Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Incorporated in the Cayman Islands with limited liability) Stock code: 1523 ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 SUMMARY • For the six months ended 30 June 2026, the Group recorded revenue of approximately US$74,596,000, which increased about 18.5% from the same period last year. • During the interim period, the Group recorded net profit of approximately US$27,718,000, which increased about 27.9% year-over-year. • The Company recorded basic earnings per share of approximately US2.51 cents for the six months ended 30 June 2026, an increase of about 28.1% year-over-year. • The Board has determined that an interim dividend of HK15.66 cents per share for the six months ended 30 June 2026 be payable on 25 August 2026 to the shareholders whose names appear in the Company’s register of members on 14 August 2026.
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– 2 – The board (the “Board”) of directors (the “Directors”) of Plover Bay Technologies Limited (the “Company”) is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2026, together with the comparative figures for the corresponding period in 2025 as follows: CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 (unaudited) Six months ended 30 June Notes 2026 2025 US$’000 US$’000 Revenue 4 74,596 62,943 Cost of sales and services (30,750) (27,980) Gross profit 43,846 34,963 Other income and gains, net 4 1,119 1,955 Selling and distribution expenses (1,796) (1,821) General and administrative expenses (4,312) (3,710) Research and development, consultancy and other expenses (5,400) (4,620) Finance costs 5 (133) (190) Profit before tax 6 33,324 26,577 Income tax expense 7 (5,606) (4,912) PROFIT FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT 27,718 21,665 OTHER COMPREHENSIVE INCOME Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations 41 94 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT 27,759 21,759 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 9 - Basic (US cents) 2.51 1.96 - Diluted (US cents) 2.50 1.96
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– 3 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Notes At 30 June 2026 At 31 December 2025 US$’000 US$’000 (unaudited) (audited) NON-CURRENT ASSETS Property, plant and equipment 3,704 3,098 Intangible assets 1,177 1,368 Prepayments and deposits 274 394 Deferred tax assets 118 126 TOTAL NON-CURRENT ASSETS 5,273 4,986 CURRENT ASSETS Inventories 10 27,422 18,181 Trade receivables 11 25,546 22,574 Prepayments, deposits and other receivables 9,232 4,966 Tax recoverable 142 158 Pledged deposit 2,380 2,338 Time deposits 2,802 8,791 Cash and cash equivalents 49,982 56,259 TOTAL CURRENT ASSETS 117,506 113,267 CURRENT LIABILITIES Trade payables, other payables and accruals 12 10,163 8,071 Lease liabilities 1,500 763 Contract liabilities 27,456 26,380 Interest-bearing bank borrowings 4,706 - Tax payable 6,433 10,484 TOTAL CURRENT LIABILITIES 50,258 45,698 NET CURRENT ASSETS 67,248 67,569 TOTAL ASSETS LESS CURRENT LIABILITIES 72,521 72,555 NON-CURRENT LIABILITIES Lease liabilities 1,212 1,211 Contract liabilities 15,148 12,159 Deferred tax liabilities 226 252 TOTAL NON-CURRENT LIABILITIES 16,586 13,622 NET ASSETS 55,935 58,933
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– 4 – Notes At 30 June 2026 At 31 December 2025 US$’000 US$’000 (unaudited) (audited) EQUITY Equity attributable to owners of the parent Issued capital 13 1,425 1,423 Reserves 54,510 57,510 TOTAL EQUITY 55,935 58,933
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– 5 – CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2026 Attributable to owners of the parent Issued capital Share premium account Share option reserve Legal reserve Exchange fluctuation reserve Retained profits Total equity Note US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 At 1 January 2025 (audited) 1,420 24,882 637 - (129) 29,489 56,299 Profit for the period - - - - - 21,665 21,665 Other comprehensive income for the period: Exchange differences on translation of foreign operations - - - - 94 - 94 Total comprehensive income for the period - - - - 94 21,665 21,759 Issue of shares upon exercise of share options 1 302 (62) - - - 241 Equity-settled share option arrangements - - 153 - - - 153 Second interim 2024 dividend - - - - - (18,906) (18,906) 2024 Special dividend - - - - - (7,989) (7,989) At 30 June 2025 (unaudited) 1,421 25,184 728 - (35) 24,259 51,557 At 1 January 2026 (audited) 1,423 26,069 647 8 160 30,626 58,933 Profit for the period - - - - - 27,718 27,718 Other comprehensive income for the period: Exchange differences on translation of foreign operations - - - - 41 - 41 Total comprehensive income for the period - - - - 41 27,718 27,759 Issue of shares upon exercise of share options 2 599 (115) - - - 486 Equity-settled share option arrangements - - 150 - - - 150 Transfer to legal reserve - - - 8 - (8) - Second interim 2025 dividend 8 - - - - - (23,400) (23,400) 2025 Special dividend 8 - - - - - (7,993) (7,993) At 30 June 2026 (unaudited) 1,425 26,668 682 16 201 26,943 55,935
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– 6 – CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2026 (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 NET CASH FLOWS FROM OPERATING ACTIVITIES 15,088 22,270 CASH FLOWS FROM INVESTING ACTIVITIES Interest received 625 962 Purchase of items of property, plant and equipment (163) (118) Increase in pledged deposit (42) (48) Decrease in non-pledged time deposits with original maturity of more than three months when acquired 5,989 - Additions to intangible assets (237) (310) NET CASH FLOWS FROM INVESTING ACTIVITIES 6,172 486 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of share options 486 241 Dividends paid (31,393) (26,895) Interest elements of finance lease rental payments (62) (57) Repayment of bank loans (2,312) (5,373) New bank loan 7,019 - Interest paid (71) (133) Principal portion of finance lease rental payments (733) (813) NET CASH FLOWS USED IN FINANCING ACTIVITIES (27,066) (33,030) NET DECREASE IN CASH AND CASH EQUIVALENTS (5,806) (10,274) Cash and cash equivalents at beginning of the period 56,259 65,933 Effect of foreign exchange rate changes, net (471) 7 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 49,982 55,666
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– 7 – NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 1. CORPORATE AND GROUP INFORMATION Plover Bay Technologies Limited is a limited liability company incorporated in the Cayman Islands. The principal place of business of the Company is located at Unit B, 5/F, Dragon Industrial Building, 93 King Lam Street, Lai Chi Kok, Kowloon, Hong Kong. During the period, the Group was involved in the following principal activities: • designing, development and marketing of software defined wide area network (the “SD -WAN”) routers; and • provision of software licences and warranty and support services. 2.1 BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 (“HKAS 34”) Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) as well as with the applicable disclosure requirement of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). They have been prepared under the historical cost convention and are presented in United States Dollars (“US$”) and all values are rounded to the nearest thousands except when otherwise indicated. The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2025. 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2026 are the same as those set out in the Group’s annual financial statements for the year ended 31 December 2025. In the current interim period, the Group has adopted, for the first time, the following amended HKFRS Accounting Standards for the preparation of the Group’s condensed consolidated financial statements. Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to HKFRS Amendments to HKFRS 1, HKFRS 7, HKFRS 9, Accounting Standards — V olume 11 HKFRS 10 and HKAS 7 The application of the amended HKFRS Accounting Standards in the current interim period has had no material impact on the amounts reported in these condensed consolidated financial statements and/or disclosures set out in these condensed consolidated financial statements.
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– 8 – 3. REVENUE AND SEGMENT INFORMATION For management purposes, the Group is organi sed into business units based on their products and services and has reportable operating segments as follows: (a) the sales of SD-WAN routers segment that primarily engages in sales of wired and wireless routers, also known as Fixed First Connectivity and Mobile First Connectivity; and (b) software licences and warranty and support services segment that primarily engages in the provision of software licences and warranty and support services. Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit before tax. The adjusted profit before tax is measured consistently with the Group’s profit before tax except that other income and gains, net, selling and distribution expenses, unallocated general and administrative expenses and finance costs are excluded from such measurement. There were no material intersegment sales and transfers during the current and prior reporting periods. Operating segments: Six months ended 30 June (unaudited) Sales of SD-WAN routers Fixed First Connectivity Mobile First Connectivity Software licences and warranty and support services Total 2026 2025 2026 2025 2026 2025 2026 2025 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Segment revenue: Sales to external customers 10,967 7,616 40,274 36,831 23,355 18,496 74,596 62,943 Segment result 4,340 2,731 13,660 11,236 20,031 15,873 38,031 29,840 Reconciliation Other income and gains, net 1,119 1,955 Selling and distribution expenses (1,796) (1,821) Unallocated general and administrative expenses (3,897) (3,207) Finance costs (133) (190) Profit before tax 33,324 26,577
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– 9 – Geographical information Revenue from external customers (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 North America 43,734 34,394 EMEA (Europe, Middle East and Africa) 19,989 20,497 Asia 7,171 5,862 Others 3,702 2,190 74,596 62,943 4. REVENUE, OTHER INCOME AND GAINS, NET An analysis of revenue is as follows: (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 Revenue from contracts with customers 74,596 62,943
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– 10 – Revenue from contracts with customers Disaggregated revenue information Sale of SD-WAN routers Software licences and warranty and support services Total Six months ended 30 June (unaudited) 2026 2025 2026 2025 2026 2025 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Type of goods or services Sale of SD-WAN routers - Fixed First Connectivity 10,967 7,616 - - 10,967 7,616 - Mobile First Connectivity 40,274 36,831 - - 40,274 36,831 Provision of warranty and support services - - 16,242 13,441 16,242 13,441 Sale of software licences - - 7,113 5,055 7,113 5,055 Total revenue from contract with customers 51,241 44,447 23,355 18,496 74,596 62,943 Geographical markets North America 29,645 23,026 14,089 11,368 43,734 34,394 EMEA 13,740 15,866 6,249 4,631 19,989 20,497 Asia 4,990 4,002 2,181 1,860 7,171 5,862 Others 2,866 1,553 836 637 3,702 2,190 Total revenue from contract with customers 51,241 44,447 23,355 18,496 74,596 62,943 Timing of revenue recognition Transferred at a point in time 51,241 44,447 1,290 798 52,531 45,245 Transferred over time - - 22,065 17,698 22,065 17,698 Total revenue from contracts with customers 51,241 44,447 23,355 18,496 74,596 62,943 Other income and gains, net (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 Other income and gains, net Bank interest income 625 962 Foreign exchange gains, net 247 982 Others 247 11 1,119 1,955
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– 11 – 5. FINANCE COSTS (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 Interest on bank borrowings 71 133 Interest on lease liabilities 62 57 133 190 6. PROFIT BEFORE TAX The Group’s profit before tax is arrived at after charging/(crediting): (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 Cost of inventories sold 29,177 26,771 Depreciationa 1,027 1,044 Amortisation of intangible assets 419 505 Government subsidies – Lithuaniab - (153) Write-down of inventories to net realisable value 104 579 Foreign exchange differences, net (247) (982) (a) Depreciation includes the depreciation of right-of-use assets of approximately US$758,000 (Six months ended 30 June 2025: approximately US$804,000). (b) During the period, the Company’s subsidiary in Lithuania received subsidies of nil (Six months ended 30 June 2025: US$153,000) from the Government of the Republic of Lithuania for several research and development projects. The amounts were recorded in "Research and development , consultancy and other expenses" and “General and administrative expenses”. There were no unfulfilled conditions relating to the subsidies.
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– 12 – 7. INCOME TAX EXPENSE Hong Kong profits tax has been provided at the rate of 16.5% (Six months ended 30 June 2025: 16.5%) on the estimated assessable profits arising in Hong Kong during the period, except for one subsidiary of the Group which is a qualifying entity under the two- tiered profits tax rates regime. The first US$256,000 (Six months ended 30 June 2025: US$257,000) of assessable profits of this subsidiary are taxed at 8.25% (Six months ended 30 June 2025: 8.25%) and the remaining assessable profits are taxed at 16.5% (Six months ended 30 June 2025: 16.5%). Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries/jurisdictions in which the Group operates. (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 Current – Hong Kong Charge for the period 2,534 4,752 Current – Elsewhere Charge for the period 3,085 300 Underprovision in prior years 3 34 Deferred (16) (174) Total tax charge for the period 5,606 4,912 8. DIVIDENDS During the period, a second interim dividend of HK16.54 cents per ordinary share and a special dividend of HK5.65 cents per ordinary share for the year ended 31 December 2025 were paid to the shareholders of the Company on 26 March 2026. In the board meeting held on 30 July 2026, the Board has resolved to declare an interim dividend of HK15.66 cents per share for the six months ended 30 June 2026 (Interim dividend 2025 : HK12.34 cents). The interim dividend is expected to be paid on Tuesday, 25 August 2026 to the shareholders whose names appear in the register of members of the Company on Friday, 14 August 2026.
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– 13 – 9. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic earnings per share amounts is based on the profit for the period attributable to ordinary equity holders of the parent, and the 1,105,614,572 (Six months ended 30 June 2025: 1,102,565,261) weighted average number of ordinary shares in issue during the period. The calculations of basic and diluted earnings per share are based on: Earnings The calculations of basic and diluted earnings per share are based on profit for the period attributable to ordinary equity holders of the parent. Shares 10. INVENTORIES (unaudited) (audited) At 30 June 2026 At 31 December 2025 US$’000 US$’000 Raw materials and consumables 19,028 6,849 Finished goods 8,394 11,332 27,422 18,181 (unaudited) Six months ended 30 June Number of shares 2026 2025 Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation 1,105,614,572 1,102,565,261 Effect of dilution – weighted average number of ordinary shares: Share options 1,961,324 4,519,174 1,107,575,896 1,107,084,435
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– 14 – 11. TRADE RECEIVABLES (unaudited) (audited) At 30 June 2026 At 31 December 2025 US$’000 US$’000 Trade receivables 25,575 22,603 Impairment (29) (29) 25,546 22,574 The Group’s trading terms with its customers are mainly on credit, except for new and individual customers, where payment in advance is normally required. The overall credit period is generally between 30 to 60 days. The Group seeks to maintain strict control over its outstanding receivables and overdue balances are reviewed regularly by senior management. The Group does not hold any collateral or other credit enhancements over these balances. Trade receivables are non-interest-bearing. An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice date and net of provisions, is as follows: (unaudited) (audited) At 30 June 2026 At 31 December 2025 US$’000 US$’000 Within 1 month 18,103 13,407 1 to 2 months 5,380 5,941 2 to 3 months 477 2,775 Over 3 months 1,586 451 25,546 22,574
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– 15 – 12. TRADE PAYABLES, OTHER PAYABLES AND ACCRUALS (unaudited) (audited) At 30 June 2026 At 31 December 2025 US$’000 US$’000 Trade payables 7,920 4,633 Deposits received 334 353 Other payables 115 68 Accruals 1,794 3,017 10,163 8,071 13. ISSUED CAPITAL (unaudited) (audited) At 30 June 2026 At 31 December 2025 US$’000 US$’000 Authorised: 4,000,000,000 (31 December 2025: 4,000,000,000) ordinary shares of HK$0.01 each 5,152 5,152 Issued and fully paid: 1,106,255,000 (31 December 2025: 1,104,900,000) ordinary shares of HK$0.01 each 1,425 1,423 A summary of movements in the Company’s issued capital is as follows: Notes Number of shares in issue Issued capital HK$’000 Issued capital US$’000 At 1 January 2025 1,102,233,000 11,022 1,420 Share options exercised (a) 2,667,000 27 3 At 31 December 2025 and 1 January 2026 1,104,900,000 11,049 1,423 Share options exercised (b) 1,355,000 14 2 At 30 June 2026 1,106,255,000 11,063 1,425
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– 16 – Notes: (a) The subscription rights attaching to 2,667,000 share options were exercised at the weighted average subscription price of HK$2.757 per share, resulting in the issue of 2,667,000 ordinary shares for a total cash consideration, before expenses, of approximately US$ 942,000. An amount of approximately US$248,000 was transferred from the share option reserve to share premium account upon the exercise of the share options. (b) The subscription rights attaching to 1,355,000 share options were exercised at the weighted average subscription prices of HK$2.797 per share, respectively, resulting in the issue of 1,355,000 ordinary shares for a total cash consideration, before expenses, of approximately US$486,000. An amount of approximately US$115,000 was transferred from the share option reserve to share premium account upon the exercise of the share options. 14. RELATED PARTY TRANSACTIONS During the period, the Group entered into the following transactions with its related parties: (unaudited) Six months ended 30 June 2026 2025 US$’000 US$’000 Lease payments paid to related companies 596 675 The lease payments were charged by related companies based on terms as agreed between the relevant parties. A Director and beneficial controlling shareholder of the Company is also a Director and beneficial shareholder of the related companies.
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– 17 – 15. SHARE OPTION SCHEME The Company operates a share option scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. The Scheme became effective on 21 June 2016 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The following share options were outstanding under the Scheme during the reporting period: (unaudited) (unaudited) 2026 2025 Weighted average exercise price per share HK$ Number of options Weighted average exercise price per share HK$ Number of options At 1 January 3.486 9,904,000 3.327 13,321,000 Granted 8.592 5,300,000 - - Forfeited 2.323 (75,000) 3.415 (400,000) Expired - - - - Exercised 2.797 (1,355,000) 2.894 (647,000) At 30 June 5.525 13,774,000 3.347 12,274,000 The weighted average share price at the date of exercise for share options exercised during six months ended 30 June 2026 was HK$7.975 per share (Six months ended 30 June 2025: HK$5.438 per share).
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– 18 – The exercise prices and exercise periods of the share options outstanding as at the end of reporting period are as follows: Exercise period Exercise price HK$ per share (unaudited) Number of options outstanding as at 30 June 2026 2025 9-11-2023 to 8-11-2026 2.97 152,000 391,000 9-11-2024 to 8-11-2026 2.97 100,000 345,000 9-11-2025 to 8-11-2026 2.97 125,000 525,000 17-6-2024 to 16-6-2027 2.988 414,000 1,413,000 17-6-2025 to 16-6-2027 2.988 433,000 1,250,000 17-6-2026 to 16-6-2027 2.988 1,200,000 1,250,000 11-12-2025 to 10-12-2028 1.99 250,000 1,100,000 11-12-2026 to 10-12-2028 1.99 500,000 550,000 11-12-2027 to 10-12-2028 1.99 500,000 550,000 26-7-2026 to 25-7-2029 4.34 2,400,000 2,450,000 26-7-2027 to 25-7-2029 4.34 1,200,000 1,225,000 26-7-2028 to 25-7-2029 4.34 1,200,000 1,225,000 29-5-2028 to 28-5-2031 8.592 2,650,000 - 29-5-2029 to 28-5-2031 8.592 1,325,000 - 29-5-2030 to 28-5-2031 8.592 1,325,000 - 13,774,000 12,274,000 During the period, 5,300,000 share options were granted to 52 current employees as part of their standard employment package and 1 eligible consultant . Share option expense of approximately US$150,000 was recognised during the reporting period.
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– 19 – MANAGEMENT DISCUSSION AND ANALYSIS RESULTS OF OPERATIONS Revenue and segment information Plover Bay is a vendor of connectivity hardware, software and services. Our products include wired SD-WAN routers, wireless SD -WAN routers and networking peripherals that support customers’ networks. We also engage in the sales of add-on software licences and warranty and support services, which includes subscriptions for software & cloud services and on-demand data. As our product range continue to evolve, many of our products are enabled with both wired and wireless functions. Our products have also branched out to include connectivity products beyond the capabilities of a typical SD-WAN router, such as our mobile antenna, network switches, accessories, access points, and so on. Our revenue segments consist mainly of the following categories: (i) SD-WAN routers, which is further divided into Fixed First Connectivity, which denotes products connected primarily through fixed networks, and Mobile First Connectivity, which denotes products connected primarily through mobile networks ; (ii) warranty and support services, which includes provision of warranty and usage -based data services; and (iii) software licences, which includes one- off software licences and subscription of InControl2 service and other software features. Revenue highlights During the period ended 30 June 2026 , the Group’s revenue increased to approximately US$74,596 ,000, representing an approximately 18.5% year-over-year growth. The sales of Fixed First Connectivity increased about 44.0% to approximately US$10,967,000. Sales of Mobile First Connectivity increased to approximately US$40,274,000, or an increase of about 9.3% year-over-year. Sales of warranty and support services increased about 20.8% to US$16,242,000. Finally, the sales of software licences increased about 40.7% year-over-year to US$7,113,000. During the period, our sales increase can be attributed to the strong growth in high-volume products (including Fixed First Connectivity and 5G routers), edge computing products and recurring revenues. The table below sets out our revenue by product/service category: For the six months ended 30 June 2026 2025 Revenue % of total Revenue % of total US$’000 % US$’000 % Fixed First Connectivity 10,967 14.7 7,616 12.1 Mobile First Connectivity 40,274 54.0 36,831 58.5 Warranty and support services 16,242 21.8 13,441 21.4 Software licences 7,113 9.5 5,055 8.0 Total 74,596 100.0 62,943 100.0
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– 20 – Overview of recurring sales We consider the sales of Fixed First Connectivity and Mobile First Connectivity, licences for virtual appliances and add-on licences for software features to be one-time sales. Recurring sales mainly include the following: (i) Embedded Subscriptions, which refers to revenues relating to embedded one -year warranty and services included with the sale of a router or product; (ii) Organic Subscriptions, which refers to revenues relating to sales of subscriptions for warranty (recognised in the software licences and warranty and support services segment) and software features (recognised in the software licences and warranty and support services segment); (iii) the sales of cloud and data services, which are based on data usage. During the period, one-time sales increased approximately 16.1% and recurring sales increased approximately 24.7% year-over-year. The sales of Embedded Subscriptions generally follows the growth trend of Fixed First and Mobile First Connectivity segment sales in the past twelve months. Growth of Organic Subscriptions is generally influenced by our accumulated userbase, take up rate of subscriptions, and user stickiness. During the period, the number of devices under a subscription and take up rate of subscriptions both recorded healthy increases, indicating strong recurring revenue pipeline going forward. The table below sets out the breakdown of revenue according to the timing of revenue recognition for the six months ended 30 June 2026 and 2025: For the six months ended 30 June 2026 2025 Revenue % of total Revenue % of total US$’000 % US$’000 % One-time sales: 52,531 70.4 45,245 71.9 Recurring sales: 22,065 29.6 17,698 28.1 Total 74,596 100.0 62,943 100.0
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– 21 – Overview of sales in geographical regions We divide our sales into the following geographical regions: North America, EMEA (including Europe, Middle East and Africa), Asia and other regions. During the reporting period, sales from North America in creased approximately 27.2% to approximately US$43,734,000. Sales from EMEA slightly decreased to approximately US$19,989,000. Sales to Asia was approximately US$7,171,000, which increased about 22.3% year-on-year. Sales from Other regions was approximately US$3,702,000, which increased about 69.0% year-on-year. During the period, the strong increase in sales from North America was mainly due to increase in demand of high-volume products. In EMEA, our sales slightly decreased to approximately US$19,989,000 due to project-based lumpiness after a significant growth in the previous year. In Asia and Others regions, our sales continue to grow due to deliveries to various customers in those regions who are in the midst of deploying their multi-year large projects. The table below sets out the breakdown of revenue by geographical regions of customers in terms of absolute amount and as a percentage of total revenue for the six months ended 30 June 2026 and 2025: For the six months ended 30 June 2026 2025 Revenue Weight Revenue Weight US$’000 % US$’000 % North America 43,734 58.6 34,394 54.6 EMEA 19,989 26.8 20,497 32.6 Asia 7,171 9.6 5,862 9.3 Others 3,702 5.0 2,190 3.5 Total 74,596 100.0 62,943 100.0
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– 22 – Gross profit and gross profit margin For the six months ended 30 June 2026, our gross profit was approximately US$43 ,846,000, a year-over-year increase of approximately 25.4%. Our gross profit margin for the period was approximately 58.8% compared to approximately 55.5% for the same period last year. The increase of gross profit margin is mainly due to increase in overall gross margins from high-volume routers as our procurement and economies of scale continued to improve, and a more favourable product mix towards edge computing products The table below sets out our Group’s gross profit and gross profit margin by product/service category: For the six months ended 30 June 2026 2025 Gross profit Gross profit margin Gross profit Gross profit margin US$’000 % US$’000 % Fixed First Connectivity 5,159 47.0 3,317 43.6 Mobile First Connectivity 16,904 42.0 14,359 39.0 Warranty and support services 15,343 94.5 12,706 94.5 Software licences 6,440 90.5 4,581 90.6 Total 43,846 58.8 34,963 55.5 Other income and gains, net For the six months ended 30 June 2026, other income and gains, net was approximately US$1,119 ,000, compared to approximately US$1,955,000 during the same period last year. During the period, other income and gains, net mainly comprised of approximately US$625,000 bank interest incom e and approximately US$247,000 exchange gains. In the comparable interim period, other income and gains, net mainly comprised of approximately US$962,000 bank interest income and approximately US$982,000 exchange gains. Selling and distribution expenses Selling and distribution expenses comprised mainly salaries and benefits of our sales and marketing staff and advertising and promotion expenses incurred to promote our products and other expenses relating to our sales and marketing activities. Selling and distribution expenses for the six months ended 30 June 2026 slightly decreased to approximately US$1,796,000.
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– 23 – General and administrative expenses General and administrative expenses mainly represented salaries and benefits of our administrative, finance and other supporting staff, depreciation of property, plant and equipment, amortisation of intangible assets, lease expenses and other office expenses. General and a dministrative expenses for the six months ended 30 June 2026 increased to approximately US$4,312,000 which was mainly due to increase of salaries. Research and development, consultancy and other expenses Research and development expenses mainly represented salaries and benefits of our software development, hardware engineering, testing and supporting staff, product testing fee, certification costs, tooling, components and parts used for product research and development purpose s. Consultancy and other expenses mainly represented payments to service providers for testing, technical support and system maintenance. Research and development, consultancy and other expenses for the six months ended 30 June 2026 increased by 16.9% to approximately US$5,400,000 which was mainly due to increase of salaries and headcount. Equity-settled share-based payment expenses Included in selling and distribution expenses, general and administrative expenses and research and development, consultancy and other expenses were equity- settled share- based payment expenses, mainly represented equity-settled share-based payments to Directors and employees which are expensed on a straight- line basis over the vesting period since the grant date. The Company grants share options to its directors, employees and consultants from time to time. Equity-settled share-based payment expenses for the six months ended 30 June 2026 was approximately US$150,000. Details of share options granted by the Group are set out below under the heading “Share Option Scheme” of this announcement. Total operating expenses Total operating expenses, which includes selling and distribution expenses, general and administrative expenses and research and development , consultancy and other expenses for the six months ended 30 June 2026 amounted to approximately US$11,508,000, an increase of approximately 13.4% year-over-year.
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– 24 – Finance costs Finance costs mainly represented interest on bank borrowings and the interest portion of lease liabilities. Finance costs for the six months ended 30 June 2026 was approximately US$133,000 compared to approximately US$190,000 during the same period last year. The decrease is mainly due to decrease in average bank borrowings amount. Income tax expenses We provided for Hong Kong profits tax at a rate of 16.5% on our estimated assessable profits arising in Hong Kong. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the jurisdictions in which the Group operates. The increase in income tax expenses corresponded to the increase of assessable profits during the six months ended 30 June 2026. Profit attributable to owners of the Company Profit attributable to owners of the Company for the six months ended 30 June 2026 was approximately US$27,718,000, representing a year-over-year increase of approximately 27.9%. Inventories As at 30 June 2026, the Group’s inventory balance was approximately US$27,422,000 (At 31 December 2025: approximately US$18,181,000). During the period, due to the global price surge of electronic components, the Group accumulated a large buffer of key components to ensure customer demands can be met within reasonable lead times.
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– 25 – BUSINESS REVIEW AND OUTLOOK Dear shareholders and partners, Twenty Years of Unbreakable Connectivity Plover Bay designs and builds connectivity solutions around our proprietary technology for combining multiple links — cellular, satellite, and fixed — into one reliable connection. We believe connectivity should be reliable and available anytime, anywhere. Customers in markets where a connectivity failure is expensive — vessels, emergency vehicles, transit fleets, remote operations — pay a premium for that reliability. That is why we earn margins well above commodity networking hardware, and why a growing share of our revenue comes from subscriptions attached to the hardware: management software, support, and connectivity services. This has been our approach for twenty years. It has not changed. Steady Growth from a Long Tail of Markets Our revenue in 1H26 grew 18.5% year-on-year, and net profit grew 27.9%. Recurring revenue grew 24.7% and now represents 29.6% of total revenue. The driver behind these numbers is the same pattern we have seen for two decades. Ours is not one large market but a long tail of smaller ones — each niche, each demanding, collectively substantial. Every year, more industries reach the point where a dropped connection carries a real cost, and anoth er segment of that tail becomes ours. This is why our growth is steady rather than cyclical, and why the business generates substantial free cash flow. Starlink, Multi-Starlink, Multi-Orbit We have entered the multi-orbit era. High-speed broadband now reaches places it never could before — at sea, in the air, and in the most remote corners of land. Each new layer of connectivity brings new integration complexity, and integration is where most of the industry struggles. As the only Starlink Authorized Technology Provider since January 2024, we have kept building on that integration. We now offer Starlink's full range of LEO products — and because Starlink terminals now appear directly in our cloud platform, customers can monitor and manage Peplink and Starlink equipment as one. Our channel program rewards partners for selling the two as one solution, and our installed base is growing faster as a result. We continue to expand our own product stack for the LEO market. The new MAX Orbit series bonds multiple satellite terminals into a single fast, resilient link. Together with our new SpeedFusion Boost feature, it keeps enterprise throughput steady through satellite handovers, obstructions, and adverse weather.
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– 26 – Physical AI AI creates demand for us today: intelligence is moving into machines that move, and their data needs to move with them. Drones, factory robots, autonomous vehicles, systems at remote sites — these machines need connectivity to work, but they operate in the very places where connectivity is hardest to get. Their makers want what our customers have always wanted — a connection that does not fail — in hardware that is smaller, lighter, tougher, and runs on less power. We are seeing strong growth in this area and many leading players are working with us. We bel ieve physical AI will become an important market for us, and we are building for it now: new products in smaller and tougher form factors, with the same reliability we are known for. The Spin-off As announced earlier this year, we are working to spin off our North American business for a separate listing on NASDAQ, giving each business its own capital, its own currency, and the focus of its own team. The work is underway, and we will share the timeline as details are confirmed. Appreciation We thank the people who built this: our employees, whose engineering carries our reputation; our partners, who deliver our solutions in the field; and our shareholders, many of whom have been with us since the very beginning. Our first ten years as a public company have been remarkable. We are not stopping here. Now we are building the 2.0 — multi-orbit connectivity, physical AI, and platforms each running at full strength. We are excited about what is forming next, and glad to be building it alongside you.
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– 27 – LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE As at 30 June 2026, our bank borrowings amounted to approximately US$ 4,706,000 (At 31 December 2025: nil). Gearing ratio (defined as total borrowings over total equity) as at 30 June 2026 was approximately 8.4% (At 31 December 2025: nil). The Directors confirm that the Group financed its operations principally from cash generated from its business operations and expect that this will continue to be the case in the foreseeable future. We did not experience any liquidity problem during the reporting period. AGEING ANALYSIS OF TRADE RECEIVABLES For details of our ag eing analysis of trade receivables, please refer to note 11 to the condensed consolidated financial information. FOREIGN CURRENCY EXPOSURE The Group undertakes certain transactions denominated in foreign currencies, mainly in Euro, US dollars , Pound Sterling and Australian dollars, hence exposure to exchange rate fluctuations arises. The Group currently does not have a foreign currency hedging policy. However, the management monitors foreign exchange exposure closely in order to keep the net exposure to an acceptable level. The Group will consider hedging significant foreign currency exposure should the need arise. EMPLOYEE AND SALARY POLICIES The Directors consider the quality of employees as the most critical factor in maintaining the Group’s business growth and enhancing our profitability. The Group offers remuneration packages including salary, bonuses and retirement benefits with reference to the performance and working experience of individual employees, and the prevailing market rates. As at 3 0 June 2026, the Group had 216 full-time employees (At 31 December 2025: 206 full time employees). The Company also adopted a share option scheme approved on 21 June 2016 for the purpose of, among other things, recognition of employees’ contribution to the Group’s continued growth. Details have been set out in the section headed “Share Option Scheme” elsewhere in this announcement. The emoluments of the Directors are decided by the Board having regard to the Group’s operating results, individual performance and comparable market statistics. SIGNIFICANT INVESTMENTS HELD AND FUTURE PLAN FOR MATERIAL INVESTMENT As at 30 June 2026, the Group has no significant investment held and material investment plan.
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– 28 – MATERIAL ACQUISITIONS AND DISPOSALS During the period ended 30 June 2026, the Group had no material acquisitions or disposals of subsidiaries and associated companies. PLEDGE OF ASSETS The Group’s bank facilities amounting to US$14 ,905,000 (At 31 December 2025: US$15,017,000), of which US$4,706,000 (At 31 December 2025: nil) had been utilised as at the end of the interim period, are secured by the pledge of a time deposit of the Group’s amounting to US$2,380,000 (At 31 December 2025: US$2,338,000). DIVIDEND The Board has resolved to declare an interim dividend of HK15.66 cents per share for the six months ended 30 June 2026. The interim dividend is expected to be paid on 25 August 2026 to the shareholders whose names appear in the register of members of the Company at the close of business on 14 August 2026. CLOSURE OF REGISTER OF MEMBERS The register of members of the Company will be closed on Friday , 14 August 2026 for the purpose of determining the entitlement to the 2026 interim dividend. The record date for entitlement to receive the 2026 interim dividend is Friday , 14 August 2026. In order to be qualified for the 2026 interim dividend, all share transfer documents accompanied by the corresponding share certificates must be lodged with the Company’s branch share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration not later than 4:30 p.m. on Thursday, 13 August 2026. The cheques for dividend payment are expected to be sent on Tuesday, 25 August 2026. DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITION IN SHARES, UNDERLYING SHARES AND DEBENTURES At 30 June 2026, the interests and short positions of the Directors and the chief executives of the Company in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)), as recorded in the register required to be kept under section 352 of the SFO, or as notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 of the Listing Rules were as follows:
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– 29 – Long positions in shares and underlying shares Name of Directors Nature of interest Number of ordinary shares of the Company interested Number of underlying ordinary shares of the Company held under Share Option Scheme Approximate percentage of shareholding % Chan Wing Hong Alex Through controlled corporation* 756,000,000 - 68.3 Chau Kit Wai Beneficial owner 6,000,000 - 0.5 Chong Ming Pui Beneficial owner 6,000,000 - 0.5 Yeung Yu Beneficial owner 6,000,000 - 0.5 Chiu Chi Ying Beneficial owner 50,000 550,000 0.1 * The 756,000,000 shares of the Company are held by Namlong Development Limited, a company beneficially owned by Mr. Chan Wing Hong Alex. Save as disclosed above, as of the date of this interim results announcement, so far as is known to any Director or chief executives of the Company, none of the Directors or chief executives of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were (i) required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO; or (ii) required to be recorded in the register kept by the Company pursuant to section 352 of the SFO; or (iii) otherwise notified to the Company and the Stock Exchange pursuant to the Model Code. Details of the Directors’ interests in share options granted by the Company are set out below under the heading “Share Option Scheme”. ARRANGEMENTS TO ACQUIRE SHARES OR DEBENTURES Save as disclosed in the paragraph headed “Share O ption Scheme” below, at no time during the six months ended 30 June 2026 was the Group a party to any arrangements to enable the Directors or chief executives of the Company, to acquire benefits by means of acquisition of shares in, or debt securities (including debentures) of, the Company or any other body corporate.
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– 30 – SHARE OPTION SCHEME A share option scheme was conditionally adopted by the Company on 21 June 2016, and became effective on the Listing Date (the “Share Option Scheme”). Details of movements of the share options granted under the Share Option Scheme for the six months ended 30 June 2026 are as follows: Grantee Date of grant E xercise price per s hare (HK$ ) E xercise period Notes At 1 January 2026 Granted E xercised F orfeited Laps ed/ cancelled At 30 June 2026 Directors Chan Wing Hong Alex 2 0/7/2016 0.483 20/7/2017- 19/7/2021 (1 & 2) - - - - - - C hau Kit Wai 20/7/2016 0.483 20/7/2017- 19/7/2021 (2) - - - - - - C hong Ming Pui 20/7/2016 0.483 20/7/2017- 19/7/2021 (2) - - - - - - Y eung Y u 20/7/2016 0.483 20/7/2017- 19/7/2021 (2) - - - - - - C hiu Chi Y ing 11/12/2023 1.99 11/12/2025- 10/12/2028 (5 & 10) 100,000 - ( 50,000) - - 50,000 26/7/2024 4.34 26/7/2026- 25/7/2029 (6) 500,000 - - - - 5 00,000 Consultants 17/6/2022 2.988 17/6/2024- 16/6/2027 (4 & 9) 325,000 - ( 75,000) - - 250,000 26/7/2024 4.34 26/7/2026- 25/7/2029 (6) 500,000 - - - - 5 00,000 29/5/2026 8.592 29/5/2028- 28/5/2031 (7) - 1 00,000 - - - 100,000 Employees 9/11/2021 2.97 9/11/2023- 8/11/2026 (3 & 8) 871,000 - ( 494,000) - - 377,000 17/6/2022 2.988 17/6/2024- 16/6/2027 (4 & 8) 2,358,000 - ( 536,000) (25,000) - 1,797,000 11/12/2023 1.99 11/12/2025- 10/12/2028 (5 & 8) 1,450,000 - ( 200,000) (50,000) - 1,200,000 26/7/2024 4.34 26/7/2026- 25/7/2029 (6) 3,800,000 - - - - 3 ,800,000 29/5/2026 8.592 29/5/2028- 28/5/2031 (7) - 5 ,200,000 - - - 5,200,000 9,904,000 5,300,000 (1,355,000) (75,000) - 13,774,000
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– 31 – Notes: 1. Mr. Chan Wing Hong Alex is also the controlling shareholder of the Company. 2. For all share options granted on 20 July 2016, the first 25% of the total options can be exercised 1 year after the date of grant, and each 25% of the total options will become exercisable in each subsequent year. The closing price of the Share immediately before the date on which the options were granted was HK$0.46 per share. 3. For all share options granted on 9 November 2021, the first 50% of the total options can be exercised 2 years after the date of grant, and a further 25% of the total options will become exercisable in each subsequent year. The closing price of the Share immediately before the date on which the options were granted was HK$2.77 per share. 4. For all share options granted on 17 June 2022, the first 50% of the total options can be exercised 2 years after the date of grant, and a further 25% of the total options will become exercisable in each subsequent year. The closing price of the Share immediately before the date on which the options were granted was HK$2.96 per share. 5. For all share options granted on 11 December 2023, the first 50% of the total options can be exercised 2 years after the date of grant, and a further 25% of the total options will become exercisable in each subsequent year. The closing price of the Share immediately before the date on which the options were granted was HK$2.00 per share. 6. For all share options granted on 26 July 2024, the first 50% of the total options can be exercised 2 years after the date of grant, and a further 25% of the total options will become exercisable in each subsequent year. The closing price of the share immediately before the date on which the options were granted was HK$4.02 per share. 7. For all share options granted on 29 May 2026, the first 50% of the total options can be exercised 2 years after the date of grant, and a further 25% of the total options will become exercisable in each subsequent year. The closing price of the share immediately before the date on which the options were granted was HK$8.98 per share. 8. The weighted average closing share price immediately before the dates on which the options were exercised by employees was HK$7.94 per share. 9. The weighted average closing share price immediately before the dates on which the options were exercised by consultants was HK$7.88 per share. 10. The weighted average closing share price immediately before the dates on which the options were exercised by director was HK$7.68 per share. SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES Other than as disclosed in the paragraph headed “Directors’ and chief executives’ interests and short position in shares, underlying shares and debentures” above, the Directors have not been notified by any person (other than the Directors or chief executi ves of the Company) who had interests or short positions in the shares or underlying shares which shall be disclosed to the Company pursuant to the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept pursuant to Section 336 of the SFO. DIRECTORS’ INTERESTS IN COMPETING BUSINESSES As at 30 June 2026, in so far as the Directors were aware, none of the Directors or their respective associates had any interest in a business that competed or was likely to compete with the business of the Group.
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– 32 – EVENTS AFTER THE REPORTING PERIOD There are no material subsequent events undertaken by the Company or by the Group after 30 June 2026 and up to the date of this announcement. PRE-EMPTIVE RIGHTS There are no provisions for pre -emptive rights under the Company’s articles of association or the laws of Cayman Islands, which would oblige the Company to offer new shares on a pro- rata basis to existing shareholders. PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY Neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company’s listed securities during the period. CORPORATE GOVERNANCE CODE The Company has adopted the Corporate Governance Code (the “CG Code”) as its own code of corporate governance, and is committed to maintaining high standards of corporate governance as well as transparency. The Company has complied with all applicable code provisions of the CG Code during the period. MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules as its own securities dealing code to regulate all dealings by Directors of securities in the Company and other matters covered by the Model Code . Specific enquiry has been made of all the Directors and they have confirmed that they have complied with the Model Code during the period. AUDIT COMMITTEE The audit committee of the Company has reviewed the Group’s interim results including the accounting principles and practices adopted by the Group, and discussed auditing, internal control and financial reporting matters as well as the condensed consolidated financial statements for the six months ended 30 June 2026 with the management. PUBLICATION OF INTERIM REPORT The interim report of the Company for the six months ended 30 June 2026 will be dispatched to the shareholders of the Company and published on the website of the Stock Exchange (http://www.hkexnews.com.hk) and the Company (http://www.ploverbay.com) in due course.
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– 33 – APPRECIATION I would like to take this opportunity to thank the Group’s shareholders and business partners for their support and encouragement to the Group during the past six months. I would also like to thank our Directors and all staff members of the Group for their hard work and contribution to the Group. By Order of the Board of Plover Bay Technologies Limited Chan Wing Hong Alex Chairman and executive Director Hong Kong, 30 July 2026 As at the date of this announcement, the executive Directors are Mr. Chan Wing Hong Alex, Mr. Chau Kit Wai, Mr. Chong Ming Pui , Mr. Yeung Yu and Ms. Chiu Chi Ying; the independent non-executive Directors are Dr. Yu Kin Tim, Mr. Ho Chi Lam, Mr. Wan Sze Chung, Mr. Fu Kam Cheung, Mr. Lau Kin Pui and Ms. Yu Man Wa.