Tropical Moves to the JSE Main Market

• Following the completion of its Additional Public Offering (APO), energy solutions company, Tropical Battery Limited, has now moved from the JSE Junior Market to the Main Market.
• CEO Alexander Melville stated that, although the APO did not reach the full amount originally targeted, the targeted raise was only one component of the balance sheet realignment strategy.
• He also noted that the company has prepared additional measures to strengthen the balance sheet and maintain progress with its growth plans. Key to those growth plans includes developing renewable energy solutions and expanding its presence in the Caribbean and the Americas.
• Since listing on the Junior Market of the JSE in 2020, Tropical has almost tripled its revenues, expanded into international markets, and diversified its business through acquisitions and strategic partnerships.
• However, off the back of earnings revisions, and despite second quarter improvements, Tropical had a net loss attributed to shareholders of $86.67Mn for the 6 Months ended March 2025 (6M 2025). The loss was $173.50Mn lower than the $86.63Mn profits for 6M 2024, as higher gross profits were outpaced by rising operating expenses, depreciation, amortisation and finance costs.
• Against the backdrop of the falloff in earnings, Tropical’s stock price is down 43.4% year-to-date to $1.42 on Thursday, September 11, 2025.

(Source: JSE, NCBCM Research)