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].
Caravelle International (CACO) - 2023 Q4 - Annual Report