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].
Caravelle International (CACO) - 2024 Q4 - Annual Report