NIVFNasdaqServices-Misc Health & Allied Services, NECUS GAAP · USD

NewGenIvf Group Ltd

NewGenIvf Group Ltd is a U.S.-listed, Thailand-based diversified company organized around reproductive health services, digital asset and AI-related activities, real estate development in the UAE, and health and longevity products. Its operating structure includes NewGenProperty, NewGenDigital, and NewGenSup, alongside its legacy IVF and assisted reproductive treatment business across Asia.

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Revenue4.7m USD
−13.0 %y/y
Operating profit (EBIT)-10.7m USD
−824.3 %y/y
EBIT margin-226.9%
−205.6 ppy/y
Net income9.9m USD
+1,983.1 %y/y
Free cash flow-11.1m USD
−33.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-15-10-50510m USD2021: 4.1 m USD2021: EBIT 0.20 m USD20212022: 5.9 m USD2022: EBIT 0.40 m USD20222023: 5.1 m USD2023: EBIT 0.04 m USD20232024: 5.4 m USD2024: EBIT -1.2 m USD20242025: 4.7 m USD2025: EBIT -11 m USD20254.7-11
RevenueOperating profit (EBIT)
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Business

Share of revenue
Reproductive health services40 %

Legacy IVF and assisted reproductive treatment services across Asia.

Digital assets and AI initiatives20 %

NewGenDigital activities spanning AI, prediction markets, and decentralized-finance themes.

Real estate development25 %

Development projects in Ras Al Khaimah, United Arab Emirates.

Health and longevity products15 %

NewGenSup products and solutions focused on wellness and longevity.

Products

Reported · share of revenue
82.6%17.4%FY2025100 %
  • IVF Treatment Service82.6 %
  • Fertility Referral Services17.4 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves patients seeking fertility and assisted reproduction services across Asia, where clinic access, medical expertise, and patient outcomes are central purchase drivers. It also targets counterparties and partners in digital asset and AI-related activities, as well as property development customers and tenants linked to its UAE real estate projects. For NewGenSup, the customer base is oriented toward consumers or distribution partners seeking health and longevity solutions.

Fertility patients

Individuals and couples buying IVF and assisted reproduction services for clinical treatment and family planning.

Cross-border medical travelers

Patients traveling into Asia for reproductive treatment where specialized clinic access and cost matter.

Real estate counterparties

Property buyers, tenants, and development partners connected to projects in Ras Al Khaimah.

Digital-asset and AI partners

Investment or commercial partners participating in NewGenDigital initiatives and related transactions.

Wellness consumers

Customers purchasing health and longevity products through NewGenSup channels.

Strategy

NewGenIVF is building a multi-platform model that combines healthcare, digital assets, and property development rather than relying on a single operating line. The stated direction is to use strategic investments and geographic hubs, especially in the UAE, to create optionality across medical tourism, real estate, and digital-technology themes. This makes the business more diversified in concept, but also more dependent on execution across distinct industries.

UAE hub developmentMedium term

Creates a geographic base for real estate and adjacent healthcare demand.

Digital-asset and AI optionalityShort term

Adds exposure to higher-growth digital themes and strategic investments.

Health and longevity expansionMedium term

Broadens the company beyond fertility services into wellness-related products.

Geography

2025

The company is headquartered in Thailand and reports a legacy IVF and assisted reproductive treatment business across Asia. It also has a real estate development footprint in Ras Al Khaimah, United Arab Emirates, which links the business to the GCC market and to regional medical-tourism infrastructure. Its geography therefore spans Asia for healthcare services and the UAE for property development and related strategic initiatives.

KG47 %
Thailand35 %
KH13 %
Hong Kong4.3 %
United States0.9 %
China0.2 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to execution risk because it spans several unrelated sectors, each with different operating, regulatory, and capital requirements. Its fertility services face healthcare competition and regulatory complexity, while digital assets and AI initiatives add technology, partner, and market-acceptance risk. Real estate development in the UAE also introduces project, funding, and demand-cycle risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cross-business execution risk1Capital structure and dilution risk2Healthcare and fertility regulation3Real estate project and funding risk4Digital-asset volatility and partner risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cross-business execution riskImpact: HighLikelihood: High

    The company operates in healthcare, property, and digital assets, which require different capabilities and controls.

    ExposureStrategy spans NewGenPropertyNewGenDigitalNewGenSupIVF services
  2. Capital structure and dilution riskImpact: HighLikelihood: High

    Convertible notes, share issuance, and financing terms can affect dilution and flexibility.

    Exposure: Recent note exchange and share-based consideration in acquisitions.

  3. Healthcare and fertility regulationImpact: HighLikelihood: Medium

    Assisted reproduction is regulated and sensitive to clinical standards, licensing, and local laws.

    Exposure: IVF and assisted reproductive treatment services in Asia.

  4. Real estate project and funding riskImpact: HighLikelihood: Medium

    Development projects require capital, approvals, and successful lease or sale absorption.

    Exposure: Ras Al Khaimah real estate projects.

  5. Digital-asset volatility and partner riskImpact: MediumLikelihood: High

    Digital asset and DeFi initiatives can be highly sensitive to pricing, adoption, and counterparty performance.

    Exposure: NewGenDigital and strategic investment in K25.ai.

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Accounting

Judgemental items
Convertible note accounting

Amended debt terms and exchange features may require careful liability and derivative assessment.

Impact: Can affect interest expense, fair value changes, and dilution analysis

Share-based acquisition consideration

Equity issued in transactions must be measured and classified correctly.

Impact: Affects acquisition accounting and share count

Digital asset valuation

Investments in digital-asset-related businesses or tokens can require fair value or impairment judgments.

Impact: Can create volatility in reported gains, losses, or carrying values

Real estate development costs

Project costs, capitalization, and stage-of-completion judgments affect margins and asset balances.

Impact: Influences inventory, development assets, and revenue timing

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Last updated: 28/09/2026