TMDE: $600M+ revenue profitable microcap — survived VIX >50, run by guys who chose to build, not coast

[Marine Bunkering \(core business of TMDE\)](https://preview.redd.it/492v125vfxbg1.png?width=1191&format=png&auto=webp&s=9d5366d0487682d98b2752789b3470be884345da) Not advice. Do your own DD. Looking at **TMD Energy Limited (NYSE American: TMDE)**. This is **not** a pre-revenue lottery ticket or a cash-burning story. **Facts:** * **\~$600–700M annual revenue** * **Profitable business** (net profits in **2022, 2023, 2024**) * Marine fuel bunkering + ship services * Operates near the **Straits of Malacca** (one of the busiest shipping routes on earth) * Trading at a **microcap valuation** # Why 2025 looked bad 2025 was a straight-up **black swan**: * Global trade uncertainty spiked * **VIX went above 50** (crisis-level volatility) * FX swings + margin compression * Tighter trade financing * IPO / US listing costs layered on top For a low-margin, high-volume fuel business, that’s about as bad as it gets. # The important part Despite all that: * Still operating * No restructuring * No blow-up * No disappearance A lot of companies don’t survive a VIX>50 year. TMDE did. # Management commitment (this matters) This isn’t run by tourists or hired guns. * CEO / Chairman **Dato’ Sri Kam Choy Ho** * **35+ years** in shipping & vessel management * Could’ve sat comfortably at established businesses * Instead chose to **build and run this** * Exec Director **Dato’ Leong Yan Yoong** * Ex **Senior VP at CIMB Investment Bank** * Chartered Accountant (CIMA) * Handles capital, strategy, restructuring, M&A These guys didn’t need to be here. They **put their heart into this**, chose the harder path, and stayed through a brutal cycle. That’s not quitter behaviour. # Why this is interesting This looks less like: > and more like: > In a business doing hundreds of millions in revenue, a **0.5–1% margin swing** flips earnings fast when volatility normalizes. # Risks (real ones) * Thin margins * Debt / working-capital heavy * Commodity & FX exposure * Illiquid, volatile stock Not a safe play. But also **not fake**. Market’s pricing TMDE like 2025 is permanent. I don’t think it is.