Multi Ways Holdings Limited (MWG) is having quite the Wednesday, with shares jumping 71% to 43 cents after the company delivered first-half results that showed serious top-line momentum.

The Hong Kong-based company reported earnings per share of $0.03 for the first half of 2025, but the real story is the revenue picture. Multi Ways brought in $26.44 million in net revenue, an 87.65% increase from the $14.09 million posted in the same period last year.

What's driving the growth? Management pointed to three main factors: strong performance in equipment sales tied to local infrastructure projects, sales orders locked in during 2024 that converted to revenue this year, and an aggressive marketing push that appears to be paying off.

The company's gross profit climbed to approximately $6.63 million from $4.66 million year-over-year. But there's a catch—gross margin took a hit, falling to 25.08% from 33.07% a year earlier. Management blamed increased competition, rising input costs, and a shift in sales mix toward lower-margin equipment products.

So Multi Ways is growing fast but earning less on each dollar of sales. The market seems willing to overlook the margin squeeze for now, betting that the revenue trajectory tells the better story.