OMS Energy Technologies Inc. Announces Fiscal Year 2025 Financial Results
Fiscal Year 2025 Financial Highlights
Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.
Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024.
Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.
Mr. How Meng Hock, Chairman and Chief Executive Officer of OMS, commented, 'We are extremely proud to report strong results for fiscal year 2025 in our first earnings announcement as a publicly listed company. Our double-digit revenue growth, expanded gross margin, and increase in operating profit are a direct result of our team's disciplined execution and commitment to delivering value across all areas of our business. We have also recorded several new customer wins and contract renewals since our IPO in May, further broadening and diversifying our revenue base. With our focus on long-term growth, we're entering fiscal 2026 with strong momentum and a clear strategy for continued innovation and expansion.'
Mr. Kevin Yeo, Chief Financial Officer, added, 'Our fiscal 2025 financial performance reflects both top-line strength and meaningful margin improvement. Total revenues grew to $203.6 million, with gross margin reaching 33.9%. Operating profit increased to $59.9 million, highlighting our enhanced cost discipline and the benefits of growing economies of scale. Our net profit for the year was $47.0 million. When excluding a one-time $49.4 million bargain purchase gain recognized in fiscal 2024 related to the Management Buyout, our underlying profitability in 2025 demonstrates strong growth momentum. Supported by these solid fundamentals, a healthy balance sheet and loyal customer base, we remain confident of driving sustainable growth and building long-term shareholder value.'
Fiscal Year 2025 Financial Results
Total revenues. Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.
Specialty connectors and pipes. Revenues from sales of specialty connectors and pipes in 2025 were $143.1 million, compared with $5.1 million for the period from April 1, 2023, through June 15, 2023, and $113.5 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to a significant increase in demand from one of the Company's major customers who had higher levels of business activities related to oil and gas production.
Surface wellhead and Christmas tree equipment. Revenues from sales of surface wellhead and Christmas tree equipment in 2025 were $8.7 million, compared with $3.0 million for the period from April 1, 2023, through June 15, 2023, and $6.8 million for the period from June 16, 2023, through March 31, 2024. This decrease was primarily due to delayed demand from one of the Company's major customers in Indonesia, who is rationalizing their requirements as they plan for increased production to meet Indonesia's energy security plan, as well as a delayed shipment to the Middle East which will materialize in the fiscal year 2026.
Premium threading services. Revenues from rendering of premium threading services in 2025 were $36.8 million, compared with $7.6 million for the period from April 1, 2023, through June 15, 2023, and $31.1 million for the period from June 16, 2023, through March 31, 2024. This slight decrease was primarily attributable to a relatively stable level of rig activities across oil and gas customers in the countries that drive demand for the Company's premium threading services.
Other ancillary services. Revenues generated from other ancillary services in 2025 were $15.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $11.9 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to greater customer demand for engineering testing, inspection and maintenance services.
Cost of revenues. Cost of revenues in 2025 was $134.6 million, compared with $13.2 million for the period from April 1, 2023, through June 15, 2023, and $114.5 million for the period from June 16, 2023, through March 31, 2024.
Gross profit. Gross profit in 2025 was $69.0 million, compared with $5.0 million for the period from April 1, 2023, through June 15, 2023, and $48.7 million for the period from June 16, 2023, through March 31, 2024. Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024. The increase was mainly due to the growth in total revenues, as well as the benefits from economies of scale stemming from higher sales volume, sourcing productivity and an increase in the proportion of higher-margin services performed.
Selling, general and administrative expenses. Selling, general and administrative expenses in 2025 were $9.1 million, compared with $1.8 million for the period from April 1, 2023, through June 15, 2023, and $8.6 million for the period from June 16, 2023, through March 31, 2024. The decrease was mainly due to a decrease in legal and professional fees, staff expenses and depreciation.
Operating profit. Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.
Total other income/(expense), net. Total other income, net in 2025 was $0.2 million, compared with total other expense, net of $0.08 million for the period from April 1, 2023, through June 15, 2023, and total other income, net of $50.2 million for the period from June 16, 2023, through March 31, 2024. The change was primarily due to a non-recurring bargain purchase gain of $49.4 million related to the management buyout in the period from June 16, 2023, through March 31, 2024.
Net profit. Net profit in 2025 was $47.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $82.1 million for the period from June 16, 2023, through March 31, 2024.
Basic and diluted EPS. Basic and diluted earnings per share were both $1.18 in 2025, compared with $2.19 for the period June 16, 2023, through March 31, 2024.
Balance Sheet and Cash Flow
As of March 31, 2025, the Company's cash and cash equivalents and restricted cash totaled $75.8 million, compared with $45.4 million as of March 31, 2024.
Net cash provided by operating activities was $40.5 million, compared with net cash used of $2.9 million for the period from April 1, 2023, through June 15, 2023, and net cash provided of $24.0 million for the period from June 16, 2023, through March 31, 2024.
About OMS Energy Technologies Inc.
OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company's 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.
For more information, please visit ir.omsos.com.
Safe Harbor Statement
This press release contains statements that may constitute 'forward-looking' statements which are made pursuant to the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to,' and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
OMS Energy Technologies Inc.Investor RelationsEmail: ir@omsos.com
Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: oms@thepiacentegroup.com
Hui FanTel: +86-10-6508-0677Email: oms@thepiacentegroup.com
Unaudited Summary of Financial ResultsConsolidated Statements of Financial Positions
For theyear endedMarch 31, 2025
For theyear endedMarch 31, 2024
US$'000
US$'000
Assets
Current assets:
Cash and cash equivalents
72,950
43,470
Restricted cash, current
1,692
1,593
Trade receivables
13,467
31,948
Contract assets
983
1,730
Inventories
32,546
30,689
Prepayment and other current assets
1,646
3,067
Amount due from a related party
1,584
1,585
Total Current Assets
124,868
114,082
Non-current assets:
Restricted cash, non-current
1,189
367
Right-of-use assets
8,086
3,549
Property, plant and equipment
32,055
32,040
Intangible assets
42
126
Deferred tax assets
2,938
2,574
Prepayment and other non-current assets
1,327
694
Total Non-Current Assets
45,637
39,350
Total Assets
170,505
153,432
Liabilities
Current Liabilities:
Trade and other payables
15,070
47,535
Loans and borrowings
—
6,504
Tax payable
8,200
6,669
Lease liabilities, current
1,187
741
Total Current Liabilities
24,457
61,449
Non-current Liabilities:
Employee benefits obligation
827
751
Lease liabilities, non-current
6,096
1,843
Deferred tax liabilities
4,217
3,684
Other payables, non-current
—
5,000
Provisions
321
351
Total Non-Current Liabilities
11,461
11,629
Total Liabilities
35,918
73,078
Equity
Share capital
4
4
Share premium
72,648
67,648
Retained earnings
58,634
13,818
Accumulated other comprehensive loss
(2,397
)
(4,441
)
Equity attributable to Shareholders of the Company
128,889
77,029
Non-controlling interests
5,698
3,325
Total equity
134,587
80,354
Total liabilities and equity
170,505
153,432
Consolidated Statements of Profit or Loss and Other Comprehensive Income
Successor
Successor
Predecessor
For theyear endedMarch 31, 2025
For the periodJune 16, 2023throughMarch 31, 2024
For the periodApril 1throughJune 15, 2023
US$'000
US$'000
US$'000
Revenue – third parties
203,607
163,267
16,967
Revenue – related parties
—
—
1,215
Total revenue
203,607
163,267
18,182
Cost of revenue – third parties
(134,620
)
(114,525
)
(13,080
)
Cost of revenue – related parties
—
—
(75
)
Total cost of revenue
(134,620
)
(114,525
)
(13,155
)
Gross profit
68,987
48,742
5,027
Selling, general and administrative expenses
(9,122
)
(8,574
)
(1,790
)
Operating profit
59,865
40,168
3,237
Bargain purchase gain
—
49,429
—
Other income/(expenses), net – third parties
246
775
(108
)
Other income, net – related parties
—
—
29
Total other income/(expenses), net
246
50,204
(79
)
Finance income – third parties
339
55
9
Finance income – related parties
—
—
65
Total finance income
339
55
74
Finance cost – third parties
(284
)
(915
)
(38
)
Finance cost – related parties
—
—
(162
)
Total finance cost
(284
)
(915
)
(200
)
Profit before tax
60,166
89,512
3,032
Income tax expense
(13,189
)
(7,424
)
(657
)
Net profit
46,977
82,088
2,375
Other comprehensive income/(loss):
Items that will not be reclassified to profit or loss
Foreign currency translation differences
2,258
(1,701
)
(610
)
Changes resulting from actuarial remeasurement of employee benefits obligation
(2
)
(33
)
(9
)
Other comprehensive income/(loss), net of tax
2,256
(1,734
)
(619
)
Total comprehensive income
49,233
80,354
1,756
Net profit attributable to:
Shareholders of the Company
44,816
80,880
1,867
Non-controlling interests
2,161
1,208
508
Net profit
46,977
82,088
2,375
Total comprehensive income attributable to:
Shareholders of the Company
46,860
79,184
1,310
Non-controlling interests
2,373
1,170
446
Total comprehensive income
49,233
80,354
1,756
Basic and diluted weighted-average shares outstanding
37,822,500
36,900,000
Basic and diluted earnings per share (as adjusted) (US$)
1.18
2.19
Consolidated Statements of Cash Flows
Successor
Successor
Predecessor
For theyear endedMarch 31, 2025
For the periodJune 16, 2023throughMarch 31,2024
For the periodApril 1throughJune 15,2023
US$'000
US$'000
US$'000
Operating activities
Net profit
46,977
82,088
2,375
Adjustments for:
Income tax expenses
13,189
7,424
657
Depreciation of property, plant and equipment
2,711
3,800
251
Amortization of intangible assets
84
97
6
Depreciation of right-of-use assets
1,412
1,030
140
Loss/(gain) on disposal of property, plant and equipment
111
(357
)
—
Allowance for/(reversal of) inventories obsolescence
571
(335
)
(6
)
Allowance for/(reversal of) expected credit losses
121
(3
)
—
Finance costs
284
915
200
Finance income
(339
)
(55
)
(74
)
Loss/(gain) on unrealized foreign exchange
493
(793
)
134
Gain on bargain purchase
—
(49,429
)
—
Changes in operating assets and liabilities:
Trade receivables
18,975
(17,961
)
(2,727
)
Contract assets
764
(1,505
)
1,139
Inventories
(2,329
)
(20,817
)
(360
)
Prepayment and other assets
809
418
(1,219
)
Trade receivables due from related parties
—
284
(428
)
Trade and other payables
(32,239
)
26,157
(2,224
)
Employee benefits obligation
59
11
24
51,653
30,969
(2,112
)
Cash provided by operations:
Interest received
339
55
74
Income taxes paid
(11,490
)
(6,979
)
(852
)
Net cash provided by/(used in) operating activities
40,502
24,045
(2,890
)
Investing activities
Proceeds from sale of property, plant and equipment
—
698
—
Cash payment for management buyout
—
(2,000
)
—
Acquisition of property, plant and equipment
(2,863
)
(3,238
)
(1,200
)
Acquisition of intangible asset
—
(11
)
—
Repayment from/(loan to) related parties
—
—
20,981
Amount due from a related party
1
(1,585
)
—
Net cash (used in)/provided by investing activities
(2,862
)
(6,136
)
19,781
Financing activities
Advances from potential investors
—
5,000
—
Proceeds from loans and borrowings
—
—
874
Proceeds from loans from related parties
—
—
8,845
Repayment of loans from related parties
—
—
(28,038
)
Repayment of loans and borrowings
(6,504
)
(3,874
)
—
Interest paid
(253
)
(211
)
(200
)
Payment of lease liabilities
(1,302
)
(824
)
(197
)
Net cash (used in)/provided by financing activities
(8,059
)
91
(18,716
)
Effect of foreign exchange on cash, cash equivalents and restricted cash
820
(2,473
)
(75
)
Net increase/(decrease) in cash, cash equivalents and restricted cash
30,401
15,527
(1,900
)
Cash, cash equivalents and restricted cash at beginning of year/period
45,430
29,903
31,803
Cash, cash equivalents and restricted cash at end of year/period
75,831
45,430
29,903
Less: Restricted cash, non-current
1,189
367
1,150
Less: Restricted cash, current
1,692
1,593
1,087
Cash and cash equivalents at end of year/period
72,950
43,470
27,666
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Applovin shares fall despite better-than-expected Q2 results, guidance
– AppLovin Corporation reported Wednesday upbeat guidance for the current quarter as Q2 results topped estimates. Applovin Corp (NASDAQ:APP) fell more than 7% in afterhours trading following the report. For the three months ended June 30, 2025, AppLovin reported earnings per share of $2.39 on revenue of $1.26 billion, compared with Wall Street estimates for EPS of $2.01 on revenue of $1.22 billion. For Q3, AppLovin guided revenue to a range of $1.320B to $1.340B, above consensus analyst estimates around $1.31B Related articles Applovin shares fall despite better-than-expected Q2 results, guidance Surge of 50% since our AI selection, this chip giant still has great potential Apollo economist warns: AI bubble now bigger than 1990s tech mania
Yahoo
22 minutes ago
- Yahoo
Trading Day: Wall St momentum calms tariff shakes
By Jamie McGeever ORLANDO, Florida (Reuters) -TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist Wall Street rallied on Wednesday as investors continued to take their cue from earnings and AI-related optimism over tariffs, while a weak 10-year Treasury note auction served as a reminder of the precarious U.S. fiscal situation. More on that below. In my column today I look at how investors' apparent readiness to accept tariffs challenges the orthodoxies that have underpinned economic liberalism and world markets for the past 40 years. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. 1. Trump imposes additional 25% tariff on Indian goods,relations hit new low 2. India-U.S. spat over trade and oil threatens widerfallout 3. Lula rejects 'humiliation' of calling Trump overU.S.-Brazil tariff 4. Biden-era appointees could stymie Trump's effort toreshape Fed 5. Bank of England's long unwinding road: Mike Dolan Today's Key Market Moves * FX: Dollar index falls 0.5%, its fourth straightdecline. Brazil's real rises 0.8% to a one-month high of 5.45/$. * STOCKS: Nasdaq climbs 1.2%, the best performing majorindex on Wall St. * SHARES/SECTORS: U.S. consumer discretionary index +2.5%,consumer staples index +1.8%. Apple +5%, Super Micro Computer-18%. * BONDS: A weak 10-year Treasury auction pusheslonger-dated yields up as much as 5 bps, steepening the curve. * COMMODITIES: Oil falls for a fifth day, hits newfive-week lows after U.S. Secretary of State Marco Rubiosuggests there may be an announcement on potential sanctionsagainst Russia. Wall St momentum calms tariff shakes Positive investor sentiment and risk appetite were on full display on Wednesday, as optimism around corporate earnings and the U.S. tech boom again overshadowed more worrisome global developments on tariffs and growth. Traders cheered news that ChatGPT maker OpenAI is mulling a stock sale that could value the company at $500 billion and Apple's pledge to spend $100 billion on U.S. manufacturing. U.S. earnings continue to surprise to the upside too, and the S&P 500 consumer discretionary index rose 2.4%, its best day since May. Wall Street stood in contrast to a more subdued global session. Benchmark Asian, emerging and European indices were all flat on Wednesday, with the Trump administration's tariffs weighing on sentiment across the board. The major exception was China, where blue chip stocks closed at their highest in more than three and a half years on hopes that the United States and China will strike a trade deal in the coming days. Trade-related optimism elsewhere, however, is in much shorter supply. U.S. President Donald Trump on Wednesday slapped further import duties on India, bringing the total tariff rate to 50%, while Brazil's President Luiz Inacio Lula da Silva told Reuters that relations with the U.S. are at a 200-year low. Some Fed officials, meanwhile, are signaling growing unease about the U.S. labor market and economy. Minneapolis Fed President Neel Kashkari and San Francisco Fed President Mary Daly on Wednesday said interest rates should probably be lowered in the coming months. In bonds, a weak $42 billion sale of 10-year U.S. government bonds drew the weakest demand in a year, and followed a somewhat disappointing auction of $58 billion three-year notes the day before. Thursday's $25 billion sale of 30-year bonds will come under even greater scrutiny. Also on Thursday, the Bank of England is widely expected to cut its key interest rate to 4% from 4.25%. But the challenges facing the Bank are significant - the fiscal outlook appears to be deteriorating sharply, and inflation is close to double the central bank's 2% target. Before that China announces July trade data, with economists expecting export growth to slow and the surplus to narrow. Earlier this week, official U.S. figures showed that the U.S. trade gap with China in June shrank to its lowest in more than 21 years. Markets' tariff resilience challenges long-standing economic orthodoxy Investors have been living in a real-time economic experiment ever since U.S. President Donald Trump returned to the White House in January. Whether it's tariffs, "America First" isolationism, overt politicization of independent economic institutions, or upended global economic norms, markets are having to deal with challenges few investors have faced before. So how are they reacting to the leader of the free world ripping up the economic playbook that has shaped the global financial system for 40 years? Wall Street and world stocks are at record highs, U.S. high yield corporate bond spreads are the tightest since before the 2007-08 global financial crisis, and Treasuries are remarkably calm, with the 10-year yield below its average of the last two years. It's not all serene, of course. The U.S. "term premium" - a measure of the extra compensation investors demand for holding long-dated Treasuries over short-term debt - is the highest in over a decade. Inflation expectations and long-dated yields have shot up too. And one needs to acknowledge that the full impact of Trump's tariffs has yet to be fully felt. But, at this point there has been no U.S. recession, even if growth is slowing. And the market plunge on the back of Trump's April 2 "Liberation Day" tariff debacle lasted a few weeks. The powerful stock market recovery since then suggests investors were less bothered by the actual tariffs than the shock of the initial announcement, the chaotic way it was delivered, and the amateurish way the levies were calculated. This outcome is not what economic textbooks would have predicted. ONE FOR YOU, 19 FOR ME Tariffs are a tax. And the overall U.S. average effective tariff rate looks likely to be around 18%, according to the Budget Lab at Yale. That's down from an estimated 28% in May but still nearly eight times higher than the level in December. Who will ultimately pay this tax is up for debate, but if sustained at that level, the president of the United States will have effectively imposed a tax hike worth around 1.8% of GDP, one of the largest in U.S. history. But wait. Aren't higher taxes bad for business, markets and growth? Don't higher taxes sap consumers' spending power, stunt investment and hiring, and crush the private sector's entrepreneurial spirit? Markets' relatively speedy acceptance raises the question: What happened to the last 40 years of economic orthodoxy, symbolized by the so-called "Washington Consensus"? This was the set of principles drawn up in the late 1980s that broadly mirrored the views of the Washington-based International Monetary Fund, World Bank and U.S. Treasury, ostensibly to help direct policy in Latin America but which ultimately served as the economic framework for Western liberal democracies and global markets. They included support for privatization, deregulation, the free flow of capital, fiscal discipline, and lower taxes. They also entailed lower barriers to trade, a cornerstone of globalization. For years these tenets were regarded by policymakers, business leaders and investors as sacrosanct. Some, like rigid adherence to tight fiscal policy, were put to the test - and shown to be flimsy, at best - during the GFC and pandemic. So now that the tariff line has been crossed, what about other economic commandments? Could governments look to raise tax revenue from other sources, such as wealth taxes on the super rich, a "Tobin tax" on foreign exchange transactions, or other "soft" capital controls? These are obviously anathema to the doctrine of free market capitalism. But then so were tariffs. To be fair, we are just entering this new era. And as my colleague Mike Dolan observed earlier this week, even if tariffs don't send the economy or markets into a tailspin, they may still lead to a "slow burn," with many years of lost economic potential, elevated volatility and lower investment returns. But investors aren't looking that far ahead. What they see right now is a pretty resilient U.S. economy, solid earnings growth, and red-hot optimism around U.S. tech and AI. And some of the old orthodoxies may be in the rear-view mirror. What could move markets tomorrow? * Australia trade (June) * Japan earnings, including Softbank, Sony, Toyota * China trade (June) * China FX reserves (June) * Bank of England interest rate decision * Germany trade (June) * Germany industrial production (June) * U.S. weekly jobless claims * U.S. Treasury auctions $25 bln of 30-year bonds * U.S. earnings including Eli Lilly, ConocoPhillips, GileadSciences, Motorola * Atlanta Fed President Raphael Bostic speaks Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Jamie McGeever; Editing by Nia Williams) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22 minutes ago
- Yahoo
Trump's Asia tariffs takes a massive hit on Bitcoin miners
Trump's Asia tariffs takes a massive hit on Bitcoin miners originally appeared on TheStreet. As per the latest report by The Block, President Donald Trump's latest order on global tariffs seems to be becoming a pain in the neck for the Bitcoin mining community in the U.S. As the 90-day tariff pause deadline neared, Trump announced a slew of new global tariff rates on July 31. Among the worst-hit are the key centers of mining rig manufacturing in Southeast Asia. For those unfamiliar, crypto mining is the process of using high-tech hardware to validate and secure transactions on a blockchain network. Ethan Vera, the COO of a Bitcoin mining technology and services company, Luxor Technology, shared a document with The Block as per which the latest directive imposes 21.6% tariffs, including a 19% "reciprocal tariff," on imports of application-specific integrated circuits (ASICs) from Indonesia, Malaysia, and Thailand beginning Aug. are chips that are designed to execute a specific task extremely efficiently such as crypto mining, as opposed to general-purpose processors like central processing units (CPUs) or graphics processing units (GPUs). As per the report, U.S. tariffs on imports from China, a major hub of mining rig manufacturing, stand at a staggering 57.6%, which includes a 10% baseline reciprocal tariff and an additional country‑specific tariff of 20%. Anyway, the tariff pause deadline between the two countries is set to expire on Aug. 12, and there has been no breakthrough so far. While still lower than earlier rates, the current tariffs are significantly higher than the 2.6% tariffs on ASICs imported from the Southeast Asian countries before Trump's second term. However, Chinese machines even earlier used to face an additional 25% ad valorem said, "At 21.6% tariffs, the U.S. is now one of the least competitive jurisdictions to bring machines in, and miners are looking at Canada and other markets to expand too." Opportunity for domestic manufacturers However, the new trade conditions could also lead to a rise in the prices of U.S.-based used ASIC machines in the face of high tariffs on imported rigs, he explained. Though Luxor is excited about the production of mining rigs in the U.S., it warned fully onshoring the manufacturing could take years because most of the raw materials are still imported from Asia. The mining company expected the Trump administration to exempt the mining equipment from tariff hikes in order to encourage the domestic crypto industry. Trump's Asia tariffs takes a massive hit on Bitcoin miners first appeared on TheStreet on Aug 6, 2025 This story was originally reported by TheStreet on Aug 6, 2025, where it first appeared.
