JustCo reported a 52% narrower net loss of about US$839,000 for the first half of 2026, down from US$1.7 million in the same period last year [1, 2, 3]. Excluding one-off costs related to its recent IPO, the company achieved a net profit after tax of roughly US$100,000 [1, 2, 3].
Group revenue rose 24% year-on-year to US$80.8 million, driven by a higher revenue per workstation and expansion of its coworking network [1, 2, 3]. Revenue per workstation per month increased 11% to about US$468.45 [1, 2, 3]. As of June 30, 2026, JustCo operated 57 centres with 37,350 workstations — up from 50 centres and 35,067 workstations at the end of 2025 [1, 2].
Despite strong growth, the overall occupancy rate dipped slightly to about 80%, down 2 percentage points year-on-year, mainly due to lower occupancy in newer centres at 20-30%. Mature centres, which make up most of the portfolio, maintain an approximately 85% occupancy rate [4].
Free cash flow surged 256% to around US$3.2 million in H1 2026. The company held cash reserves of about US$169.4 million at mid-year, with no bank debt [1, 2, 3]. JustCo’s management said the firm is well-positioned for growth without needing further fundraising [1, 2].
JustCo listed on the Singapore Exchange mainboard on May 22, 2026 [1, 2]. Shortly after releasing its H1 financial results on August 6, 2026, executive chairman and CEO Kong Wan Sing announced plans for 28 new centres to be opened in 2026, including nine in Japan, nine spread across Hong Kong, Malaysia, India, and the Philippines, and 10 in Singapore, South Korea, Taiwan, Thailand, and Vietnam [4]. He expressed confidence in the profitable turnaround, stating, "It’s not a lot, but at least it’s profitable…(and) I think it’s a good thing that we are able to show the growth" [3].
Looking ahead, JustCo aims to reach a total of 78 centres by the end of 2026 and plans to begin paying dividends in fiscal year 2027, targeting a payout ratio of 50% of net profit after tax [1, 4, 3].
