UltraGreen.ai: The AI Mirage — What Investors Aren’t Being Told

The newly listed UltraGreen.ai has raised serious questions among investors, analysts, and observers alike. Behind its futuristic branding, critics argue the company is fundamentally a single-product trader attempting to capitalize on the AI branding boom.

## 1. The “AI-Washing” Problem

Despite the “.ai” appended to its name, UltraGreen’s revenue engine read more remains tied almost entirely to Indocyanine Green (ICG).

In FY2024, ICG accounted for **94.2%** of total revenue — a hallmark of one-trick-pony risk.

The touted “AI platform” is unproven, with negligible revenue contribution. This has led many to liken the strategy to the **dot-com era**, where companies added buzzwords to inflate valuation multiples.

## 2. A Fragile, Outsourced Supply Chain

UltraGreen has no in-house production. Instead, it depends on contract manufacturers—with its key active ingredient currently sourced primarily from **one supplier**.

This creates:

- Single-point failure risk

- No price control

- Exposure to delays

A disruption in 2024 already caused months-long bottlenecks.

Critics argue that one factory incident could temporarily wipe out inventory.

## 3. Deteriorating Profitability

UltraGreen’s recent financials show multiple stress indicators:

- Net margins fell from **47.7%** → **36.6%**

- FX losses totaled **US$7.0M** in 1H2025

- The IPO price implies an **82.3% dilution** relative to NAV

These trends point toward margin compression and treasury mismanagement.

## 4. Compliance Red Flags

The prospectus discloses:

- A **“major deficiency”** flagged by Irish regulators (HPRA)

- Liability surrounding **off-label usage**

- U.S. market restrictions due to **competitor exclusivity** until 2026

Such issues highlight regulatory fragility.

## 5. SGX Structural Risk

Industry commentary suggests the Singapore Exchange (SGX-ST) faces:

- Competency gaps in reviewing complex listings

- Bureaucratic friction

Critics argue this environment may enable companies to gain approval without deep scrutiny despite financial red flags.

## 6. Ownership Concerns

Post-IPO, the Renew Group retains **~61.9%** control.

This means:

- Governance is effectively centralized

- Complex reporting lines persist due to overlapping leadership roles.

## 7. Risks to the Core Business

UltraGreen’s reliance on ICG faces new threats:

- Emerging **spectral imaging** technologies that don’t require injection dyes

- A recently sold PACS business, reducing proven tech revenue

- An AI platform that the prospectus admits may contain **bugs and defects**

This raises doubts about whether the company’s pivot toward AI is credible or merely valuation-driven.

## Bottom Line

UltraGreen.ai’s prospectus, corporate structure, and market positioning collectively reveal a company straddling old-world products and new-world claims.

Investors should approach with careful due diligence.

This analysis is based solely on the UltraGreen.ai Limited Prospectus dated 26 Nov 2025 and is provided for informational and educational purposes only.