High-Trend International Group Reports Fiscal 2024 Financial Results
- Income from operations increased to $2.3 million in fiscal 2024, recovered from significant loss of $15.6 million in fiscal 2023.
SINGAPORE, Feb. 27, 2025 /PRNewswire/ -- High-Trend International Group (NASDAQ:HTCO) (the "Company"), a global ocean technology company, today reports its consolidated financial results for the year ended October 31, 2024. Amidst the profound restructuring of the shipping industry, the company has managed to reverse its operating income from a loss of $15.6 million to a profit of $2.3 million by continuously optimizing its operational strategies and leveraging its robust customer network. This turnaround signifies that the company's core business has returned to a healthy growth trajectory.
Fiscal 2024 Highlights
- Total revenue rose to $108.2 million, marking a 13.6% year-over-year increase.
- Gross profit increased to $8.1 million, compared to a gross loss of $11.9 million in fiscal 2023.
- Income from operations turned positive at $2.3 million, reversing the $15.6 million loss recorded in fiscal 2023.
- Total costs decreased by $7.1 million (6.6%) to $100.1 million in fiscal 2024, reflecting the team's operational excellence.
- Cash balance increased by $4.6 million in fiscal 2024, compared to a net decrease of $19.4 million in 2023. This significant improvement in cash reserves was primarily driven by cash inflows from financing activities. The company's enhanced financial strength is expected to support its future growth.
Creating a Decarbonization Ecosystem through global Onboard Carbon Capture ("OCC") & Carbon Asset Digitalization
We are currently examining the viability of entering into the business of providing solutions for marine decarbonization and digital carbon asset management for the shipping industry. We will collaborate with global top enterprises to develop technologies and products that help separate and capture carbon dioxide (CO2) from the exhaust gases or fuels of ships and permanently sequester the CO2, especially OCC, which may achieve permanent CO2 emission reductions from ships. We are exploring the possibility of designing a full-life-cycle turnkey service for OCC.
Management Looking Forward Statement
In the context of the transformation in the shipping industry, we choose to be the pioneers rather than the followers. Shixuan He, CEO of High-Trend International Group, pointed out that the financial turning point in 2024 has confirmed three key strategic principles: First, the deepening of technology must go beyond the equipment level to build a complete value chain from carbon capture to carbon trading. Second, ecosystem co-construction requires breaking through the boundaries of the traditional industrial chain, allowing shipowners, partners, and financial institutions to share the benefits of decarbonization through data flow. Third, the resilience of capital structure is reflected in transforming short-term book value fluctuations into long-term resource integration.
He further emphasized that in 2025, the new strategic deployments and business initiatives we are about to launch will transform ship emission reductions into ever-lasting assets. This is not only an evolution of the business model but also the beginning of a revaluation of the shipping industry.
About High-Trend International Group
High-Trend is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The company connects the decarbonization needs of the maritime industry with the supply of the carbon finance market through technology ecosystem, creating a new paradigm for maritime sustainability.
Forward Looking Statements
This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2023. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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SOURCE High-Trend International Group