Company: OTSA
Filing Date: 2025-05-23
Form Type: DRS/A
Source: 0001213900-25-047247
Chunk: 137

Company: OTSAW Ltd
Filing Date: 2025-05-23
Form: DRS/A
Chunk 137
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 due to parts and manpower shortage experienced in Germany and lower mix of revenue from its long tenure project flowing into current period. Revenue from AMR dropped to US$152,299 (Oct 23: 156,030) due to sales loss during interchange from old model to new model introduction to the market. Cost of revenue from AGV dropped to US$1,238,233 (Oct 23: US$1,995,977) which is consistent with the drop in AGV revenue but cost of revenue for AMR went up to US$72,740 (Oct 23: US$49,807) in spite of AMR revenue drop, due to higher initial costs associated with new model being sold. AGV operating expenses increased to US$1,165,045 (Oct 23:US$1,135,861) despite the revenue drop due to higher legal related costs from Swisslog JV buy over. However, AMR segment General and administration expenses increased to US$1,514,203 (Oct 23: US$1,443,537) due to IPO activities cost and increase in headcount while its increase in Research and Development Expenses US$209,078 (Apr 23: US$106,248) due to increased higher R&D headcount and spending in spite of the revenue drop. Liquidity and Capital Resources Prior to this offering, our principal sources of liquidity to finance our day -to -dayoperations are from the financing provided by our major shareholder and related parties. We recorded net cash outflow in operating activities of US$2.3 million and US$4.6 million for the years ended April 30, 2024 and 2023, respectively. We recorded net cash outflow in operating activities of US$1.5 million and US$0.8 million for the six months ended October31, 2024 and 2023, respectively.

85

As of October31, 2024, we had working capital deficit of US$12million, US$78,336 in cash and cash equivalents, out of which US$59,659 was held in Singapore dollar (“SGD”), and the rest was held in U.S. dollar (“US$”) and Euro Dollar (“EUR”). As of April 30, 2024, we had working capital deficit of US$10.0 million, US$30,331 in cash and cash equivalents, out of which US$28,610 was held in Singapore dollar (“SGD”), and