is driven primarily by weak financial performance: large ongoing losses, negative equity in 2025, and continued negative operating/free cash flow. Technicals add downside pressure with the stock trading below key moving averages and negative MACD. Valuation provides limited support because the company is loss-making and no dividend yield is available.

Positive Factors

Revenue rebound

A 33.6% YoY revenue rebound in 2025 indicates recovering demand and regained traction after prior declines. Sustained top-line growth over the next quarters would enable better absorption of fixed costs and create a durable path to scale, improving operating leverage if continued.

Reasonable gross margin

A gross margin around 43% shows the company earns meaningful contribution per revenue dollar, giving structural room to cover operating expenses. If revenue growth continues and SG&A is controlled, this margin level supports a credible route to sustained profitability over months to a few years.

Proven cash-generation in right conditions

Historical strong operating and free cash flow in 2021 demonstrates the business can be cash-generative when conditions align. That prior capability suggests structural operational levers exist to restore cash generation if revenue momentum and cost discipline are maintained.

Negative Factors

Deep persistent losses

A net margin near -60.5% and negative operating profit reflect structural unprofitability, requiring ongoing funding to sustain operations. Persistent large losses erode internal capital, hinder reinvestment, and make long-term viability dependent on either rapid margin improvement or external financing.

Negative shareholders' equity

Shareholders’ equity turning negative materially weakens the balance sheet and limits financial flexibility. Negative equity complicates access to debt and equity markets, raises creditor and covenant risk, and increases the likelihood of dilutive or onerous financing that can permanently impair shareholder value.

Multi-year cash burn

Continued negative operating and free cash flow from 2022–2025 signals persistent cash burn and elevated funding risk. Multi-year outflows mean the business has not achieved durable cash break-even; sustaining operations will require recurring external capital or a rapid structural improvement in margins.

OxPay Financial Limited Business Overview & Revenue Model

Company Description

OxPay Financial Limited provides merchant payment and digital commerce enabling solutions in Singapore, Malaysia, and Thailand. It offers online-to-offline financial services through its integrated platform with a focus on servicing merchants in the retail, transportation, and food and beverage industries. The company's products include payment solutions, such as card acceptance and alternative payment; cross border and local payout solutions; and online and offline solutions. It also engages in the provision of proprietary and licensed software-as-a-service, as well as tokenisation/detokenization services; development of bespoke software solutions; and sale and lease of smart POS terminals. In addition, the company offline POS payment, on-the-go virtual terminal, buy now pay later, and e-commerce and social media live selling; and POS hardware, order management, capital lending, customer data analytics, customer relationship management, card and loyalty program aggregation, omni-channel brand management, and expense and inventory management solutions. Further, it acts as an aggregator and master merchant for electronic payment processing; and provides financial and blockchain technology services, as well as engages in e-commerce, and hardware sale activities. The company was founded in 2005 and is based in Singapore.

OxPay Financial Limited Financial Statement Overview

Summary

Despite a 2025 revenue rebound (+33.6% YoY), profitability remains deeply negative (net margin about -60.5%) and operating profit is negative. The balance sheet weakened materially with shareholders’ equity turning negative in 2025 alongside rising debt, and operating/free cash flow have been negative in 2022–2025, indicating ongoing cash burn and elevated funding risk.

Income Statement

Revenue has been volatile: after sharp declines from 2021–2024, 2025 rebounded (+33.6% YoY) but remains well below prior peaks. Profitability is weak and deteriorated versus 2022–2023—2025 posted a deep net loss (net margin about -60.5%) and negative operating profit, despite a still-decent gross margin (~43%). Overall, the company is showing some top-line recovery, but losses remain large and persistent.

Balance Sheet

Financial position weakened materially in 2025 as shareholders’ equity turned negative (from positive in 2024), which raises balance-sheet risk and limits financial flexibility. Debt has also increased over time (2022 to 2025), and leverage metrics are distorted by the negative equity outcome. While total assets declined from earlier years, the key concern is the shift to a deficit equity position alongside ongoing losses.

Cash Flow

Cash generation is a major issue: operating cash flow and free cash flow are negative in 2022–2025, including sizable outflows in 2025. Cash flow improved versus 2023 and 2024 (less negative), but it remains meaningfully below break-even. The lone bright spot is 2021, which showed strong positive operating and free cash flow, but that strength has not persisted, highlighting inconsistency and funding risk.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	4.84M	3.63M	8.32M	9.87M	17.54M
Gross Profit	0.00	2.10M	2.32M	2.45M	2.56M	10.26M
EBITDA	-651.00K	-2.69M	-3.03M	-1.19M	-179.00K	-26.63M
Net Income	-2.23M	-2.93M	-3.24M	-1.36M	-473.00K	-27.06M
Balance Sheet
Total Assets	1.02M	3.93M	6.07M	16.74M	26.13M	30.50M
Cash, Cash Equivalents and Short-Term Investments	1.01M	2.13M	4.16M	9.40M	22.11M	26.45M
Total Debt	7.17M	2.23M	1.20M	823.00K	28.00K	24.00K
Total Liabilities	9.51M	5.78M	5.27M	12.62M	20.64M	25.07M
Stockholders Equity	-8.49M	-1.31M	1.26M	4.53M	5.83M	5.89M
Cash Flow
Free Cash Flow	-649.00K	-3.27M	-5.35M	-13.58M	-4.12M	19.98M
Operating Cash Flow	-649.00K	-3.15M	-5.21M	-13.51M	-3.90M	20.06M
Investing Cash Flow	-548.00K	-136.00K	-141.00K	-71.00K	-198.00K	1.17M
Financing Cash Flow	291.00K	1.28M	126.00K	765.00K	-190.00K	1.83M

OxPay Financial Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:TVV, the sentiment is Negative. The current price of 0.05 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.05, and above the 200-day MA of 0.05, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.81 is Neutral, neither overbought nor oversold. The STOCH value of 42.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:TVV.

OxPay Financial Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CYW	47 Neutral	S$4.75M	8.38	-4.27%	―	5.95%	64.63%
TVV	42 Neutral	S$12.76M	-5.32	9999.00%	―	23.30%	-46.43%

OxPay Financial Limited Corporate Events

OxPay Links Up With Liquid Group to Broaden Regional QR Wallet Acceptance

OxPay Financial has entered a strategic partnership with Singapore fintech Liquid Group to integrate its RoamQR payment framework into OxPay’s upgraded payment solutions platform. The tie-up will allow merchants on OxPay’s network to accept multiple regional e-wallets, including India’s UPI and wallets from markets such as China, Cambodia, Vietnam and South Korea, via familiar local QR codes.

By broadening QR wallet acceptance, the move is aimed at helping merchants capture growing inbound tourist spending and improving OxPay’s merchant acquisition capabilities. The company expects the enhanced acceptance network and expanded payment options to drive higher total processing volumes and reinforce its position in the region’s tourism-driven digital payments landscape.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.04 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Wins More Time to Secure Bhutan Money Services Licence

OxPay Financial has received an extension from Bhutan’s Gelephu Financial Services Office until 26 March 2026 to meet the remaining regulatory pre-conditions tied to its in-principle approval for a financial services licence in Gelephu Mindfulness City. The extension keeps alive OxPay’s plan to launch regulated money services from the new Bhutanese hub, but the company cautioned investors that there is still no certainty the licence will ultimately be granted and said it will update the market upon further material developments.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.04 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Fully Utilises S$395,000 Share Subscription Proceeds for Working Capital

OxPay Financial Limited has fully utilised the approximately S$395,000 in net proceeds raised from a recent subscription of 35.41 million new ordinary shares, after deducting about S$29,000 in costs. The funds were deployed entirely as general working capital, with around 71.2% directed to employee remuneration and statutory contributions and 28.8% to operating expenses, aligning with the use of proceeds previously disclosed and underscoring the company’s reliance on equity funding to support day-to-day operations.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.06 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.

OxPay Obtains MAS Approval to Trim Unused Payment Services from Licence

OxPay Financial’s subsidiary OxPay SG has obtained approval from the Monetary Authority of Singapore to vary its major payment institution licence by removing e-money and account issuance services, which it had never launched following an internal strategic business review and which are not part of its current operations. The licence variation, which complies with regulatory requirements for unused authorised services, does not prevent OxPay SG from reapplying for these activities in future and is not expected to have a material impact on the group’s earnings or net tangible assets, with the company emphasizing its ongoing commitment to operational discipline, strong internal controls and regulatory compliance in its payment services business.

The most recent analyst rating on (SG:TVV) stock is a Hold with a S$0.06 price target. To see the full list of analyst forecasts on OxPay Financial Limited stock, see the SG:TVV Stock Forecast page.