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, driven by increased market demand[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%, reaching approximately $105.4 million, primarily due to higher ocean freight prices[181] - Vessel service revenue surged by approximately $2.1 million or 280.0%, totaling approximately $2.8 million for the fiscal year ended October 31, 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%, amounting to approximately $100.1 million, 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 approximately $5.8 million in 2024, primarily due to a rise in share-based compensation[172] - Operating expenses increased by approximately $2.1 million or 54.9%, totaling approximately $5.8 million, driven by higher share-based compensation and general administrative expenses[186] - Share-based compensation expenses amounted to approximately $21.9 million in 2025, a significant increase from $1.2 million in 2024[174] Profitability and Loss - Gross profit for the fiscal year ended October 31, 2025, was approximately $6.8 million, down from approximately $8.1 million in 2024, resulting in a gross margin decrease from 7.5% to 3.2%[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 reduction 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 - 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] - As of October 31, 2025, the company had cash of $10.1 million and advances from customers of $7.4 million, indicating liquidity for future operations[194] Financing Activities - The company issued 67,985 Class A Ordinary Shares at a price of $65.5 per share for approximately $4.5 million in a private placement with Speed Wealthy Ltd[195] - 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] Taxation - The provision for income taxes was $9,106 for the fiscal year ended October 31, 2025, compared to $4,139 in 2024, with the company participating in a tax exemption program for qualified shipping income in Singapore[177] Other Information - 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 2025[169] - The company has entered into non-cancellable operating lease agreements for office space in Singapore, expiring on March 14, 2027[206] - 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]
Caravelle International Group(HTCO) - 2025 Q4 - Annual Report