Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 66

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 66
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2024 to approximately US$57.84 million for the year ended March 31, 2025, primarily attributable to increasing sales in Japan. Revenues generated from Southeast Asia increased by 55.9% from approximately US$4.73 million for the year ended March 31, 2024 to approximately US$7.37 million for the year ended March 31, 2025, primarily attributable to increasing sales in Malaysia and Thailand. Technology licensing In the year ended March 31, 2025, we generated a new revenue stream by granting licenses to third parties to use our proprietary recycling technologies, which include advanced solutions for the classification, dismantling, treatment, and recycling of scrap metals and waste materials. These licenses are typically granted within specific territories and for defined periods, allowing licensees to leverage our technical expertise and operational know -how. Revenues from technology licensing amounted to approximately US$0.20 million for the year ended March 31, 2025.

43 Cost of revenues We recorded total cost of revenues of approximately US$62.77 million for the year ended March 31, 2025, representing an increase of 25.4% from approximately US$50.04 million for the year ended March 31, 2024. The increase was primarily driven by higher recycling procurement costs and freight -incosts, partially offset by stable salaries, social insurance expenses and other miscellaneous costs. Overall, the increase in cost of revenue was in line with the increase in recycling sales. Recycling procurement cost.Our recycling procurement cost, including cost of waste paper, scrap metal and paper pulp, increased from approximately US$49.40 million for the year ended March 31, 2024 to approximately US$62.11 million for the year ended March 31, 2025, which was in line with the increase sales from recycling products. Freight -in costs.Our freight -incosts, which mainly represent the freight cost incurred for the purchase of recyclables, totaled approximately US$0.58 million for both the years ended March 31, 2025 and 2024. Freight -incosts remained relatively stable due to a greater number of purchasing orders placed with suppliers that included logistics arrangements. Technology licensing cost.Our technology licensing cost primarily consists of amortization expenses related to the patent purchased, totaling approximately US$0.02 million and nil for the years ended March 31, 2025 and 2024, respectively. Others.Our other miscellaneous costs mainly consist of payroll cost,