But the Finns Beach Club deal (IDR 1.80B, November) is the only reason FY2025 looks like growth. Strip it out and the picture changes completely.
The headline
IDR 5.52B. Up 9.6% from FY2024.
Gross margin 54.8%.
EBITDA improved 3×.
03/09
-26%
Recurring revenue, ex-Finns
Strip out the Finns Beach Club deal and the base business shrank. IDR 3.72B vs IDR 5.03B in FY2024. The underlying gross margin also reverts to ~36–38% — not 54.8%.
IDR 5.52B
FY2025 reported
IDR 3.72B
FY2025 ex-Finns
04/09
Finns Beach Club · November 2025
IDR 1.80B
One client. One month.
The November 2025 Finns transaction is not recurring monthly revenue. It represents a first fill of 500,000 custom-decorated cans. At typical Finns consumption, that stock lasts 17–26 months. A realistic model: next large fill ~2027, with standard product replenishment orders (~IDR 100–150M/quarter) in between.
For investors: present as a named strategic partnership with its own cadence — never fold into the revenue trend line.
Invoice breakdown
Invoice 1 500k decorated cans
IDR 1,052M
Invoice 2 7,000 cases standard
IDR 743M
Total
IDR 1,795,402,800
05/09
SKD · Monthly sell-in trend
SKD is losing momentum
IDR 834M launch → ~IDR 100M current run rate
Jul 2025
IDR 834M
Aug 2025
IDR 559M
Sep 2025
IDR 193M
Oct 2025
IDR 185M
2026 est.
IDR 100M
After a strong launch, sell-in dropped 77% from peak by October 2025. At the current ~IDR 100M/month run rate, the 2026 target of 7,500–10,000 cases/month is not achievable without structural intervention.
In FY2025, breakeven was achieved in June, July, August, and November only. January (IDR 169M) and February (IDR 139M) were the worst months since launch.
07/09
Receivables at risk · April 2026
IDR 471M
At risk. Now.
Every week of delay reduces recovery probability. KKS legal notification is in progress — accelerate. Begin parallel action on Citra immediately.
Combined: IDR 471M = ~4 months current revenue
KKS
IDR 301M
Jakarta/Bandung · Legal action initiated · Owes more than they ever paid
Citra
IDR 170M
Jakarta/Java · Formal pursuit pending · Inactive since Apr 2025
08/09
2026 target · Cases per month
7,500
cases/month — investor review target
The business is currently running at ~2,500 cases/month. The investor review is end-2026. The gap requires SKD to triple output and maintain it — something that has never happened.
Cases / month
Target floor
~2,500
Current
7,500
Target low
10,000
Target high
09/09
Three Actions
Required this month · Management
01
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.
02
Begin formal debt recovery on KKS and Citra
IDR 471M combined. KKS legal in progress — accelerate. Begin Citra action in parallel. Every week reduces recovery probability.
03
Request full sell-through data from SKD
The top-10 report is insufficient. Require full account-level monthly breakdown as a condition of the partnership.