This article first appeared in The Edge Malaysia Weekly on June 22, 2026 - June 28, 2026

ACE Market-listed biomass fuel player Elridge Energy Holdings Bhd (KL:ELRIDGE) has done well since its listing in August 2024.

Its stock is now trading at around 80 sen apiece compared with its initial public offering (IPO) price of 29 sen, for a gain of 180%. This is despite a sharp dip on March 16 this year when it hit limit down after a selloff that saw its stock price tumble 38.5 sen to 90.5 sen.

After a sterling first year post-listing when the stock surged to as high as RM1.50, it has fallen 50%, albeit still much higher than its IPO price.

Share price performance aside, the company also posted a strong financial performance with revenue of RM432 million in the financial year ended Dec 31, 2025 (FY2025), up from RM389 million in FY2024. Net profit rose to RM57.3 million from RM 41.2 million.

Despite these impressive figures, shareholders of Elridge should take note of the significant changes in its business profile since its listing.

For one, its revenue contribution from overseas declined to 23.73% of total revenue in FY2025 compared with 93.2% in FY2024. Revenue from Indonesia fell to a mere RM9.1 million compared with RM37million in FY2024 and RM93.2 million in FY2023.

A similar sharp drop was also seen in the Singapore market, which fell from RM105.2 million in FY2023 to RM55 million in FY2024 and RM3.6 million in FY2025.

This sudden shift in the underlying business profile should be watched closely, as should the 100% spike in receivables to RM89 million in FY2025, from RM43 million in FY2024.

Perhaps Elridge’s board will help shed some light on those numbers at the annual shareholders’ meeting on Monday (June 22).

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