JustCo H1 loss narrows 52% to US$839,000 in first results since IPO
Group revenue grows 24% to US$80.8 million, from US$65.1 million in H1 2025
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[SINGAPORE] Flexible workspace operator on Thursday (Aug 6) announced that its first-half net loss narrowed 52 per cent to US$839,000, compared to a US$1.7 million in the year-ago period.
Excluding one-off expenses, the newly listed group’s H1 net profit after tax would have been about US$100,000 instead. The GIC-backed company debuted on the Singapore Exchange mainboard on May 22.
Free cash flow meanwhile rose to US$3.2 million, up from about US$900,000 in H1, as cash earnings before interest, taxes, depreciation and amortisation “more than covered” capital expenditure on new centres. The group’s cash position also increased by US$65.4 million from Dec 31, 2025 to US$169.4 million as at Jun 30 this year, including the initial public offering proceeds.
“JustCo is well-placed to pursue future growth without the need for further fundraising,” said the company.
Group revenue grew 24 per cent year-on-year to US$80.8 million, up from US$65.1 million in H1 2025. This was driven by higher revenue per workstation and an expanded network. Revenue per workstation per month across the group increased 11 per cent year-on-year to US$468.45.
JustCo noted that it expanded its network from 50 centres and 35,067 workstations as at December 2025 to 57 centres and 37,350 workstations as at June 2026. The group also said that it has a committed pipeline of 21 centres, which will increase its network to 78 centres.
The company in July announced the launch of JustCo Place, taking over the former Taste Orchard mall, expanding beyond flexible workspaces into co-living. JustCo Place will include a JustCo co-working centre, with Deloitte Singapore as the anchor customer committed to occupy 100 per cent of the space.
Barring any unforeseen circumstances, JustCo said that its board plans to distribute a dividend of 50 per cent of its net profit with effect from the 2027 financial year.
Shares of JustCo closed flat at S$0.63 on Thursday, but were still well under its IPO price of S$0.94 per share.
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Despite the dismal debut, DBS in July initiated coverage on the home-grown co-working player with a “buy” and a 12-month target price of S$1.06.
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