Candid Mixers · FY2025 Internal Review
FY2025 revenue grew 9.6%. But one deal in one month accounts for the entire story. This deck strips it back to what the business actually did — and what needs to happen before the end-of-2026 investor review.
Revenue growth · FY2025 vs FY2024
FY2025 statutory revenue
The headline
IDR 5.52B in FY2025, up from IDR 5.03B in FY2024.
Finns Beach Club contributed IDR 1.80B in a single November invoice —
custom-decorated cans for their first fill. Without this, FY2025 revenue was IDR 3.72B.
EBITDA improved 3× (IDR 153M → IDR 489M) and the business recorded IDR 445M net profit. Gross margin reached 54.8%. These are real improvements — but each one carries a Finns footnote.
Recurring revenue, ex-Finns
IDR 3.72B · FY2025 underlying
Strip out the Finns deal and the base business shrank — IDR 3.72B vs IDR 5.03B in FY2024. The channel story is a Jan–Jun trough (PNB winding down before SKD was ready), followed by an SKD ramp that decelerated sharply from September. The underlying gross margin is also not 54.8% — it reverts to the FY2024 level of ~36–38% without the Finns premium.
Finns Beach Club · November 2025
One client. One month.
The November 2025 Finns transaction is not a recurring monthly revenue line. It represents a first fill of
500,000 custom-decorated cans — at typical Finns consumption, that stock lasts 17–26 months.
A realistic model has the next large fill in 2027, with standard Candid product replenishment orders
(IDR ~100–150M/quarter) in between. For investor purposes, Finns should be presented as a named strategic
partnership with its own cadence — never folded into the revenue trend line.
Invoice 1: 500,000 decorated cans
IDR 1,052,280,000
Invoice 2: 7,000 cases standard product
IDR 743,122,800
Total: IDR 1,795,402,800
Finns Beach Club · Strategic Partner
SKD (Sukanda Djaya) · Sell-in trend
SKD is losing momentum
Launch month (July 2025) vs. current estimated monthly run rate. After a strong start (Jul IDR 834M, Aug IDR 559M), sell-in dropped to IDR 185–193M in Sep–Oct, and early 2026 invoices suggest ~IDR 100M/month per DPS. At this pace, the 2026 target of 7,500–10,000 cases/month is not achievable.
Monthly sell-in
months above breakeven
in FY2025
At ~IDR 211M/month opex, the business needs IDR 300M+ revenue to be EBITDA-positive. In FY2025, this threshold was reached only in June, July, August, and November — the last three driven by SKD's launch ramp and the Finns spike. The remaining eight months operated at a loss. January (IDR 169M) and February (IDR 139M) were the weakest months since the business launched.
Receivables at risk · As of April 2026
At risk. Now.
KKS has been referred to external legal counsel — the formal notification is in progress. Citra's balance should be pursued in parallel. Combined, these two receivables represent nearly 4 months of current run-rate revenue and could materially impact FY2026 cash position if not recovered before the investor review.
KKS · Jakarta/Bandung
IDR 301M
AUTHORISED Sep + Nov 2024. More than KKS ever paid. Legal action initiated.
Citra · Jakarta/Java
IDR 170M
AUTHORISED May + Jun 2025. Inactive since. Formal pursuit pending.
2026 target · Cases per month
cases/mo
The target set for the investor review
Current run rate
~2,500
cases/month · early 2026
Target (low)
7,500
cases/month · end 2026
Target (high)
10,000
cases/month · stretch
Required this month · Management
Establish a minimum monthly sell-in floor with SKD
Contractual minimum with consequences if not met. The deceleration from IDR 834M → IDR 100M cannot continue without a formal performance structure. Define the floor, the review cadence, and the penalty clause.
Begin formal debt recovery on KKS and Citra
KKS legal notification is in progress — accelerate. Citra (IDR 170M) needs parallel action now. IDR 471M combined is four months of current revenue. Every week of delay reduces recovery probability.
Request full sell-through data from SKD — not just the top 10
Without complete sell-through visibility, distributor health cannot be assessed. The current top-10 report is insufficient. Require a full account-level breakdown on a monthly basis as a condition of the partnership.