Waterways Leisure Tourism Limited IPO

The company currently undertake its operations through a single cruise vessel, the `MV Empress'. Any disruption to the company's cruise vessel could lead to operational disruptions and adversely impact its business, results of operations, financial condition and cash flows.

A significant portion of its revenue is derived from the company's cruise ticket sales, which accounted for 90.40%, 87.84%, 87.01% and 85.77% of its revenue from operations in the nine months ended December 31, 2024 and Fiscals 2024, 2023 and 2022, respectively. A decline in the company's cruise ticket sales may adversely impact its business, financial condition, results of operations, cash flows and prospects.

The company's growth strategy relies on the acquisition of new vessels to expand its operations. The company's inability to expand its operations by acquiring new vessels could significantly impact the company's business, financial condition, and results of operations.

An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect its business, results of operations, financial condition and cash flows.

The company's cruise operations depend on third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact its business, results of operations, financial condition and cash flows.

The company has a limited operating history and its historical performance may not be indicative of the company's future growth or financial results.

The company's inability to ensure high cruise occupancy rates could result in significant financial losses and adversely impact its business, results of operations, financial condition and cash flows.

The company's business and results of operations are significantly dependent on its "Cordelia" brand and any dilution or damage to the company's brand in any manner may adversely affect its business reputation, results of operations, financial condition and cash flows.

The company have acquired two new cruise vessels on lease and its inability to adhere to the terms of the lease agreements (including our inability to pay the lease rentals) could lead to the termination of agreements which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.

Adverse incidents involving the operation of its cruise vessel, including adverse weather conditions or other natural disasters, may require thecompany to alter its itineraries or cancel existing cruises which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.