# EDGAR Filing Document

**Accession Number:** 0001971115
**File Stem:** 0001493152-25-019156
**Filing Date:** 2025-10
**Character Count:** 124257
**Document Hash:** 9506cea578805b7c7b89b0bfc1505ef0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-019156.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001493152-25-019156

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ryde Group Ltd
- **CENTRAL INDEX KEY:** 0001971115
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41950
- **FILM NUMBER:** 251414197

**BUSINESS ADDRESS:**
- **STREET 1:** DUO TOWER, FRASER STREET, #08-21
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 189352
- **BUSINESS PHONE:** 1 800 564 0362

**MAIL ADDRESS:**
- **STREET 1:** DUO TOWER, FRASER STREET, #08-21
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 189352

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of October 2025**

**Commission File Number: 001-41950**

**Ryde Group Ltd**

**Duo Tower, 3 Fraser Street, #08-21**

**Singapore 189352**

**+65-9665-3216**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

**Information contained in this Report on Form 6-K**

Ryde Group Ltd (the "Company") is hereby furnishing this report on Form 6-K (the "Report") to provide the unaudited interim condensed consolidated financial statements of the Company for the six months ended June 30, 2024 and 2025, included as Exhibit 99.1 of this Report, the management's discussion and analysis of financial condition and results of operations for the six months ended June 30, 2024 and 2025, included as Exhibit 99.2 of this Report, and a press release dated October 24, 2025 announcing corporate updates and the financial results for the six months ended June 30, 2025 of the Company, included as Exhibit 99.3 of this Report.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Unaudited Interim Consolidated Financial Statements for the Six Months ended June 30, 2024 and 2025](ex99-1.htm) |
| 99.2 | [Management's Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2024 and 2025](ex99-2.htm) |
| 99.3 | [Press Release – Ryde Reports First Half 2025 Results](ex99-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Ryde Group Ltd** | **Ryde Group Ltd** |
| Date: October 24, 2025 | By: | */s/ Zou Junming Terence* |
|  | Name: | Zou Junming Terence |
|  | Title: | Chairman of the Board of Directors and Chief Executive Officer |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**RYDE GROUP LTD**

**INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | Page |
| [Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2025](#Aa_001) | F-2 |
| [Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six months Ended June 30, 2024 and 2025](#Aa_002) | F-3 |
| [Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six months Ended June 30, 2024 and 2025](#Aa_003) | F-4 |
| [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2025](#Aa_004) | F-5 |
| [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#Aa_005) | F-6 to F-21 |

---

**RYDE GROUP LTD**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br> **2024** | **June 30,**<br> **2025** | **June 30,**<br> **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 5519 | 3110 | 2445 |
| Accounts receivable, net | 11 | 78 | 61 |
| Deposits, prepaid expenses and other current assets | 2658 | 1313 | 1032 |
| **Total current assets** | 8188 | 4501 | 3538 |
| **Non-current assets** |  |  |  |
| Property and equipment, net | 155 | 113 | 89 |
| Intangible assets, net | 741 | 784 | 616 |
| Goodwill, net |  |  |  |
| Investment in a joint venture | - | 1867 | 1468 |
| **Total non-current assets** | 896 | 2764 | 2173 |
| **TOTAL ASSETS** | 9084 | 7265 | 5711 |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 4075 | 3860 | 3035 |
| Accrued expenses and other current liabilities | 974 | 1051 | 826 |
| Operating lease obligations | 76 | 77 | 60 |
| **Total current liabilities** | 5125 | 4988 | 3921 |
| **Non-current liabilities** |  |  |  |
| Operating lease obligation | 59 | 20 | 16 |
| Deferred tax liabilities | 32 | - | - |
| **Total non-current liabilities** | 91 | 20 | 16 |
| **TOTAL LIABILITIES** | 5216 | 5008 | 3937 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary shares, US$0.0002 of nominal or par value, 175,000,000 Class A Ordinary Shares and 75,000,000 Class B Ordinary Shares authorized, 27,597,426 Class A Ordinary Shares as of June 30, 2025 (2024: 22,747,426) and 6,542,400 Class B Ordinary Shares as of June 30, 2025 (2024: 3,542,000) | 7 | 9 | 7 |
| Additional paid-in capital | 48397 | 51829 | 40749 |
| Accumulated deficit | (44543) | (49353) | (38803) |
| Foreign currency translation reserve | 111 | (122) | (96) |
| **Equity attributable to owners of the Company** | 3972 | 2363 | 1857 |
| Non-controlling interests | (104) | (106) | (83) |
| **Total shareholders' equity** | 3868 | 2257 | 1774 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 9084 | 7265 | 5711 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**RYDE GROUP LTD**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **Revenue** | 4376 | 5748 | 4519 |
| Other income | 43 | 45 | 35 |
| Drivers and riders cost and related expenses | (1975) | (2922) | (2297) |
| Employee benefits expenses | (1102) | (1208) | (950) |
| Depreciation and amortization expenses | (247) | (302) | (237) |
| Finance costs | (75) | (3) | (2) |
| Other expenses | (4755) | (4660) | (3664) |
| **Operational loss** | (3735) | (3302) | (2596) |
| Share-based compensation | (9807) | (1542) | (1212) |
| **Loss before income taxes** | (13542) | (4844) | (3808) |
| Income tax expense | - | 32 | 25 |
| **Loss for the year** | (13542) | (4812) | (3783) |
| **Other comprehensive loss:** |  |  |  |
| Foreign currency translation adjustment | 37 | (233) | (183) |
| **Net loss and total other comprehensive loss** | (13505) | (5045) | (3966) |
| **Loss for the year attributable to:** |  |  |  |
| Owners of the Company | (13530) | (4810) | (3781) |
| Non-controlling interest | (12) | (2) | (2) |
|  | (13542) | (4812) | (3783) |
| **Net loss and total comprehensive loss attributable to:** |  |  |  |
| Owners of the Company | (13493) | (5043) | (3964) |
| Non-controlling interest | (12) | (2) | (2) |
|  | (13505) | (5045) | (3966) |
| **Net loss per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | (0.81) | (0.18) | (0.14) |
| **Weighted average number of ordinary shares used in computing net loss per share** |  |  |  |
| Basic and diluted ('000) | 16577 | 27391 | 27391 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**RYDE GROUP LTD**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ordinary Shares** | **Ordinary Shares** | | | | | | | |
|  |<br>**Class A<br> Shares<br> Outstanding** | **Class B<br> Shares<br> Outstanding** | **Par value** |<br>**Additional<br> paid-in<br> capital** |<br>**Accumulated <br> deficit** |<br>**Foreign<br> currency<br> translation<br> reserve** |<br>**Deficit/ Equity<br> attributable<br> to owners of <br> the Company** |<br>**Non- <br> controlling<br> interests** | **Total<br> equity** | **Total<br> equity** |
|  | **'000** | **'000** | **S$'000** | **S$'000** | **S$'000** | **S$'000** | **S$'000** | **S$'000** | **S$'000** | **S$'000** |
| **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** | **<u>For the six months ended June 30, 2024</u>** |  |
| **Balance as of January 1, 2024** | 12571 | 3543 | 4 | 18663 | (25893) | (117) | (7343) | (79) |  | (7422) |
| Net loss |  |  |  |  | (13530) | 37 | (13493) | (12) |  | (13505) |
| Conversion of convertible loan from third parties | 68 |  | - \* | 372 |  |  | 372 |  |  | 372 |
| Share-based compensation | 1500 |  | 1 | 9863 |  |  | 9864 |  |  | 9864 |
| Issuance of new Class A Shares | 3200 | - | 1 | 13810 | - | - | 13811 | - |  | 13811 |
| **Balance as of June 30, 2024** | 17339 | 3543 | 6 | 42708 | (39423) | (80) | 3211 | (91) |  | 3120 |
| **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** | **<u>For the six months ended June 30, 2025</u>** |  |
| **Balance as of January 1, 2025** | 22747 | 3542 | 7 | 48397 | (44543) | 111 | 3972 | (104) |  | 3868 |
| Net loss |  |  |  |  | (4810) | (233) | (5043) | (2) |  | (5045) |
| Share-based compensation |  | 3000 | 1 | 1566 |  |  | 1567 |  |  | 1567 |
| Issuance of new Class A Shares | 4850 |  | 1 | 1866 |  |  | 1867 |  |  | 1867 |
| **Balance as of June 30, 2025** | **27597** | **6542** | **9** | **51829** | **(49353)** | **(122)** | **2363** | **(106)** |  | **2257** |
|  |  |  | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** |  | **US$'000** |
| **Balance as of June 30, 2025** | 27597 | 6542 | 7 | 40749 | (38803) | (96) | 1857 | (83) |  | 1774 |

---

\* Amount less than S$1,000.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**RYDE GROUP LTD**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| Loss before income taxes | (13542) | (4844) | (3808) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization | 218 | 257 | 202 |
| &nbsp;&nbsp;&nbsp;Depreciation | 29 | 45 | 35 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance cost | 15 |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 60 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 9807 | 1542 | 1212 |
| &nbsp;&nbsp;&nbsp;Net effect of exchange rates changes | 94 | (208) | (164) |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (7) | (67) | (53) |
| &nbsp;&nbsp;&nbsp;Deposits, prepaid expenses and other current assets | (3612) | 1345 | 1059 |
| &nbsp;&nbsp;&nbsp;Accounts payable | (1654) | (217) | (171) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (905) | 78 | 61 |
| &nbsp;&nbsp;&nbsp;Operating lease obligations | (25) | (40) | (31) |
| **Net cash used in operating activities** | (9522) | (2106) | (1656) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| Purchase of plant and equipment |  | (3) | (2) |
| Additions in intangible assets | (263) | (300) | (236) |
| **Net cash used in investing activities** | (263) | (303) | (238) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| Issuance of new Class A Shares | 15889 |  |  |
| Proceeds from note from a shareholder | 950 |  |  |
| Repayments of note from a shareholder | (3800) |  |  |
| Repayments of convertible loans | (1972) | - | - |
| **Net cash provided by financial activities** | 11067 | - | - |
| **Net change in cash and cash equivalents** | 1282 | (2409) | (1894) |
| Cash and cash equivalents at beginning of year | 1694 | 5519 | 4339 |
| **Cash and cash equivalents at end of period** | 2976 | 3110 | 2445 |
| **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |  |
| Cash paid for interest | 60 | 3 | 2 |
| **Non-cash investing activities** |  |  |  |
| Non-cash transactions from acquisition of joint venture | - | 1867 | 1468 |
| **Non-cash financing activities** |  |  |  |
| Issuance of shares by way of share-based compensation | 9807 | 1542 | 1212 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **1** | **Organization and business overview** |

---

Ryde Group Ltd (the "Company") is an investment holding company incorporated on February 21, 2023 under the laws of the Cayman Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Ryde Group (BVI) Ltd ("Ryde BVI") incorporated under the laws of the British Virgin Islands ("BVI) on February 22, 2023. Ryde BVI has no substantial operations other than holding all of the equity interest of Ryde Technologies Pte. Ltd., a Singapore company incorporated on September 2, 2014.

The Company through its subsidiaries provide mobility and quick commerce solutions to its consumers. Ryde is a technology-driven platform that offers reliable, affordable, and sustainable mobility and quick commerce solutions to our consumers. The Company's core business is divided into two categories: (i) mobility, which involves providing flexible and scheduled carpooling and ride-hailing services, matching riders with our network of driver partners; and (ii) quick commerce, which involves on-demand, scheduled, and multi-stop parcel delivery services. Our technology-enabled platform enables us to provide efficient, personalized, and cashless payment services, ensuring a seamless user experience for both riders and partners. Ultimately, Ryde is dedicated to providing sustainable, affordable, and convenient mobility and delivery solutions to our consumers.

Ryde Group Ltd, and its subsidiaries are collectively referred to as the "Group" or "Ryde".

The Company is headquartered in Singapore.

The condensed consolidated interim financial statements of the Company include the following entities:

Schedule of financial statements of the company

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of**<br> **incorporation** | **Percentage of**<br> **direct or indirect<br> interests** | **Place of<br> incorporation** | **Principal activities** |
| Ryde Group (BVI) Ltd | February 22, 2023 | 100% | British Virgin Islands | Dormant |
| RCS (BVI) Ltd | May 14, 2024 | 100% | British Virgin Islands | Dormant |
| RGT (BVI) Ltd | May 14, 2024 | 100% | British Virgin Islands | Dormant |
| Ryde Technologies Pte. Ltd. | September 2, 2014 | 99.26% | Singapore | Mobility and quick commerce solutions |
| RGTC Pte Ltd | August 2, 2024 | 100% | Singapore | Dormant |
| RCSR Pte Ltd | November 1, 2024 | 100% | Singapore | Dormant |
| Meili Technologies Pte. Ltd. | November 30, 2020 | 99.26% | Singapore | Quick Commerce solutions |
| Meili Technologies (M) Sdn. Bhd. | December 16, 2021 | 99.26% | Malaysia | Dormant |

---

The major rights, preferences and privileges of the Class A and Class B Ordinary Shares are as follows:

*Conversion rights*

Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **1** | **Organization and business overview (continued)** |

---

*Dividend rights*

The holders of Class A and Class B ordinary shares are entitled to such dividends as may be declared by our board of directors or declared by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended by our directors).

No dividends on ordinary shares have been declared for the period/year ended June 30, 2025 and December 31, 2024.

*Liquidation preferences*

In the event of any liquidation, dissolution, or winding up of the Company, either voluntarily or involuntarily, the holders of Class A and Class B ordinary shares are entitled to any distribution of any assets or funds in proportion to the par value of the shares held by them.

*Voting rights*

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company. Each Class A Ordinary Share shall be entitled to one vote and each Class B Ordinary Share shall be entitled to 10 votes on all matters subject to the vote at general meetings of our Company.

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies** |

---

*Basis of presentation*

The accompanying condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

*Consolidation*

The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. Significant inter-company balances, investment and capital, if any, have been eliminated upon consolidation.

*Liquidity*

In assessing the Company's liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.

Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Company. For the six months ended June 30, 2025, the Company recorded a net loss of S$4,812,000 (US$3,783,000) and has negative cash flow from operating activities of S$2,106,000 (US$1,656,000). The Company's working capital was negative S$487,000 (US$383,000) as of June 30, 2025 and the Company had S$3,110,000 (US$2,445,000) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of June 30, 2025.

On September 2, 2025, the Company's Registration Statement on Form F-3 (File No. 333-288587) has been declared effective. The Company may, from time to time in one or more offerings, offer and sell up to US$100,000,000 in the aggregate of Class A Ordinary Shares of par value US$0.0002 per share in the capital of the Company, warrants, units and rights to purchase Class A Ordinary Shares, debt securities, rights or any combination of the foregoing, either individually or as units comprised of one or more of the other securities.

On September 10, 2025, the Company completed a registered direct offering. In this offering, the Company issued 6,422,000 Class A ordinary shares at a price of US$0.25 per Class A share. The Company received gross proceeds in the amount of US$1.6 million.

On October 13, 2025, the Company completed a private offering. In this offering, the Company issued 33,340,000 Class A ordinary shares at a price of US$0.30 per Class A share. The Company received gross proceeds in the amount of US$10 million.

To sustain its ability to support the Company's operating activities, the Company considered supplementing its sources of funding through the following:

● cash and cash equivalents generated from operations;

● other available sources of financing from Singapore banks and other financial institutions;

● financial support from the Company's related parties and shareholders;

● issuance of additional convertible notes; and

● obtaining funds through a future raise debt and equity.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business.

Based on the above considerations, management believes that the Company has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Company will be successful in implementing the foregoing plans or additional financing will be available to the Company on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Company's plans such as (i) changes in the demand for the Company's services, (ii) government policies, and (iii) economic conditions in Singapore and worldwide. The Company's inability to secure needed financing when required may require material changes to the Company's business plan and could have a material impact on the Company's financial conditions and result of operations.

*Use of estimates*

 

The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to, impairment of long-lived assets and provision for expired credit. Actual results may differ from these estimates.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Foreign currency translation and transaction*

The accompanying consolidated financial statements are presented in the Singapore Dollars ("SGD" or "S$"), which is the reporting currency of the Company. The functional currency of the Company and its subsidiaries in the British Virgin Islands is United States Dollars ("USD" or "US$"). All information presented in S$ have been rounded to the nearest thousand, unless otherwise stated.

*Convenience translation*

Translations of balances in the unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of operations and comprehensive loss, unaudited interim condensed consolidated statements of changes in shareholders' equity and unaudited interim condensed consolidated statements of cash flows from SGD into USD as of June 30, 2025 are solely for the convenience of the readers and are calculated at the rate of SGD1.00 = USD0.7862, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

*Cash and cash equivalents*

Cash and cash equivalents represent cash in bank and are unrestricted as to withdrawal or use.

*Accounts receivable, net*

Accounts receivable mainly represent amounts due from clients that meet the revenue recognition criteria. These accounts receivable are recorded net of any allowance for doubtful accounts. Management reviews its receivables on a regular basis to determine whether the allowance for doubtful accounts is adequate and provides an allowance when necessary. The allowance is based on management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable.

*Deposits and prepayments*

 

Deposits and prepayments are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of June 30, 2025 and December 31, 2024, management believes that the Company's prepayments and deposits are not impaired.

*Joint Ventures*

 

The Company accounts for investments in joint ventures using the equity method of accounting. Under the equity method, the Company initially records its investment at cost and subsequently adjusts the carrying amount to recognize its share of the joint venture's net income or loss, which is reflected in the consolidated statements of operations. The Company's share of the joint venture's other comprehensive income (loss) is recognized in the Company's consolidated statements of comprehensive income (loss).

The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. An impairment is recorded when the decline in fair value of an investment is determined to be other-than-temporary.

 

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Provision for expired credit*

Provision for expired credit represent all expired credits that are not redeemed by consumers. A provision for expired credit is recognized when the credit expires, if the amount of the obligation can be estimated reliably. The provision is recognized as a reduction of expense in the consolidated income statement, and as an asset on the consolidated balance sheet. The amount of the provision for expired credit is estimated based on historical experience and the expected rate of redemption. The estimate is reviewed regularly and adjusted if necessary, based on actual experience.

*Property and equipment, net*

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

Schedule of property and equipment estimated useful lives

---

| | |
|:---|:---|
| Computer | 3 years |
| Office equipment | 3 years |
| Renovations | 3 years |
| Operating lease right-of-use assets | 2 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

*Intangible assets, net*

Developed technology

Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is recognized only when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the assets, how that asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditure during the development. Deferred development costs have finite useful life and are amortized over a period of expected sales from the related project of 3 to 5 years on a straight-line basis from the date that they are available for use.

Business combinations

We account for our business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, the Company make significant estimates and assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

*Goodwill*

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company's reporting unit is less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.

No goodwill or impairment of goodwill is recognized in the six months ended June 30, 2025.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Impairment of long-lived assets*

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment, intangible assets, and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

*Operating lease right-of-use assets*

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

*Fair value measurements*

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

---

| | |
|:---|:---|
| Level 1 - | observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| Level 2 - | other inputs that are directly or indirectly observable in the marketplace. |
| Level 3 - | unobservable inputs which are supported by little or no market activity. |

---

The carrying amounts of cash and cash equivalents, accounts receivable, deposits and prepayments, accounts payable, other payables to related parties, and accruals and other payables approximate their fair values because of their generally short maturities.

*Warrants*

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 815, "Derivatives and Hedging." This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent year end date while the warrants are outstanding. Warrants that are determined to be equity-classified are recorded as a component of additional paid-in capital at the time of issuance and are not remeasured thereafter.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Revenue recognition*

Mobility and quick commerce arrangement

The Company recognizes revenue for its ride-hailing and quick commerce marketplace in accordance with ASC 606. The Company generates revenue from commissions and service fees (collectively, "fees") paid by driver partners and consumers for use of the Ryde platform to connect driver partners with consumers to facilitate and successfully complete transaction via the App where the Company operates as an agent. The Company recognizes revenue upon completion of each transaction. Driver partners and consumers enter into terms of service ("ToS") with the Company in order to use the Ryde App. Under the ToS, driver partners and consumers agree that the Company retains the applicable fee as consideration for their use of the Ryde platform from the fare and related charges it collects from consumers on behalf of driver partners. The Company is acting as an agent in facilitating the ability for a driver partner to provide a mobility and quick commerce service to a consumer. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver partner as revenue, and not the gross amount collected from the consumer.

As the Company's customary business practice, a contract exists between the driver partner and consumer and the Company when the driver partner's and consumer's ability to cancel the transaction lapses, which typically is upon pickup of the consumer or goods. The Company's single performance obligation in the transaction is to connect driver partners with consumer to facilitate the completion of a successful mobility or quick commerce service for consumer. The Company recognizes revenue upon completion of a transaction as its performance obligation is satisfied upon the completion of the transaction. The Company collects the fare and related charges from consumers on behalf of driver partners using the consumer's pre-authorized credit card or other payment mechanism and retains its fees before making the remaining disbursement to driver partners; thus the driver partner's ability and intent to pay is not subject to significant judgment.

Principle vs Agent consideration

Judgment is required in determining whether the Company is the principal or agent in transactions with driver partners, and consumer. The Company evaluate the presentation of revenue on a gross or net basis based on whether the Company control the service provided to the consumers and are the principal (i.e. "gross"), or the Company arrange for other parties to provide the service to the consumers and are an agent (i.e. "net"). This determination also impacts the presentation of incentives provided to driver partners and discounts and promotions offered to consumers to the extent they are not customers.

For the mobility and quick-commerce transactions, the Company's role is to provide the service to driver partners to facilitate a successful trip or quick-commerce service to consumer. The Company concluded the Company do not control the good or service provided by driver partners to consumers as (i) the Company do not pre-purchase or otherwise obtain control of the goods or services prior to its transfer to the consumers; (ii) the Company do not direct driver partners to perform the service on our behalf, and (iii) the Company do not integrate services provided by driver partners with our other services and then provide them to consumers. As part of our evaluation of control, the Company review other specific indicators to assist in the principal versus agent conclusions. The Company are not primarily responsible for mobility and quick commerce services provided to consumers, nor do the Company have inventory risk related to these services. While the Company facilitate setting the price for mobility and quick commerce services, the driver partners and consumers have the ultimate discretion in accepting the transaction price and this indicator alone does not result in us controlling the services provided to consumers.

In transactions with consumers, the Company act as an agent of the driver partners by connecting consumers seeking mobility and quick commerce services with driver partners looking to provide these services. Driver partners and consumers are our customers and pay us a fee for each successfully completed transaction with consumers. Accordingly, the Company recognize revenue on a net basis, representing the fee the Company expect to receive in exchange for us providing the service to driver partners and consumers.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Revenue recognition (continued)*

Mobility and quick commerce

The Company derives its mobility and quick commerce revenue primarily from fees paid by driver partners and consumers for use of the platform and related service to connect with consumers and successfully complete a transaction via the platform. The Company recognizes revenue when a transaction is completed.

The presentation of revenue is on a net basis. The Company is an agent as its performance obligation is to arrange for another party (i.e. the driver partners) to provide the mobility and quick commerce services. Through the Company's application, it allows for the connecting of the driver partners and consumers. The Company only facilitates by connecting the driver partners and consumers. The driver partners are responsible for fulfilling the contract.

Incentives provided to driver partners are recorded as a reduction of revenue if the Company does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Incentives to driver partners that are not provided in exchange for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the driver partners at the time or as they are earned by the driver partners, depending on the type of incentive. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration.

Excess driver partners incentives refer to cumulative payments to driver partners that exceed the cumulative revenue that are recognize from driver partners with no future guarantee of additional revenue. Cumulative payments to driver partners could exceed cumulative revenue from driver partners as a result of driver partners incentives or when the amount paid to driver partners for a trip exceeds the fare charged to the consumer. Driver partners incentives largely depend on the business decisions based on market conditions.

When the cumulative amount of driver partners incentives exceeds the cumulative revenue earned since inception of the driver partners relationship, the excess driver partners incentives are recorded in profit or loss as an expense. As a result, driver partners incentives provided to driver partners at the beginning of a relationship are typically classified as cost of revenue, while driver partners incentives provided to driver partners with a more mature relationship are typically classified as a reduction of revenue.

Incentive to consumers

The Company provides consumer incentives in the form of credit upon completion of transaction, with the aim of encouraging consumers to utilize the Ryde platform for their future transactions. These credits are offered to consumers in the market to acquire new consumers, re-engage existing customers, or generally increase overall use of the platform, and are similar to coupons. The Company records these credits as liability on the balance sheet and as driver and riders cost and related expenses in the statement of operations and comprehensive loss at the time these credits are redeemed by the consumers.

Revenue from Advertising

Revenue from advertising is recognized when the advertising services are provided to the merchant. The revenue is recognized at the amount of consideration that the company expects to be entitled to receive, net of any discounts or refunds. If the consideration for the advertising services includes barter trade, the revenue and cost are recognized separately based on the fair value of the barter trade.

The Company derives revenue from digital advertising services provided to merchants under contractual agreements. These services encompass the display of merchants' advertisements within our mobile/web platform and email channels. Revenue recognition commences at the initiation of the contract period, as stipulated in the signed agreement with our merchant clients. The Company employs the 'output method' to measure progress towards fulfilling its performance obligations. Under this method, revenue is recognized proportionately over the duration of the contractual period. This method accurately reflects the faithful depiction of the transfer of services, as it aligns with the nature of the services provided, where revenue is recognized based on the contractual period.

Membership

Revenue from membership is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription period. Any relevant costs incurred to provide the membership benefits are recognized as cost. The cashback bonuses, exclusive lifestyle and food and beverage perks, and discounts provided to the members are not recognized as revenue.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Segments*

In accordance with ASC 280, Segment Reporting, the Company is required to report financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specific quantitative thresholds. The identification of operating segments is based on the internal reporting used by the Chief Operating Decision Maker ("CODM") to assess performance and allocate resources.

The Company has determined that it operates as a single operating and reportable segment. This conclusion is based on the following considerations:

● The Company is managed as a single business, with a single set of operating metrics used to assess performance and allocate resources;

● The CODM, who is the Company's Chief Executive Officer, reviews consolidated financial information to make operational and strategic decisions;

● The nature of the products and services, customer base, and methods of distribution are consistent across the business.

All significant operations, including assets and revenues, are located in and derived from Singapore. As of June 30, 2025 and December 31, 2024, substantially all of the Company's long-lived assets were located in Singapore, and all revenue was generated from customers based in Singapore.

*Concentrations and credit risk*

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of accounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

Concentration of customers

None of the customers consisted of more than 10% of revenue as of June 30, 2025 and December 31, 2024, respectively.

*Employee benefits*

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The Central Provident Fund paid to The Central Provident Fund Board in Singapore is S$109,000 (US$83,000) and S$99,000 for the six months ended June 30, 2025 and 2024 respectively.

*Share-based compensation*

The Company follows ASC 718, Compensation —Stock Compensation ("ASC 718"), which requires the measurement and recognition of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values. Share-based compensation are valued using the market price of the Company's common shares on the date of grant. The Company records compensation expense, net of estimated forfeitures, over the requisite service period.

Awards classified in equity under ASC 718 that may be subject to temporary equity classification include:

● Shares with a repurchase feature that the employee can exercise only after the shares have been vested for at least six months, as well as options on such shares.

● Shares that have a contingent repurchase feature that is outside the control of the employee and the entity if it is currently probable that the contingency would not occur. Examples include shares redeemable only on the occurrence of a liquidity event, such as a change of control.

● Options that have a contingent cash-settlement provision not within the employee's or the entity's control if it is not currently probable that the contingency would occur.

*Related parties*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

*Income taxes*

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carry forwards that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Government grants*

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Government grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. Government grant is recognized as 'Other income' in profit or loss.

The following is a description of the government grants the Company have received for the six months ended June 30, 2025 and 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The
 Progressive Wage Credit Scheme: It was introduced in Singapore Budget 2022 to provide transitional wage support for employers to
 adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements
 and voluntarily raise wages of lower-wage workers.

● CPF
 Transition Offset: Transitory wage offsets provided by the Government equivalent to 50% of each year's increase in employer
 CPF contribution rates for every Singaporean and Permanent Resident employee aged above 55 to 70 to alleviate the rise in business
 costs due to the increase in CPF contribution rates for senior workers.

● Government-Paid
 Leave schemes: Leave schemes provided by the Government to support parents in having and raising children by reimbursing the companies
 for leaves taken by eligible employees.

● Corporate
 Income Tax Rebate Cash Grant : A cash grant provided by the Government to support eligible companies that have employed at least
 one local employee, to help them manage rising costs.

*Earnings (loss) per share*

Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company has a loss, diluted shares are not included as their effect would be anti-dilutive. The Company has no dilutive securities or debt for each of the six months ended 30 June 2025 and 2024.

*Interest rate risk*

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arises mainly from its interest-bearing financial liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations to ensure that the exposure to interest rate risk is within acceptable levels. The interest-bearing financial liabilities are usually at fixed interest rates except for money market loans, bank overdrafts and floating interest rate loans. The Company does not utilize interest rate derivatives to minimize its interest rate risk.

*Commitments and Contingencies*

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (continued)** |

---

*Recent Adopted Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. We adopted the ASU on January 1, 2025. The additional required disclosures did not have a material impact on our condensed consolidated financial statements.

In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718). This ASU illustrates how to apply the scope guidance to determine whether a profits interest award should be accounted for as a share-based payment arrange under Accounting Standards Codification ("ASC") 718 or another accounting standard. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2024. We adopted the ASU on January 1, 2025. The additional required disclosures did not have a material impact on our condensed consolidated financial statements.

In March 2024, the FASB issued ASU 2024-02 Codification Improvements – Amendments to Remove References to the Concepts Statements. This ASU amends the ASC by removing references to various FASB Concepts Statements to simplify the ASC and draw a distinction between authoritative and non-authoritative literature. The amendments in this update apply to all reporting entities within the scope of the affected accounting guidance and are effective for public entities for fiscal years beginning after December 15, 2024. We adopted the ASU on January 1, 2025. The additional required disclosures did not have a material impact on our condensed consolidated financial statements.

*Recently Issued Accounting Pronouncements Not Yet Adopted*

In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04 Debt—Debt With Conversion And Other Options (Subtopic 470-20): Induced Conversions Of Convertible Debt Instruments. This ASU amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. Based primarily on the consensus-for-exposure reached on Issue 23-A12 by the Emerging Issues Task Force (EITF) on September 14, 2023, the ASU is intended to "improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible. For all entities, the amendments in ASU 2024-04 are effective for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). Early adoption is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-0613 for that period. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU clarifies that the amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2025-01 reaffirms that the guidance should be applied either prospectively or retrospectively. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This ASU amends the guidance for identifying the accounting acquirer in a business combination involving a variable interest entity. The amendments require that the reporting entity that consolidates the variable interest entity be treated as the accounting acquirer. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within those fiscal years. The amendments in this ASU should be applied prospectively. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. This ASU clarifies the accounting for share-based payments issued to a customer in conjunction with a contract for goods or services. The amendments are intended to reduce diversity in practice and provide more consistent and comparable financial information. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, and for interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that allows entities to measure expected credit losses on current accounts receivable and contract assets by assuming that current economic conditions will remain unchanged over the asset's life. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and for interim periods within those fiscal years. ASU 2025-05 should be applied on a prospective basis. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **3** | **Deposits, prepaid expenses and other current assets** |

---

Schedule of deposits prepaid expenses and other current assets

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Deposits | 214 | 214 | 168 |
| Prepayments | 2161 | 808 | 635 |
| Other receivables | 143 | 165 | 130 |
| Provision for expired credits | 140 | 126 | 99 |
|  | 2658 | 1313 | 1032 |

---

As of June 30, 2025, the Company's prepayments included S$583,000 (US$457,000) (2024: S$2,050,000) in respect to prepayments to certain consultants for consulting services over a period of 20 months from the date of the Consulting Agreements. The consulting services to be provided to the Company pursuant to the Consulting Agreements dated January 20, 2024, include participate in Company's business and management meetings and contribute to Company's business plans; assisting Company in corporate development by introducing customers or strategic partners to Company to drive business growth; strategizing with the Company on its positioning and road map for capital raising, and assist in dealing with investor relation matters.

---

| | |
|:---|:---|
| **4** | **Property and equipment, net** |

---

Schedule of property and equipment, net

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Computer | 75 | 78 | 61 |
| Office | 3 | 3 | 2 |
| Renovation | 22 | 22 | 17 |
| Operating lease right-of-use assets | 153 | 153 | 120 |
| Total | 253 | 256 | 200 |
| Less: accumulated depreciation | (98) | (143) | (111) |
| Net book value | 155 | 113 | 89 |

---

Depreciation expense for the six months ended June 30, 2025 and 2024 was S$45,000 (US$35,000) and S$29,000 respectively.

The Company's operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company's lease agreement does not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year or less.

---

| | |
|:---|:---|
| **5** | **Intangible assets, net** |

---

Schedule of intangible assets, net

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Developed technology | &nbsp;&nbsp;&nbsp;&nbsp; 3692 | 3992 | 3138 |
| Others | 5 | 5 | 4 |
| Total | 3697 | 3997 | 3142 |
| Less: accumulated amortization | (2956) | (3213) | (2526) |
| Net book value | 741 | 784 | 616 |

---

Amortization expenses for the six months ended June 30, 2025 and 2024 was S$257,000 (US$202,000) and S$218,000 respectively. The weighted average remaining useful life of developed technology is 1 years 9 months.

The Company's estimated aggregate future amortization expenses for intangible assets subject to amortization as of June 30, 2025, as follows:

Schedule of future amortization expenses for intangible assets

---

| | |
|:---|:---|
|  | **June 30, 2025** |
|  | **S$'000** |
| July to December 2025 | 200 |
| Financial year ending 2026 to 2027 | 367 |

---

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **6** | **Goodwill, net** |

---

Schedule of goodwill, net

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Acquisition | 664 | 664 | 519 |
| Goodwill impairment | (664) | (664) | (519) |
|  | - | - | - |

---

On February 20, 2023, the Company acquired Meili Technologies Pte Ltd and its subsidiary, a last-mile on-demand logistics service provider in Singapore, for a purchase consideration of S$600,000 satisfied by the issuance of exchangeable notes. The acquisition resulted in the recognition of goodwill of S$664,000.

In 2023, the Company recognized a full impairment of this goodwill after assessing the recoverable amount of the Meili Group, resulting in an impairment charge of S$664,000 recorded in the consolidated statements of operations.

No goodwill or impairment of goodwill was recognized for the six months ended June 30, 2025 and 2024.

---

| | |
|:---|:---|
| **7** | **Investment in a joint venture** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Investment in joint ventures |  | 1867 | 1468 |
|  |  | 1867 | 1468 |

---

In June 2025, RCSR Pte. Ltd. ("RCSR"), a wholly owned indirect subsidiary of Ryde, entered into a share purchase agreement to acquire a 40% ownership interest in AToll Discovery Pte. Ltd. ("AToll"), a company incorporated in Singapore. AToll is engaged in the electric vehicle ("EV") car rental business in Singapore.

The purchase consideration was USD 1,455,000, which was satisfied through the issuance of 4,850,000 Class A common shares of Ryde Group Ltd directly to the selling shareholders of AToll. No cash consideration was transferred.

As a result of the acquisition, the Company obtained joint control over AToll and accounts for its investment in AToll using the equity method in accordance with ASC 323, Investments—Equity Method and Joint Ventures.

The acquisition was completed in June 2025. The Company's share of AToll's results for the six months ended June 30, 2025 was not material.

As of June 30, 2025, there are no significant restrictions on AToll's ability to pay dividends or make distributions to its investors.

The Company has no additional funding commitments or guarantees relating to its investment in AToll as of June 30, 2025.

Summary of financial information of the joint venture, as derived from its unaudited financial statements, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Current assets | 462 | 11476 | 9023 |
| Non-current assets | 7945 | 7475 | 5877 |
| &nbsp;&nbsp;&nbsp;Total assets | 8407 | 18951 | 14900 |
| Current liabilities | 2846 | 19746 | 15525 |
| Non-current liabilities | 6002 | - | - |
| &nbsp;&nbsp;&nbsp;Total liabilities | 8848 | 19746 | 15525 |
| &nbsp;&nbsp;&nbsp;Joint venture's deficit | (441) | (795) | (625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and joint venture's equity | 8407 | 18951 | 14900 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Revenue | 173 | 812 | 638 |
| Cost of revenue | (158) | (977) | (768) |
| Gross profit | 15 | (165) | (130) |
| Net loss | (175) | (353) | (278) |

---

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Related party transactions and balances** |

---

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate.

The table below sets forth the major related parties and their relationships with the Company as of June 30, 2025 and December 31, 2024:

Schedule of related party with their relationships and transactions

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| DLG Ventures Pte. Ltd. | Shareholder as of December 31, 2024. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Significant transactions with related parties were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six-month ended June 30,** | **For the six-month ended June 30,** | **For the six-month ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Interest expense on note from a shareholder | 37 |  |  |

---

---

| | |
|:---|:---|
| **9** | **Operating lease obligation** |

---

Schedule of operating lease obligation

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Current portion | &nbsp;&nbsp;&nbsp;&nbsp;76 | 77 | 60 |
| Non-current portion | 59 | 20 | 16 |
|  | 135 | 97 | 76 |

---

The Company's operating lease right-of-use assets is related to the office lease agreements with lease terms for two years. The Company's lease agreement does not contain any material residual value guarantees or material restrictive convents. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year or less.

The Company's commitment for minimum lease payments under the operating lease that is within twelve months as of June 30, as follow:

Schedule of maturities lease payments

---

| | |
|:---|:---|
| **Twelve months ending June 30,** | **Minimum lease<br> payment** |
|  | **S$'000** |
| 2026 | 80 |
| 2027 | 20 |
| Total future lease payment | 100 |
| Amount representing interest | (3) |
| Present value of operating lease liabilities | 97 |
| Less: current portion | (77) |
| Non-current portion | 20 |

---

The following summarizes other supplemental information about the Company's operating leases as of as of June 30, 2025 and December 31, 2024:

Summary of supplemental operating lease

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** |
| Weighted average discount rate | 5% | 5% |
| Weighted average remaining lease term (years) | 1.83 | 1.29 |

---

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **10** | **Income taxes** |

---

*<u>Caymans and BVIs</u>*

The Company and its subsidiary are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, the Company and Ryde Group (BVI) Limited do not accrue for income taxes.

*<u>Singapore</u>*

Ryde Technologies Pte. Ltd. and Meili Technologies Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

*<u>Malaysia</u>*

Meili Technologies (M) Sdn. Bhd. is subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, if the Company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.

The income tax expense is S$32,000 (US$25,000) and nil for the six months ended June 30, 2025 and 2024, respectively.

A reconciliation between the Group's actual provision for income tax and the provision at the respective statutory rate was as follows:

Schedule of provision for income tax

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six-month ended June 30,** | **For the six-month ended June 30,** | **For the six-month ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Loss before income taxes | (13542) | (4844) | (3808) |
| Tax at the domestic rates applicable to profit or loss in the countries where the Group operates | (268) | (233) | (183) |
| Reconciling items: |  |  |  |
| Non-deductible expenses | 42 | 51 | 40 |
| Government grant not subject to tax | (5) | (3) | (2) |
| Valuation allowance for tax losses | 226 | 173 | 136 |
| Others | 5 | 44 | 34 |
| Tax charge | - | 32 | 25 |

---

Significant components of the Company's deferred tax balances as of June 30, 2025 and December 31, 2024 are as follows:

Schedule of components of deferred tax balances

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **Deferred tax assets** |  |  |  |
| Tax losses carry forwards | &nbsp;&nbsp;&nbsp;&nbsp; 3109 | 3282 | 2580 |
| Less: Valuation allowance | (3109) | (3282) | (2580) |
| Total deferred tax assets | - | - | - |
| **Deferred tax liabilities** |  |  |  |
| Total deferred tax liabilities | 32 | - | - |

---

Deferred tax liability is related to the fair value of intangible assets arising from the acquisition of Meili Technologies Pte. Ltd.

The tax losses carry forwards is available for offsetting against future taxable profits for which no deferred tax asset is recognized due to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the group companies operate.

As of June 30, 2025, the open tax year for our entities in Singapore and Malaysia is the tax year 2025.

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **11** | **Revenue** |

---

Schedule of revenue

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Mobility | 2783 | 4156 | 3268 |
| Quick commerce | 98 | 92 | 72 |
| Membership | 308 | 254 | 200 |
| Advertising initiative | 1140 | 1200 | 943 |
| Others | 47 | 46 | 36 |
|  | 4376 | 5748 | 4519 |

---

---

| | |
|:---|:---|
| **12** | **Other income** |

---

Schedule of other income

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Government grants | 28 | 20 | 16 |
| Others | 15 | 25 | 19 |
|  | 43 | 45 | 35 |

---

---

| | |
|:---|:---|
| **13** | **Other expenses** |

---

Schedule of other expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Information technology expenses | 684 | 726 | 571 |
| Legal and professional fees | 2313 | 2118 | 1665 |
| Marketing and advertising | 1374 | 1546 | 1216 |
| Rental | 3 | 4 | 3 |
| Others | 381 | 266 | 209 |
|  | 4755 | 4660 | 3664 |

---

**RYDE GROUP LTD**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **14** | **Share-based compensation** |

---

Schedule of share-based payment expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six-month ended June 30,** | **For the six-month ended June 30,** | **For the six-month ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Share-based compensation | 9807 | 1542 | 1212 |

---

In June 2024, the Company issued 1,500,000 Class A Ordinary Shares of the Company to certain consultants. The consulting services provided by the Consultants to the Company pursuant to the Consulting Agreements include: review and provide advice on the Company's strategic plans; meet with focus groups and interested parties to discuss the Company's strategic plans; provide advice on how best to position the Company and its subsidiaries in the future; propose potential acquisition targets for the Company and its subsidiaries; and assist in dealing with the corporate matters entrusted to the Consultants by the Company and its subsidiaries.

The fair value of the Class A Ordinary Shares issued to consultants was measured based on the closing market share price of US$4.84 per share.

During the period ended June 30, 2024, the Company recognized share-based compensation of S$9,807,000 (US$7,237,000) in the consolidated statements of operations and comprehensive loss.

In March 2025, the Company issued 3,000,000 Class B Ordinary Shares of the Company, to Mr. Terence Zou, the Chairman of the Board of Directors and Chief Executive Officer of the Company, to recognize his significant contribution to the Company's business operations for the financial year 2024.

The fair value of the Class A Ordinary Shares issued to Mr. Terence Zou was measured based on the closing market share price of US$0.3895 per share.

During the period ended June 30, 2025, the Company recognized share-based compensation of S$1,542,000 (US$1,212,000) in the consolidated statements of operations and comprehensive loss.

---

| | |
|:---|:---|
| **15** | **Loss per share** |

---

The following table sets forth the computation of basic and diluted loss per share attributable to ordinary shareholders for the six months ended June 30, 2025 and 2024 (in thousands):

Schedule of computation of basic and diluted loss per share

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| Net loss and other comprehensive loss | (13505) | (5045) | (3966) |
| Less: Comprehensive loss attributable to non-controlling interest | (12) | (2) | (2) |
| Comprehensive loss for the period attributable to Ryde Group Ltd | (13493) | (5043) | (3964) |
| Basic weighted-average ordinary shares outstanding | 16577 | 27391 | 27391 |
| Basic and diluted loss per share attributable to Ryde Group Ltd | (0.81) | (0.18) | (0.14) |

---

---

| | |
|:---|:---|
| **16** | **Subsequent events** |

---

The Company has assessed all subsequent events through October 24, 2025, which is the date that these consolidated financial statements are issued and other than the following, there are no further material subsequent events that require disclosure in these consolidated financial statement.

&nbsp;&nbsp;&nbsp;&nbsp;(a) On May 21, 2025, the Company received a notice from NYSE American indicating that the Company was not in compliance
with the continued listing standards set forth in Sections 1003(a)(ii) of the NYSE American Company Guide (the "Company Guide").
Section 1003(a)(ii) applies if a listed company has stockholders' equity of less than US$4.0 million and has reported losses from
continuing operations and/or net losses in three of its four most recent fiscal years. The Company is also not currently eligible for
any exemption in Section 1003(a) of the Company Guide from the stockholders' equity requirements. As a result, the Company has become
subject to the procedures and requirements of Section 1009 of the Company Guide and must submit a plan to NYSE American by June 20, 2025
addressing how the Company intend to regain compliance with Section 1003(a)(ii) of the Company Guide by November 21, 2026. On June 20,
2025, the Company submitted a plan to the NYSE American to regain compliance within the required timeframe. On
August 5, 2025, the Company's plan to regain compliance within the required timeframe was accepted by the NYSE American. In addition,
although the plan has been accepted by NYSE American, if the Company is not in compliance with the continued listing standards by November
21, 2026, or if the Company does not make progress consistent with the plan during the plan period, the Company will be subject to delisting
proceedings. The Company is subject to periodic NYSE American reviews, including quarterly monitoring for compliance with the plan. The
Company's Class A voting shares will continue to be listed during the plan period pursuant to an extension and trade on the symbol
"RYDE".

(b) On
 August 21, 2025, Barentsz Capital Ltd acquired 40 %
 shareholding of RGT (BVI) Ltd, establishing a strategic partnership with the Company to provide management consultancy services.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 September 2, 2025, the Company's Registration Statement on Form F-3 (File No. 333-288587)
 has been declared effective. The Company may, from time to time in one or more offerings,
 offer and sell up to US$100,000,000 in the aggregate of Class A Ordinary Shares of par value
 US$0.0002 per share in the capital of the Company, warrants, units and rights to purchase
 Class A Ordinary Shares, debt securities, rights or any combination of the foregoing, either
 individually or as units comprised of one or more of the other securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) On
 September 10, 2025, the Company completed a registered direct offering. In this offering,
 the Company issued 6,422,000 Class A ordinary shares at a price of US$0.25 per Class A share.
 The Company received gross proceeds in the amount of US$1.6 million.

(e) On September 15, 2025, the Board of Directors of the Company adopted a resolution approving the conversion of 1,365,225 Class B Ordinary Shares currently held at the Company's transfer agent under the ownership of Octava Fund Limited ("Octava")
to Class A Ordinary Shares. The 1,365,225 Class B Ordinary Shares will be cancelled and an equivalent number of 1,365,225 Class A Ordinary
shares will be issued to Octava on a one-for-one basis.

(f) On October 9, 2025, the Company completed a private offering. In this offering, the Company issued 33,340,000 Class A ordinary
shares at a price of US$0.30 per Class A share. The Company received gross proceeds in the amount of US$10 million.

(g) On October 10, 2025, the Company issued 2,000,000 Class B Ordinary Shares of the Company, to Mr. Terence Zou, the
Chairman of the Board of Directors and Chief Executive Officer of the Company, to recognize his significant contribution to the Company's
successful completion of the US$1.6 million fundraising through a registered direct offering. The Board has further authorized the allotment
and issuance of up to 30,000,000 additional Class B Ordinary Shares to Mr. Terence Zou, tied to performance-based milestones aligned with
Ryde's long-term value creation goals. After such issuance, Mr. Terence Zou beneficially owns an aggregate 7,177,175 Class B Ordinary Shares.

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited interim condensed consolidated financial statements and the notes thereto, included as Exhibit 99.1 to this Report on Form 6-K. We also recommend that you read our discussion and analysis of financial condition and results of operations together with our audited financial statements and the notes thereto, which appear in our Annual Report on Form 20-F for the year ended December 31, 2024 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on April 28, 2025.*

 

**Emerging Growth Company Status**

We are an "emerging growth company" under the JOBS Act. The JOBS Act, permits that an "emerging growth company" may take advantage of the extended transition period for complying with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have elected to avail ourselves of delayed adoption of certain accounting standards. Accordingly, our financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. We intend to rely on other exemptions provided by the JOBS Act, including without limitation, not being required to comply with the auditor attestation requirements of Section 404(b) of Sarbanes-Oxley Act.

We will remain an emerging growth company until the earliest of (i) the last day of the financial year in which we have more than US$1.235 billion in annual revenue, (ii) the date we qualify as a "large accelerated filer" as defined in Rule 12b-2 under Exchange Act, which would occur if the market value of our ordinary shares held by non-affiliates exceeded US$700 million, (iii) the issuance, in any three-year period, by us of more than U.S.$1 billion in non-convertible debt securities, and (iv) the last day of the financial year ending after the fifth anniversary of our initial public offering.

**Overview**

We are a "Super mobility app" offering ultimate convenience and reliability for our customers through multiple mobility tools that can be accessed and function seamlessly out of a single app. Through the power of technology, we are committed to positively impact the lives of all drivers by revolutionizing the way people and goods move. Our app allows for both on-demand and scheduled carpooling and ride-hailing services, and on-demand, scheduled and multi-stop parcel delivery services.

Headquartered in Singapore, we plan to expand into Southeast Asia, such as Malaysia and Thailand, and other countries, such as Australia and New Zealand.

**Summary of Our Services**

Our current app powers mobility for the community allowing real-time connection between riders, goods and drivers.

a) Mobility
 (Ride-hailing): Ryde's ride-hailing service allows users to book rides with drivers using a mobile app.

b) Mobility
 (Carpooling): Ryde's carpooling service allows users to share rides with others who are traveling in the same direction, helping
 to reduce congestion and carbon emissions.

c) Quick
 commerce: Ryde's delivery service allows users to make a delivery booking using a mobile app.

**Financial Operations Overview**

***Comparison of Six Months Ended June 30, 2025 and 2024***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Revenue** | 4519 | 5748 | 4376 | 1372 | 31% |
| Other income | 35 | 45 | 43 | 2 | 5% |
| Drivers and riders cost and related <br> expenses | (2297) | (2922) | (1975) | 947 | 48% |
| Employee benefits expenses | (950) | (1208) | (1102) | 106 | 10% |
| Depreciation and amortization expenses | (237) | (302) | (247) | 55 | 22% |
| Finance cost | (2) | (3) | (75) | (72) | -96% |
| Other expenses | (3664) | (4660) | (4755) | (95) | -2% |
| **Operational loss** | (2596) | (3302) | (3735) | (433) | -12% |
| Share-based compensation | (1212) | (1542) | (9807) | (8265) | -84% |
| **Loss before income tax taxes** | (3808) | (4844) | (13542) | (8698) | -64% |
| Income tax expense | 25 | 32 | - | 32 | 100% |
| **Net loss** | (3783) | (4812) | (13542) | (8730) | -64% |

---

***Revenue***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| Mobility | 3268 | 4156 | 2783 | 1373 | 49% |
| Quick commerce | 72 | 92 | 98 | (6) | -6% |
| Membership | 200 | 254 | 308 | (54) | -18% |
| Advertising initiatives | 943 | 1200 | 1140 | 60 | 5% |
| Others | 36 | 46 | 47 | (1) | -2% |
| **Total revenue** | 4519 | 5748 | 4376 | 1372 | 31% |

---

In the first six months of 2025, total revenue increased by S$1,372,000 or 31% to S$5,748,000 compared to S$4,376,000 in the first six months of 2024.

In the first six months of 2025, revenue from mobility increased by S$1,373,000 or 49% to S$4,156,000 compared to S$2,783,000 in the first six months of 2024. The increase in the revenue is driven by increase in gross transaction value, which is fueled by expansion in both supply of driver-partners and demand of ride-hailing services.

In the first six months of 2025, the revenue from membership decreased by S$54,000 mainly due to lesser demand.

***Other income***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total other income** | 35 | 45 | 43 | 2 | 5% |

---

Other income increased by S$2,000 or 5% to S$45,000 in the first six months of 2025, compared to S$43,000 in the first six months of 2024. The increase was mainly due to increase in gain in foreign currency, partially offset by a reduction in the government grants from the Singapore authorities.

***Drivers and riders cost and related expenses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total drivers and riders cost and related expenses** | 2297 | 2922 | 1975 | 947 | 48% |

---

In the first six months of 2025, our drivers and riders cost and related expenses increased by S$947,000 or 48% to S$2,922,000 compared to S$1,975,000 in the first six months of 2024. This increase is commensurate with the increase in gross transaction value, driven by higher variable costs needed to support greater user demand and driver supply.

***Employee benefits expenses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total employee benefits expenses** | 950 | 1208 | 1102 | 106 | 10% |

---

Our employee benefits expenses increased by S$106,000 or 10% to S$1,208,000 in the first six months of 2025, compared to S$1,102,000 in the first six months of 2024. This was mainly due to the increase in the employee's salaries and wages in the first six months of 2025.

***Depreciation and amortization expenses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total depreciation and amortization expenses** | 237 | 302 | 247 | 55 | 22% |

---

The depreciation and amortization expenses increased by S$55,000 or 22% to S$302,000 in the first six months of 2025, compared to S$247,000 in the first six months of 2024. This was mainly due to the increase in intangibles assets.

***Finance expense***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total finance expense** | 2 | 3 | 75 | (72) | -96% |

---

Our finance expense decreased by S$72,000 or 96% to S$3,000 in the first six months of 2025, compared to S$75,000 in the first six months of 2024. The decrease of the finance expenses is primarily attributable by the unsecured note payable to third party and shareholder starting from April 2023 being fully repaid in March 2024.

***Other expenses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total other expenses** | 3664 | 4660 | 4755 | (95) | -2% |

---

Our other expenses decreased by S$95,000 or 2% to S$4,660,000 in the first six months of 2025, compared to S$4,755,000 in the first six months of 2024. This was mainly due to decrease in legal and professional fees by S$195,000 or 8% to S$2,118,000 in the first six months of 2025, compared to S$2,313,000 in the first six months of 2024, and the non-recurrence of a S$192,000 foreign exchange loss recorded in first six months of 2024. The decrease was partially offset by a S$172,000 increase in marketing and advertising expenses, and a S$42,000 increase in information technology expenses.

***Impairment of goodwill***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total impairment of goodwill** |  |  |  |  | -% |

---

In the first six months of 2025, no impairment of goodwill was recognized.

***Share-based compensation***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Total share-based compensation** | 1212 | 1542 | 9807 | (8265) | -84% |

---

In June 2024, the Company issued 1,500,00 Class A Ordinary Shares of the Company to certain consultants. The consulting services provided by the Consultants to the Company pursuant to the Consulting Agreements include: review and provide advice on the Company's strategic plans; meet with focus groups and interested parties to discuss the Company's strategic plans; provide advice on how best to position the Company and its subsidiaries in the future; propose potential acquisition targets for the Company and its subsidiaries; and assist in dealing with the corporate matters entrusted to the Consultants by the Company and its subsidiaries.

The fair value of the Class A Ordinary Shares issued to consultants was measured based on the closing market share price of US$4.84 per share.

During the six months ended June 30, 2024, the Company recognized share-based compensation of S$9,807,000 (US$7,237,000) in the consolidated statements of operations and comprehensive loss.

In March 2025, the Company issued 3,000,000 Class B Ordinary Shares of the Company, to Mr. Terence Zou, the Chairman of the Board of Directors and Chief Executive Officer of the Company, to recognize his significant contribution to the Company's business operations for the financial year 2024.

The fair value of the Class A Ordinary Shares issued to Mr. Terence Zou was measured based on the closing market share price of US$0.3895 per share.

During the six months ended June 30, 2025, the Company recognized share-based compensation of S$1,542,000 (US$1,212,000) in the consolidated statements of operations and comprehensive loss.

***Liquidity and capital resources***

*Cash flow summary*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **US$'000** | **S$'000** | **S$'000** | **S$'000** | **%** |
| **Cash and cash equivalents – beginning of the period** | 4339 | 5519 | 1694 | 3825 | 226% |
| Net cash used in operating activities | (1656) | (2106) | (9522) | (7416) | -78% |
| Net cash used in investing activities | (238) | (303) | (263) | 40 | 15% |
| Net cash provided by financing activities | - | - | 11067 | (11067) | -100% |
| Net change in cash and cash equivalents | (1894) | (2409) | 1282 | (3691) | -288% |
| **Cash and cash equivalents – end of the period** | 2445 | 3110 | 2976 | 134 | 5% |

---

*<u>Operating Activities</u>*

Net cash used in operating activities was S$2,106,000 for the six months ended June 30, 2025. This was mainly attributable to the net loss of S$4,844,000 adjusted for non-cash items which included depreciation of property and equipment, amortization of intangibles, debt issuance cost, and share-based payment expenses totaling S$1,639,000. This was partially offset against net cash outflows arising from the net change in operating assets and liabilities of S$1,099,000.

Net cash used in operating activities was S$9,522,000 for the six months ended June 30, 2024. This was mainly attributable to the net loss of S$13,542,000 adjusted for non-cash items which included depreciation of property and equipment, amortization of intangibles, debt issuance cost, and share-based payment expenses totaling S$10,223,000. This was partially offset against net cash outflows arising from the net change in operating assets and liabilities of S$6,203,000.

*<u>Investing Activities</u>*

Net cash flows used in investing activities was S$303,000 for the six months ended June 30, 2025. This was due to the additions in intangible assets of S$300,000 and the purchase of property and equipment of S$3,000.

Net cash flows used in investing activities was S$263,000 for the six months ended June 30, 2024. This was due to the additions in intangible assets of S$263,000.

*<u>Financing Activities</u>*

Net cash provided by financing activities was nil for the six months ended June 30, 2025.

Net cash provided by financing activities was S$11,067,000 for the six months ended June 30, 2024. This was contributed by the IPO proceeds of S$15,889,000 and proceeds from the note from a shareholder amounting to S$950,000. This was partially offset by the repayment of note from a shareholder and convertible loans of S$3,800,000 and S$1,972,000 respectively.

***Off-Balance Sheet Arrangements***

We have not entered into any off-balance sheet arrangements and do not have any holdings in variable interest entities.

***Quantitative and Qualitative Disclosures about Market Risks***

*Concentrations and credit risk*

Our primary exposure to credit risk arises from our operating activities, which primarily from our accounts receivables. We are not exposed to significant default risk from a single customer. We conduct credit evaluations on our customers and typically do not require collateral or other forms of security. In determining the allowance for doubtful accounts, we periodically assess the creditworthiness of our existing customers, primarily considering factors such as the age of the receivables and the specific credit risks associated with each customer.

*Interest rate risk*

Our primary exposure to interest rate risk primarily stems from our interest-bearing financial liabilities. We conduct regular reviews of our liabilities and closely monitor fluctuations in interest rates to ensure that our exposure remains within acceptable levels. We do not employ interest rate derivatives as a means to mitigate our interest rate risk.

**Recent Developments**

On May 21, 2025, the Company received a notice from NYSE American indicating that the Company was not in compliance with the continued listing standards set forth in Sections 1003(a)(ii) of the NYSE American Company Guide (the "Company Guide"). Section 1003(a)(ii) applies if a listed company has stockholders' equity of less than US$4.0 million and has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide from the stockholders' equity requirements. As a result, the Company has become subject to the procedures and requirements of Section 1009 of the Company Guide and must submit a plan to NYSE American by June 20, 2025 addressing how the Company intend to regain compliance with Section 1003(a)(ii) of the Company Guide by November 21, 2026. On June 20, 2025, the Company submitted a plan to the NYSE American to regain compliance within the required timeframe. On August 5, 2025, the Company's plan to regain compliance within the required timeframe was accepted by the NYSE American. In addition, although the plan has been accepted by NYSE American, if the Company is not in compliance with the continued listing standards by November 21, 2026, or if the Company does not make progress consistent with the plan during the plan period, the Company will be subject to delisting proceedings. The Company is subject to periodic NYSE American reviews, including quarterly monitoring for compliance with the plan. The Company's Class A voting shares will continue to be listed during the plan period pursuant to an extension and trade on the symbol "RYDE".

On August 21, 2025, Barentsz Capital Ltd acquired 40% shareholding of RGT (BVI) Ltd.

On September 2, 2025, the Company's Registration Statement on Form F-3 (File No. 333-288587) has been declared effective. The Company may, from time to time in one or more offerings, offer and sell up to US$100,000,000 in the aggregate of Class A Ordinary Shares of par value US$0.0002 per share in the capital of the Company, warrants, units and rights to purchase Class A Ordinary Shares, debt securities, rights or any combination of the foregoing, either individually or as units comprised of one or more of the other securities.

On September 10, 2025, the Company completed a registered direct offering. In this offering, the Company issued 6,422,000 Class A ordinary shares at a price of US$0.25 per Class A share. The Company received gross proceeds in the amount of US$1.6 million.

On September 15, 2025, the Board of Directors of the Company adopted a resolution approving the conversion of 1,365,225 Class B Ordinary Shares currently held at the Company's transfer agent under the ownership of Octava Fund Limited ("Octava") to Class A Ordinary Shares. The 1,365,225 Class B Ordinary Shares will be cancelled and an equivalent number of 1,365,225 Class A Ordinary shares will be issued to Octava on a one-for-one basis. Following the conversion, Octava will hold an aggregate of 8,030,738 Class A Ordinary Shares.

On October 9, 2025, the Company completed a private offering. In this offering, the Company issued 33,340,000 Class A ordinary shares at a price of US$0.30 per Class A share. The Company received gross proceeds in the amount of US$10 million.

On October 10, 2025, the Company issued 2,000,000 Class B Ordinary Shares of the Company, to Mr. Terence Zou, the Chairman of the Board of Directors and Chief Executive Officer of the Company. The Board has further authorized the allotment and issuance of up to 30,000,000 additional Class B Ordinary Shares to Mr. Terence Zou, tied to performance-based milestones aligned with Ryde's long-term value creation goals. After such issuance, Mr. Terence Zou beneficially owns an aggregate 7,177,175 Class B Ordinary Shares.

**Non-US GAAP Financial Measures**

This document includes references to non-US GAAP financial measures. Ryde uses these non-US GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Ryde's management believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial measures, and as such, the presentation of these non-US GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with US GAAP. In addition, these non-US GAAP financial measures may differ from non-US GAAP financial measures with comparable names used by other companies. See below for additional explanations about the non-US GAAP financial measures, including their definitions and a reconciliation of these measures to the most directly comparable US GAAP financial measures.

Explanation of non-IFRS financial measures:

Adjusted EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses, (c) depreciation and amortization, (d) share-based compensation, and (e) impairment loss on goodwill.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP measure see the section titled "*Reconciliation of Non-IFRS Financial Measures*".

***Reconciliation of Non-IFRS Financial Measures***

To supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-IFRS financial measures in conjunction with their respective related US GAAP financial measures.

The following tables provide reconciliations of Adjusted EBITDA.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **Net loss** | (13542) | (4812) | (3783) |
| Depreciation and amortization expenses | 247 | 302 | 237 |
| Finance costs | 75 | 3 | 2 |
| Share-based compensation | 9807 | 1542 | 1212 |
| Income tax expenses | - | 32 | 25 |
| **Adjusted EBITDA** | (3413) | (2933) | (2307) |

---

## Exhibit 99.3

**Exhibit 99.3**

**Ryde Reports 31% Revenue Growth and Improved Adjusted EBITDA in First Half of 2025**

**SINGAPORE, October 24, 2025** – Ryde Group Ltd (NYSE American: RYDE) ("**Ryde**" or the "**Company**"), a leading technology platform for mobility and quick commerce headquartered in Singapore, today announced the financial results for the six months ended June 30, 2025 ("**1H 2025**").

**Key Financial Highlights for First Half 2025:**

● Revenue:
 The Company reported revenue of S$5.7 million (US$4.5 million), up from S$4.4 million (US$3.2 million) in 1H 2024. Revenue growth
 during the period was primarily driven by expansion across both supply and demand, supported by stronger rider and driver engagement
 as well as improved platform efficiency.

● Adjusted
 EBITDA: The Company saw its adjusted EBITDA improve by 14%, the adjusted EBITDA deficit narrowed to S$2.9 million (US$2.3 million)
 in 1H2025. This improvement reflects Ryde's ongoing efforts to optimise operational efficiency, achieved through strategic
 adjustments in driver-partner incentives and rider-related costs. These measures have contributed to a more sustainable cost structure,
 setting the company on a path towards profitability while continuing to create value for both driver-partners and riders.

**First Half 2025 Milestones:**

Ryde achieved several significant milestones in the first half of 2025, including:

● **Zero-commission policy & platform fee adjustments: In January 2025,** Ryde reaffirmed that **it maintains 0% commission** for driver-partners,
 while adjusting platform fees.

**●** **Partnership with Delivery Chinatown: In January 2025,** Ryde announced strengthened ties with Delivery Chinatown, a Singapore platform focused
 on Chinese-speaking customers and Chinatown F&B merchants, to strengthen last-mile delivery capabilities.

● **Ryde Education Merit Awards (REMA) 2024: In February 2025,** Ryde announced the recipients of the Ryde Education Merit Awards (REMA) 2024
 recognizing academic achievements of driver-partners' children.

● **Acquisition of 40% stake in Atoll: In June 2025,** Ryde acquired a **40 % shareholding in Atoll Discovery**, a Singapore Electric Vehicle
 rental company (operating approximately 100 BYD electric vehicles).

● **Partnership with Tencent Cloud: In June 2025,** Ryde announced a tie-up with **Tencent Cloud** to support in-app communication between rider
 and drivers, as well as to explore WeChat Mini Program integration across SEA.

"The first half of 2025 was a period of strong progress and disciplined execution for Ryde," said **Terence Zou**, Ryde's Founder and Chief Executive Officer. "We delivered **revenue growth of 31%** year-on-year to S$5.7 million and improved our **adjusted EBITDA deficit by 14%**, reflecting the success of our ongoing efforts to optimize operational efficiency and enhance platform engagement. Our zero-commission model and rider-first approach continue to strengthen our ecosystem, while strategic initiatives such as our **Electric Vehicle partnership with Atoll** and **technology collaboration with Tencent Cloud** lay the groundwork for long-term growth."

"With a more efficient cost structure, expanding demand, and a stronger foundation in green and premium mobility, we remain confident in our ability to scale sustainably and deliver lasting value for all our stakeholders." Mr. Zou concluded.

**About Ryde Group Ltd**

Ryde is a super mobility app founded in Singapore and recognised as the world's FIRST on-demand carpooling app since 2014. As a publicly listed company on the NYSE American, Ryde is reimagining the way people and goods move around by offering a full suite of services, including carpooling, private hire, taxi, and delivery. What distinguishes Ryde is its commitment to empowering private-hire and taxi partners by taking 0% commission, ensuring that drivers retain more of their hard-earned earnings. For more information, please visit <u>https://rydesharing.com/</u>.

**Safe Harbor Statement**

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

**Contacts**

**For Media Relations:**

Media Team

Ryde Group Ltd

Email: <u>media@rydesharing.com</u>

**For Investor Relations:**

Investor Relations Team

Ryde Group Ltd

Email: <u>investor@rydesharing.com</u>

**Non-US GAAP Financial Measures**

This document includes references to non-US GAAP financial measures. Ryde uses these non-US GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Ryde's management believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial measures, and as such, the presentation of these non-US GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with US GAAP. In addition, these non-US GAAP financial measures may differ from non-US GAAP financial measures with comparable names used by other companies. See below for additional explanations about the non-US GAAP financial measures, including their definitions and a reconciliation of these measures to the most directly comparable US GAAP financial measures.

Explanation of non-IFRS financial measures:

Adjusted EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses, (c) depreciation and amortization, (d) share-based compensation, and (e) impairment loss on goodwill.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP measure see the section titled "*Reconciliation of Non-IFRS Financial Measures*".

 ****

***Reconciliation of Non-IFRS Financial Measures***

To supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-IFRS financial measures in conjunction with their respective related US GAAP financial measures.

The following tables provide reconciliations of Adjusted EBITDA.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **Net loss** | (13542) | (4812) | (3783) |
| Depreciation and amortization expenses | 247 | 302 | 237 |
| Finance costs | 75 | 3 | 2 |
| Share-based compensation | 9807 | 1542 | 1212 |
| Income tax expenses | - | 32 | 25 |
| **Adjusted EBITDA** | (3413) | (2933) | (2307) |

---

**Unaudited Summary of Financial Results**

**Condensed Consolidated Statement of Operations and Comprehensive Loss**

---

| | | | |
|:---|:---|:---|:---|
|  | **For six months ended June 30,** | **For six months ended June 30,** | **For six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **Revenue** | 4376 | 5748 | 4519 |
| Drivers and riders cost and related expenses | (1975) | (2922) | (2297) |
| Total expenses, net | (6136) | (6128) | (4817) |
| **Operational loss** | (3735) | (3302) | (2595) |
| Share-based compensation | (9807) | (1542) | (1212) |
| **Loss before income taxes** | (13542) | (4844) | (3808) |
| Income tax expense | - | 32 | 25 |
| **Net loss** | (13542) | (4812) | (3782) |
| Other comprehensive loss |  |  |  |
| Foreign currency translation adjustment | 37 | (233) | (183) |
| **Total other comprehensive loss** | (13505) | (5045) | (3966) |
| Less: Comprehensive loss attributable to non-controlling interest | (12) | (2) | (2) |
| **Comprehensive loss attributable to Ryde Group Ltd** | (13493) | (5043) | (3964) |
| **Net loss per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | (0.81) | (0.18) | (0.14) |
| **Weighted average number of ordinary shares used in computing net loss per share** |  |  |  |
| Basic and diluted ('000) | 16577 | 27391 | 27391 |

---

**Condensed Consolidated Balance Sheet**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$'000** | **S$'000** | **US$'000** |
| **Assets** |  |  |  |
| Current assets | 8188 | 4501 | 3538 |
| Non-current assets | 896 | 2764 | 2173 |
| **Total assets** | 9084 | 7265 | 5711 |
| **Liabilities and shareholders' equity** |  |  |  |
| **Liabilities** |  |  |  |
| Current liabilities | 5125 | 4988 | 3921 |
| Non-current liabilities | 91 | 20 | 16 |
| **Total liabilities** | 5216 | 5008 | 3937 |
| **Shareholders' equity** | 3868 | 2257 | 1774 |
| **Total liabilities and shareholders' equity** | 9084 | 7265 | 5711 |

---