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olivLaw · US equity research

Bio Green Med Solution, Inc. BGMS

Wholesale-Durable Goods, NEC · SIC 5099 · Vertical: Wholesale — durable goods (SIC 509x)

0.87USD−3.89% · 1 dayClose 05 Nov 2026

Bio Green Med Solution, Inc. (BGMS), formerly a biopharmaceutical company, now operates through Fitters Sdn. Bhd. in Malaysia, distributing fire protection equipment. The company still carries limited capital and a going concern warning, and a merger with Future NRG Sdn. Bhd. could substantially change its structure. Revenues remain modest, at 0.7 million dollars for the period from acquisition to year-end 2025.

At the close of 05 Nov 2026, Bio Green Med Solution, Inc. (BGMS) stock was 0.87 USD (−3.89% on the day), with market capitalisation 5.7 m USD, beta 0.65, 52-week range 0.60–1.82 USD. Latest reported quarter (Q2 2026): revenue of 336.0 k USD, net income of -405.0 k USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.7 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -6.45 · TTM to 31 Dec 2025
E/P (TTM)
-745.66%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.65
Volatility (1y) 118%
52-week range
0.601.82

Price history

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Technical reading

RSI (14)
45.9
neutral
Bollinger (20, 2)
0.82 – 1.00
in the lower half of the band · %B 0.25 · band width 20.2%
SMA 50 / 200
0.90 / 0.97
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / 0.00
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.6%−1.1%+0.5 pp—
3 months−10.8%−0.5%−10.4 pp—
6 months−12.6%+4.4%−17.0 pp—
Year to date−41.6%+12.3%−53.9 pp—
1 year−47.6%+13.5%−61.1 pp−36.6%
3 years−100.0%+76.4%−176.4 pp+30.9%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−67.0%
04 Dec 2025 → 25 Jun 2026
Max drawdown (5y)
−100.0%
10 Nov 2021 → 25 Jun 2026
Compound annual growth (5y)
−86.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
336.0 k USD
unavailable YoY
Net income
-405.0 k USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-120.5% / -124.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue10.0 k0——81.0 k-81.0 k743.0 k336.0 k
Research & development950.0 k880.0 k822.0 k68.0 k5.0 k-47.0 k——
SG&A1.2 m948.0 k——————
Operating income-2.2 m-1.8 m-4.2 m-1.2 m-992.0 k-1.1 m-246.0 k-418.0 k
Pre-tax income-2.2 m-1.9 m-4.2 m-1.2 m-988.0 k-606.0 k-167.0 k-396.0 k
Income tax-210.0 k1.2 m—2.0 k0 ≈5.0 k30.0 k9.0 k
Net income-2.0 m-3.1 m-81.0 k-1.3 m-988.0 k-611.0 k-197.0 k-405.0 k
Diluted EPS-43.80-77.87 ≈0.00-0.98-1.31-0.13 ≈——
Operating cash flow-3.1 m ≈-1.4 m-3.2 m-1.1 m ≈-434.0 k ≈-33.0 k-278.0 k-352.0 k ≈
Capex0 ≈—————1.0 k0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020202120222023⚠ 20242025
Revenue150.0 kunavailable000420.0 k43.0 k0
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailable—−100.0%
Net income-7.3 m-7.8 m-8.4 m-18.5 m-21.2 m-22.6 m-11.2 m-3.0 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable—unavailable
Diluted EPSunavailableunavailable-3.42-2.09-27.24-6,419.18-502.46-6.45
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable—unavailable
net %-4,858.7%unavailableunavailableunavailableunavailable-5,370.2%-26,074.4%unavailable
Free cash flow-6.7 m-9.5 m-8.0 m-18.6 m-20.8 m-16.1 munavailableunavailable

The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
6.8 m USD
Total assets
8.2 m USD
Debt / equity
unavailable
Current ratio
4.70x
ROE
unavailable
ROA
-48.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
420.0 k
2024
43.0 k
2025
0

SEC (XBRL)· 30 Mar 2026verified

Research & development
2023
19.2 m
2024
6.7 m
2025
848.0 k

SEC (XBRL)· 30 Mar 2026verified

SG&A
2023
6.7 m
2024
5.4 m
2025
—

SEC (XBRL)· 02 Apr 2025verified

Operating income
2023
-25.5 m
2024
-12.0 m
2025
-8.4 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 01 Mar 2021verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 01 Mar 2021derived

Pre-tax income
2023
-25.6 m
2024
-12.0 m
2025
-3.0 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
-3.0 m
2024
-782.0 k
2025
7.0 k

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-22.6 m
2024
-11.2 m
2025
-3.0 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-6,419.18
2024
-502.46
2025
-6.45

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
3.5 m
2024
22.3 k
2025
2.2 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
3.4 m
2024
3.1 m
2025
3.5 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
—
2024
—
2025
1.3 m

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
—
2024
—
2025
1.4 m

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
7.4 m
2024
3.7 m
2025
6.3 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
9.0 k
2024
3.0 k
2025
137.0 k

SEC (XBRL)· 30 Mar 2026verified

Goodwill
2023
—
2024
—
2025
1.6 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
8.8 m
2024
4.1 m
2025
8.2 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
3.5 m
2024
4.6 m
2025
617.0 k

SEC (XBRL)· 30 Mar 2026verified

Current liabilities
2023
8.2 m
2024
6.3 m
2025
1.3 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
8.2 m
2024
6.3 m
2025
1.3 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
607.0 k
2024
-2.2 m
2025
6.8 m †

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-16.1 m
2024
-8.0 m
2025
-4.8 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
6.0 k
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024verified

Free cash flow
2023
-16.1 m ≈
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024derived

Investing cash flow
2023
-6.0 k
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024verified

Financing cash flow
2023
848.0 k
2024
7.8 m
2025
5.3 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-100.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
the base of the ratio is not positive
Revenue CAGR 5Y
unavailable
the base of the ratio is not positive
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-253.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-204.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-40.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-35.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-38.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
8.6x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
7.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
5.5x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-1.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
363 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
5.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-38.4%
computed by olivLawTTM to 30 Jun 2026
P/B
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
5.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-76.36
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 10.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.87 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 5.7 m USD

Key indicators

Market capitalisation
5.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-40.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-204.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-100.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 1767derived 159

Score by group

10% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Wholesale — durable goods (SIC 509x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-204.0%14 (vs peers)60%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet8.6x100 (on a fixed band)40%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial14/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Bio Green Med Solution, Inc. (BGMS). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 0 USD in 2025; YoY growth -100.0%; net margin -204.0%; ROE -40.8%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 8.6x

What contradicts it

  • Net margin: -204.0%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Wholesale — durable goods (SIC 509x) · same industry group (3-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
—
vertical median 14.4x
EV/EBITDA
—
vertical median —
P/S
5.3x
vertical median 1.4x
above median (+273.7%)
P/B
0.8x
vertical median 1.9x
below median (−56.9%)
ROE
-40.8%
vertical median 23.4%
below median (−274.1%)
Net margin
-204.0%
vertical median 7.3%
below median (−2,906.8%)
EBIT margin
-253.8%
vertical median 10.1%
below median (−2,614.4%)
Revenue YoY
-100.0%
vertical median 0.0%
below median
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
POOLPool Corporation7.7 bn19.930.4%7.3%−0.4%−11% / −38%
GOLDGold.com, Inc.1.1 bn12.410.8%0.3%+132.4%+31% / +31%
AENTAlliance Entertainment Holding Corporation216.5 m16.311.9%483.6%0.0%−37% / +347%
SORAAsiaStrategy57.9 m4.6106.1%111.9%−37.7%−40% / unavailable
BGMSBio Green Med Solution, Inc.5.7 m—-40.8%-204.0%−100.0%−48% / −100%
GNLNGreenlane Holdings, Inc.847.3 k—-534.0%-4,630.6%−67.2%−95% / −100%
YDDLOne and one Green Technologies. INC—4.537.8%17.9%+23.1%−80% / unavailable
CNMCore & Main, Inc.—19.423.4%6.0%+2.8%−3% / +34%

1- and 3-year price returns: for BGMS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Bio Green Med Solution, Inc. (BGMS), formerly a biopharmaceutical company, now operates through Fitters Sdn. Bhd. in Malaysia, distributing fire protection equipment. The company still carries limited capital and a going concern warning, and a merger with Future NRG Sdn. Bhd. could substantially change its structure. Revenues remain modest, at 0.7 million dollars for the period from acquisition to year-end 2025 1.

    SWOT

    Strengths

    • The company has a presence of several decades in fire equipment distribution through Fitters, with locally recognised certifications 1.
    • The Malaysian operation benefits from a growing market and a regulatory framework that requires certified equipment 1.
    • The company reports no reliance on institutional bank credit and therefore no debt covenant compliance requirements 2.

    Weaknesses

    • Revenues are modest and the company has reported net losses in the periods analysed 23.
    • Customer concentration is high, with significant dependence on a few buyers and no long-term supply contracts 1.
    • The company carries no business interruption insurance, which could leave losses uncovered 1.

    Opportunities

    • Rising demand for fire-resistant doors and smart systems could open new product categories 1.
    • The proposed merger with FNRG could change the company's profile if completed before the agreed deadline 3.
    • Expansion in Southeast Asia through the US foam partnership could widen the geographic sales area 1.

    Threats

    • Doubt about the company's ability to continue as a going concern could limit access to funding or force major restructuring 2.
    • Changes in tariffs and trade restrictions could raise supply costs 1.
    • Competition from producers and distributors with more advanced technology could reduce market share 1.

    Risks

    • Going concernhigh

      Management has flagged substantial doubt about the company's ability to continue as a going concern, with liquidity expected into the first quarter of 2027 2.

    • Customer concentrationhigh

      A small number of customers generate most revenue without long-term contracts, which could materially hurt results if one of them withdraws 1.

    • Dilution from new issuanceshigh

      Funding through new or convertible shares could significantly reduce the stakes of existing shareholders 12.

    • International and currency exposuremedium

      Operating in Malaysia exposes the company to currency fluctuations, limits on repatriating funds and changes in tax rules 1.

    • FNRG mergermedium

      Completion depends on conditions not yet satisfied, and the agreed deadline could lead to termination of the agreement 3.

    Investment thesis

    What would need to be true (bull case)

    • If Fitters' distribution business expands and margins hold, the group could become profitable, in line with management's expectations 2.
    • The Malaysian fire protection market is growing steadily, and stricter rules could support long-term demand 1.
    • If the FNRG transaction closes, the company could gain a new operating business and access to additional capital 3.

    What would break the thesis

    • The company could run out of sufficient capital before becoming profitable, which could lead to a scaling back of operations or bankruptcy, as its filing warns 2.
    • Revenue is small relative to accumulated losses, and dependence on a few customers could amplify volatility in results 12.
    • If the FNRG merger does not close, the company could remain in a fragile structure with insufficient funding 3.

    What to watch

    • Completion or termination of the FNRG mergerby 31 December 2026
    • Revenue and gross margin of the distribution segmentQ3 2026
    • New financing or strategic transactions supporting going concernQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company was previously known as Cyclacel Pharmaceuticals and ceased its pharmaceutical development business after the liquidation of its UK subsidiary Cyclacel Limited. Since September 2025, following the acquisition of Fitters Sdn. Bhd., its main activity has been supplying and trading fire protection equipment and solutions for commercial, industrial, healthcare and residential clients. Revenue was 0.7 million dollars for 2025 from the acquisition date 1.

    The product range includes fire extinguishers, foam systems, fire-resistant doors under the PYRODOR brand and personal protective equipment, as well as fire-retardant apparel. The company states its products are approved by BOMBA and certified by SIRIM, pointing to a focus on compliance with local regulations 1.

    The legal structure changed several times in 2025, with changes of control, reverse stock splits and issuances of preferred stock. In June 2026 the company disclosed a merger agreement under which FNRG shareholders would own more than 99% of the combined company, while existing shareholders would own less than 1% 23.

    Segments

    Fire protection equipment distribution

    This is the main operating segment, with product revenue of 336 thousand dollars in the second quarter of 2026 and a gross margin of approximately 23% 3. Customers are concentrated: the top four accounted for 55% of 2025 sales 1.

    Fire-retardant apparel and personal protective equipment

    This segment includes fire-retardant clothing for the oil and gas industry and other high-risk sectors, as well as personal protective equipment distributed by the company 1. The sources analysed give no separate revenue figure for this segment.

    Market context

    The Malaysian fire safety equipment market is estimated at 1.1 billion dollars, based on a five-year historical analysis, with projected annual growth of 7% to 8% through 2030 1. Key drivers are stricter regulation, urbanisation and growing safety awareness. The Malaysian economy expanded 4.9% in 2025, supporting construction and industrial demand 1.

    Trends

    • Stricter regulationtailwind

      Tighter enforcement of the Fire Services Act and building by-laws could increase demand for certified equipment, including fire-resistant doors 1.

    • Urbanisation and infrastructuretailwind

      Rapid urban development and projects in data centres and logistics could generate demand for specialised protection systems 1.

    • Fire Safety 4.0 technologiesmixed

      IoT-connected and eco-friendly solutions could require adaptation investment, which might call for additional capital from the company 1.

    • Tariffs and trade policyheadwind

      Changes in tariffs and trade restrictions by the US and other countries could affect supply costs and exports 1.

    Competitive position

    The sources note that barriers to entry for fire equipment distributors are low, meaning competition from local and international producers. Competitors may develop more advanced technology and gain market share 1.

    The company mentions an agreement with CHEMGUARD (USA) to operate a foam blending facility serving Southeast Asia, an important strategic link but also a dependence on an external partner 1.

    • CHEMGUARD

      US-based maker of foam systems for fire protection, with which the company has an agreement to operate a blending facility in Malaysia 1.

    • Local fire equipment manufacturers

      The sources refer to local and international competitors supplying protection systems without naming them 1.

    • International protection system distributors

      Companies that can enter the market with imported products create competitive pressure, as described in the company's risk factors 1.

    • Providers of smart detection systems

      Companies offering IoT and automatic detection solutions could gain share in modern segments 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bio Green Med Solution, Inc. · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bio Green Med Solution, Inc. · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Bio Green Med Solution, Inc. · 14 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.