Itthirit Nice Corp. PCL

Ittirit Nice Corporation Public Company Limited, or ITTHI, is preparing to sign additional government project contracts worth approximately 380 million baht. It has already signed 40 million baht and is awaiting the signing of roughly another 340 million baht within October, an increase from its earlier estimate of 220 million baht. Chief Executive Officer Thanaset Akarabunyaphat told Than Hoon that although the signing of contracts for some projects was delayed in the first half of 2026, causing revenue to slow, the third quarter has begun to stabilise and the fourth quarter is expected to recover fully, allowing full-year revenue to grow higher than last year. Currently, the company has a backlog awaiting revenue recognition of about 535 million baht, divided into 300 million baht in government project work, 200 million baht in real estate work, 30 million baht in the EV charging station business, and 5 million baht in solar rooftops. When the additional signed contracts are included, the backlog will exceed 600 million baht. In the EV charging station business under the Gridex brand, 20 stations have been installed, 11 are already open for service, nine are awaiting grid connection from the electricity authority, five are under construction, and five are awaiting new contracts. The company targets revenue of 100 million baht in 2027 for its EV subsidiary group. As for the solar rooftop business, it expects loan approval from financial institutions by the end of September, with 20 megawatts of power purchase agreements in hand. It expects to complete installation of about 6 megawatts this year and has a long-term plan for the solar business to grow to 1 billion baht or more. ITTHI has total cash on hand of approximately 300 million baht. It has already invested about 60 million baht in expanding the EV business and around 60 to 70 million baht in the solar business, for total investment of approximately 120 million baht, leaving more than 180 million baht in available cash.

ITTHI reveals a backlog of 535 million baht, and is accelerating its performance in the second half of the year and expanding its "Gridex" EV charging stations to 20 locations. In the first half, total revenue was 290 million baht, comprising 79.6% from government work, 19.65% from real estate, and initial revenue recognition from solar rooftops and EV charging stations. The backlog is divided into 300 million baht from government work, 200 million baht from real estate, 30 million baht from EV charging stations, and 5 million baht from solar rooftops. The company targets a net profit of 200 million baht by 2028 under the JUMP+ plan, and is preparing to sign contracts for commercial electric trucks and electric garbage trucks in the fourth quarter.