One and One Green Technologies. Inc Class A Ordinary Shares NASDAQ: YDDL reported fiscal 2025 results highlighting record revenue, higher profitability, and the completion of its Nasdaq initial public offering, according to management on the company’s earnings conference call.
Fiscal 2025 described as “defining year”
Tina Yan, Chairman and Chief Executive Officer, said fiscal 2025 marked a major milestone for the Philippines-based recycling company. “We delivered record revenue of $65.8 million, nearly doubled net income to $11.8 million, expanded gross margin by more than 400 basis points, and completed our initial public offering on Nasdaq,” Yan said.
Yan attributed performance to what she called “disciplined execution” of a business model built over more than a decade, centered on a licensed, environmentally focused recycling platform serving industrial demand across the Asia-Pacific region.
Business overview and competitive positioning
Chief Financial Officer Chun Kit Wong described One & One Green Technologies as a recycler of non-ferrous metals and industrial materials that imports hazardous waste into the Philippines as raw material under a government-issued license. Wong said the company holds operating permits from the Bureau of Customs, the Department of Environment and Natural Resources, and the Environmental Management Bureau (EMB), with permitted annual processing capacity of approximately 300,000 tons.
Wong said the company operates three production sites in Bulacan Province and employs 90 staff, including seven engineers. It sources electronic waste, scrap metal, and industrial byproducts from Korea, Japan, Southeast Asia, Europe, and the United States and converts inputs into products including copper alloy ingots, aluminum scraps, and brass alloy ingots for end markets such as casting, vehicle manufacturing, and equipment manufacturing.
Wong outlined what he called three pillars of the company’s competitive position:
- Regulatory barriers to entry: a hazardous waste import license and environmental permits that Wong said are “difficult to obtain,” limiting new entrants.
- Proprietary emissions technology: an Exhaust Gas Recirculation system, approved annually by the EMB, that captures ash and slag for additional metal recovery and compliance.
- Diversified supplier network: more than 100 counterparties and a regulatory approval and registration process that designates specified quantities of certain materials for delivery, which Wong said helps manage raw material cost volatility.
Revenue growth led by copper and aluminum
Wong reported total revenue of $65.8 million for fiscal 2025, up from $53.5 million in fiscal 2024, an increase of $12.4 million, or 23% year over year. Growth was concentrated in the company’s two largest product lines.
Copper alloy ingot revenue rose to $45.1 million from $32.8 million. On a volume basis, Wong said copper alloy sales increased 37% year over year, which he attributed to “sustained demand from manufacturers across the Asia-Pacific region” and the company’s ability to deliver consistent output. Aluminum alloy revenue increased to $19.8 million from $15.5 million, which Wong said reflected continued scaling in a line where the company has been “scaling carefully to match customer specifications.”
Brass alloy ingot revenue fell to $994,000 from $4.3 million in the prior year. Wong said the decline reflected “a shift in demand within specific customer segments,” adding that management is “not currently assuming a recovery in this product line” in near-term plans and encouraged investors to model the business primarily on copper and aluminum rather than a brass rebound.
Margin expansion, higher earnings, and IPO-related costs
Gross profit rose to $15.8 million from $10.6 million, a 49% increase. Gross margin expanded to 23.94% from 19.77%, an improvement of 417 basis points. Wong said margin expansion was driven principally by lower purchase prices for copper and aluminum raw materials, which he tied to the company’s regulatory approval and registration process that supports visibility over inbound volumes, as well as “disciplined execution” by its procurement team.
Operating expenses increased to $3.9 million from $2.5 million, driven by what Wong described as two non-recurring items tied to the company’s transition to public company status: about $363,000 of one-time listing-related expenses connected with the October IPO, and approximately $1.1 million of additional senior executive compensation put in place in preparation for public company requirements.
Income from operations increased to $11.9 million from $8.1 million, up 47%. Net income was $11.8 million compared to $6.5 million, an 82% increase. Earnings per share, basic and diluted, were $0.2254 versus $0.1246 in fiscal 2024. Wong said the faster growth in net income relative to operating income was “explained primarily by a lower effective tax rate in 2025 relative to 2024.”
On the balance sheet, Wong reported total assets of $56.0 million as of Dec. 31, 2025, up from $36.5 million at year-end 2024, and shareholders’ equity of $41.8 million, more than double the prior year’s $20.7 million. Wong said the company ended the year with no interest-bearing debt, a structure he said the company intends to maintain.
Cash and cash equivalents were $957,000 at year-end, down from $1.85 million. Net cash used in operating activities was $9.0 million in 2025, compared with $2.0 million provided by operations in 2024, which Wong attributed to working capital investment. Accounts receivable increased by $9.7 million as revenue grew and customer payment terms extended; inventories increased by $2.1 million; advances to suppliers rose by $2.1 million; and accounts payable declined by $4.1 million.
Net cash used in investing activities was $2.7 million, including about $736,000 of capital expenditures and a $2.0 million loan to a third party. Net cash provided by financing activities was $10.1 million, “substantially all” from net proceeds of the October IPO. Wong said gross offering proceeds, including the full exercise of the underwriter’s over-allotment, were approximately $11.5 million, with the remainder reflecting underwriting discounts and other offering expenses.
Outlook: expansion plans and lithium battery recycling facility
Looking ahead, Yan and Wong outlined a roadmap focused on geographic expansion, talent recruitment, and a new processing facility dedicated to lithium battery recycling. Yan said the company’s strategy centers on three priorities: expanding into Southeast Asia, Japan, South Korea, Europe, and the Americas; building an international business development team with language and cultural expertise; and preparing to launch a dedicated lithium battery recycling facility “within the next 3 years.”
Wong echoed those priorities and said the company expects to build additional capacity for lithium battery recycling within the same timeframe, citing International Energy Agency data that global electric vehicle sales exceeded 17 million units in 2024 and grew at a compound annual rate of about 30%. Wong said the company believes its existing licensing framework, environmental infrastructure, and technical capability position it to be an early mover in recovering materials as batteries reach end of life.
Wong also highlighted “disciplined capital deployment,” saying management plans to invest in the highest-returning opportunities, including organic capacity, selective acquisitions that strengthen technology, or investments that deepen supplier relationships, with material commitments subject to board review.
During the Q&A, management discussed the regulatory framework around its hazardous waste import license, noting it operates under the Basel Convention and requires ongoing authorization and permits, including those tied to the EMB and Bureau of Customs. Management also addressed potential impacts from expanded U.S. Section 232 tariffs on metals, saying direct exposure is limited because the company sells primarily into Asia-Pacific markets and sources under Philippine customs rules, while noting global shifts in metal flows could affect supply dynamics in the regions it serves.
On broader demand trends, management pointed to rising global usage of copper and aluminum linked to data center build-outs and the electric vehicle transition. While stating the company is “not a direct supplier to any hyperscaler,” management said tightening global demand conditions could favor licensed operators with permitted capacity, which it believes describes One & One’s position.
About One and One Green Technologies. Inc Class A Ordinary Shares NASDAQ: YDDL
One and one Green Technologies. INC is a waste materials and scrap metal recycling company. It engages in the recycling, production and trading of scrap metals. One and one Green Technologies. INC is headquartered in the Philippines.
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