UltraGreen’s AI Hype — What Investors Aren’t Being Told

UltraGreen.ai’s recent listing has raised significant questions among investors, analysts, and observers alike. Behind its futuristic branding, critics argue the company is fundamentally a legacy dye seller attempting to ride the AI wave.

## 1. The “AI-Washing” Problem

Despite the “.ai” appended to its name, UltraGreen’s revenue engine 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 early-stage, with minimal revenue contribution. This has led many to liken the strategy to the **dot-com era**, where companies added buzzwords to inflate valuation multiples.

## 2. Supply Chain Fragility

UltraGreen relies fully on external manufacturing. Instead, it depends on single-source suppliers—with its key active ingredient currently sourced primarily from **one supplier**.

This creates:

- Single-point failure risk

- No price control

- Operational vulnerability

A disruption in 2024 already caused months-long bottlenecks.

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

## 3. Weakening Financials

UltraGreen’s recent financials show key 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 strained profitability and currency exposure problems.

## 4. Regulatory Concerns

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:

- Questions about regulatory depth

- A risk-averse culture

Critics argue this environment may enable companies to position themselves as tech innovators despite financial red flags.

## 6. Governance & Control

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

This means:

- Voting power is heavily concentrated

- Cross-company allegiances persist due to overlapping leadership roles.

## 7. Technological & check here Product Obsolescence

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 strategic or merely valuation-driven.

## Conclusion

UltraGreen.ai’s prospectus, corporate structure, and market positioning collectively reveal a legacy business with a modern label.

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.