SINGAPORE - Orangekloud Technology Inc. (NASDAQ:ORKT), a provider of the eMOBIQ® No-Code platform for mobile app development, today announced the appointment of Mr. Toh Puay-Yong as its new Chief Financial Officer (CFO). Mr. Toh steps into the role following the resignation of Ms. Shally Ang for personal reasons.
Mr. Toh, who has been with Orangekloud since 2017 in various roles, brings a wealth of experience to the CFO position, including financial management, mergers and acquisitions, strategic management, and human resources development. He has previously served as interim CFO during Ms. Ang's maternity leave earlier this year.
With a background that includes management consulting and senior financial roles in regional enterprises, Mr. Toh's expertise extends across different sectors. His previous positions include CFO for Cherie Hearts Group, General Manager for Blum & Co, and senior regional finance roles at IPACS Asia Pte Ltd and Mabanaft Singapore Pte Ltd.
Mr. Toh holds a Bachelor of Accountancy degree from the National University of Singapore and an MBA from the University of Manchester. He is also a Chartered Accountant of Singapore and a Chartered Valuer and Appraiser.
Orangekloud's founder and CEO, Mr. Alex Goh, expressed confidence in Mr. Toh's abilities to contribute positively to the company's future. The company also extended gratitude to Ms. Ang for her service and wished her well in her future endeavors.
This announcement is based on a press release statement from Orangekloud Technology Inc. The company specializes in developing mobile applications for Small and Medium Enterprises (SMEs) and corporations, with customers across various industries.
In other recent news, Orangekloud Technology Inc. has disclosed its unaudited financial results for the first half of 2024, keeping the market informed of its financial status. The company has also entered into a partnership with the Electronics Industries Training Centre (ELITC) in Singapore to enhance the digital competencies of the workforce and facilitate broader adoption of the eMOBIQ No-code platform.
In addition, Orangekloud has announced a strategic investment in Singapore-based cybersecurity firm Evvo Labs, aiming to boost its digital transformation solutions. The company has also partnered with AI Singapore (AISG) to innovate in mobile application development through its eMOBIQ® No-Code platform, potentially reducing app development time significantly.
These recent developments underline Orangekloud's commitment to driving innovation, maintaining transparency, and complying with regulatory requirements. As per regulatory requirements, Orangekloud Technology has submitted a standard Form 6-K filing to the U.S. Securities and Exchange Commission (SEC), providing current corporate information. The company has also indicated its intention to continue filing annual reports under Form 20-F, providing a statement of its financial performance.
InvestingPro Insights
As Orangekloud Technology Inc. (NASDAQ:ORKT) navigates this leadership transition, investors should be aware of several key financial metrics and market trends. According to InvestingPro data, the company's market capitalization stands at $42.09 million, reflecting its current position in the tech sector.
Recent InvestingPro Tips highlight that ORKT's stock has experienced significant volatility. The stock has taken a substantial hit over the last week, with a 1-week price total return of -73.76%. This sharp decline extends to longer timeframes, with the 3-month and 6-month price total returns both at -67.54%. These figures suggest that the company is facing challenges that have impacted investor confidence.
From a financial perspective, Orangekloud's revenue for the last twelve months as of Q2 2024 was $3.9 million, with a concerning revenue growth of -23.56% over the same period. The company is currently not profitable, with an operating income margin of -31.94%, which may explain some of the recent stock performance.
It's worth noting that according to an InvestingPro Tip, ORKT operates with a moderate level of debt. This could be a critical factor for the new CFO, Mr. Toh Puay-Yong, to address as he takes on his role in steering the company's financial strategy.
For investors looking for a more comprehensive analysis, InvestingPro offers 12 additional tips for ORKT, providing a deeper understanding of the company's financial health and market position.
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