0001213900-26-050402 | 20-F | XBRL Viewer

[1]	Retrospectively restated for the effect of 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders.
[2]	Retrospectively restated for the effect of 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders.

Other Income (Tables)

12 Months Ended

Dec. 31, 2025

Other Income [Abstract]

Schedule of Other Income

	Financial Years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Foreign exchange gain		3		5		—
Interest income		250		183		63
Shipping charges reimbursed		—		50		141
Gain on disposal of property		—		177		—
Other income		2		5		2
Total		255		420		206

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.

(a) Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”).

(b) Use of Estimates and Assumptions

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the financial years presented. Significant accounting estimates in the period include the allowance for doubtful accounts on accounts and other receivables, assumptions used in assessing right-of-use assets and impairment of long-lived assets.

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the Group have been eliminated upon consolidation.

On consolidation the entities should be combined for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from the acquisition and results of operations would be presented for all periods under common control.

The consolidated financial statements of the Company were prepared by applying the pooling of interest method. Accordingly, the results of the Company include the results of the subsidiary for financial years ended December 31, 2023, 2024 and 2025. Such manner of presentation reflects the economic substance of the companies, which were under common control throughout the relevant period, as a single economic enterprise, although the legal parent-subsidiary relationships were not established.

(d) Foreign Currency Translation and Transaction

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.

The accompanying consolidated financial statements are presented in the United States Dollar (“US$”), which is the reporting currency of the Company. In addition, the Company and its subsidiary are operating in Singapore, however, maintain their books and record in United States dollars, which is a functional currency as being the primary currency of the economic environment in which their operations are conducted.

Translation gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are translated, as the case may be, at the rate on the date of the transaction and included in the results of operations as incurred.

(e) Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company maintains most of its bank accounts in Singapore.

(f) Accounts Receivable, net

Accounts receivable include trade accounts due from customers for selling of crude oil and oil-based products.

Accounts receivable is recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms. The normal settlement terms of accounts receivable within 90 days. The Company seeks to maintain strict control over its outstanding receivables to minimize credit risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections, the age of the accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative factors that may affect the Company’s customers’ ability to pay. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary.

The Company does not hold any collateral or other credit enhancements overs its accounts receivable balances.

(g) Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

		Expected useful life
Leasehold property		Over the remaining lease term
Office equipment		4 Years
Computers		4 Years
Furniture & fittings		4 Years
Renovation		2 – 4 Years
Motor vehicle		8 Years

Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

(h) Impairment of Long-Lived Assets

In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets, all long-lived assets such as property and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

(i) Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Topic 606, “Revenue from Contracts with Customers”. This topic clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Revenue from goods sold and services provided

Revenue from sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation (‘‘PO’’) by transferring control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated to the satisfied PO.

The transaction price is allocated to each PO in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual stand-alone selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with an observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations if it relates specifically to those performance obligations.

Transaction price is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue may be recognized at a point in time following the timing of satisfaction of the PO. Typically, POs for products and services where the process is as described below, the PO is satisfied at a point in time.

For the sale of oil products, the Company typically receives purchase orders from its customers which will set forth the terms and conditions, including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at their location, at which point title to that asset passes to the customer. The completion of this earning process is evidenced by transport documents such as bill of lading or delivery order.

Trading of derivatives embedded in sales contracts or at the requested from the suppliers for oil products are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value as at each reporting date. The resulting gain or loss is recognized under statements of income.

(j) Government Grant

A government grant or subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government grant or subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is dependent on the management’s expectation of when the conditions attached to the grant can be fulfilled. For the financial years ended December 31, 2023, 2024, and 2025, the Company received government subsidies of approximately nil, US$7,000 and US$2,000, respectively, which are recognized as government grant in the consolidated statements of income and comprehensive income/(loss).

(k) Income Taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (“ASC 740”).

Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the financial years ended December 31, 2023, 2024 and 2025 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2025.

The Company is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

(l) Retirement Plan Costs

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service are provided. The Company is required to make contribution to their employees under a government-mandated multi-employer defined contribution pension scheme for its eligible full-times employees in Singapore. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. During the financial years ended December 31, 2023, 2024 and 2025, approximately US$7,000, US$11,000 and US$12,000 respectively, which the contributions were made accordingly.

(m) Leases

Effective from January 1, 2020, we adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. On February 25, 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. ASC 842 requires that lessees recognize right-of-use assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. It requires for leases longer than one year, a lessee to recognize in the statement of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statement of operations and statement of cash flows. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the FASB including ASC Topic 840, Leases.

The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements.

(n) Segment Reporting

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company’s business segments. Based on the criteria established by ASC 280, the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only two reportable segments. The Company does not distinguish between markets or segments for the purpose of internal reporting.

(o) Related Parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

(p) Commitments and Contingencies

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

(q) Concentration of Credit Risk

Financial instruments consist of cash equivalents, and accounts receivable. Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored by management. From April 1, 2024 onwards, the Singapore Deposit Protection Board pays compensation up to a limit of S$100,000 (approximately US$74,360) if the bank with which an individual/a company hold its eligible deposit fails. As of December 31, 2024 and 2025, bank and cash balances of approximately US$3,343,000 and US$1,793,000, respectively, was maintained at financial institutions in Singapore, of which none of it was subject to credit risk. Management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

For accounts receivable, the Company determines, on a continuing basis, the allowance for doubtful accounts based on the estimated realizable value. The Company identifies credit risk on a customer-by-customer basis. The information is monitored regularly by management. Concentration of credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly by changes in economic conditions.

(r) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.

(s) Fair Value Measurement

The Company follows the guidance of the ASC Topic 820-10, Fair Value Measurement and Disclosure (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

●

Level 1 — Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

●

Level 2 — Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

●

Level 3 — Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits and other receivables, amount due from shareholder, accounts payable and accrued liabilities, other payables, lease liabilities and hedging contracts approximate at their fair values because of the short-term nature of these financial instruments.

Financial instruments are fair value financial assets that are marked to fair value and are accounted for as under Level 3 under the above hierarchy except for derivative instruments that are marked to fair value and are accounted for as under Level 2.

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

(t) Recently Issued Accounting Pronouncements

The Company has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the date of this report and do not believe the future adoption of any such standards will have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provide all entities with a practical expedient and entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. In December 2025, the FASB issued this ASU to establish authoritative guidance on the accounting for government grants received by business entities. This update is effective beginning with the Company’s 2029 fiscal year annual reporting period, with early adoption permitted. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements.

Other accounting standards that have been issued by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

Except as mentioned above, we do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on our consolidated balance sheets, statements of income and comprehensive income/(loss) and statements of cash flows.

Business Overview and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Business Overview and Basis of Presentation [Abstract]

BUSINESS OVERVIEW AND BASIS OF PRESENTATION

NOTE 1 — BUSINESS OVERVIEW AND BASIS OF PRESENTATION

Delixy Holdings Limited (“Company”) was incorporated on May 16, 2024 in the Cayman Islands, as an exempted company with limited liability. The Group conducts its primary operations through its indirect wholly owned subsidiary, Delixy Energy Pte. Ltd. was incorporated and domiciled in Singapore. The Company’s wholly owned subsidiary, Delixy International Limited, holds the entire shareholding interests of Delixy Energy. Delixy Energy is principally engaged in the trading of crude oil and oil-based products.

Reorganization

A summary of the formation of the group structure is as follows:

Delixy Energy Pte Ltd

Delixy Energy Pte. Ltd. (“Delixy Energy”) was incorporated in Singapore on September 10, 2007. Delixy Energy is our indirect wholly-owned subsidiary and has an issued share capital of 1,000,000 shares, all of which are held by Delixy International Limited (“Delixy International”), our direct wholly-owned subsidiary following an internal group reorganization on November 6, 2024, whereby Mega Origin transferred its entire shareholding interests in Delixy Energy of 1,000,000 shares to Delixy International. Delixy Energy is principally engaged in the trading of crude oil and oil-based products.

Delixy International Limited

On June 17, 2024, Delixy International Limited (“Delixy International”) was incorporated in the British Virgin Islands with limited liability. Delixy International is authorized to issue a maximum of 50,000 shares of a single class each with a par value of US$1.00 each and the initial 1,000 shares were held by Mr. Xie.

Delixy Holdings Limited

Delixy Holdings Limited was incorporated in the Cayman Islands on May 16, 2024 under the Companies Act as an exempted company with limited liability. The authorized share capital was US$500,000 divided into 500,000,000 Ordinary shares, par value US$0.001 each at the time of incorporation. The initial one share was transferred to Mr. Xie on the same date for cash at par. Following our incorporation, our entire issued share capital was held solely by Mr. Xie.

Restructuring

Per the reorganization executed on August 21, 2024, Mr. Xie transferred 18.62%, 4.90%, 4.90%, 4.90% and 3.34% of his shares to Novel Majestic, Cosmic Magnet, Dragon Circle, Rosywood Holdings and Golden Legend respectively. On November 6, 2024, Mega Origin transferred its entire equity interest in Delixy to us in consideration of our allotment and issue to it of one share credited as fully paid. On November 19, 2024, Mr. Xie transferred his 63.34% interest in our Company to his wholly-owned company, Mega Origin, for cash at par.

On November 29, 2024, for purposes of recapitalization in anticipation of the initial public offering, the Company effected a 1:200 sub-division of its shares (a “forward stock split”) and, following the forward stock split, the cancellation of 99,500,000,000 shares in its authorized but unissued share capital, resulting in its authorized share capital becoming $2,500 divided into 500,000,000 shares of a par value of $0.000005 each. Concurrently, Mega Origin surrendered 3,167,200 ordinary shares par value US$0.000005 each, Novel Majestic surrendered 931,000 ordinary shares par value US$0.000005 each, Cosmic Magnet surrendered 245,000 ordinary shares par value US$0.000005 each, Dragon Circle surrendered 245,000 ordinary shares par value US$0.000005 each, Rosywood Holdings surrendered 245,000 ordinary shares par value US$0.000005 each and Golden Legend surrendered 167,000 ordinary shares par value US$0.000005 each to the Company, respectively or 25.0% of their shareholdings each. None of these shareholders surrendering their ordinary shares received any consideration for surrender of their ordinary shares, nor are there any agreements or arrangements in place under which any of these shareholders will surrender their respective ordinary shares. Unless otherwise indicated, all references to Ordinary Shares, share data, per Share data, and related information have been retroactively adjusted, where applicable, in this annual report to reflect the 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders on November 29, 2024 as if they had occurred at the beginning of the earlier period presented.

Following the completion of these restructuring steps, the Company successfully executed its initial public offering on the Nasdaq Capital Market on July 9, 2025. As of December 31, 2025, the group structure and capital base remain consistent with these transactions. Unless otherwise indicated, all references to Ordinary Shares, share data, per Share data, and related information have been retroactively adjusted in this report to reflect the 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders on November 29, 2024 as if they had occurred at the beginning of the earliest period presented.

The restructuring is considered as a merger of entities under common control. Under the guidance in ASC 805, for transactions between entities under common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the Restructuring, which requires retrospective combination of the Company, Delixy International and Delixy Energy for all periods presented. The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods. This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per Share, which have been revised to reflect the effects of the reorganization as of December 31, 2024 and 2025.

After the Reorganization, the Company wholly owns Delixy International, which is domiciled in the BVI. Delixy International, in turn, wholly owns Delixy Energy, which is incorporated and domiciled in Singapore. The Company is headquartered in Singapore and conducts its operations globally.

Details of the subsidiaries of the Company are set out below:

Name	Date of incorporation	Background	Effective ownership
Delixy Energy Pte Ltd	September 10, 2007	Principally engaged in the general wholesale trading of Crude oil and oil-based products	100% owned by Delixy International
Delixy International Limited	June 17, 2024	Investment holding	100% owned by the Company

The accompanying consolidated financial statements are presented assuming that the Company was in existence at the beginning of the first period presented.

Going Concern

As of December 31, 2025, the Company’s reported negative operating cash flow and net loss for the period warrant a comprehensive assessment of our ability to continue as a going concern. Management and the Board have evaluated our liquidity position and determined that the Company remains a going concern based on the following considerations:

Non-Recurring Nature of IPO Costs: Is a one-time expense treated as a reduction of capital, not an indicator of poor operational performance

Strong Core Operational Cash Flow: Our core petroleum trading business remains profitable and provides a reliable, steady cash flow to support our operations.

Strategic Intercompany Support: The interest-free $4,000,000 loan from Mega Origin removes immediate debt repayment pressure, allowing us to preserve cash for daily operations.

Working Capital Optimization: By netting accounts payable against accounts receivable, we minimize the cash needed to settle obligations and improve our overall working capital efficiency.

Consequently, these consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Should management be unable to execute these plans as anticipated, there could be a material adverse effect on the Company’s business.

Subsequent Events (Details)	Apr. 23, 2026 $ / shares
Subsequent Event [Member] \| Class A Ordinary Shares [Member]
Subsequent Events (Details) [Line Items]
Common stock price per share	$ 1

Property and Equipment, Net (Details) - USD ($)

12 Months Ended

Jun. 28, 2024

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Property and Equipment, Net [Line Itrems]

Depreciation expense

^[1]

$ 11,000

$ 24,000

Denotes amount

$ 1,000

Leasehold Property [Member]

Property and Equipment, Net [Line Itrems]

Amount of consideration

$ 1,300,000

[1]	— Denotes amount less than US$1,000.

Loan from Shareholder - Schedule of Loan from Shareholder (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Loan from Shareholder [Abstract]
Loan from shareholder – Mega Origin	$ 4,000,000	$ 5,000,000

Other Income - Schedule of Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Other Income [Abstract]
Foreign exchange gain		$ 5	$ 3
Interest income	63	183	250
Shipping charges reimbursed	141	50
Gain on disposal of property		177
Other income	2	5	2
Total	$ 206	$ 420	$ 255

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

	Financial Years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Income tax expense		225		98		136
Income tax payable		246		127		136

Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate Based on Income Before Income Taxes

The reconciliation of income tax rate to the effective income tax rate based on income/(loss) before income taxes for the financial years ended December 31, 2023, 2024 and 2025 are as follows:

	Financial Years ended December 31,
	2023					2024						2025
	US$’000					US$’000			Effective Tax rate			US$’000			Effective Tax rate
Income/(loss) before tax		1,377					1,126						(4,327	)

Tax at Singapore statutory rate of 17%		234		17.00	%		191			17.00	%		(736	)		17.00	%
Non-deductible expenditure		4		0.29	%		2			0.18	%		910			(21.03	)%
Income not subject to tax		—		—			(30	)		(2.66	)%		—			—
Effect of foreign tax rates		—		—			—			—			(3	)		0.07	%
Over provision in prior years		—		—			(24	)		(2.13	)%		—			—
Tax rebate		—		—			(28	)		(2.49	)%		(22	)		0.51	%
Others		(13	)	(0.94	)%		(13	)		(1.15	)%		(13	)		0.30	%
Total		225		(16.35	)%		98			8.75	%		136			(3.15	)%

Derivative Financial Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Financial Instruments and Hedging Activities [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 7 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses derivative instruments to manage commodity price risk. The Company enters into derivatives to economically hedge its exposure against adverse fluctuations of commodity prices. Generally, derivative instruments are recorded at fair value in other current assets or current liabilities in the Company’s consolidated balance sheets.

The Company’s current assets that was accounted for at fair value:

	As of December 31,
	2024		2025
	US$’000		US$’000
Current assets
– Margin deposits		685		582
		685		582

Margin deposits relate to deposits placed with brokerage companies for derivative instruments entered into for the purpose of managing the Company’s commodity price risk.

The Company estimates fair values based on exchange quoted prices from broker market transactions. In such cases, these derivative contracts are classified within Level 2.

The Effect of Derivative Instruments on the Consolidated Statements of Income

The table below summarizes the net effect of derivative instruments on the consolidated statements of income for the financial years ended December 31, 2023, 2024 and 2025.

	Financial Years ended December 31,
	2023		2024			2025
	US$’000		US$’000			US$’000
Income statement classification
Cost of revenue		2,433		(1,583	)		(107	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Income Tax

12 Months Ended

Dec. 31, 2025

Income Tax [Abstract]

INCOME TAX

NOTE 18 — INCOME TAX

The provision for income taxes consisted of the following:

	Financial Years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Income tax expense		225		98		136
Income tax payable		246		127		136

The Company is subject to taxes in the jurisdictions in which it operates, as follows:

Cayman Islands

Delixy Holdings Limited is an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States.

British Virgin Islands

Delixy International Limited is an exempted British Virgin Islands company and is presently not subject to income taxes or income tax filing requirements in the British Virgin Islands or the United States.

Singapore

Delixy Energy Pte Ltd is operating in Singapore and are subject to the Singapore tax law at the corporate tax rate at 17% on the assessable income arising in Singapore during its tax year.

The reconciliation of income tax rate to the effective income tax rate based on income/(loss) before income taxes for the financial years ended December 31, 2023, 2024 and 2025 are as follows:

	Financial Years ended December 31,
	2023					2024						2025
	US$’000					US$’000			Effective Tax rate			US$’000			Effective Tax rate
Income/(loss) before tax		1,377					1,126						(4,327	)

Tax at Singapore statutory rate of 17%		234		17.00	%		191			17.00	%		(736	)		17.00	%
Non-deductible expenditure		4		0.29	%		2			0.18	%		910			(21.03	)%
Income not subject to tax		—		—			(30	)		(2.66	)%		—			—
Effect of foreign tax rates		—		—			—			—			(3	)		0.07	%
Over provision in prior years		—		—			(24	)		(2.13	)%		—			—
Tax rebate		—		—			(28	)		(2.49	)%		(22	)		0.51	%
Others		(13	)	(0.94	)%		(13	)		(1.15	)%		(13	)		0.30	%
Total		225		(16.35	)%		98			8.75	%		136			(3.15	)%

As announced in Budget 2025, to provide support for companies’ cash flow needs, a CIT Rebate of 50% of the corporate tax payable will be granted to all taxpaying companies, whether tax resident or not, for YA 2025. Active companies that have employed at least one local employee in 2024 (referred to as “local employee condition”) will receive a minimum benefit of S$2,000 in the form of a CIT Rebate Cash Grant. The total maximum benefits of CIT Rebate and CIT Rebate Cash Grant that a company may receive is S$40,000.

Uncertain tax positions

- Definition

The entire disclosure for income tax.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,463)	$ 1,028	$ 1,152

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

	As of December 31,
	2024		2025
	US$’000		US$’000
Accrued expenses		50		237

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Schedule of Expected Useful Lives

Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

		Expected useful life
Leasehold property		Over the remaining lease term
Office equipment		4 Years
Computers		4 Years
Furniture & fittings		4 Years
Renovation		2 – 4 Years
Motor vehicle		8 Years

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Financial Instruments and Hedging Activities [Abstract]

Schedule of Current Assets that was Accounted for at Fair Value

The Company’s current assets that was accounted for at fair value:

	As of December 31,
	2024		2025
	US$’000		US$’000
Current assets
– Margin deposits		685		582
		685		582

Schedule of Net Effect of Derivative Instruments on the Consolidated Statements of Income

The table below summarizes the net effect of derivative instruments on the consolidated statements of income for the financial years ended December 31, 2023, 2024 and 2025.

	Financial Years ended December 31,
	2023		2024			2025
	US$’000		US$’000			US$’000
Income statement classification
Cost of revenue		2,433		(1,583	)		(107	)

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable, Net Consisted

Accounts receivable, net consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
Accounts receivable – third parties		17,519		22,399
Less: Allowance for doubtful accounts		—		—
Accounts receivable, net		17,519		22,399

Schedule of Ageing Analysis of Accounts Receivable, Net

As of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows:

	As of December 31,
	2024		2025
	US$’000		US$’000
Within 90 days		17,519		22,399
		17,519		22,399

Disaggregation of Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Disaggregation of Revenue [Abstract]

Schedule of Revenue Disaggregated by Business and Geographic Segments, Based on Management’s Assessment of Available Data

The following tables present the Company’s revenue disaggregated by business and geographic segments, based on management’s assessment of available data:

	Financial years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Revenue recognition at a single point in time:
Sale of crude oil		252,070		169,472		182,574
Sale of oil-based products		37,096		145,444		125,173
		289,166		314,916		307,747

Schedule of Financial Information Concerning our Geographic Segments

Summarized financial information concerning our geographic segments is shown in the following tables:

	Financial years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Southeast Asia		37,096		30,908		—
East Asia		252,070		254,245		249,965
Middle East		—		29,763		57,782
		289,166		314,916		307,747

Income Tax - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 136	$ 98	$ 225
Income tax payable	$ 136	$ 127	$ 246

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Disaggregation of Revenue

12 Months Ended

Dec. 31, 2025

Disaggregation of Revenue [Abstract]

DISAGGREGATION OF REVENUE

NOTE 3 — DISAGGREGATION OF REVENUE

The following tables present the Company’s revenue disaggregated by business and geographic segments, based on management’s assessment of available data:

	Financial years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Revenue recognition at a single point in time:
Sale of crude oil		252,070		169,472		182,574
Sale of oil-based products		37,096		145,444		125,173
		289,166		314,916		307,747

In accordance with ASC 280, Segment Reporting (“ASC 280”), we have three reportable geographic segments. Sales are based on the countries in which the customer is located. Summarized financial information concerning our geographic segments is shown in the following tables:

	Financial years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Southeast Asia		37,096		30,908		—
East Asia		252,070		254,245		249,965
Middle East		—		29,763		57,782
		289,166		314,916		307,747

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	*Risk Management and Strategy* As a wholesale trader of crude oil and oil-based products, we recognize the importance of developing, implementing, and maintaining appropriate and adequate administrative and technical measures to safeguard our information management security systems and protect the confidentiality, integrity, and availability of data. Therefore, we have developed and maintain a comprehensive cybersecurity risk management program that focuses on monitoring, risk mitigation and risk response, in order to ensure the security and safety of our computer systems, networks, cloud services, software, and all data stored therein. We have implemented protocols to protect against cybersecurity threats and prevent unauthorized access to sensitive data. We conduct regular assessment of the Company’s cybersecurity risks and vulnerabilities, by identifying potential threats, assessing the likelihood and potential impact of cyberattacks. We also conduct ongoing evaluation of the industry trends and regulatory environments to ensure we are in full compliance with applicable cybersecurity laws and regulations in all jurisdictions where we operate. We have set in place an efficient risk mitigation and control and incident response protocols to identify potential risks, detect, effectively respond to, and recover from cybersecurity breaches. We also provide regular training programs to our employees to enhance their awareness about cybersecurity risks, and better understand their roles and responsibilities in safeguarding company assets and data. Overall, we believe that we have established a robust framework to protect against cybersecurity threats, mitigate risks, preserve customer trust and reputation, and support the sustainable growth of our Company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented protocols to protect against cybersecurity threats and prevent unauthorized access to sensitive data. We conduct regular assessment of the Company’s cybersecurity risks and vulnerabilities, by identifying potential threats, assessing the likelihood and potential impact of cyberattacks. We also conduct ongoing evaluation of the industry trends and regulatory environments to ensure we are in full compliance with applicable cybersecurity laws and regulations in all jurisdictions where we operate. We have set in place an efficient risk mitigation and control and incident response protocols to identify potential risks, detect, effectively respond to, and recover from cybersecurity breaches. We also provide regular training programs to our employees to enhance their awareness about cybersecurity risks, and better understand their roles and responsibilities in safeguarding company assets and data.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
At cost:
Leasehold property	—		—
Office equipment		14		14
Computers		27		28
Furniture & fittings		14		14
Renovation		46		46
Motor vehicle		16		16
		117		118

	As of December 31,
	2024			2025
	US$’000			US$’000
Less: Accumulated depreciation
Leasehold property	—		*	—
Office equipment		14			14
Computers		27			27
Furniture & fittings		14			14
Renovation		46			46
Motor vehicle		16			16
		117			117
Property and equipment, net		**			1

On June 28, 2024, Delixy sold a property at 883 North Bridge Road #04-01, Southbank, Singapore 198785 (the “Property”) to Wisecome Oil Pte. Ltd. for a consideration of S$1,300,000 pursuant to a sale and purchase agreement dated June 28, 2024. The consideration for the disposal of the Property was based on the fair value of the Property as determined by an external, independent and qualified valuer undertaken on May 8, 2024.

— Denotes amount less than US$1,000.

Revenues by Segment (Tables)

12 Months Ended

Dec. 31, 2025

Revenues by Segment [Abstract]

Schedule Present Summary information by Product

The following tables present summary information by product type for the financial years ended December 31, 2023, 2024 and 2025, respectively:

	Financial Year ended December 31, 2023
	Sale of Crude Oil		Sale of Oil-Based Product
	US$’000		US$’000
Revenue		252,070		37,096
Gross Profit		3,599		530

	Financial Year ended December 31, 2024
	Sale of Crude Oil			Sale of Oil-Based Product
	US$’000			US$’000
Revenue		169,472			145,444
Gross (Loss)/Profit		(13,613	)		17,911

	Financial Year ended December 31, 2025
	Sale of Crude Oil		Sale of Oil-Based Product
	US$’000		US$’000
Revenue		182,574		125,173
Gross Profit		1,412		1,132

Schedule of Revenue Disaggregated of Revenue Recognition

In the following table, revenue is disaggregated by the timing of revenue recognition.

	Financial Year ended December 31, 2023
	Sales of Crude Oil		Sales of Oil-Based Product
	US$’000		US$’000
Timing of revenue recognition:
Point in time		252,070		37,096

	Financial Year ended December 31, 2024
	Sales of Crude Oil		Sales of Oil-Based Product
	US$’000		US$’000
Timing of revenue recognition:
Point in time		169,472		145,444

	Financial Year ended December 31, 2025
	Sales of Crude Oil		Sales of Oil-Based Product
	US$’000		US$’000
Timing of revenue recognition:
Point in time		182,574		125,173

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 22 — SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2025, up through the date the Company issued the audited consolidated financial statements except as disclosed below, our company conclude that there are no other significant events to report.

On February 23, 2026, subsequent to the reporting date, the Company held an extraordinary general meeting of shareholders at which the shareholders approved a resolution to amend the Memorandum and Articles of Association to implement a dual-class share structure. As a result, the Company’s shares were re-designated into Class A Ordinary Shares and Class B Ordinary Shares. Class B Ordinary Shares carry enhanced voting rights compared to Class A Ordinary Shares. Shares held by Mega Origin Holdings Limited were re-designated as Class B Ordinary Shares, while all other outstanding ordinary shares were re-designated as Class A Ordinary Shares. These amendments were approved subsequent to the reporting date and had not been effective as of December 31, 2025. At the same meeting, the shareholders also approved the adoption of the Company’s 2026 Equity Incentive Plan. In addition, the shareholders approved a share consolidation of all issued and unissued shares of the Company within a prescribed ratio range, with the exact ratio to be determined by the Board of Directors within 180 days from the date of approval. As of the date of issuance of these financial statements, the share consolidation has not been effected.

On April 23, 2026, Nasdaq notified the Company that the Company was not in compliance with the minimum bid price requirement under Listing Rule 5550(a)(2) because the Company’s Class A Ordinary Shares traded below US$1.00 for 30 consecutive business days from March 11, 2026 to April 22, 2026. The Company has been granted a 180-day compliance period, until October 20, 2026, to regain compliance. If the Company does not regain compliance within the applicable period, its Class A Ordinary Shares may be subject to delisting. The Company is currently evaluating available options to regain compliance.

Derivative Financial Instruments and Hedging Activities - Schedule of Net Effect of Derivative Instruments on the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income statement classification
Cost of revenue	$ (107)	$ (1,583)	$ 2,433

Right-of-Use Assets, Net - Schedule of Right-of-Use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
At cost:
Operating lease right of use assets, cost	$ 70	$ 155
Less: Accumulated amortization
Operating lease right of use assets, accumulated amortization	16	93
Right-of-use assets, net	16	62
Offices [Member]
At cost:
Operating lease right of use assets, cost	70	155
Less: Accumulated amortization
Operating lease right of use assets, accumulated amortization	$ 54	$ 93

Other Income

12 Months Ended

Dec. 31, 2025

Other Income [Abstract]

OTHER INCOME

NOTE 17 — OTHER INCOME

	Financial Years ended December 31,
	2023		2024		2025
	US$’000		US$’000		US$’000
Foreign exchange gain		3		5		—
Interest income		250		183		63
Shipping charges reimbursed		—		50		141
Gain on disposal of property		—		177		—
Other income		2		5		2
Total		255		420		206

Amount Due From Shareholder (Tables)

12 Months Ended

Dec. 31, 2025

Amount Due From Shareholder [Abstract]

Schedule of Amount Due From Shareholder

Amount due from shareholder consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
Amount due from shareholder – Mega Origin		152		95
		152		95

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

$ 118

$ 117

Accumulated depreciation

117

Property and equipment, net

^[1]

Leasehold property [Member]

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

Accumulated depreciation

^[2]

Office equipment [Member]

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

Accumulated depreciation

Computers [Member]

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

Accumulated depreciation

Furniture & fittings [Member]

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

Accumulated depreciation

Renovation [Member]

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

Accumulated depreciation

Motor vehicle [Member]

Property and Equipment, Net [Line Items]

Property and Equipment, Gross

Accumulated depreciation

$ 16

[1]

— Denotes amount less than US$1,000.

[2]

Concentrations and Risk (Tables)

12 Months Ended

Dec. 31, 2025

Concentrations and Risk [Abstract]

Schedule of Customers represent

The following table sets forth a summary of customers who represent 10% or more of the Company’s total revenue:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Customer A

122,289

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

Customer D

57,486

49,666

N/A

⁽ⁱ⁾

Customer E

72,295

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

Customer G

N/A

⁽ⁱ⁾

33,771

N/A

⁽ⁱ⁾

Customer H

N/A

⁽ⁱ⁾

40,665

N/A

⁽ⁱ⁾

Customer I

N/A

⁽ⁱ⁾

41,503

82,013

Customer J

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

59,513

Customer K

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

37,737

(i)	Revenue from the relevant customer was less than 10% of the Company’s total revenue for the respective year.

The following table sets forth a summary of customers who represent 10% or more of the Company’s total accounts receivable:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Customer E

713

N/A

⁽ⁱⁱ⁾

N/A

⁽ⁱⁱ⁾

Customer I

N/A

⁽ⁱⁱ⁾

17,519

N/A

⁽ⁱⁱ⁾

Customer L

N/A

⁽ⁱⁱ⁾

N/A

⁽ⁱⁱ⁾

20,357

(ii)

Accounts receivable from the relevant customer was less than 10% of the Company’s total accounts receivable for the respective year.

The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total purchases:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Supplier C

33,968

N/A

⁽ⁱⁱⁱ⁾

33,917

Supplier D

55,416

85,317

59,255

Supplier E

128,500

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

Supplier F

64,720

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

Supplier H

N/A

⁽ⁱⁱⁱ⁾

70,688

43,066

Supplier I

N/A

⁽ⁱⁱⁱ⁾

40,437

N/A

⁽ⁱⁱⁱ⁾

Supplier J

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

37,460

Supplier K

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

42,948

Supplier L

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

35,981

(iii)

Purchase from relevant suppliers was less than 10% of the Company’s total purchase for the respective year.

The following table sets forth a summary of a single supplier who represent 10% or more of the Company’s total accounts payable:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Supplier I

N/A

^(iv)

17,067

N/A

^(iv)

Supplier L

N/A

^(iv)

N/A

^(iv)

20,214

(iv)

Accounts payable from relevant suppliers was less than 10% of the Company’s total accounts payable for the respective year.

Deferred Offering Costs

12 Months Ended

Dec. 31, 2025

Deferred Offering Costs [Abstract]

DEFERRED OFFERING COSTS

NOTE 10 — DEFERRED OFFERING COSTS

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Deferred offering costs consist of underwriting, legal and accounting other expenses incurred through the balance sheet date that are directly related to the Company’s proposed initial public offering. Deferred offering costs will be charged to shareholders’ equity upon the completion of the proposed initial public offering. Should the proposed initial public offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. As of December 31, 2024, the Company had capitalized approximately US$1,321,000 of deferred offering costs related to its initial public offering (“IPO”). Upon the successful completion of the IPO in July 2025, these deferred costs were reclassified and recorded as a reduction of the proceeds from the IPO, credited against additional paid-in capital in accordance with U.S. GAAP.

Loan from Shareholder (Tables)

12 Months Ended

Dec. 31, 2025

Loan from Shareholder [Abstract]

Schedule of Loan from Shareholder

Loan from shareholder consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
Loan from shareholder – Mega Origin		5,000		4,000

Deposits, Prepayments and Other Receivables - Schedule of Deposits, Prepayments and Other Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Deposits, Prepayments and Other Receivables [Abstract]

Deposits

$ 511

Other receivables

^[1]

GST receivable

Prepaid Expense And Other Assets Current

$ 2

$ 575

[1]

The Company has established a settlement plan for other receivables, under which the timing and amount of collection are contingent upon meeting specific contractual conditions. Based on the current status of negotiations and available information, management expects full collectability and has therefore not recorded allowance for doubtful accounts.

Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details)	Dec. 31, 2025
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Over the remaining lease term
Office Equipment [Member]
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Expected useful life	4 years
Computer Equipment [Member]
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Expected useful life	4 years
Furniture and Fixtures [Member]
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Expected useful life	4 years
Renovation [Member] \| Minimum [Member]
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Expected useful life	2 years
Renovation [Member] \| Maximum [Member]
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Expected useful life	4 years
Vehicles [Member]
Summary of Significant Accounting Policies - Schedule of Expected Useful Lives (Details) [Line Items]
Expected useful life	8 years

Accounts Receivable, Net - Schedule of Accounts Receivable, Net Consisted (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Accounts Receivable, Net Consisted [Abstract]
Accounts receivable – third parties	$ 22,399	$ 17,519
Less: Allowance for doubtful accounts
Accounts receivable, net	$ 22,399	$ 17,519

Business Overview and Basis of Presentation - Schedule of Details of the Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2025
Delixy Energy Pte Ltd [Member]
Schedule of Details of the Subsidiaries [Line Items]
Date of incorporation	Sep. 10, 2007
Background	Principally engaged in the general wholesale trading of Crude oil and oil-based products
Effective ownership	100.00%
Delixy International Limited [Member]
Schedule of Details of the Subsidiaries [Line Items]
Date of incorporation	Jun. 17, 2024
Background	Investment holding
Effective ownership	100.00%

Right-of-Use Assets, Net

12 Months Ended

Dec. 31, 2025

Right-of-Use Assets, Net [Abstract]

RIGHT-OF-USE ASSETS, NET

NOTE 9 — RIGHT-OF-USE ASSETS, NET

Right-of-use assets consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
At cost:
Offices		155		70
		155		70

Less: Accumulated amortization
Offices		93		54
		93		16
Right-of-use assets, net		62		16

Amortization expense for the financial years ended December 31, 2023, 2024 and 2025 were US$43,000, US$57,000 and US$44,000, respectively.

Cover	12 Months Ended
Cover	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	Delixy Holdings Limited
Entity Central Index Key	0002025218
Entity File Number	001-42738
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	883 North Bridge Road
Entity Address, Address Line Two	#04-01
Entity Address, City or Town	Southbank
Entity Address, Country	SG
Entity Address, Postal Zip Code	198785
Entity Listings [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, par value US$0.000005 per share
Trading Symbol	DLXY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	16,350,000
Business Contact [Member]
Entity Contact Personnel [Line Items]
Contact Personnel Name	Mr. Xie, Dongjian
Contact Personnel Email Address	public@delixy.com
Entity Address, Address Line One	883 North Bridge Road
Entity Address, Address Line Two	#04-01
Entity Address, City or Town	Southbank
Entity Address, Country	SG
Entity Address, Postal Zip Code	198785
Entity Phone Fax Numbers [Line Items]
City Area Code	+65
Local Phone Number	6291 3184

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The amounts due from related party consisted of the following:

As of December 31,

Name of related party

Relationship

Nature

2024

2025

USD’000

Mega Origin Holdings Limited

Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, unsecured, interest-free and recoverable on demand

152

The amounts due to related party consisted of the following:

As of December 31,

Name of related party

Relationship

Nature

2024

2025

USD’000

Mega Origin Holdings Limited

Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, with simple annual interests charged at 3.5% per annum, not repayable upon demand, save upon the request by Delixy Energy, whichever earlier

5,000

—

Mega Origin Holdings Limited

Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, with interest-free and repayable on maturity date

—

4,000

The following represents the other significant related party transactions that occurred in the financial years ended December 31, 2023, 2024 and 2025.

Year ended December 31,

Name of related party

Relationship

Nature

2023

2024

2025

USD’000

Wisecome Oil Pte. Ltd.

Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, unsecured, interest-free and repayable on demand

(175

)

—

			Year ended December 31,
Name of related party	Relationship	Nature	2023			2024			2025
			US$’000			USD’000			USD’000
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Proceeds from disposal of property		—			957			—
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Freight expenses		—			(1,151	)		(96	)
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Agent Charge		—			—			(1	)
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Rental and maintenance expenses		—			(17	)		(35	)
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Advances		—			1,125			—
Mega Origin Holdings Limited	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Dividend paid		(1,500	)		(4,745	)		—
Mega Origin Holdings Limited	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Non-trade loan, unsecured, interest-free and repayable on demand		6			—			—
Mega Origin Holdings Limited	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Non-trade loan, unsecured, interest-free and repayable on demand		(87	)		(152	)		57

Loan from Shareholder

12 Months Ended

Dec. 31, 2025

Loan from Shareholder [Abstract]

LOAN FROM SHAREHOLDER

NOTE 12 — LOAN FROM SHAREHOLDER

Loan from shareholder consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
Loan from shareholder – Mega Origin		5,000		4,000

For long-term loan, the loan quantum is US$5,000,000 with simple annual interests charged at 3.5% per annum. The loan was entered into on January 1, 2024, and is for a period of two years and not repayable upon demand, save upon the request by Delixy Energy, whichever earlier. On December 31, 2024, the loan was further extended for another year to December 31, 2026.

Effective May 1, 2025, the Company and its shareholder entered into a revised loan agreement. Following a partial repayment of US$1,000,000 on April 22, 2025, the outstanding principal balance was US$4,000,000. The shareholder irrevocably waived all interest accrued from January 1, 2025 to May 1, 2025, and the loan is non-interest-bearing thereafter.

Concentrations and Risk - Schedule of Customers represent (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Customer Concentration Risk [Member] | Customer A [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[1]

$ 122,289

Customer Concentration Risk [Member] | Customer D [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[1]

49,666

57,486

Customer Concentration Risk [Member] | Customer E [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[1]

72,295

Customer Concentration Risk [Member] | Customer E [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[2],[3]

^[2]

713

Customer Concentration Risk [Member] | Customer G [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[1]

33,771

^[1]

Customer Concentration Risk [Member] | Customer H [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[1]

40,665

^[1]

Customer Concentration Risk [Member] | Customer I [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

82,013

41,503

^[1]

Customer Concentration Risk [Member] | Customer I [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[3]

17,519

^[2]

Customer Concentration Risk [Member] | Customer J [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

59,513

^[1]

Customer Concentration Risk [Member] | Customer K [Member] | Revenue Benchmark [Member]

Concentration Risk [Line Items]

Concentration risk percentage

37,737

^[1]

Customer Concentration Risk [Member] | Customer L [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration risk percentage

20,357

^[2]

Supplier Concentration Risk [Member] | Supplier C [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

33,917

^[3]

33,968

Supplier Concentration Risk [Member] | Supplier D [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

59,255

^[3]

85,317

55,416

Supplier Concentration Risk [Member] | Supplier E [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[3]

128,500

Supplier Concentration Risk [Member] | Supplier F [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[3]

64,720

Supplier Concentration Risk [Member] | Supplier H [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

43,066

^[3]

70,688

^[3]

Supplier Concentration Risk [Member] | Supplier I [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[3]

40,437

^[3]

Supplier Concentration Risk [Member] | Supplier I [Member] | Account Payable [Member]

Concentration Risk [Line Items]

Concentration risk percentage

^[4]

17,067

Supplier Concentration Risk [Member] | Supplier J [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

37,460

^[3]

Supplier Concentration Risk [Member] | Supplier K [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

42,948

^[3]

Supplier Concentration Risk [Member] | Supplier L [Member] | Purchases [Member]

Concentration Risk [Line Items]

Concentration risk percentage

35,981

^[3]

Supplier Concentration Risk [Member] | Supplier L [Member] | Account Payable [Member]

Concentration Risk [Line Items]

Concentration risk percentage

$ 20,214

^[4]

[1]	Revenue from the relevant customer was less than 10% of the Company’s total revenue for the respective year.
[2]	Accounts receivable from the relevant customer was less than 10% of the Company’s total accounts receivable for the respective year.
[3]	Purchase from relevant suppliers was less than 10% of the Company’s total purchase for the respective year.
[4]	Accounts payable from relevant suppliers was less than 10% of the Company’s total accounts payable for the respective year.

Business Overview and Basis of Presentation (Details) - USD ($)			12 Months Ended
	Nov. 29, 2024	Jun. 17, 2024	Dec. 31, 2025	Dec. 31, 2024	Nov. 19, 2024	Aug. 21, 2024
Business Overview and Basis of Presentation [Line Items]
Par value (in Dollars per share)	$ 0.000005		$ 0.001
Authorized share capital (in Dollars)	$ 2,500		$ 500,000
Forward stock split shares	99,500,000,000
Forward stock split	1:200 forward stock split
Loan repayment (in Dollars)			$ 4,000,000	$ 5,000,000
Stock Split [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	500,000,000
Minimum [Member]
Business Overview and Basis of Presentation [Line Items]
Stock split ordinary shares	1
Maximum [Member]
Business Overview and Basis of Presentation [Line Items]
Stock split ordinary shares	200
Novel Majestic [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	931,000
Par value (in Dollars per share)	$ 0.000005
Shares percentage						18.62%
Cosmic Magnet [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	245,000
Par value (in Dollars per share)	$ 0.000005
Shares percentage						4.90%
Dragon Circle [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	245,000
Par value (in Dollars per share)	$ 0.000005
Shares percentage						4.90%
Rosywood Holdings [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	245,000
Par value (in Dollars per share)	$ 0.000005
Shares percentage						4.90%
Golden Legend [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	167,000
Par value (in Dollars per share)	$ 0.000005
Shares percentage	25.00%
Golden Legend [Member] \| Mr. Xie [Member]
Business Overview and Basis of Presentation [Line Items]
Shares percentage						3.34%
Mega Origin [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital	3,167,200
Par value (in Dollars per share)	$ 0.000005
Delixy Energy Pte. Ltd. [Member]
Business Overview and Basis of Presentation [Line Items]
Incorporated date			Sep. 10, 2007
Issued share capital			1,000,000
Delixy International Limited [Member]
Business Overview and Basis of Presentation [Line Items]
Issued share capital		50,000
Par value (in Dollars per share)		$ 1
Divided authorized share capital		1,000
Delixy Holdings Limited [Member]
Business Overview and Basis of Presentation [Line Items]
Par value (in Dollars per share)			$ 0.001
Divided authorized share capital			500,000,000
Authorized share capital (in Dollars)			$ 500,000
Mega Origin [Member] \| Mr. Xie [Member]
Business Overview and Basis of Presentation [Line Items]
Shares percentage					63.34%

Revenues by Segment

12 Months Ended

Dec. 31, 2025

Revenues by Segment [Abstract]

REVENUES BY SEGMENT

NOTE 16 — REVENUES BY SEGMENT

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280 as follow:

●

Sale of crude oil

●

Sale of oil-based products

Information regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit/(loss) are used to measure performance as management believes that such information is the most relevant in evaluating the level of activities and results of these segments.

The following tables present summary information by product type for the financial years ended December 31, 2023, 2024 and 2025, respectively:

	Financial Year ended December 31, 2023
	Sale of Crude Oil		Sale of Oil-Based Product
	US$’000		US$’000
Revenue		252,070		37,096
Gross Profit		3,599		530

	Financial Year ended December 31, 2024
	Sale of Crude Oil			Sale of Oil-Based Product
	US$’000			US$’000
Revenue		169,472			145,444
Gross (Loss)/Profit		(13,613	)		17,911

	Financial Year ended December 31, 2025
	Sale of Crude Oil		Sale of Oil-Based Product
	US$’000		US$’000
Revenue		182,574		125,173
Gross Profit		1,412		1,132

In the following table, revenue is disaggregated by the timing of revenue recognition.

	Financial Year ended December 31, 2023
	Sales of Crude Oil		Sales of Oil-Based Product
	US$’000		US$’000
Timing of revenue recognition:
Point in time		252,070		37,096

	Financial Year ended December 31, 2024
	Sales of Crude Oil		Sales of Oil-Based Product
	US$’000		US$’000
Timing of revenue recognition:
Point in time		169,472		145,444

	Financial Year ended December 31, 2025
	Sales of Crude Oil		Sales of Oil-Based Product
	US$’000		US$’000
Timing of revenue recognition:
Point in time		182,574		125,173

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Right-of-Use Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Right-of-Use Assets, Net [Abstract]

Schedule of Right-of-Use Assets

Right-of-use assets consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
At cost:
Offices		155		70
		155		70

Less: Accumulated amortization
Offices		93		54
		93		16
Right-of-use assets, net		62		16

Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Lease Liabilities [Abstract]

Schedule of Lease Liabilities

Lease liabilities consisted of the following:

	Term of	Annual interest			As of December 31,
	repayments	rate			2024		2025
					US$’000		US$’000
Lease of offices	Within 2 years		5.25	%		60		16
Total:						60		16

Representing: –
Current portion						42		16
Non-current portion						18		—
						60		16

Lease Liabilities

12 Months Ended

Dec. 31, 2025

Lease Liabilities [Abstract]

LEASE LIABILITIES

NOTE 13 — LEASE LIABILITIES

Lease liabilities consisted of the following:

	Term of	Annual interest			As of December 31,
	repayments	rate			2024		2025
					US$’000		US$’000
Lease of offices	Within 2 years		5.25	%		60		16
Total:						60		16

Representing: –
Current portion						42		16
Non-current portion						18		—
						60		16

On June 28, 2024, the Company entered into a new lease agreement with Wisecome Oil Pte Ltd, a related party, for office space with a lease term of two years. The lease liability is recognized based on the present value of future lease payments, discounted at an annual interest rate of 5.25%, which aligns with the Singapore Prime Lending Rate administered by the Monetary Authority of Singapore.

The right-of-use assets obtained in exchange for new operating lease liabilities for the financial years ended December 31, 2023, 2024 and 2025 were nil, US$70,000 and nil.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Deposits, Prepayments and Other Receivables

12 Months Ended

Dec. 31, 2025

Deposits, Prepayments and Other Receivables [Abstract]

DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

NOTE 5 — DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

	As of December 31,
	2024		2025
	US$’000		US$’000
Deposits		511		—
Other receivables⁽¹⁾		63		—
GST receivable		1		2
		575		2

(1)

Right-of-Use Assets, Net (Details) - USD ($)	12 Months Ended
Right-of-Use Assets, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Right-of-Use Assets, Net [Abstract]
Amortization of right-of-use assets	$ 44,000	$ 57,000	$ 43,000

Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 01, 2024 USD ($)	Apr. 01, 2024 SGD ($)
Summary of Significant Accounting Policies [Abstract]
Received government subsidies	$ 2,000	$ 7,000
Percentage of tax benefit	50.00%
Contributions plan	$ 12,000	11,000	$ 7,000
Reportable segments (in Segment) \| Segment	2
Deposit				$ 74,360	$ 100,000
Bank and cash balance	$ 1,793,000	$ 3,343,000

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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Deferred Offering Costs (Details)	Dec. 31, 2024 USD ($)
Deferred Offering Costs [Abstract]
Deferred offering costs	$ 1,321,000

Disaggregation of Revenue (Details)	12 Months Ended
Disaggregation of Revenue (Details)	Dec. 31, 2025 Segment
Geographical Segments [Member]
Disaggregation of Revenue [Line Items]
Reportable geographic segments	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Disaggregation of Revenue - Schedule of Revenue Disaggregated by Business and Geographic Segments, Based on Management’s Assessment of Available Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 307,747	$ 314,916	$ 289,166
Sale of crude oil [Member]
Disaggregation of Revenue [Line Items]
Total revenue	182,574	169,472	252,070
Sale of oil-based products [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 125,173	$ 145,444	$ 37,096

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	s/ Onestop Assurance PAC
Auditor Firm ID	6732
Auditor Location	Singapore
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Delixy Holdings Limited and Subsidiaries (collectively referred to as the “Company”) as of December 31, 2024 and 2025, the related consolidated statements of income and comprehensive income/(loss), changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2025 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Company as of December 31, 2024 and 2025, and the results of its income and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Accounts Receivable, Net - Schedule of Ageing Analysis of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Ageing Analysis of Accounts Receivable, Net [Line Items]
Accounts receivable, net	$ 22,399	$ 17,519
Within Ninety Days [Member]
Schedule of Ageing Analysis of Accounts Receivable, Net [Line Items]
Accounts receivable, net	$ 22,399	$ 17,519

Loan from Shareholder (Details) - USD ($)	May 01, 2025	Apr. 22, 2025	Jan. 01, 2024
Loan From Shareholder [Line Items]
Loan quantum			$ 5,000,000
Annual interest percentage			3.50%
Loan agreement repayment	$ 1,000,000
Loan From Shareholder [Member]
Loan From Shareholder [Line Items]
Outstanding principal balance		$ 4,000,000

Consolidated Balance Sheets (Parentheticals) - $ / shares

Dec. 31, 2025

Dec. 31, 2024

Statement of Financial Position [Abstract]

Ordinary shares, par value (in Dollars per share)

^[1]

$ 0.000005

Ordinary shares, authorized (in Shares)

^[1]

100,000,000,000

Ordinary shares, issued (in Shares)

^[1]

16,350,000

[1]	Retrospectively restated for the effect of 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 8 — PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
At cost:
Leasehold property	—		—
Office equipment		14		14
Computers		27		28
Furniture & fittings		14		14
Renovation		46		46
Motor vehicle		16		16
		117		118

	As of December 31,
	2024			2025
	US$’000			US$’000
Less: Accumulated depreciation
Leasehold property	—		*	—
Office equipment		14			14
Computers		27			27
Furniture & fittings		14			14
Renovation		46			46
Motor vehicle		16			16
		117			117
Property and equipment, net		**			1

Depreciation expense for the financial years ended December 31, 2023, 2024 and 2025 were US$24,000, US$11,000 and **, respectively.

— Denotes amount less than US$1,000.

Revenues by Segment - Schedule of Present Summary information by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sale of Crude Oil [Member]
Segment Reporting Information [Line Items]
Revenue	$ 182,574	$ 169,472	$ 252,070
Gross (Loss)/Profit	1,412	(13,613)	3,599
Sale of Oil-Based Products [Member]
Segment Reporting Information [Line Items]
Revenue	125,173	145,444	37,096
Gross (Loss)/Profit	$ 1,132	$ 17,911	$ 530

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Income Tax - Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate Based on Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate Based on Income Before Income Taxes [Abstract]
Income/(loss) before tax	$ (4,327)	$ 1,126	$ 1,377
Tax at Singapore statutory rate of 17%, Amount	$ (736)	$ 191	$ 234
Tax at Singapore statutory rate of 17% , Percentage	17.00%	17.00%	17.00%
Non-deductible expenditure, Amount	$ 910	$ 2	$ 4
Non-deductible expenditure , Percentage	(21.03%)	0.18%	0.29%
Income not subject to tax, Amount		$ (30)
Income not subject to tax , Percentage		(2.66%)
Effect of foreign tax rates, Amount	$ (3)
Effect of foreign tax rates , Percentage	0.07%
Over provision in prior years, Amount		$ (24)
Over provision in prior years , Percentage		(2.13%)
Tax rebate, Amount	$ (22)	$ (28)
Tax rebate , Percentage	0.51%	(2.49%)
Others, Amount	$ (13)	$ (13)	$ (13)
Others , Percentage	0.30%	(1.15%)	(0.94%)
Total, Amount	$ 136	$ 98	$ 225
Total , Percentage	(3.15%)	8.75%	(16.35%)

Amount Due From Shareholder

12 Months Ended

Dec. 31, 2025

Amount Due From Shareholder [Abstract]

AMOUNT DUE FROM SHAREHOLDER

NOTE 6 — AMOUNT DUE FROM SHAREHOLDER

Amount due from shareholder consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
Amount due from shareholder – Mega Origin		152		95
		152		95

Amount due from shareholder represents payments made by the Company on behalf of the shareholder, Mega Origin, our controlling shareholder, during the financial years. The amounts are non-trade in nature, unsecured, interest-free and recoverable on demand.

Other Reserve

12 Months Ended

Dec. 31, 2025

Other Reserve [Abstract]

OTHER RESERVE

NOTE 15 — OTHER RESERVE

The other reserve represents the cumulative foreign currency translation differences arising from the translation of share capital. The share capital is required to be translated at historical rate in effect at the date of the transaction. Therefore, the Company had re-translated the value of the share capital which resulting in a translation difference. Differences in share capital arising from the transition in currency rate used have been reclassified to the other reserve.

Derivative Financial Instruments and Hedging Activities - Schedule of Current Assets that was Accounted for at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Current Assets that was Accounted for at Fair Value [Line Items]
Current assets fair value	$ 582	$ 685
Margin Deposits [Member]
Schedule of Current Assets that was Accounted for at Fair Value [Line Items]
Current assets fair value	$ 582	$ 685

Deposits, Prepayments and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Deposits, Prepayments and Other Receivables [Abstract]

Schedule of Deposits, Prepayments and Other Receivables

	As of December 31,
	2024		2025
	US$’000		US$’000
Deposits		511		—
Other receivables⁽¹⁾		63		—
GST receivable		1		2
		575		2

(1)

Business Overview and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2025

Business Overview and Basis of Presentation [Abstract]

Schedule of Details of the Subsidiaries

Details of the subsidiaries of the Company are set out below:

Name	Date of incorporation	Background	Effective ownership
Delixy Energy Pte Ltd	September 10, 2007	Principally engaged in the general wholesale trading of Crude oil and oil-based products	100% owned by Delixy International
Delixy International Limited	June 17, 2024	Investment holding	100% owned by the Company

Revenues by Segment - Schedule of Revenue Disaggregated of Revenue Recognition (Details) - Transferred over Time [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales of Crude Oil [Member]
Timing of revenue recognition:
Revenue recognition	$ 182,574	$ 169,472	$ 252,070
Sales of Oil-Based Product [Member]
Timing of revenue recognition:
Revenue recognition	$ 125,173	$ 145,444	$ 37,096

- Definition

+ References

+ Details

Amount Due From Shareholder - Schedule of Amount Due From Shareholder (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Amount Due From Shareholder Consisted [Line Items]
Amount due from shareholder	$ 95	$ 152
Mega Origin [Member]
Schedule of Amount Due From Shareholder Consisted [Line Items]
Amount due from shareholder	$ 95	$ 152

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Non-trade loan, unsecured, interest-free and recoverable on demand [Member] \| Mega Origin Holdings Limited [Member]
Related Party Transaction [Line Items]
Relationship, due from related party	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Amount due from shareholder	$ 95	$ 152
Non-trade loan, unsecured, with simple annual interests [Member] \| Mega Origin Holdings Limited [Member]
Related Party Transaction [Line Items]
Relationship, due to related party	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Due to related party		5,000
Non-trade loan, with interest-free and repayable on maturity date [Member] \| Mega Origin Holdings Limited [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions	$ 4,000
Non-trade loan, unsecured, interest-free and repayable on demand [Member] \| Mega Origin Holdings Limited [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions			$ 6
Non-trade loan, unsecured, interest-free and repayable on demand [Member] \| Wisecome Oil Pte. Ltd. [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions			(175)
Proceeds from disposal of property [Member] \| Wisecome Oil Pte. Ltd. [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions		957
Freight expenses [Member] \| Wisecome Oil Pte. Ltd. [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions	$ (96)	(1,151)
Agent Charge [Member] \| Wisecome Oil Pte. Ltd. [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions	$ (1)
Rental and maintenance expenses [Member] \| Wisecome Oil Pte. Ltd. [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions	$ (35)	(17)
Advances [Member] \| Wisecome Oil Pte. Ltd. [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions		1,125
Dividend Paid [Member] \| Mega Origin Holdings Limited [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions		(4,745)	(1,500)
Non-trade loan, unsecured, interest-free and repayable on demand One [Member] \| Mega Origin Holdings Limited [Member]
Related Party Transaction [Line Items]
Relationship, related party transactions	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director
Related party transactions	$ 57	$ (152)	$ (87)

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Accounts Receivable, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	As of December 31,
	2024		2025
	US$’000		US$’000
Accounts receivable – third parties		17,519		22,399
Less: Allowance for doubtful accounts		—		—
Accounts receivable, net		17,519		22,399

For the financial years ended December 31, 2024 and 2025, the Company has not made the allowance for doubtful accounts. The Company has not experienced any significant bad debt write-offs of accounts receivable in the past. The Company does not foresee any changes in the bad debt in the near future as well.

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for doubtful accounts, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable is written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

As of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows:

	As of December 31,
	2024		2025
	US$’000		US$’000
Within 90 days		17,519		22,399
		17,519		22,399

Consolidated Statements of Cash Flow - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income/(loss) after tax

$ (4,463,000)

$ 1,028,000

$ 1,152,000

Depreciation of property and equipment

^[1]

11,000

24,000

Amortization of right-of-use assets

44,000

57,000

43,000

Gain on disposal of property

(177,000)

Interest expense

7,000

178,000

23,000

Fair value gain on derivative financial instruments

(21,000)

Change in working capital:

Accounts receivable, net

(4,880,000)

(16,806,000)

2,716,000

Deposits, prepayments and other receivables

573,000

(540,000)

24,000

Accounts payable

3,147,000

17,067,000

Other payables

180,000

Accrued liabilities

187,000

(25,000)

(44,000)

Lease liabilities

(44,000)

(62,000)

(47,000)

Income tax payable

9,000

(119,000)

200,000

Interest paid

(5,000)

(20,000)

Net cash provided by/ (used in) operating activities

(5,245,000)

612,000

4,050,000

Cash flows from investing activities:

Derivative financial instruments

103,000

(78,000)

(107,000)

Proceeds from disposal of property

957,000

Amount due from shareholder

57,000

(327,000)

(81,000)

Net cash (used in)/ provided by investing activities

160,000

552,000

(188,000)

Cash flows from financing activities:

Amount due to related party

(175,000)

Purchase of property and equipment

(1,000)

Repayment of loan

(1,000,000)

Payment of offering costs

(1,321,000)

Proceed from issuance of stock

4,536,000

Dividend paid

(4,745,000)

(1,500,000)

Net cash (used in)/ provided by financing activities

3,535,000

(6,066,000)

(1,675,000)

Net change in cash and cash equivalents

(1,550,000)

(4,902,000)

2,187,000

BEGINNING OF FINANCIAL YEAR

3,343,000

8,245,000

6,058,000

END OF FINANCIAL YEAR

1,793,000

3,343,000

8,245,000

Supplemental Cash Flow Information:

Cash paid for income taxes

(127,000)

(219,000)

(25,000)

Cash paid for interest

(7,000)

(3,000)

(23,000)

Supplemental schedule of noncash financing activities

Loan from shareholder

5,000,000

Dividend payable

$ (5,000,000)

[1]	— Denotes amount less than US$1,000.

Consolidated Statements of Changes In Shareholders’ Equity - USD ($)
$ in Thousands

Ordinary Shares

Additional paid-up capital

Other reserve

Retained earnings/ (accumulated deficit)

Total

Balance at Dec. 31, 2022

^[1],[2]

$ 695

$ 46

$ 11,169

$ 11,910

Balance (in Shares) at Dec. 31, 2022

^[1]

15,000

Net income/(loss)

^[1]

1,152

Balance at Dec. 31, 2023

^[1],[2]

695

1,084

1,825

Balance (in Shares) at Dec. 31, 2023

^[1]

15,000

Dividends

^[1]

(1,500)

Net income/(loss)

^[1]

1,028

Balance at Dec. 31, 2024

^[1],[2]

695

612

1,353

Balance (in Shares) at Dec. 31, 2024

^[1]

15,000

Dividends

(11,237)

Issuance of Shares

^[1]

3,215

Issuance of Shares (in Shares)

^[1]

1,350

Net income/(loss)

^[1]

(4,463)

Balance at Dec. 31, 2025

^[1]

$ 3,910

$ 46

$ (3,851)

$ 105

Balance (in Shares) at Dec. 31, 2025

^[1]

16,350

[1]	Retrospectively restated for the effect of 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders.
[2]	— Denotes amount less than US$1,000.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Lease Liabilities - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Representing: –
Current portion	$ 16	$ 42
Non-current portion		18
Lease liabilities	$ 16	60
Lease of offices [Member]
Schedule of Lease Liabilities [Line Items]
Term of repayments	2 years
Annual interest rate	5.25%
Lease liabilities	$ 16	$ 60

- Definition

Rate of interest on investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 1,793

$ 3,343

Accounts receivable, net

22,399

17,519

Deposits, prepayments and other receivables

575

Amount due from shareholder

152

Derivative financial instruments

582

685

Total current assets

24,871

22,274

Non-current assets:

Property and equipment, net

^[1]

Right-of-use assets, net

Deferred offering costs

1,321

Total non-current assets

1,383

TOTAL ASSETS

24,888

23,657

Current liabilities:

Accounts payable

20,214

17,067

Accrued liabilities

237

Other payables

180

Lease liabilities

Loan from shareholder

4,000

Income tax payable

136

127

Total current liabilities

24,783

17,286

Non-current liabilities:

Lease liabilities

Loan from shareholder

5,000

Total non-current liabilities

5,018

TOTAL LIABILITIES

24,783

22,304

Commitments and contingencies

Shareholders’ equity:

Ordinary share, par value US$0.000005, 100,000,000,000 shares authorized, 16,350,000 shares issued*

^[1],[2]

Additional paid-up capital

3,910

695

Retained earnings/(accumulated deficit)

(3,851)

612

Other reserve

Total shareholders’ equity

105

1,353

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 24,888

$ 23,657

[1]	— Denotes amount less than US$1,000.
[2]	Retrospectively restated for the effect of 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 21 — COMMITMENTS AND CONTINGENCIES

Litigation — From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

As of December 31, 2024 and 2025, the Company has no material commitments or contingencies.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

NOTE 19 — RELATED PARTY TRANSACTIONS

The Company has established an Audit Committee, which operates under a formal charter. In accordance with this charter, the Audit Committee is responsible for the ongoing review and approval of all related-party transactions to ensure they are conducted on an arm’s-length basis and in the best interests of the Company and its shareholders.

Set forth below are related party transactions of our Company for the financial years ended December 31, 2024, and 2025, which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related party transactions under Singapore law.

The amounts due from related party consisted of the following:

As of December 31,

Name of related party

Relationship

Nature

2024

2025

USD’000

Mega Origin Holdings Limited

Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, unsecured, interest-free and recoverable on demand

152

The amounts due to related party consisted of the following:

As of December 31,

Name of related party

Relationship

Nature

2024

2025

USD’000

Mega Origin Holdings Limited

Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, with simple annual interests charged at 3.5% per annum, not repayable upon demand, save upon the request by Delixy Energy, whichever earlier

5,000

—

Mega Origin Holdings Limited

Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, with interest-free and repayable on maturity date

—

4,000

The following represents the other significant related party transactions that occurred in the financial years ended December 31, 2023, 2024 and 2025.

Year ended December 31,

Name of related party

Relationship

Nature

2023

2024

2025

USD’000

Wisecome Oil Pte. Ltd.

Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director

Non-trade loan, unsecured, interest-free and repayable on demand

(175

)

—

			Year ended December 31,
Name of related party	Relationship	Nature	2023			2024			2025
			US$’000			USD’000			USD’000
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Proceeds from disposal of property		—			957			—
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Freight expenses		—			(1,151	)		(96	)
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Agent Charge		—			—			(1	)
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Rental and maintenance expenses		—			(17	)		(35	)
Wisecome Oil Pte. Ltd.	Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Advances		—			1,125			—
Mega Origin Holdings Limited	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Dividend paid		(1,500	)		(4,745	)		—
Mega Origin Holdings Limited	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Non-trade loan, unsecured, interest-free and repayable on demand		6			—			—
Mega Origin Holdings Limited	Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director	Non-trade loan, unsecured, interest-free and repayable on demand		(87	)		(152	)		57

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities [Abstract]

ACCRUED LIABILITIES

NOTE 11 — ACCRUED LIABILITIES

	As of December 31,
	2024		2025
	US$’000		US$’000
Accrued expenses		50		237

Concentrations and Risk

12 Months Ended

Dec. 31, 2025

Concentrations and Risk [Abstract]

CONCENTRATIONS AND RISK

NOTE 20 — CONCENTRATIONS AND RISK

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of customers who represent 10% or more of the Company’s total revenue:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Customer A

122,289

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

Customer D

57,486

49,666

N/A

⁽ⁱ⁾

Customer E

72,295

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

Customer G

N/A

⁽ⁱ⁾

33,771

N/A

⁽ⁱ⁾

Customer H

N/A

⁽ⁱ⁾

40,665

N/A

⁽ⁱ⁾

Customer I

N/A

⁽ⁱ⁾

41,503

82,013

Customer J

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

59,513

Customer K

N/A

⁽ⁱ⁾

N/A

⁽ⁱ⁾

37,737

(i)	Revenue from the relevant customer was less than 10% of the Company’s total revenue for the respective year.

The following table sets forth a summary of customers who represent 10% or more of the Company’s total accounts receivable:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Customer E

713

N/A

⁽ⁱⁱ⁾

N/A

⁽ⁱⁱ⁾

Customer I

N/A

⁽ⁱⁱ⁾

17,519

N/A

⁽ⁱⁱ⁾

Customer L

N/A

⁽ⁱⁱ⁾

N/A

⁽ⁱⁱ⁾

20,357

(ii)

Accounts receivable from the relevant customer was less than 10% of the Company’s total accounts receivable for the respective year.

The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total purchases:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Supplier C

33,968

N/A

⁽ⁱⁱⁱ⁾

33,917

Supplier D

55,416

85,317

59,255

Supplier E

128,500

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

Supplier F

64,720

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

Supplier H

N/A

⁽ⁱⁱⁱ⁾

70,688

43,066

Supplier I

N/A

⁽ⁱⁱⁱ⁾

40,437

N/A

⁽ⁱⁱⁱ⁾

Supplier J

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

37,460

Supplier K

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

42,948

Supplier L

N/A

⁽ⁱⁱⁱ⁾

N/A

⁽ⁱⁱⁱ⁾

35,981

(iii)

Purchase from relevant suppliers was less than 10% of the Company’s total purchase for the respective year.

The following table sets forth a summary of a single supplier who represent 10% or more of the Company’s total accounts payable:

Financial Years ended
December 31,

2023

2024

2025

US$’000

Supplier I

N/A

^(iv)

17,067

N/A

^(iv)

Supplier L

N/A

^(iv)

N/A

^(iv)

20,214

(iv)

Accounts payable from relevant suppliers was less than 10% of the Company’s total accounts payable for the respective year.

The Company is exposed to the following concentrations of risk:

(a) Major customers

The Company does not have any significant concentrations of risk related to major customers. Given the dynamic nature of the business, the customers change frequently. Therefore, we do not anticipate this fluctuation in customer numbers to pose a significant risk to the business.

(b) Major suppliers

The Company does not have any significant concentrations of risk related to major suppliers. Given the dynamic nature of the business, the suppliers change frequently. Therefore, we do not anticipate this fluctuation in suppliers numbers to pose a significant risk to the business.

The Company has adopted a policy of only dealing with creditworthy counterparties. The Company performs ongoing credit evaluation of its counterparties’ financial condition and generally do not require a collateral. The Company also considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.

(d) Interest rate risk

As the Company has no significant interest-bearing assets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates.

The Company’s interest-rate risk arises from lease liabilities. The Company manages interest rate risk by varying the issuance and maturity dates of variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of December 31, 2024 and 2025, the lease liabilities were at fixed interest rates.

(e) Exchange rate risk

The Company has transactional currency exposures arising from trade and accounts receivable, derivative financial instruments, cash and cash equivalents, lease liabilities, payroll and accrued liabilities that are denominated in currencies other than the functional currency of the Company, primarily Chinese Renminbi (“RMB”) and Singapore Dollar (“SGD”).

(f) Liquidity risk

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Consolidated Statements of Income and Comprehensive Income/(Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Revenues

$ 307,747

$ 314,916

$ 289,166

Cost of revenue

(305,203)

(310,618)

(285,037)

Gross profit

2,544

4,298

4,129

General and administrative expenses

(7,077)

(3,592)

(3,007)

Profit/(loss) from operations

(4,533)

706

1,122

Other income:

Foreign exchange gain

Interest income

183

250

Gain on disposal of property

177

Shipping charges reimbursed

141

Other income

Total other income

206

420

255

Income/(loss) before income tax

(4,327)

1,126

1,377

Income tax expense

(136)

(98)

(225)

NET INCOME/(LOSS)

(4,463)

1,028

1,152

TOTAL COMPREHENSIVE INCOME/(LOSS)

$ (4,463)

$ 1,028

$ 1,152

Net income/(loss) per Share

Basic (in Dollars per share)

^[1]

$ (0.29)

$ 0.07

$ 0.08

Diluted (in Dollars per share)

^[1]

$ (0.29)

$ 0.07

$ 0.08

Weighted average number of ordinary shares outstanding Basic (in Shares)

^[1]

15,647,260

15,000,000

Weighted average number of ordinary shares outstanding Diluted (in Shares)

^[1]

15,647,260

15,000,000

[1]	Retrospectively restated for the effect of 1:200 forward stock split of our Ordinary Shares and the shares surrendered by our existing shareholders.

Income Tax (Details) - USD ($)	12 Months Ended
Income Tax (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax [Line Items]
Corporate tax rate	17.00%	17.00%	17.00%
Corporate tax payable rate	50.00%
Singapore [Member] \| State and Local Jurisdiction [Member]
Income Tax [Line Items]
Corporate tax rate	17.00%
Minimum [Member]
Income Tax [Line Items]
Income tax minimum and maximum benefits	$ 2,000
Maximum [Member]
Income Tax [Line Items]
Income tax minimum and maximum benefits	$ 40,000

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

(a) Basis of Presentation

Use of Estimates and Assumptions

(b) Use of Estimates and Assumptions

Basis of Consolidation

Foreign Currency Translation and Transaction

(d) Foreign Currency Translation and Transaction

Cash and Cash Equivalents

(e) Cash and Cash Equivalents

Accounts Receivable, net

(f) Accounts Receivable, net

Accounts receivable include trade accounts due from customers for selling of crude oil and oil-based products.

The Company does not hold any collateral or other credit enhancements overs its accounts receivable balances.

Property and Equipment, net

(g) Property and Equipment, net

		Expected useful life
Leasehold property		Over the remaining lease term
Office equipment		4 Years
Computers		4 Years
Furniture & fittings		4 Years
Renovation		2 – 4 Years
Motor vehicle		8 Years

Impairment of Long-Lived Assets

(h) Impairment of Long-Lived Assets

Revenue Recognition

(i) Revenue Recognition

Revenue from goods sold and services provided

Government Grant

(j) Government Grant

Income Taxes

(k) Income Taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (“ASC 740”).

The Company is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

Retirement Plan Costs

(l) Retirement Plan Costs

Leases

(m) Leases

Segment Reporting

(n) Segment Reporting

Related Parties

(o) Related Parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Commitments and Contingencies

(p) Commitments and Contingencies

Concentration of Credit Risk

(q) Concentration of Credit Risk

Liquidity Risk

(r) Liquidity Risk

Fair Value Measurement

(s) Fair Value Measurement

●

Level 1 — Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

●

Recently Issued Accounting Pronouncements

(t) Recently Issued Accounting Pronouncements

Lease Liabilities (Details) - Wisecome Oil Pte. Ltd. [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 28, 2024
Lease Liabilities [Line Items]
Lease term		2 years
Discount rate		5.25%
operating lease liabilities	$ 70,000

Disaggregation of Revenue - Schedule of Financial Information Concerning our Geographic Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Financial Information Concerning our Geographic Segments [Line Items]
Total geographic segments revenue	$ 307,747	$ 314,916	$ 289,166
Southeast Asia [Member]
Schedule of Financial Information Concerning our Geographic Segments [Line Items]
Total geographic segments revenue		30,908	37,096
East Asia [Member]
Schedule of Financial Information Concerning our Geographic Segments [Line Items]
Total geographic segments revenue	249,965	254,245	252,070
Middle East [Member]
Schedule of Financial Information Concerning our Geographic Segments [Line Items]
Total geographic segments revenue	$ 57,782	$ 29,763

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Accrued Liabilities [Abstract]
Accrued expenses	$ 237	$ 50

Shareholder's Equity

12 Months Ended

Dec. 31, 2025

Shareholder's Equity [Abstract]

SHAREHOLDER'S EQUITY

NOTE 14 — SHAREHOLDER’S EQUITY

Ordinary Shares

The Company was incorporated in the Cayman Islands on May 16, 2024, under the Companies Act as an exempted company with limited liability. The authorized share capital was US$500,000 divided into 500,000,000 Ordinary shares, par value US$0.001 each at the time of incorporation.

The Company is authorized to issue one class of ordinary share.

Dividends

On May 31, 2023, Delixy Energy declared a dividend of US$1.50 per Share of common stock. The dividend amount of US$1,500,000 was distributed and settled by December 31, 2023.

On December 31, 2023, Delixy Energy declared a dividend of US$9.737 per Share of common stock. The dividend is payable to its shareholder of record as of December 31, 2023. The dividend amount of US$9,737,000 is distributed, of which US$1,492,000 is offset against amount due from shareholder on December 31, 2023 and US$5,000,000 was offset against loan from shareholder on January 1, 2024. Accordingly, US$3,245,000 was paid to Mega Origin.

On May 28, 2024, Delixy Energy declared a dividend of US$1.00 per Share. The dividend amount of US$1,000,000 was recorded as distributed and paid to Mega Origin.

On June 28, 2024, Delixy Energy declared a dividend of US$0.50 per Share. The dividend amount of US$500,000 respectively was recorded as distributed and paid to Mega Origin.

No dividends were declared/paid by companies comprising our Group for the financial year ended December 31, 2025.

The holders of the Company’s ordinary share are entitled to the following rights:

Voting Rights: Each share of the Company’s ordinary share entitles its holder to one vote per Share on all matters to be voted or consented upon by the stockholders. Holders of the Company’s ordinary shares are not entitled to cumulative voting rights with respect to the election of directors.

Dividend Right: Subject to limitations under Cayman law and preferences that may apply to any shares of preferred stock that the Company may decide to issue in the future, holders of the Company’s ordinary share are entitled to receive ratably such dividends or other distributions, if any, as may be declared by the Board of the Company out of funds legally available thereof.

Liquidation Right: In the event of the liquidation, dissolution or winding up of our business, the holders of the Company’s ordinary share are entitled to share ratably in the assets available for distribution after the payment of all of the debts and other liabilities of the Company.

Other Matters: The holders of the Company’s ordinary share have no subscription, redemption or conversion privileges. The Company’s ordinary share does not entitle its holders to preemptive rights. All of the outstanding shares of the Company’s ordinary share are fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company’s ordinary share are subject to the rights of the holders of shares of any series of preferred stock which the Company may issue in the future.

- Definition

The entire disclosure for equity.

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+ Details