- 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
