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NewGenIvf Group Ltd NIVF

Services-Misc Health & Allied Services, NEC · SIC 8090 · Vertical: Services-Misc Health & Allied Services, NEC (SIC 8090)

0.49USD−29.70% · 1 dayClose 05 Nov 2026

NewGenIvf Group Ltd is an assisted reproductive services provider in Asia-Pacific, running clinics in Thailand, Cambodia and Kyrgyzstan that offer mainly IVF and fertility referral services. The company is in a fast transformation toward several business lines, and its liquidity position and shareholder dilution are important to watch; fiscal 2025 revenue was 4726433 USD, down from fiscal 2024, while the net income of 8763979 USD could be affected by unusual factors.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, NewGenIvf Group Ltd (NIVF) stock was 0.49 USD (−29.70% on the day), with market capitalisation 117.2 k USD, P/E 0.2 on diluted EPS of 3.04 USD over the last 12 months, beta 1.77, 52-week range 0.20–1,207.44 USD.

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

Market cap
117.2 k USD
shares as of 31 Dec 2025
P/E (TTM)
0.2
Diluted EPS TTM 3.04 · TTM to 31 Dec 2025
E/P (TTM)
623.97%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.77
Volatility (1y) 332%
52-week range
0.201,207.44

Price history

Loading chart…

Technical reading

RSI (14)
35.9
weak (30–45)
Bollinger (20, 2)
-0.24 – 2.09
in the lower half of the band · %B 0.31 · band width 251.6%
SMA 50 / 200
2.11 / 45.47
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.37 / -0.44
MACD above 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+23.0%−1.1%+24.1 pp—
3 months−92.9%−0.5%−92.4 pp—
6 months−99.0%+4.4%−103.3 pp—
Year to date−99.8%+12.3%−112.2 pp—
1 year−100.0%+13.5%−113.5 pp+30.3%
3 years−100.0%+76.4%−176.4 pp+0.0%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−100.0%
06 Nov 2025 → 13 Oct 2026
Max drawdown (5y)
−100.0%
08 Mar 2024 → 13 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

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.

Today's P/E sits at the 0 percentile of its own 3-quarter history (min 98.1, median 1,808.4, max 4,667,796.6; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue4.1 m5.9 m5.1 m5.4 m4.7 m
Revenue YoYunavailable+44.3%−13.6%+5.8%−13.0%
Net income-533458.7 k130.2 k-524.6 k9.9 m
Net income YoYunavailableunavailable−71.6%−503.0%unavailable
Diluted EPS0.004.7213,019.30-4,408.763.04
Diluted EPS YoYunavailableunavailable+275,732.6%−133.9%unavailable
net %-0.0%7.7%2.5%-9.7%209.0%
Free cash flow1.4 m1.6 m-1.8 m-8.3 m-11.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
758.6 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
26.0 m USD
Total assets
32.7 m USD
Debt / equity
unavailable
Current ratio
3.12x
ROE
unavailable
ROA
54.4%
FCF margin
-234.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
5.1 m
2024
5.4 m
2025
4.7 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
3.5 m
2024
3.6 m
2025
3.8 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
1.7 m
2024
1.8 m
2025
955.8 k

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
42.2 k
2024
-1.2 m
2025
-10.7 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
31.2 k
2024
19.5 k
2025
188.1 k

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2023
73.4 k ≈
2024
-1.1 m ≈
2025
-10.5 m ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2023
46.2 k
2024
765.2 k
2025
616.4 k

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
108.4 k
2024
-960.8 k
2025
9.7 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
—
2024
-486.7 k
2025
—

SEC (XBRL)· 22 Apr 2025verified

Net income
2023
130.2 k
2024
-524.6 k
2025
9.9 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
13,019.30
2024
-4,408.76
2025
3.04

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
10
2024
119
2025
3.3 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
54.1 k
2024
457.7 k
2025
758.6 k

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
9.4 k
2024
49.2 k
2025
166.5 k

SEC (XBRL)· 31 Mar 2026verified

Inventories
2023
126.3 k
2024
80.8 k
2025
335.4 k

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
2.5 m
2024
3.2 m
2025
7.4 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
162.2 k
2024
273.1 k
2025
1.8 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
21.4 m

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
4.5 m
2024
3.6 m
2025
32.7 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
172.6 k
2024
1.3 m
2025
779.3 k

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
1.1 m
2024
2.7 m
2025
2.4 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
1.2 m
2024
5.1 m
2025
6.7 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
3.2 m
2024
-1.5 m
2025
26.0 m

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-1.8 m
2024
-8.3 m
2025
-10.9 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
69.8 k
2024
53.0 k
2025
135.0 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-1.8 m ≈
2024
-8.3 m ≈
2025
-11.1 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-69.8 k
2024
-53.0 k
2025
-7.6 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
1.9 m
2024
8.7 m
2025
19.0 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-13.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-7.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
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
178.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
-13.6%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
20.2%
computed by olivLawFY 2025
EBITDA margin
-223.0%
computed by olivLawFY 2025
EBIT margin
-226.9%
computed by olivLawFY 2025
Net margin
209.0%
computed by olivLawFY 2025
FCF margin
-234.0%
computed by olivLawFY 2025

Returns

ROE
77.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
54.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-35.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
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
-17.4x
computed by olivLawFY 2025

Liquidity

Current ratio
3.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
3.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-10.9 m USD
computed by olivLawFY 2025
Capital expenditure
135.0 k USD
computed by olivLawFY 2025
Free cash flow
-11.1 m USD
computed by olivLawFY 2025
FCF conversion
-112.0%
computed by olivLawFY 2025
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
8 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
20 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
101 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
-72 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
117.2 k USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
0.0x
computed by olivLawFY 2025
P/E (TTM)
0.2x
computed by olivLawFY 2025
Earnings yield
624.0%
computed by olivLawFY 2025
P/B
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-9,435.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

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

Closing price

0.49 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 117.2 k USD

Key indicators

Market capitalisation
117.2 k USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
0.2x
computed by olivLawFY 2025
P/B
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
77.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
209.0%
computed by olivLawFY 2025
Revenue growth (YoY)
-13.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 31 Mar 2026
verified 133

Score by group

58% · Insufficient data

Estimated value range

Low
47.54
USD per share
Mid
65.62
USD per share
High
78.17
USD per share
Price: 0.49 USD
The price is below the range
Potential to the central value: 13,368.3% (value / price − 1)
Margin of safety: 99.3% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 47.54 – 78.17 USD.

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

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E47.54 – 78.17 (Mid 65.62)
    6 companies used · median multiple 21.6x · quartiles 15.6x – 25.7x
    AGL, DVA, FMS, PGNY, SHC, VMD
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Services-Misc Health & Allied Services, NEC (SIC 8090)

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: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality209.0%100 (vs peers)11%
FCF conversion · Quality-112.0%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth-7.4%0 (on a fixed band)14%
EPS CAGR 3Y · Growth-13.6%0 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-17.4x0 (on a fixed band)11%
Current ratio · Balance sheet3.1x100 (on a fixed band)7%
P/E (TTM) · Valuation0.2x100 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-9,435.3%0 (on a fixed band)14%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

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

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality50/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation56/100 · 2/3 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

NEWGENIVF GROUP LIMITED (NIVF). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 4.7 m USD in 2025; YoY growth -13.0%; net margin 209.0%; ROE 77.2%.

The estimated value range is 47.54–78.17 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 65.62 USD, the price of 0.49 USD leaves a potential of 13,368.3% (value / price − 1) and a margin of safety of 99.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

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

What supports the thesis

  • Net margin: 209.0%
  • Current ratio: 3.1x
  • P/E (TTM): 0.2x
  • The price is below the estimated value range

What contradicts it

  • FCF conversion: -112.0%
  • Revenue CAGR 3Y: -7.4%
  • EPS CAGR 3Y: -13.6%
  • Interest coverage: -17.4x
  • FCF yield: -9,435.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Misc Health & Allied Services, NEC (SIC 8090) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
0.2x
vertical median 21.6x
below median (−99.3%)
EV/EBITDA
—
vertical median 6.3x
P/S
0.0x
vertical median 1.3x
below median (−98.1%)
P/B
0.0x
vertical median 5.8x
below median (−99.9%)
ROE
77.2%
vertical median 3.1%
above median (+2,411.4%)
Net margin
209.0%
vertical median 2.3%
above median (+9,162.0%)
EBIT margin
-226.9%
vertical median 0.6%
below median (−37,393.3%)
Revenue YoY
-13.0%
vertical median 0.1%
below median (−13,365.9%)
Net debt/EBITDA
—
vertical median 0.8x
Dividend yield
—
vertical median 5.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DVADavita Inc.12.3 bn14.3—6.5%+6.5%+63% / +92%
FMSFresenius Medical Care AG6.6 bn7.07.0%5.0%+1.5%−1% / +15%
SHCSotera Health Company4.5 bn26.427.0%14.1%+5.7%−9% / +16%
PGNYProgyny, Inc.2.6 bn37.416.2%6.0%+10.4%+30% / +0%
AGLagilon health, inc.1.9 bn19.5-29.7%-1.5%−2.1%+599% / −57%
VMDViemed Healthcare, Inc.341.4 m23.711.0%5.0%+20.5%+30% / +16%
CCELCryo-Cell International, Inc.39.9 m——-6.2%−1.3%+15% / −7%
BRTXBiorestorative Therapies, Inc.38.5 m—-241.1%-3,089.6%−10.3%+40% / −21%
MGRXMangoceuticals, Inc.4.1 m—-95.1%-4,791.3%−26.0%−83% / −98%
NIVFNewgenivf Group Limited117.2 k0.277.2%209.0%−13.0%−100% / −100%
MCTACharming Medical Limited——-0.9%-0.5%−22.7%unavailable / unavailable

1- and 3-year price returns: for NIVF 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
3.52
Total return 622% · Per year 622%
6.25
Total return 1,183% · Per year 1,183%
9.46
Total return 1,841% · Per year 1,841%
3 years
2.79
Total return 473% · Per year 79%
5.64
Total return 1,058% · Per year 126%
9.46
Total return 1,841% · Per year 169%
5 years
2.22
Total return 355% · Per year 35%
5.09
Total return 945% · Per year 60%
9.46
Total return 1,841% · Per year 81%
What moves the 3-year price the most
  • Exit P/E± 1.41
  • Net margin± 0.99
  • Annual revenue growth± 0.89
  • Annual dilution± 0.08

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.

Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (21 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (30 Sept 2026), 6-K (18 Aug 2026).

In brief

NewGenIvf Group Ltd is an assisted reproductive services provider in Asia-Pacific, running clinics in Thailand, Cambodia and Kyrgyzstan that offer mainly IVF and fertility referral services. The company is in a fast transformation toward several business lines, and its liquidity position and shareholder dilution are important to watch; fiscal 2025 revenue was 4726433 USD, down from fiscal 2024, while the net income of 8763979 USD could be affected by unusual factors.

SWOT

Strengths

  • Nearly a decade of presence in the region, with a service portfolio covering IVF, egg donation and surrogacy referral across three countries.
  • Exclusive or specially licensed technologies, including MicroSort, which the company regards as a first-mover advantage in Thailand and Cambodia.
  • Multilingual staff and stage-based medical teams which, according to the company, support tailored services for foreign patients.

Weaknesses

  • A limited operating history with the current platform, which makes it hard to predict future results and revenue growth.
  • General and administrative expenses far exceed revenue, which eroded operating margins in fiscal 2025.
  • Thin liquidity, with modest year-end cash and significant convertible debt, which raises questions about going-concern status.

Opportunities

  • Growing fertility tourism in Asia-Pacific could bring new patients if complementary services such as transport and lodging are integrated.
  • Investment in laboratories and technology acquisitions could widen the service range and could improve success rates.
  • Partnerships with premium hospitality providers and academic institutions could grow the client base and research capacity.

Threats

  • Better-established competitors with much larger resources could attract clients if they extend their services into the region.
  • Travel restrictions and geopolitical tensions could reduce the number of foreign patients, particularly from China.
  • Changes in regulation and clinic licensing could limit or delay the launch of new services.

Risks

  • Going concern and liquidityhigh

    The company states it cannot assure that it will have enough capital to bridge potential liquidity shortfalls, and adjustments to the accounts could be material if the going-concern basis is not appropriate.

  • Shareholder dilutionhigh

    Issuing shares through the equity line, warrants and convertible notes could reduce the stake of existing shareholders and could pressure the share price.

  • Rapid strategic transformationmedium

    Expansion into real estate, digital assets and mining is a major shift from the core business, and management has limited experience in these sectors, which could create costs and divert attention.

  • SOL strategy and digital asset volatilitymedium

    The plan to invest in the SOL token and stake it exposes the company to risks specific to the Solana network and to the volatility of digital assets, which could affect financial results.

  • Dependence on clients from China and on travelmedium

    A significant share of revenue comes from Chinese clients, and travel restrictions or a slowdown in the Chinese economy could materially affect operating results.

Investment thesis

What would need to be true (bull case)

  • The company reported a net profit in fiscal 2025 after a loss in fiscal 2024, which, if it holds in later periods, could point to better operating efficiency.
  • A first-mover position with MicroSort technology and access to advanced genetic technologies could offer a differentiation advantage against regional competitors.
  • Long-term demand for assisted reproduction in Asia-Pacific, supported by demographic trends and public policy, could support revenue growth if the company expands its client base.

What would break the thesis

  • Revenue fell in fiscal 2025 compared with fiscal 2024, and general and administrative expenses far exceeded revenue, which could make the net profit hard to sustain.
  • Liquidity is limited, and financing through convertible notes and an equity line could keep diluting existing shareholders.
  • The shift toward real estate, digital assets and mining could dilute the focus on the core business and create risks the company has not managed before.

What to watch

  • Liquidity trend and use of the equity line and convertible notesQ1 2027
  • Level of general and administrative expenses relative to revenue2027
  • Number of foreign patients and revenue from clients in Chinanext 10-K
  • Progress of the SOL investment plan and results of the new business lines2027

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.

Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (21 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (30 Sept 2026), 6-K (18 Aug 2026).

The business

NewGenIvf provides fertility treatments, mainly in vitro fertilization (IVF) including ICSI, embryo transfer and egg donation, plus fertility referral services in Kyrgyzstan. The company has three clinics, in Thailand, Cambodia and Kyrgyzstan, and its founders began as agents in 2011 before starting their own clinic in 2014. According to the annual report, about 82.6% of fiscal 2025 revenue came from IVF and 17.4% from referral services.

The company resulted from a business combination with A SPAC I Acquisition Corp., completed on April 3, 2024, which made Legacy NewGenIvf a wholly-owned subsidiary. The stated strategy includes full fertility services for fertility tourists in the region, investment in laboratories, and expansion through acquisitions and partnerships. In 2025 the company acquired the MicroSort technology and patents and machines from Nodexus Inc., which strengthen its gender selection and cell analysis offering.

Clinics run on a standardized model, with specialized medical teams by treatment stage and multilingual staff for patients from Asia-Pacific. The average cost of an IVF cycle, excluding medication, is around 7000 USD, which the company says makes its services competitive against the US market.

Segments

IVF and fertility treatments

IVF treatments, including ICSI, embryo transfer and egg donation, are the main segment, providing 82.6% of revenue in fiscal 2025 compared with 100% in fiscal 2024. Revenue is recognized when treatment is completed, marked by the written report confirming embryo implantation.

Fertility referral services

This segment, active in Kyrgyzstan, produced 17.4% of revenue in fiscal 2025. The company refers clients to independent agents for surrogacy services and receives a referral commission, which it says avoids the risks of the surrogacy business.

Market context

The assisted reproduction market in Asia-Pacific is described by the company as growing, supported by rising infertility, later age at first birth and policies such as China's Three-Child Policy of 2021. The market is highly regulated, and demand depends on clients from China whose travel can be affected by geopolitical tensions and travel restrictions in the region.

The lower cost of treatment compared with the US is a selling point, but new entrants or faster-than-expected development of competitors could put pressure on prices. Globally, the company sees growing demand for assisted reproduction as a long-term favourable trend.

Trends

  • Rising infertility and demand for assisted reproductiontailwind

    The company points to rising infertility, linked to later age at first birth and lifestyle factors, which supports long-term demand for assisted reproductive services.

  • Government policies and recognition of same-sex marriagetailwind

    Policies such as China's Three-Child Policy and legal recognition of same-sex marriage are seen by the company as factors that increase demand for treatments.

  • Geopolitical and travel uncertaintyheadwind

    The Middle East conflict and tensions at the Thailand-Cambodia border have disrupted flights and prompted travel advisories, which could reduce the number of foreign patients.

  • Evolving regulationmixed

    The regulatory framework for ARS clinics is changing in every jurisdiction where the company operates, and changes in licensing could affect the launch of new services and renewal of existing ones.

Competitive position

The company says no competitor had developed a similarly broad range of services in Asia-Pacific at the time of the report, but it acknowledges that many competitors are better established, have longer operating histories and far greater financial resources. As the field gains attention, more players could enter the market.

Competition can take the form of integrated services, superior clinical outcomes, larger networks of specialists, data reporting systems and investments in partners. The company did not name competitors with comparable data in the report, so its relative position in each market remains unclear.

  • Fertility clinics and regional networks in Asia-Pacific

    Local or regional competitors referred to generically in the report, with established networks and greater resources, and no US-listed ticker.

  • Players in the Chinese assisted reproduction market

    The company depends on clients from China, and domestic competitors may offer similar services to the same clientele, with no US listing.

  • Fertility clinics in Thailand and Cambodia

    Local competitors in these countries may offer similar treatments to fertility tourists, but the report gives no detail on their size.

  • New entrants in genetic selection

    The company warns that new entrants or rapid development of competing technologies could erode the first-mover advantage of MicroSort.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / NewGenIvf Group Ltd · 31 Mar 2026

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