TOKU SP / TKU.SI
Six Months Listed: From IPO Promise to Operating Proof
Technology
1H26 revenue rose 13.0% YoY to US$18.8m, ahead of FY25’s 9.3% growth. Usage led with 19.6% growth, while Subscriptions & Licensing increased 10.4% and retained a 16.6% revenue mix.
Adjusted EBITDA loss widened to US$2.9m as Toku added sales, engineering and infrastructure capacity. Management expects 2H26 organic revenue growth above 13% and reported operating expenses below the 1H26 level.
The order book rise over 25%over the course of the past six months to US$29.3m . Tier 1 accounts more than doubled, expansion bookings rose 49%, median deal size increased 34%, and AI-live accounts recorded an approximately 26% MRR uplift.
We reiterate our OUTPERFORM rating with a 12-month target price of S$0.37 (previously S$0.39), based on an 11% WACC and 10.0x FY30E EV/EBITDA exit multiple. The target implies 89.2% upside from the last close.
A Usage-led mix can keep gross margin volatile, while the larger cost base raises execution and cash-burn risk if revenue conversion slows. Other risks include delayed AI monetisation, customer concentration, CPaaS pricing pressure, Middle East execution and partner-led deployment slippage.
