UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended October 31, 2024 OR ☐ TRANSITIONAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

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 ...

--Milestone Initiative on Ocean Carbon Neutral Sustainability with Fortune 500 CEOs and ESG LeadersSINGAPORE, Jan. 24, 2024 /PRNewswire/ -- Dr Guohua Zhang, Chairman and CEO of Caravelle International Group (Nasdaq: CACO) , the world's leading ocean carbon neutral technology company, was invited to Davos Summit 2024 in Switzerland to participate in the Climate Technology and World Sustainability Forum, and had a discussion with a number of Fortune 500 CEOs and ESG leaders on how to better embed social and e ...