Revenue Growth - Total revenue for the fiscal year ended October 31, 2025, was approximately $214.4 million, an increase of approximately $106.2 million or 98.2% compared to $108.2 million in 2024[167] - Ocean freight revenue increased by approximately $108.6 million or 103.1%, from approximately $105.4 million in 2024 to approximately $214.4 million in 2025[168] - Total revenue for the fiscal year ended October 31, 2024, was approximately $108.2 million, an increase of $12.9 million or 13.6% compared to $95.3 million in 2023[181] - Ocean freight revenue increased by approximately $10.9 million or 11.5%, from $94.5 million in 2023 to $105.4 million in 2024, primarily due to increased ocean freight prices[181] - Vessel service revenue rose by approximately $2.1 million or 280.0%, from $0.7 million in 2023 to $2.8 million in 2024[182] Cost and Expenses - Cost of revenues rose to approximately $207.6 million in 2025, an increase of approximately $107.5 million or 107.5% compared to $100.1 million in 2024[170] - Cost of revenues decreased by approximately $7.1 million or 6.6%, from $107.1 million in 2023 to $100.1 million in 2024, due to lower ship lease, fuel, and port fees[183] - Operating expenses surged to approximately $26.7 million in 2025, an increase of approximately $20.9 million or 360.9% from $5.8 million in 2024[172] - Operating expenses increased by approximately $2.1 million or 54.9%, from $3.7 million in 2023 to $5.8 million in 2024, driven by higher share-based compensation and general administrative expenses[186] - Other expenses, net, amounted to approximately $23.5 million for the fiscal year ended October 31, 2024, an increase of approximately $23.4 million compared to $0.1 million in 2023, primarily due to losses from convertible notes[189] Profitability - Gross profit decreased to approximately $6.8 million in 2025, with a gross margin of 3.2%, down from 7.5% in 2024[171] - Gross profit for the fiscal year ended October 31, 2024, was approximately $8.1 million, compared to a gross loss of approximately $11.9 million in 2023, resulting in a gross margin of 7.5%[184] - Net loss for the fiscal year ended October 31, 2025, was approximately $20.1 million, compared to a net loss of approximately $21.2 million in 2024, reflecting a decrease of $1.1 million or 5.2%[178] - The net loss for the fiscal year ended October 31, 2024, was approximately $21.2 million, compared to a net loss of approximately $15.8 million in 2023[192] Cash Flow and Liquidity - As of October 31, 2025, the company had cash of $10.1 million and advances from customers of $7.4 million, indicating a focus on maintaining liquidity[194] - Net cash provided by operating activities was approximately $4.6 million for the fiscal year ended October 31, 2025, despite a net loss of approximately $20.1 million[198] - Net cash used in operating activities was approximately $3.3 million for the fiscal year ended October 31, 2024, with a net loss of approximately $21.2 million and a fair value loss of approximately $23.2 million on convertible notes[199] - Net cash used in operating activities was approximately $17.8 million for the fiscal year ended October 31, 2023, primarily due to a net loss of approximately $15.8 million[200] - Cash used by investing activities was approximately $0.01 million for the fiscal year ended October 31, 2025, for the purchase of office and electronic equipment[201] - Net cash used in financing activities was approximately $1.3 million for the fiscal year ended October 31, 2025, mainly due to repayment of advances made by related parties of approximately $1.1 million[202] - Net cash provided by financing activities was approximately $8.0 million for the fiscal year ended October 31, 2024, primarily from loans from related parties of approximately $10.7 million[203] - Net cash used in financing activities was approximately $1.6 million for the fiscal year ended October 31, 2023, mainly due to repayment of related parties' loans of approximately $13.2 million[204] Strategic Initiatives - The company began providing consulting services related to onboard carbon capture technologies in February 2025, generating approximately $0.4 million in revenue during the fiscal year[169] - The company renewed its participation in the Maritime Sector Incentive-Approved International Shipping Enterprise (MSI-AIS) program for an additional 10 years, which exempts qualified shipping income from taxation[177] Contractual Obligations - Total contractual obligations as of October 31, 2025, amounted to $104,129, with $77,596 due within one year[207] - There were no off-balance sheet arrangements for the fiscal years ended October 31, 2025, 2024, and 2023 that could materially affect the financial condition[208] Lease Agreements - The company has entered into non-cancellable operating lease agreements for office space in Singapore, expiring on March 14, 2027[206]

Revenue Performance - Total revenue for the year ended October 31, 2024, was approximately $108.2 million, an increase of approximately $12.9 million or 13.6% compared to $95.3 million for the year ended October 31, 2023[176]. - Ocean freight revenue increased by approximately $10.9 million or 11.5%, from approximately $94.5 million in 2023 to approximately $105.4 million in 2024, primarily due to increased ocean freight prices[177]. - Vessel service revenue surged by approximately $2.1 million or 280.0%, from approximately $0.7 million in 2023 to approximately $2.8 million in 2024[178]. - Total revenue for the year ended October 31, 2023, was approximately $95.3 million, a decrease of approximately $90.1 million or 48.6% compared to $185.3 million in 2022[191]. - Ocean freight revenue decreased by approximately $83.6 million or 46.9%, from approximately $178.1 million in 2022 to approximately $94.5 million in 2023, primarily due to a decrease in ocean freight prices[192]. - Vessel service revenue decreased by approximately $6.5 million or 89.8%, from approximately $7.2 million in 2022 to approximately $0.7 million in 2023[193]. Cost and Profitability - Cost of revenues decreased by approximately $7.1 million or 6.6%, from approximately $107.1 million in 2023 to approximately $100.1 million in 2024, due to lower average market prices for ship leases, oil, and port charges[179]. - Gross profit for the year ended October 31, 2024, was approximately $8.1 million, compared to a gross loss of approximately $11.9 million in 2023, resulting in a gross margin of 7.5%[180]. - Gross loss amounted to approximately $11.9 million for the year ended October 31, 2023, compared to a gross profit of approximately $26.8 million in 2022, resulting in a gross margin of negative 12.5%[195]. - Cost of revenues amounted to approximately $107.1 million for the year ended October 31, 2023, representing a decrease of approximately $51.4 million or 32.4% compared to $158.5 million in 2022[194]. Operating Expenses - Operating expenses increased by approximately $2.1 million or 54.9%, from approximately $3.7 million in 2023 to approximately $5.8 million in 2024, primarily due to higher consulting and professional service fees[181]. - Operating expenses increased by approximately $0.5 million or 14.6%, from approximately $3.3 million in 2022 to approximately $3.7 million in 2023[197]. Net Loss - The net loss for the year ended October 31, 2024, was approximately $21.2 million, compared to a net loss of approximately $15.8 million for the year ended October 31, 2023, representing an increase in loss of approximately $5.4 million or 34.5%[186]. - Net loss amounted to approximately $15.8 million for the year ended October 31, 2023, compared to net income of approximately $23.6 million in 2022[202]. Cash Flow - For the year ended October 31, 2024, net cash used in operating activities was approximately $3.3 million, primarily due to a net loss of approximately $21.2 million and cash used in accounts receivable of approximately $6.6 million[212]. - Net cash provided by financing activities was approximately $8.0 million for the year ended October 31, 2024, mainly from loans from related parties of approximately $10.7 million and proceeds from convertible notes of approximately $5.3 million[216]. - For the year ended October 31, 2023, net cash used in operating activities was approximately $17.8 million, primarily due to a net loss of approximately $15.8 million[213]. - The net increase in cash and cash equivalents for the year ended October 31, 2024, was approximately $4.6 million, compared to a decrease of approximately $19.4 million in 2023[211]. Financing Activities - The company closed a private placement financing of senior unsecured convertible promissory notes in October 2024, with an aggregate principal amount of $1,752,000, which was fully converted into 17,520,000 Ordinary Shares[209]. - The company issued a five-year warrant to purchase 24,045,181 Class A Ordinary Shares at an initial exercise price of $0.166 per share as part of the September 2024 financing[208]. - The company does not have an obligation to register any of the securities issued in the placements or that were issuable pursuant to the convertible notes and warrants[208]. Debt and Obligations - The company had an outstanding bank loan of approximately $1,496,999 as of October 31, 2024, with a lease agreement expiring on March 14, 2025[220]. - There were no off-balance sheet arrangements that are likely to have a material effect on the company's financial condition or results of operations for the years ended October 31, 2024, 2023, and 2022[222]. Voyage Days and Charges - The average charge per day for ocean freight increased to approximately $30,144 in 2024, up by approximately $2,800 from $27,344 in 2023[177]. - The total number of voyage days for ocean freight was 3,496 days in 2024, an increase of 44 days from 3,452 days in 2023, attributed to new customer acquisitions[177]. - The total number of voyage days for ocean freight was 3,452 days in 2023, a decrease of 5 days from 3,457 days in 2022[192]. - The average charge per day for ocean freight was approximately $27,344 in 2023, a decrease of approximately $24,182 from $51,526 in 2022[192].

SINGAPORE, Sept. 25, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced that its ordinary shares will begin trading on NASDAQ under the ticker symbol 'HTCO' prior to market open on September 30, 2024. This will replace the company's current ticker symbol 'CACO', which has been used since its de-SPAC transaction in 2022. No action by the company's shareholders is required with respect to the ticker symbol change. The company's ordinary shares ...

SINGAPORE, Sept. 9, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced its audited financial results for the fiscal year ended October 31, 2023. Due to the overall environment of the shipping industry and increased operating costs post-listing, in the fiscal year 2023, Caravelle achieved revenue of approximately $95.3 million, a decrease of 48.6% from the approximately $185.3 million in the fiscal year 2022. The company reported a net loss o ...

Revenue Performance - For the year ended October 31, 2023, the Group's total revenue decreased by approximately $90.1 million, or 48.6%, to $95.3 million from $185.3 million in the previous year[277]. - Ocean freight revenue declined by approximately $83.6 million, or 46.9%, from $178.1 million in 2022 to $94.5 million in 2023, primarily due to a decrease in ocean freight prices[278]. - Vessel service revenue decreased by approximately $6.5 million, or 89.8%, from approximately $7.2 million in 2022 to approximately $0.7 million in 2023[279]. - Total revenue for the year ended October 31, 2022, was approximately $185.3 million, an increase of approximately $63.4 million or 52.0% compared to approximately $122.0 million for the year ended October 31, 2021[290]. - Ocean freight revenue increased by approximately $68.0 million or 61.8% from approximately $110.1 million for the year ended October 31, 2021, to approximately $178.1 million for the year ended October 31, 2022[291]. Profitability - The Group's gross loss amounted to approximately $11.9 million for the year ended October 31, 2023, compared to a gross profit of approximately $26.8 million in 2022, resulting in a gross margin of negative 12.5%[281]. - Net loss for the year ended October 31, 2023, amounted to $15.8 million, compared to net income of $23.6 million in 2022, representing a decline of approximately $39.4 million[275]. - For the year ended October 31, 2023, the Group reported a net loss of approximately $15.8 million, a significant decline from a net income of approximately $23.6 million for the year ended October 31, 2022[287]. - Gross profit for the year ended October 31, 2022, was approximately $26.8 million, with a gross margin of 14.5%, up from a gross profit of approximately $13.0 million and a gross margin of 10.6% for the year ended October 31, 2021[294]. Operating Expenses - Operating expenses increased by approximately $0.5 million, or 14.6%, from approximately $3.3 million in 2022 to approximately $3.7 million in 2023[283]. - Operating expenses increased by approximately $0.8 million or 32.2% from approximately $2.5 million for the year ended October 31, 2021, to approximately $3.3 million for the year ended October 31, 2022[296]. Cash Flow and Financial Position - The Group incurred net cash used in operating activities of $17.8 million for the year ended October 31, 2023[300]. - Net cash used in operating activities was approximately $17.8 million for the year ended October 31, 2023, compared to a net cash provided of approximately $33.1 million for the year ended October 31, 2022, indicating a significant decline in operational cash flow[304]. - Net cash provided by operating activities was approximately $33.1 million for the year ended October 31, 2022, primarily driven by a net income of approximately $23.6 million[305]. - As of October 31, 2023, the Group had cash of $2.2 million and an accumulated deficit of $5.0 million[301]. - The Group had outstanding bank loans of approximately $2,414,678 as of October 31, 2023, with total contractual obligations amounting to approximately $2,614,755[311]. Revenue Recognition and Future Outlook - The Group's revenue recognition involves recognizing revenue ratably over the voyage period, reflecting the continuous service provided to customers[316]. - The Group has not identified any trends or uncertainties likely to materially affect revenue or profitability in the future[313].

SINGAPORE, Aug. 8, 2024 /PRNewswire/ -- Caravelle International Group (the "Company", Nasdaq: CACO), a global ocean technology company, today announced that it has entered some agreements ( the "Agreements") with two institutional investors (the "Investors") to terminate all terms and provisions of the Securities Purchase Agreement and other related transaction agreements dated January 5, 2024 (the "Securities Purchase Agreement"), pursuant to which the Company will buy back the $1.5 million Senior Secured ...

On June 10, 2024, Nasdaq also notified the Company that, after its review of the materials provided by the Company on May 24, 2024, Nasdaq determined to grant the Company an exception to file its annual report on Form 20-F for the fiscal year ended October 31, 2023 (the "Form 20") by September 10, 2024, to enable the Company to regain compliance with Nasdaq Listing Rule 5250(c)(1). Caravelle International Group is committed to making every effort to ensure the timely submission of the annual report. This de ...

SINGAPORE, April 25, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced that it has signed a Memorandum of Understanding (MoU) with the Ministry of Water and Forestry of Gabon on the development of a critical timber processing and marketing technology for the transportation, processing and sale of timber. This initiative is another important step in preparation for the drying of timber on the same carrier as the transporta ...

SINGAPORE, April 18, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced the signing of an innovative manganese ore sourcing agreement with CUEX Metal AG ("CUEX"), a leading provider of services to the global steel, foundry and smelting industries. This partnership not only ensures CUEX's stability in the global manganese ore supply chain, but also marks a substantial step forward in the cooperation between the two companie ...

SINGAPORE, March 4, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a trailblazing global ocean technology company, is excited to announce a significant leap forward in its operational capabilities with the full commissioning stage of its pioneering wood drying ship. This innovative venture marks a significant milestone in the company's commitment to leveraging sustainable technologies and processes. After meticulous planning and procurement, Caravelle International Group has successfully ...