Latest 20-F annual reports

Gogoro Inc. reported a narrowed net loss and significantly improved gross margins in 2025, driven by strategic restructuring and growth in battery swapping services, despite a decline in hardware sales.

ATA Creativity Global reported a higher net loss of RMB 48.1 million for fiscal year 2025, primarily driven by a significant goodwill impairment charge, despite stable net revenues.

BW LPG Limited reports a decrease in profit after tax for 2025, driven by lower LPG spot rates and increased operating costs, despite higher available fleet days.

IM Cannabis Corp. reported a slight revenue increase in 2025, driven by German market growth, but continues to face significant operating losses, liquidity concerns, and geopolitical risks in Israel.

Aspen Insurance Holdings Limited reported increased underwriting income and improved combined ratio for 2025, while disclosing a material weakness in internal controls and the completion of its acquisition by Sompo Holdings, Inc.

iTonic Holdings posted a $5.1m FY25 net loss on higher public company and deal costs, flagged going-concern doubt, and plans a 100m-share private placement at $0.20, implying heavy dilution.

Kelso Technologies posted a 2025 profit on flat revenue, tightened costs, and advanced its K2AV angle valve toward expected AAR approval in 2026 amid tariff headwinds and internal control weaknesses.

Gold Fields Limited achieved significant financial growth and operational milestones in 2025, driven by record gold prices and strategic portfolio enhancements, while maintaining a strong focus on safety and sustainability.

Kenon Holdings lifted 2025 revenue to $872m on OPC expansion, advanced major Israel and U.S. projects, deconsolidated CPV Renewables, and announced a $200m 2026 dividend amid geopolitical and financing risks.

AudioCodes reported 2025 revenue of $245.6M (+1.4% YoY) with net income falling to $9.0M, while stepping up buybacks and dividends and expanding cloud and AI offerings.

Pulsenmore cut 2025 losses on a GE settlement, secured FDA clearance for its home-use prenatal ultrasound, and deepened ties with Israel’s Clalit while preparing a U.S. launch.

ECARX entered a Securities Purchase Agreement on Oct. 30, 2025 to issue up to $150 million of senior convertible notes, including an initial $50 million tranche, at a 3% original issue discount and a $2.59 initial conversion price.

Enlight Renewable Energy delivered sharp revenue and profit growth in 2025, expanded U.S. financing, and raised over NIS 2.3 billion in equity amid project delays and robust pipeline progress.

Vale S.A. reports a significant decrease in net income for 2025 to US$1,983 million, despite increased Adjusted EBITDA and strategic advancements in base metals and iron ore solutions.

Frontline plc reported a decrease in revenues and profits for 2025, despite strategic fleet renewal and newbuilding acquisitions, while navigating a volatile tanker market.

Biodexa Pharmaceuticals PLC reported recurring losses and significant cash outflows, raising substantial doubt about its ability to continue as a going concern, despite advancing its clinical pipeline with new licensing agreements and grant funding.

Arbe Robotics, a 4D imaging radar provider, reported significant net losses in 2025 and 2024, driven by high R&D costs and slower-than-anticipated market adoption for autonomous vehicle technology.

BioLineRx Ltd. filed an amended annual report on Form 20-F/A to correct the date in its auditor's consent and refile executive certifications.

Samfine Creation Holdings Group Limited reported a significant net loss in 2025, driven by increased operating expenses despite revenue growth.

Aptorum Group's latest annual report highlights a net loss, negative working capital, and substantial doubt about its ability to continue as a going concern, despite focusing on lead R&D projects and a proposed merger with DiamiR Biosciences.

uCloudlink Group Inc. reported a rise in net income and gross margin for fiscal year 2025, despite an overall decrease in total revenues, while also addressing internal control weaknesses and expanding its product portfolio.

MicroCloud Hologram Inc. announced a significant increase in total revenues to $56.5 million in 2025, alongside a reduction in net loss to $7.0 million, driven by expanded holographic solutions and technology services.

Shengfeng Development Limited reported a 13.6% increase in net revenue and a 12.8% rise in net income for fiscal year 2025, driven by B2B freight transportation services, despite identifying material weaknesses in internal controls.

TotalEnergies SE posted robust financial results for 2025, with adjusted net income of $15.6 billion and leading ROACE, while advancing its balanced energy transition strategy.

ZOOZ Strategy Ltd. transitioned to a primary bitcoin treasury reserve asset strategy in 2025, reporting a net loss of $55.6 million, significantly impacted by unrealized losses on digital assets.

Polyrizon Ltd. filed an amendment to its 2025 annual report to confirm the effectiveness of its disclosure controls and procedures, while also detailing past cybersecurity incidents.

Luckin Coffee Inc. announced significant revenue and profit growth in its 2025 annual report, driven by substantial store network expansion and customer base growth.

Opera Limited reports strong 2025 financial results, driven by significant growth in advertising and query revenue, alongside strategic investments in AI and Web3 initiatives.

Aurora Mobile Limited reported a significant turnaround, achieving net income and operating profitability in 2025, driven by strong growth in its SAAS Businesses and an expanding customer base.

Himax Technologies reports an 8.2% revenue decline in 2025 amidst global economic challenges, partially offset by resilient growth in automotive and AI-related non-driver products.