Vantage Corp (NYSE:VNTG) ("Vantage" or the "Company"), a shipbroking company providing comprehensive services including brokerage, consultancy, and operational support in the tanker market, announced its financial results for the fiscal year ended March 31, 2025, and provided an update on its business initiatives and future growth strategy.

Management Commentary

From the co-Founder, Chief Executive Officer, and Chairman of the Board of Vantage Corp, Andresian D'Rozario

Dear Shareholders,

It is with immense pride and gratitude that I write to you today, around one month after our successful listing on the NYSE American. This year-long investment in our U.S. capital markets listing marks a significant milestone and a defining chapter in our company's journey – one built by five founders with over 100 years of combined hands-on experience in the tanker shipbroking industry. For many of our new shareholders, I would like to take this opportunity to briefly introduce Vantage Corp.

Who We Are

Vantage Corp was founded with the vision of redefining excellence by delivering unmatched professional shipbroking services and intelligence to our clients. We are driven by a commitment to integrity, expertise, and long-term partnerships – principles that guide every client interaction and fuel shared success. We began our journey with a team of over 20 specialists, each bringing deep expertise in the tanker market, covering clean petroleum products (CPP) and petrochemicals. Over the years, we underwent significant growth and diversification, expanding our services into dirty petroleum products (DPP), biofuels, and vegetable oils. We've also built out key functions, including dedicated sales and projects, research and strategy, and IT teams. Today, Vantage Corp proudly comprises 59 committed professionals, each contributing to our continued evolution and pursuit of excellence.

At its core, shipbrokers act as a pivotal link between oil companies, traders, shipowners, and commercial managers to create a holistic approach to cover their shipbroking needs. A shipbroker acts as an intermediary between the oil company and the ship owner to negotiate the contract and ensure smooth execution of business flow. But at Vantage Corp, shipbroking is far more than just a transactional business. To us, it's a strategic role that sits at the intersection of deep industry expertise, trusted relationships, and an understanding of fast-changing global markets trends. Success in today's dynamic shipping landscape demands more than just transactional efficiency – it requires insight, adaptability, and strategic foresight. That's why our expanding team and evolving capabilities reflect a deliberate investment in building a multi-disciplinary approach that goes beyond simply brokering a successful deal.

Data and Technology Driven Approach

In addition to our core brokerage and operational support services, what truly differentiates Vantage Corp in a competitive market is our growing focus on usage of data analytics as a core part of our value proposition. We have made a deliberate investment in strengthening our analytical capabilities, recognizing that timely, data-driven insights are essential for navigating today's complex and rapidly evolving shipping landscape. From analyzing tanker demand trends and identifying shifts in trade flows to monitoring the emergence of new refining hubs, our analytics support both operational decisions and long-term strategic planning. This data-centric approach allows us to engage with clients on multiple levels, activating a fly-wheel effect. We offer hands-on support to operations teams while also providing executive-level analysis and strategic guidance to senior leadership. In doing so, we move beyond the traditional role of a broker - positioning ourselves as a strategic partner that delivers insight, clarity, and lasting value across the full lifecycle of a transaction.

We recognized early on that technology and big data would become major disruptors in the shipbroking industry. As far back as 2016, we began laying the foundation for what has evolved into a full-fledged research and IT team within Vantage. Today, our research team covers all the divisions of the tanker market in which we operate, while our dedicated IT team has played a central role in building out our proprietary operational efficiency software platform, called Opswiz.

Opswiz was built specifically for the tanker market to streamline and centralize operational workflows. At its core, Opswiz consolidates all contract data into a centralized system, eliminating the need for physical files and duplicated work across departments. This centralized platform allows commercial operations, claims, settlements, and accounts departments to access and update contract information in real-time, enhancing cross-functional visibility, accelerating information retrieval, and improving operational efficiency. The development of Opswiz was supported by a government grant from a Singapore governmental agency, which supported approximately 70% of the qualifying development costs. As part of the grant conditions, we were restricted from selling or licensing the software for a period of one year after development completion, which such period has since expired.

Since the closing of our IPO, our IT team remains focused on further advancing Opswiz's capabilities. We are currently integrating advanced data analytics, dynamic reporting tools, and AI-driven features to enhance decision-making and operational optimization. The platform has been used internally at Vantage for some time, with ongoing improvements based on practical, day-to-day feedback from internal users. Ultimately, our goal is to commercialize Opswiz in the next couple of years. We plan to pursue strategic partnerships and targeted licensing opportunities that will allow us to offer this best-in-class solution to external clients and partners. These external partnerships would help reinforce product growth and establish another potential revenue stream beyond conventional shipbroking services. Having relied on it ourselves, we've validated its value through firsthand use and consistent refinement. We're excited about the potential of Opswiz not only as a powerful internal tool but also as a future revenue-generating product that strengthens our broader service offering and technological edge.

Our data- and analytics-driven business model is a key competitive advantage – one that clearly distinguishes Vantage Corp from smaller, narrowly focused shipbroking firms in the Asian markets. As our clients increasingly turn to us for value-added insights and market intelligence, it reinforces our ability to deliver high-impact results without needing the scale or headcount of the industry's largest players. These areas will be critical to maintaining our analytical edge and continuing to provide differentiated, high-quality service. As we scale our operations across Singapore, deepen our presence in the broader Asian market, and continue fueling our global expansion, this integrated, analytics-first approach will remain central to how we create lasting value for our clients.

Our Recent IPO and Global Expansion Strategy

On June 12, 2025, the Class A Ordinary Shares of Vantage Corp successfully began trading on the NYSE American under the ticker "VNTG." This marked a transformational milestone for our company, as we entered the U.S. capital markets with a clear and unified objective shared by our management team and board – driving expansion and long-term growth. Having been an established company for 13 years in Singapore, the next step into our company's growth strategy was geographical expansion. We believe that our initial 13 years of operations and the network we built over these years provide a unique competitive advantage. Cultural nuances across Asia, compared to other regions like the U.S., Middle East, and Europe, often pose significant challenges for companies attempting to establish a foothold as shipbrokers in the Asia market. Asia is deeply relationship-driven, where trust and credibility are earned over time through consistent presence and engagement. Each Vantage founder brings over 15 years of experience navigating this landscape, and over the years, Vantage has cultivated a strong network of clients and industry stakeholders across the region. We view this network not only as a moat in Asia, but also as a strategic bridge to support our global expansion, enabling us to seamlessly foster new connections and enter new markets with credibility and confidence.

We already started this initiative before we went public – back in June 2023, we jumpstarted our global expansion strategy by entering the Middle East market, establishing a new subsidiary in Dubai. We currently serve the DPP and CPP segments and intend to gradually expand our capabilities in the region into biofuels, vegetable oils, and petrochemicals. As we remain in the early stages of operations in Dubai, we are continuing to focus on establishing the necessary infrastructure, recruiting talent, and covering initial set up costs. While we remain small at scale in this region, we have made notable progress over the last two years to position our Dubai operations to eventually become a fully scaled business.

We have made strategic investment in Dubai by expanding our team and securing office space in a prime business district to strengthen client engagement and support rising demand, particularly in the oil and gas sector. Our Dubai operations now include seven full-time staff, and we remain focused on adding additional members to enhance our market position and eventually achieve profitability. In fiscal 2026, our priorities include deepening market penetration, onboarding new clients, and expanding our broker network. While Dubai's current revenue contribution remains modest, we anticipate steady growth as our presence matures. With its strategic location as a gateway to high-growth shipping lanes, particularly in oil and gas trade, Dubai represents a key growth market for the company over the medium to long term.

Looking ahead, our ambitions extend well beyond Dubai. Two key regions on our expansion roadmap are the United States and Europe. These two regions are pivotal to the global oil trade and shipping hubs, each offering strategic advantages that align with our long-term vision. Particularly in the United States, Houston stands as a critical center for shipping and energy, serving as the primary gateway for oil flows across the Americas. In Europe, Geneva and London are compelling markets we are actively exploring expansion opportunities. Geneva remains a prominent global hub for oil trading, home to many of the world's leading trading houses. London, with its deep-rooted legacy in shipbroking, also represents a strategic location that warrants serious consideration. While Geneva was our original target, recent developments in the European market have prompted us to reassess our priorities. Establishing a presence in these regions will deepen our engagement with the physical oil markets and build stronger connections with key market participants.

While global expansion is a key priority, further growth across Asia remains central to our focus as well. Our deep network, cultural fluency, and longstanding experience in the region gives us a significant competitive edge. We believe this positions us well to expand our presence across Asia. Our long-term strategy is centered on creating a global network with core hubs across Asia, the Middle East, Europe, and the United States – a "quadfecta" that will provide comprehensive geographic coverage, market access, and client support. By anchoring ourselves in these strategic regions, we aim to develop a truly global shipbroking firm.

To bring this global strategy to life, continued investment in talent is both necessary and strategic. Building out our teams will be an ongoing priority as we establish new regional hubs and scale our operations across multiple markets. Based on the robust results we've achieved in Singapore, we are confident that investing in human capital will yield meaningful returns. Our people are the backbone of our business, and expanding our capabilities through the right hires will be critical to sustaining long-term growth.

With this broader vision in mind, our decision to pursue a U.S. listing was both timely and intentional. Accessing the U.S. capital markets gives us enhanced liquidity, greater access to capital, and increased visibility among a global investor base, all of which are vital to scale our presence across international markets. Going public was not just a financial milestone – it was a foundational step toward realizing our ambition of becoming a globally recognized shipbroking logistic firm. The IPO process, while resource-intensive and time-consuming, was a necessary investment in our future. It did result in the temporary deferral of several strategic initiatives, but with the initial public offering now complete, we are refocused and re-energized. I look forward to revisiting these opportunities and executing them with renewed momentum. As we move ahead, we are committed to maintaining open and consistent communication with our shareholders and stakeholders as key developments unfold and long-term value continue to be built.

What Lies Ahead in Fiscal Year 2026

Looking ahead, our company remains focused on executing key strategies to drive long-term growth and profitability. We recognize the importance of stabilizing and scaling our operations while continuing to create value for our stakeholders. Our strategy revolves around three pillars: (i) regional expansion; (ii) mergers and acquisitions; and (iii) investment in staff headcount.

1. Regional Expansion

As outlined previously, regional expansion remains a core strategy to scale our business and drive sustainable, profitable growth. While further building our presence in Dubai and exploring opportunities in the U.S., and Europe are important priorities, the most immediate opportunity on the horizon lies in China. China has consistently been, and will continue to be, one of the largest demand centers for oil and gas. It also accounts for over 54% of global shipbuilding, presenting a significant opportunity to grow our projects revenue, where we earn commission on each vessel sold. Furthermore, China's chemicals market continues to expand, driven by demand for plastics, solvents, and manufacturing inputs, which offers additional growth potential. We are excited about this emerging opportunity and look forward to sharing further updates in the coming months.

2. Mergers & Acquisitions (M&A) Strategy

To support our regional expansion strategy, M&A will play a central role. The Company's objective has always been to identify companies with which we can create greater value together, rather than simply establishing new geographic locations organically. By targeting partners with clear operational synergies and strong revenue growth potential, I believe we can accelerate progress toward our long-term vision. As such, we see M&A as a critical driver of growth in diversifying our portfolio and strengthening our market position. The management is currently evaluating several opportunities at different stages, and I look forward to sharing more details in the coming months.

3. Investment in Staff

To achieve all our objectives and goals outlined above, investing in our people remains the cornerstone of our growth strategy. Shipbroking is inherently a relationship-driven people's business, and our team is our most valuable asset. Expanding and developing our workforce – whether it be through new hires or acquisitions – will not only increase our market coverage but also deepen client engagement, enhance service quality, and reinforce our competitive advantage. As we grow our presence across key regions, attracting and retaining top talent will be critical to sustaining momentum and delivering long-term value to our clients and stakeholders.

Closing Remarks

As we look ahead to fiscal year 2026, we remain confident in our ability to overcome the challenges we have faced in the past year. Our commitment to executing on our strategic initiatives—whether through targeted M&A, expanding our regional footprint, or investing in talent—will drive both short- and long-term value for our shareholders. While we acknowledge the fluctuations in our revenue, we firmly believe that the steps we are taking today will position us for sustainable growth in the years to come. We remain focused on our mission to deliver innovative solutions to our clients, enhance operational efficiencies, and build a diversified revenue base.

We are grateful for the continued support of our investors and partners as we move forward into this exciting next phase of our journey. Together, we are building a stronger, more resilient company with the potential to thrive in a dynamic global market.

Thank you for your confidence in our leadership and vision as we continue to execute on our strategic priorities. We look forward to delivering value and building a bright future for all stakeholders.

Sincerely,

Andresian D'Rozario

Co-Founder, Chief Executive Officer, Chairman of the Board

Fiscal Year 2025 Financial Results

Vantage Corp Chief Financial Officer Lilian Lim commented: "Our financial results for fiscal year 2025 reflect a challenging operating environment marked by ongoing geopolitical tensions, economic volatility, and market uncertainty. These factors contributed to a decline in our performance compared to the prior year. Although an increase in ship tonnage supply played a role, we proactively adjusted our operations to address these challenges, placing greater focus on period charter activity during stronger freight market cycles to mitigate revenue volatility. Despite the year-over-year decrease in revenue, we remain confident in our long-term strategy and our ability to adapt effectively to evolving market conditions. Looking ahead to fiscal 2026, our priorities include cost optimization, enhancing operational efficiencies, and expanding revenue streams through strategic investments in talent and regional growth."

"The ongoing Russia-Ukraine conflict continues to create significant uncertainty in global markets, particularly impacting energy trade flows, shipping routes, and regulatory frameworks. The conflict has affected certain regions where we operate, and its continued influence on oil & gas trade and shipping dynamics presents both challenges and opportunities. In the near-term, we expect ongoing market volatility, especially within the oil and gas sectors, which may impact our financial results through fluctuating charter rates and global shipping conditions. Nevertheless, we are strategically positioned to seize opportunities arising from shifts in global trade routes and increased demand for energy security in the affected regions. Furthermore, our regional expansion initiatives will serve as key drivers of growth, helping to offset market uncertainty and scale our business. While the situation remains fluid, we are closely monitoring developments and continuously adjusting our strategies to navigate the evolving landscape."

Fiscal Year 2025 Revenue by Commission Type and Geographical Region

	For the Year Ended March 31, 2025
	Singapore		Dubai		Total
	US$		US$		US$

Freight commission		15,956,382		502,087		16,458,469
Demurrage commission		1,412,551		18,163		1,430,714
Deviation and other commission		311,776		8,182		319,958
Sale of vessel commission		450,000		-		450,000
Total Revenue		18,130,709		528,432		18,659,141

Financial Results Summary

	For the Year Ended March 31, 2025
	2024		2025
	US$		US$

Revenue		19,999,294		18,659,141
Gross margin (GAAP)		47.2%		46.2%
Net Income (GAAP)		4,954,484		3,842,885
Adjusted EBITDA		6,034,097		4,928,040

Non-GAAP Financial Measure: Adjusted EBITDA

To supplement our GAAP results, we present Adjusted EBITDA, a non-GAAP financial measure that we define as net income adjusted for interest expense, income tax, depreciation and amortization, and interest income (including interest earned on fixed deposits). We use Adjusted EBITDA to evaluate core operating performance and guide strategic planning. This measure is widely used by investors and analysts to assess underlying business performance, excluding items that may vary significantly across companies.

The following table presents a reconciliation of Net Income (GAAP) to Adjusted EBITDA for the fiscal years indicated:	For the Year Ended March 31, 2025
	2024	2025
	US$	US$
Net Income (GAAP)	4,954,484	3,842,885
Add (deduct):
Interest Expense	9,267	12,325
Income Tax	1,045,511	825,926
Depreciation and amortization	175,488	272,734
Interest Income	(150,653)	(25,830)
Adjusted EBITDA	6,034,097	4,928,040

Annual Report on Form 20-F

Vantage Corp has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2025, with the U.S. Securities and Exchange Commission on July 28, 2025.

The report is available on the SEC's website at https://www.sec.gov and on the Company's website at: Investors | Vantage Shipbrokers

Shareholders may receive a hard copy of the company's complete audited financial statements free of charge by submitting a request to:

Investor Relations

John Yi and Steven Shinmachi

Gateway Group, Inc.

949-574-3860

VNTG@gateway-grp.com

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "will", "should", "can have", "likely" and other words and terms of similar meaning. Forward-looking statements represent Vantage's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

About Vantage Corp

Founded in 2012 by five seasoned shipbrokers, Vantage Corp provides comprehensive shipbroking services, including operational support and consultancy services, in the tanker markets, covering clean petroleum products ("CPP") and petrochemicals, dirty petroleum products ("DPP"), biofuels and vegetable oils. Vantage Corp also has a sales & projects team, a research/strategy team and an IT team. Vantage over the years has emerged as a trusted intermediary and a pivotal link between oil companies, traders, shipowners, and commercial managers, ensuring smooth logistical flow for cargo deliveries to timely demurrage and claims settlements. The Company currently operates in Singapore and Dubai. For more information, visit https://www.vantageshipbrokers.com/.

VANTAGE CORP CONSOLIDATED BALANCE SHEETS

	As of March 31,
	2024			2025
	US$			US$

ASSETS
Current Assets
Cash and Cash Equivalents		16,607,536			5,948,806
Accounts Receivable, Net		4,747,576			3,766,357
Prepaid Expenses and Other Current Assets, Net		463,628			1,193,972
Total Current Assets		21,818,740			10,909,135

Non-Current Assets
Plant and Equipment, Net		40,183			108,746
Right-of-Use Assets		254,836			142,525
Total Non-Current Assets		295,019			251,271

TOTAL ASSETS		22,113,759			11,160,406

LIABILITIES
Current Liabilities
Lease Payable – Current		170,052			144,747
Accounts Payable		200,453			46,177
Accruals and Other Current Liabilities		5,503,081			3,873,327
Dividend Payable		6,950,392			5,101,002
Amount Due to a Director		513,224			-
Income Tax Payable		1,051,644			853,048
Total Current Liabilities		14,388,846			10,018,301

Non-Current Liabilities
Lease Payable – Non-Current		88,426			981
Deferred Tax Liabilities		1,665			1,325
Dividend Payable		-			1,500,000
Total Non-Current Liabilities		90,091			1,502,306

TOTAL LIABILITIES		14,478,937			11,520,607

SHAREHOLDERS' EQUITY
Ordinary shares, Class A, US$0.001 par value, 25,000,000 shares authorized, 7,633,620 issued and outstanding at March 31, 2025		-			7,634
Ordinary shares, Class B, US$0.001 par value, 25,000,000 shares authorized, 1 issued and outstanding (*less than $1) at March 31, 2024 & 20,366,380 issued and outstanding at March 31, 2025		*-			20,366
Additional paid-in capital		493,994			-
Retained Earnings / (Accumulated Deficit)		7,141,113			(865,997	)
Merger Reserve		-			504,549
Accumulated Other Comprehensive Loss		(285	)		(26,753	)
Total Shareholders' Equity (Deficit)		7,634,822			(360,201	)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		22,113,759			11,160,406

VANTAGE CORP CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

	For the Years Ended March 31,
	2023			2024			2025
	US$			US$			US$

Revenue		23,986,146			19,999,294			18,659,141
Cost of Revenue (exclusive of depreciation and amortization shown separately below)		(15,176,026	)		(10,560,766	)		(10,044,402	)
Gross Profit		8,810,120			9,438,528			8,614,739
Operating Expenses:
Selling and Marketing Expenses		780,758			1,063,533			1,130,799
Depreciation and Amortization		167,612			175,488			272,734
General and Administrative Expenses		1,557,081			2,361,763			2,798,028
Total Operating Expenses		2,505,451			3,600,784			4,201,561
Income from Operations		6,304,669			5,837,744			4,413,178
Other Income (Expense):
Government Grants		219,314			20,865			16,063
Other Income		501,211			150,653			251,895
Interest Expenses		(3,873	)		(9,267	)		(12,325	)
Total Other Income		716,652			162,251			255,633
Income before Tax Expense		7,021,321			5,999,995			4,668,811
Income Tax Expense		(1,159,765	)		(1,045,511	)		(825,926	)
Net Income		5,861,556			4,954,484			3,842,885
Other Comprehensive Income
Foreign currency translation loss, net of taxes		-			(285	)		(26,468	)
Total Comprehensive Income		5,861,556			4,954,199			3,816,417

Earnings Per Share Attributable to Weighted Average Number of Outstanding Ordinary Shares
Basic and Diluted		0.21			0.17			0.14

Weighted Average Number of Outstanding Ordinary Shares
Basic and Diluted		28,000,000*			28,000,000*			28,000,000

Retroactively presented for 28,000,000 ordinary shares issued in preparation of the Company's initial public offering

VANTAGE CORP CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Years Ended March 31,
	2023			2024			2025
	US$			US$			US$

Cash Flows From Operating Activities
Net Income		5,861,556			4,954,484			3,842,885
Adjustments:
Depreciation and Amortization		167,612			175,488			272,734
Write back of Allowance for Credit Loss on Accounts Receivable		(66,707	)		(153,894	)		(131,566	)
Expected Credit Loss on Accounts Receivable		108,076			236,853			99,263
Unrealized Foreign Exchange Loss		(7,311	)		-			(631	)
Changes in Operating Assets and Liabilities:
Accounts Receivable		(1,914,217	)		(37,965	)		1,013,522
Prepaid Expenses and Other Current Assets		(44,103	)		(145,565	)		(1,003,294	)
Accounts Payable		22,331			171,644			(154,276	)
Accruals and Other Current Liabilities		7,911,882			(5,035,950	)		(1,629,890	)
Operating Lease Assets and Liabilities, net		(152,262	)		(160,335	)		(214,650	)
Income Tax Payable		994,188			(178,024	)		(198,936	)
Net Cash Provided by (Used in) Operating Activities		12,881,045			(173,264	)		1,895,161

Cash Flows From Investing Activity
Purchases of Plant and Equipment		(9,489	)		(36,855	)		(126,455	)
Cash Used In Investing Activity		(9,489	)		(36,855	)		(126,455	)

Cash Flows From Financing Activities
Dividend Paid		(819,902	)		(2,100,309	)		(11,424,665	)
Repayment of Due to a Director		(6,056	)		(34,664	)		(513,224	)
Deferred IPO costs		-			(213,860	)		(501,770	)
Proceeds from issuance of ordinary share		-			136,105			11,966
Net Cash Used in Financing Activities		(825,958	)		(2,212,728	)		(12,427,693	)

Net Change In Cash and Cash Equivalents		12,045,598			(2,422,847	)		(10,658,987	)
Cash and Cash Equivalents as of Beginning of the Year		6,985,070			19,030,668			16,607,536
Effects on currency translation on Cash and Cash Equivalents		-			(285	)		257
Cash and Cash Equivalents as of the End of the Year		19,030,668			16,607,536			5,948,806

Supplementary Cash Flows Information
Cash Paid for Taxes		(165,577	)		(1,223,534	)		(1,024,862	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250728669482/en/

Investor Relations

John Yi and Steven Shinmachi

Gateway Group, Inc.

949-574-3860

VNTG@gateway-grp.com

Vantage Corp Reports Fiscal Year 2025 Financial Results and Shares Future Business Outlook and Growth Strategy