Toku Ltd. booked a net loss of US$3.8 million for the six months ended Jun 30, 2026, widening from a US$1.0 million loss a year earlier, as the Singapore-based customer-experience platform accelerated spending on commercial and product expansion. Revenue rose 13.0% year-on-year (YoY) to US$18.8 million, more than double the pace recorded in 1H2025, underpinned by stronger usage-based income from enterprise messaging and voice traffic.
Gross profit increased 10.2% to US$4.5 million, though the margin slipped 0.6 percentage point to 23.9% as a heavier contribution from lower-margin usage revenue diluted the mix. No dividend was declared.
By segment, usage revenue grew 19.6% YoY to US$13.3 million, accounting for 70.9% of the top line. Subscriptions and licensing rose 10.4% to US$3.1 million, while professional services edged up 1.2% to US$1.2 million. Maintenance and support fell 12.4% to US$1.2 million and hardware sales declined 83.8% to US$30,000. The order book expanded 25% since the IPO prospectus to about US$29.3 million, with the gross margin on new bookings improving to 89%.
The wider loss reflected a 40.0% jump in underlying operating expenses to 39.8% of revenue, driven by recurring listed-company costs, stepped-up marketing outlays and the build-out of regional and product teams. Gross margin compression from a higher mix of usage revenue also weighed on profitability.
During the half, Toku completed a capital restructuring that extinguished all borrowings and more than doubled cash to US$4.0 million, restoring positive equity and working capital. Commercially, the company extended its Middle East footprint from two to eight markets, went live with a multi-country deployment for Glovo in Europe, and signed a memorandum of understanding with Sestek to develop Arabic-language AI capabilities. In July it launched “Kawa” under its Makimoto initiative to bolster AI infrastructure for customer experience.
Founder and chief executive Thomas Laboulle said the first half demonstrated improving commercial traction as investments in sales capacity, product development and regional presence began to translate into faster growth. He indicated the focus for the rest of the year will be on converting a strengthened pipeline—particularly in the Middle East—into long-term contracts and scaling higher-margin AI-enhanced services.
Chief financial officer Christian Wong noted that the completion of the IPO-linked balance-sheet overhaul leaves Toku debt-free and better positioned to pursue growth opportunities. He expects second-half operating expenses to come in below the first-half level, supporting management’s target of reaching adjusted EBITDA profitability within the next two to three years.
Looking ahead, Toku guides for an acceleration of organic revenue growth in 2H2026 beyond the 13.0% achieved in the first half, aided by seasonally stronger demand and recent customer wins. Management reiterated that operating-expense ratios should begin to taper as revenue scales, while the company continues to target expanding demand for compliant, locally hosted AI and communications infrastructure in regulated industries across Asia and the Middle East.