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• Electricity Generation: The production of electrical energy through various methods, including fossil fuels, nuclear power, and renewable sources.
• Electricity Transmission: The high-voltage transportation of electricity from generation plants to regional substations across extensive grids.
• Electricity Distribution: The delivery of electricity from substations through local networks directly to residential, commercial, and industrial customers.
• Energy Sales & Customer Services: The retail sale of electricity to end-users and provision of related energy management and billing services.

Republic Power (symbol: RPGL) appears to be a hypothetical company as no active public company with this name and symbol could be identified through standard financial databases and public records. However, based on the nature of a "power company" or utility, its major customers would typically fall into distinct categories rather than being a few named corporate entities.

A power company primarily sells electricity (and sometimes natural gas) directly to end-users within its service territory. While it serves both individuals and various types of businesses, the prompt asks to identify if it sells "primarily to individuals" or "primarily to other companies." For a typical utility, both segments are significant. Given that utilities serve millions of individual households directly, and their service is essential for daily life, we will describe the up to three categories of customers it serves, which encompass both individuals and businesses.

The major customer categories for a utility like Republic Power would typically include:

1. Residential Customers: This category comprises individual households and families using electricity for domestic purposes such as lighting, heating, cooling, and powering appliances. Residential customers usually represent the largest number of accounts for a utility.

2. Commercial Customers: This category includes various small and medium-sized businesses, such as retail stores, offices, restaurants, educational institutions, and healthcare facilities. These customers use electricity for their operational needs.

3. Industrial Customers: This category consists of large-scale operations like manufacturing plants, factories, and other heavy industries. Industrial customers typically have the highest energy consumption per account due to their intensive production processes.

Ziyang Long Chief Executive Officer

Chak Ming Wong Chief Financial Officer

Sai Bin Loi Chairman of the Board and Director

Chan Chee Wai Chief Operating Officer

The rapid proliferation and declining costs of **Distributed Energy Resources (DERs)**, such as rooftop solar panels and battery storage systems, pose a clear emerging threat to Republic Power.

As more residential, commercial, and industrial customers generate and store their own electricity, their reliance on and purchases from Republic Power's centralized grid diminish. This directly erodes the utility's traditional sales volume and revenue streams, which are predominantly based on kilowatt-hour consumption. Furthermore, the integration of numerous distributed generation sources necessitates significant investments in grid modernization and smart grid technologies to maintain reliability and stability, potentially increasing Republic Power's operational costs without a corresponding increase in traditional energy sales. This shift challenges the fundamental centralized utility business model, forcing a re-evaluation of revenue generation and infrastructure management in an increasingly decentralized energy landscape.

Republic Power Group Limited (RPGL) primarily provides customized enterprise resource planning (ERP) software solutions, consulting and technical support services, and peripheral hardware to corporate clients and government agencies in Singapore and Malaysia.

The addressable markets for their main products and services in these regions are as follows:

Singapore

• ERP Software Market: The Singapore ERP software market size reached USD 245.7 million in 2024 and is projected to reach USD 775.9 million by 2033, growing at a Compound Annual Growth Rate (CAGR) of 11.02% from 2025 to 2033. Another estimate places the Singapore ERP software market at USD 1.72 billion in 2024, projected to grow to USD 2.10 billion by 2025, and further to USD 4.15 billion by 2030, with a CAGR of 14.56% from 2025 to 2030. The broader enterprise software market in Singapore, which includes ERP systems, is projected to reach USD 950.70 million by 2025.
• IT Consulting Services Market: The IT consulting services market in Singapore is valued at approximately USD 2.04 billion in 2025 and is projected to reach USD 5.202 billion by 2033, demonstrating a CAGR of 12.413% during that period. Another source estimates Singapore's IT consulting services market at USD 10 billion in 2025, with a CAGR of 4.6% from 2025 to 2034.
• Technical Support Services Market: The overall Singaporean IT services industry, which includes technical support, had total revenues of USD 25.4 billion in 2023 and is forecast to grow further by 2028. More specifically, the Singapore IT services market is projected to reach USD 29.80 billion in 2025 and is forecast to climb to USD 65.80 billion by 2030, translating into a 17.16% CAGR.
• Peripheral Hardware Market: The Singapore computer accessories market is expected to grow at a CAGR of 8.6% during the forecast period of 2020-2026. The Singapore gaming peripheral market alone was valued at USD 94.8 million in 2023 and is projected to reach USD 274.9 million by 2033, with a CAGR of 11.28% from 2024 to 2033.

Malaysia

• ERP Software Market: The Asia-Pacific ERP software market, which includes Malaysia, was valued at USD 16,286.53 million in 2023 and is projected to reach USD 36,078.49 million by 2033, growing at a CAGR of 8.2% from 2024 to 2033.
• IT Consulting Services Market: The Malaysia IT Services Market, which encompasses IT consulting and implementation, is expected to reach USD 12.32 billion in 2025 and grow to USD 39.41 billion by 2030, at a CAGR of 26.19%. Another report indicates the Malaysian IT Services market was valued at US$ 2.64 billion in 2023 and is projected to grow at a CAGR of 5.9% between 2023-2028, reaching US$ 3.51 billion by the end of 2028.
• Technical Support Services Market: The Malaysia IT Services Market, which includes support services, is expected to reach USD 12.32 billion in 2025 and grow to USD 39.41 billion by 2030, at a CAGR of 26.19%. Additionally, the Malaysia customer experience business process outsourcing market, which can include technical support, was estimated at USD 1.43 billion in 2024 and is projected to grow to USD 2.87 billion by 2030, with a CAGR of 12.5% from 2025 to 2030.
• Peripheral Hardware Market: The revenue from computers and peripheral equipment in Malaysia was MYR 6.08 billion (approximately USD 1.28 billion, using an approximate conversion rate of 1 USD = 4.75 MYR) in 2023 and is forecasted to reach MYR 6.54 billion (approximately USD 1.38 billion) by 2028, with a CAGR of 1.16% over the next five years. The Malaysia Computer Hardware Market is anticipated to reach a CAGR of 8.8% during the forecast period of 2025-2031. The Southeast Asia Computer Peripherals market, which includes Malaysia, is projected to witness growth at a CAGR of 13.6% during the forecast period with a market size of USD 6,523.38 million in 2024.

Republic Power (RPGL), a Singapore-based provider of enterprise resource planning (ERP) software solutions, IT consulting, and peripheral hardware, recently went public on Nasdaq in October 2025. The company's future revenue growth over the next 2-3 years is expected to be driven by several key initiatives stemming from its recent initial public offering (IPO) and stated strategic direction.

Here are 5 expected drivers of future revenue growth for Republic Power:

1. Expanded Market Penetration and Customer Acquisition: Republic Power plans to use its IPO proceeds to fund marketing and brand expansion. This investment is expected to increase the company's customer base and deepen its market penetration for core ERP software solutions and IT consulting services within its existing operational regions of Singapore and Malaysia.

2. Product Innovation and Enhancement through Research & Development (R&D): A significant portion of the IPO funds is allocated to research and development. This focus on R&D is anticipated to lead to the innovation and enhancement of its customized ERP software solutions, potentially introducing new features or entirely new product offerings that will attract more clients and drive sales.

3. Strategic Acquisitions: The company has indicated that IPO proceeds will also be directed towards potential acquisitions. This inorganic growth strategy could expand Republic Power's market reach, acquire new customer segments, or incorporate complementary technologies and services, thereby increasing overall revenue.

4. Geographic Expansion: While currently serving clients primarily in Singapore and Malaysia, the company's growth strategy, supported by IPO capital, provides the foundation for exploring and entering new geographic markets. Expanding into additional regions would open new revenue streams and customer opportunities.

5. Diversification into New Technology Sectors: Despite its current focus on software and IT services, Republic Power's name hints at a potential future pivot towards the energy sector. Explicitly noted as a "future expansion opportunity," the company may explore diversification into clean energy or sustainability-related technology. While not an existing business line, initial investments or strategic moves in this direction within the next 2-3 years could lay the groundwork for long-term revenue growth from new, high-growth sectors.

Share Issuance

• Republic Power Group issued 1,250,000 Class A ordinary shares as part of its Initial Public Offering (IPO).
• The company raised gross proceeds of approximately US$5.0 million from its portion of the IPO.
• The IPO closed on October 15, 2025, with Class A shares commencing trading on the Nasdaq Capital Market on October 14, 2025.

Inbound Investments

• Republic Power Group received approximately US$5.0 million in gross proceeds from its Initial Public Offering in October 2025.
• The total offering, including shares sold by existing shareholders, amounted to US$8.48 million.

Capital Expenditures

• Net proceeds from the October 2025 IPO are planned for capital expenditures.
• The primary focus of these capital expenditures is to support research and development, marketing and branding, and potential future acquisitions to enhance market presence and operational capabilities.