CBL International (US:BANL)2025-04-16 20:05Financial Performance - CBL International Limited reported consolidated revenue of $592.52 million for the year ended December 31, 2024, a 35.9% increase from $435.90 million in 2023[3] - The company experienced a net loss of $3.87 million in 2024, compared to a net income of $1.13 million in 2023, primarily due to a 25.5% decrease in gross profit[4] - Operating expenses rose by 56.8% to $8.70 million in 2024 from $5.55 million in 2023, contributing to the net loss[4] Cash Position - Cash and cash equivalents increased by 8.3% to $8.02 million as of December 31, 2024, up from $7.40 million in 2023[7] Business Expansion - CBL expanded its service network from 36 ports at the time of its IPO to over 60 ports by year-end 2024, enhancing its global reach[8] - Biofuel sales surged by 628.8% and volume increased by 603.0%, aligning with global trends towards greener shipping solutions[11] Operational Improvements - The company strengthened its IT systems for improved efficiency and expanded funding sources through capital markets[12] Future Outlook - CBL's management remains optimistic about future growth, focusing on expanding market presence and enhancing its global supply network[15] - CBL aims to secure long-term partnerships and strengthen its market position as global trade stabilizes and profitability improves[14] Revenue Composition - The share of non-container liners in total revenue increased, while sales concentration among the top five customers declined in fiscal year 2024[10]