CL Workshop Group Ltd (NASDAQ: NWGL)

CL Workshop Group Limited is a forestry company headquartered in Macau that focuses on the trading of wood products. The company traces its origins to more than fifteen years of experience in forest land operations and has built a diversified business model that includes the procurement and sale of logs, decking, flooring, sawn timber and, historically, carbon credits. Its supply chain reaches North America, South America, Europe, Asia and Africa, allowing it to source material from a variety of regions and to serve customers across those same markets. In 2017 and 2020 the group acquired wood processing facilities in Peru to expand downstream capabilities and to introduce ready to use decking products. In November 2020 it launched a line of essential oils refined from forest resources for export to international buyers. However, persistent losses at the Peruvian operations led to the disposal of the entire issued share capital of the Peru based subsidiary in June 2025, after which the group shifted its focus to a more agile model centred on the trading of wood products and the optimisation of its product mix. In October 2025 a change of control occurred when a consortium of sellers transferred approximately 86.82% of the outstanding ordinary shares to TUTU Business Services Limited and other parties, making TUTU Business Services Limited the new controlling shareholder. Subsequently, in December 2025, the company’s name was changed from Nature Wood Group Limited to CL Workshop Group Limited to reflect the new strategic direction and ownership structure.

Revenue is generated primarily from the sale of wood products. For the fiscal year ended 31 December 2025 the company reported total revenue of $14,584,000, with logs contributing 38.6%, flooring 51.6%, decking 7.9% and sawn timber 1.9%. Carbon credit sales were negligible in that year. In the fiscal year ended 31 December 2024 total revenue was $16,341,000, of which logs represented 74.4%, flooring 4.6%, decking 20.7%, sawn timber 0.3% and carbon credits 0.1%. For the fiscal year ended 31 December 2023 total revenue amounted to $17,673,000, with logs accounting for 56.8%, flooring 12.0%, decking 30.5%, sawn timber 0.7% and carbon credits negligible. The company states that its pricing policy is based on production costs, transportation costs, targeted profit margins and the prevailing market price of comparable timber products, taking into account fluctuations in the cost of major raw materials such as logs and flooring.

CL Workshop Group Limited operates in a highly competitive global timber market where participants face fluctuating demand, evolving environmental regulations and trade barriers such as tariffs and phytosanitary restrictions. The filing notes that competition in the international seller’s timber market is expected to intensify as more countries impose restrictions on log exports and as obstacles like formaldehyde standards, tariffs and non tariff barriers affect trade. To navigate these challenges, businesses are required to invest in third party nations and to increase research and development efforts aimed at creating innovative, value added products. The company’s competitive advantages stem from its long standing relationships with suppliers and buyers, its experience spanning more than fifteen years in forest operations and its ability to source material from multiple continents. These strengths enable it to adapt to market volatility and to maintain a steady flow of inventory despite regional disruptions.

The company serves a diversified international clientele. Sales are distributed across China, Europe, South America, North America, Asia and Africa, with China typically representing the largest single market. In 2025, sales to China accounted for 44.6% of total revenue, while Europe contributed 13.5%, South America 0.1%, North America 2.2%, Asia 37.9% and Africa 1.7%. In 2024 the shares were 46.8% to China, 25.0% to Europe, 0.0% to South America, 3.2% to North America, 24.8% to Asia and 0.2% to Africa. In 2023 the distribution was 58.3% to China, 34.2% to Europe, 5.1% to South America, 0.2% to North America, 2.2% to Asia and 0.0% to Africa. No individual customer names are disclosed in the filing, so the base is described in terms of geographic regions and the types of buyers involved in wood product trading.