Finns Beach Club contributed IDR 1.80B in a single November 2025 invoice — custom-decorated cans for their first fill. Strip it out and FY2025 revenue was IDR 3.72B, a 26% decline on FY2024. EBITDA improved 3× but the underlying gross margin reverts to ~36–38% without the Finns premium. The headline number flatters the real state of the business.
02 / 09
Underlying Performance
Strip out Finns and recurring revenue fell 26% — the base business shrank
-26%
ex-Finns recurring revenue · FY2025 vs FY2024
Monthly P&L average ex-Finns: IDR 310M — roughly at breakeven. Eight months operated at a loss.
IDR 5.52B
FY2025 Reported
Headline
IDR 3.72B
FY2025 ex-Finns
Underlying
The underlying gross margin also reverts to ~36–38% — consistent with FY2024. The COGS improvement is Finns-driven, not structural. Jan–Jun 2025 was a five-month revenue trough caused by PNB winding down before SKD was ready. This transition gap is a structural risk that will recur with any future distributor change.
03 / 09
Finns Beach Club · Strategic Partner
The Finns deal is genuine and recurring — but it's episodic, not a monthly revenue line
IDR 1.80B
One client. One month. November 2025.
500,000 custom-decorated cans. At typical Finns consumption, that stock lasts 17–26 months — meaning the next large fill is realistically 2027. Standard Candid product replenishment (~IDR 100–150M per quarter) continues in between. For investor presentation: show Finns as a named strategic partnership with its own revenue model. Never fold it into the recurring revenue trend line.
November 2025 Invoices
Invoice 1 — 500k decorated cans
IDR 1,052,280,000
Invoice 2 — 7,000 cases standard
IDR 743,122,800
Total
IDR 1,795,402,800
Normalised annual contribution · IDR 900M–1.2B (episodic, not monthly)
Subsequent fills: ~IDR 948M per refill event. Standard reorders may recur quarterly at IDR 100–150M.
04 / 09
SKD · Sukanda Djaya · Active Distributor
SKD has decelerated 88% from launch — a contractual performance floor is needed now
IDR 834M
Jul 2025 peak
→
IDR 185M
Oct 2025
→
~IDR 100M
2026 est.
Monthly sell-in · 5-month decline
After a strong launch — IDR 834M in July, IDR 559M in August — sell-in dropped sharply from September. By October it was IDR 185M, and early 2026 invoices suggest ~IDR 100M/month. That's an 88% fall from peak in five months. At this run rate the 2026 target of 7,500–10,000 cases/month is not achievable. A contractual minimum sell-in floor with consequences for non-performance is needed immediately.
88% decline from peak in 5 months
Monthly Sell-in (IDR)
Jul 2025
IDR 834M
Aug 2025
IDR 559M
Sep 2025
IDR 193M
Oct 2025
IDR 185M
2026 est.
~IDR 100M
88% decline from peak in 5 months
SKD's top-10 account report is the only sell-through data currently available. Full account-level data has been requested but not received. Without it, distributor health cannot be accurately assessed.
05 / 09
Monthly Profitability · FY2025
The business was profitable in only 4 of 12 months — eight months operated at a loss
Breakeven: IDR 300M/month · Achieved Jun, Jul, Aug, Nov only
Jan (IDR 169M) and Feb (IDR 139M) were the weakest months since the business launched in April 2023. The Nov spike (IDR 2,048M) is entirely the Finns deal — ex-Finns, Nov was IDR 248M, also below breakeven.
FY2025 monthly average ex-Finns: IDR 310M — just above breakeven. The business has no meaningful EBITDA buffer at current opex.
06 / 09
Receivables at Risk · April 2026
IDR 471M in receivables is at risk — KKS and Citra need formal recovery action now
IDR 471M
At risk. Now.
IDR 301M
KKS · Jakarta / Bandung
Legal action initiated
Sep + Nov 2024 invoices AUTHORISED but unpaid. KKS all-time paid = IDR 250.7M — they now owe more than they have ever paid. External legal counsel engaged.
IDR 170M
Citra · Jakarta / Java
Pursuit pending
May + Jun 2025 invoices AUTHORISED. Citra inactive since April 2025. Sell-through ran on residual inventory until August. Formal recovery not yet initiated.
IDR 471M combined · equivalent to ~4 months current revenue
Every week of delay reduces recovery probability
Both receivables should be pursued concurrently. KKS legal notification is in progress — this must be accelerated. Citra parallel action should begin this week. The combined IDR 471M materially impacts FY2026 cash position if not recovered before the investor review.
07 / 09
2026 Target · Cases per Month
Reaching the investor review target requires tripling output — current trajectory doesn't support it
7,500
cases/month
End-of-2026 investor review target
The business is currently running at ~2,500 cases/month. Reaching 7,500 requires 3× growth sustained over 12 months — something the business has never achieved. PNB peaked at ~IDR 430M/month (roughly 4,300 cases). SKD's best month was IDR 834M (~8,300 cases) but this has not been repeated and the trend is sharply downward.
3× growth required · 12 months remaining
Cases / Month
Target
2,500
Now
7,500
Target
10,000
Stretch
The 7,500 target implies ~IDR 750M/month at current SKD pricing. This has only been exceeded once (SKD's July launch month, IDR 834M). The stretch target of 10,000 cases/month implies IDR 1.0B+/month — never achieved.
08 / 09
Three Actions
Required this month · Management
01
Establish sell-in floor with SKD
The deceleration from IDR 834M → IDR 100M cannot continue without a formal performance structure. Define a contractual monthly minimum with clear consequences for non-performance. Set this before end of April.
Owner: Dee / Anders · Deadline: April 2026
02
Formal debt recovery: KKS + Citra
IDR 471M combined is four months of current revenue. KKS external legal is in progress — accelerate. Begin formal action on Citra in parallel this week. Do not wait for KKS to resolve first.
Owner: Dee · Legal counsel engaged for KKS
03
Full sell-through data from SKD
The top-10 account report is insufficient to assess distributor health. Require a full account-level monthly breakdown as a formal condition of the partnership. Without this, the SKD risk cannot be accurately quantified.
Owner: Alistair / Sales team
These three actions address the critical risks before the investor review: distributor performance, receivables exposure, and data visibility. Each should be tracked weekly.