NEW YORK, Jan. 24, 2026 /PRNewswire/ — High-Trend International Group (NASDAQ: HTCO) ("HTCO" or the "Company"), a global ocean technology company, today announced its financial results for the fiscal year ended October 31, 2025.
- Total revenue soared 98% year-over-year to approximately US$214.4 million in fiscal year 2025
- Ocean freight revenue jumped 103% year-over-year, with total voyage days more than doubling
- Operating cash flow turned positive at approximately US$4.6 million
- Cash and cash equivalents increased to approximately US$10.1 million as of October 31, 2025
Revenue and volume growth
For the fiscal year ended October 31, 2025, High-Trend’s total revenue increased to approximately US$214.4 million, compared to approximately US$108.2 million for the fiscal year ended October 31, 2024, representing an increase of approximately US$106.2 million, or 98.2%. This growth was primarily driven by a significant expansion of the Company’s coal transportation business on routes including Australia–Asia, Indonesia–Southeast Asia and Vietnam, which substantially increased voyage days and dry bulk shipping volumes.
Ocean freight revenue increased to approximately US$214.0 million in fiscal 2025 from approximately US$105.4 million in fiscal 2024, an increase of approximately US$108.6 million, or 103.1%. Total voyage days rose from 3,496 days in fiscal 2024 to 7,470 days in fiscal 2025, reflecting the Company’s expanded fleet deployment and higher customer demand.
Stronger cash position
The Company generated net cash provided by operating activities of approximately US$4.6 million in fiscal 2025, compared to net cash used in operating activities of approximately US$3.3 million in fiscal 2024, reflecting a significant year-over-year improvement in operating cash flow. As a result, cash and cash equivalents increased to approximately US$10.1 million as of October 31, 2025, from approximately US$6.9 million as of October 31, 2024.
Net loss primarily driven by non-cash items
High-Trend reported a net loss of approximately US$20.1 million for fiscal 2025, an improvement from a net loss of approximately US$21.2 million for fiscal 2024. The 2025 net loss was driven largely by non-cash expenses, most notably share-based compensation of approximately US$21.9 million, compared to approximately US$1.2 million in fiscal 2024, as the Company issued shares and options to directors, management and consultants in lieu of cash compensation and to support future growth.
By contrast, non-cash losses related to the Company’s convertible notes that significantly impacted the prior year did not recur in fiscal 2025. In fiscal 2024, the Company recorded a non-cash loss of approximately US$23.2 million from the change in fair value of convertible notes and an additional non-cash loss of approximately US$0.3 million on the settlement of convertible notes, which were major contributors to the prior-year net loss. Excluding these prior-year non-cash fair value and settlement losses, the Company’s underlying operating performance in 2025 reflects substantial revenue growth and improved cash flow generation despite reported net losses being dominated by non-cash charges.
Management commentary
"Our fiscal 2025 results clearly demonstrate that High-Trend has successfully scaled its core shipping business, nearly doubling revenue year-over-year while strengthening our cash position and book value per share," said Christopher Nixon Cox, Chairman of High-Trend International Group. "Although we reported a net loss in 2025, this was primarily driven by non-cash share-based compensation, as we chose to incentivize management and partners with equity rather than cash. From a cash perspective, our operations delivered positive cash flow and a significantly stronger balance sheet."
He continued, "Looking ahead, we intend to continue focusing on high-demand trade lanes and disciplined cost management, while optimizing our capital structure and equity-based incentives to align long-term shareholder value with operational performance."
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HIGH-TREND INTERNATIONAL GROUP AND SUBSIDIARIES |
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CONSOLIDATED STATEMENT OF OPERATIONS |
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For the years ended October 31, |
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2025 |
2024 |
2023 |
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Revenue |
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Ocean freight revenue |
$ |
213,993,072 |
$ |
105,387,225 |
$ |
94,523,562 |
||||||
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Vessel service revenue and others |
422,840 |
2,789,458 |
733,976 |
|||||||||
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Total revenue |
214,415,912 |
108,176,683 |
95,257,538 |
|||||||||
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Cost of revenues |
207,612,961 |
100,076,361 |
107,142,741 |
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Gross profit (loss) |
6,802,951 |
8,100,322 |
(11,885,203) |
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Operating expenses: |
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Share-based compensation |
21,922,261 |
1,200,562 |
– |
|||||||||
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General and administrative expenses |
4,792,925 |
4,595,206 |
3,742,728 |
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Total operating expenses |
26,715,186 |
5,795,768 |
3,742,728 |
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(Loss) income from operations |
(19,912,235) |
2,304,554 |
(15,627,931) |
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Other income (expense) |
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Interest income |
60,833 |
3,444 |
7,738 |
|||||||||
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Interest expense |
(45,935) |
(90,203) |
(112,022) |
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Change in fair value of convertible notes |
– |
(23,213,031) |
– |
|||||||||
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Loss on settlement of convertible notes |
– |
(306,793) |
– |
|||||||||
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Other income (expense), net |
(203,984) |
91,318 |
(42,947) |
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Total other expense, net |
(189,086) |
(23,515,265) |
(147,231) |
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Loss before income taxes |
(20,101,321) |
(21,210,711) |
(15,775,162) |
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Provision for income taxes |
9,106 |
4,139 |
2,542 |
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Net loss |
(20,110,427) |
(21,214,850) |
(15,777,704) |
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Less: Net income (loss) attributable to non-controlling interests |
1,352,335 |
2,382,846 |
(6,445,680) |
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Net loss attributable to the Company |
$ |
(21,462,762) |
$ |
(23,597,696) |
$ |
(9,332,024) |
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Loss per share attributable to the Company – Basic and diluted* |
$ |
(4.18) |
$ |
(10.02) |
$ |
(4.45) |
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Weighted average shares outstanding – Basic and diluted* |
5,470,715 |
2,354,185 |
2,096,971 |
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* |
Retroactively restated for twenty-five-for-one share consolidation on July 16, 2025. |
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HIGH-TREND INTERNATIONAL GROUP AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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As of |
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2025 |
2024 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ |
10,140,032 |
$ |
6,862,970 |
||||
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Accounts receivable |
8,651,612 |
7,582,530 |
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Prepayments, prepaid expenses and other current assets |
8,481,387 |
8,078,301 |
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Deferred compensation expense |
1,587,603 |
3,338,719 |
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Due from related parties |
1,428,808 |
3,472 |
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Total Current Assets |
30,289,442 |
25,865,992 |
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Property and equipment, net |
4,767 |
201 |
||||||
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Prepayments, prepaid expenses and other non-current assets |
830,389 |
869,779 |
||||||
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Deferred compensation expense- non-current |
1,130,476 |
2,447,180 |
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Operating lease right-of-use assets, net |
104,129 |
23,407 |
||||||
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Total Assets |
$ |
32,359,203 |
$ |
29,206,559 |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Current maturity of long-term bank loan |
$ |
– |
$ |
580,076 |
||||
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Accounts payable |
1,106,686 |
731,042 |
||||||
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Advances from customers |
7,427,910 |
5,784,425 |
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Accrued expenses and other liabilities |
11,018,723 |
6,924,302 |
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Operating lease liability-current |
77,596 |
23,407 |
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Due to related parties |
91,059 |
5,502,907 |
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Taxes payable |
9,213 |
7,756 |
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Total Current Liabilities |
19,731,187 |
19,553,915 |
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Long-term bank loans |
– |
916,923 |
||||||
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Operating lease liability-noncurrent |
26,533 |
– |
||||||
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Deferred tax liability |
– |
107 |
||||||
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Total Liabilities |
19,757,720 |
20,470,945 |
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COMMITMENTS AND CONTINGENCIES (Note 13) |
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Equity: |
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Class A Ordinary Shares, $0.0025 par value, 489,900,000 shares authorized, 6,632,441 and |
16,583 |
11,790 |
||||||
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Class B Ordinary Shares, $0.0025 par value, 10,100,000 shares authorized, 100,000 and nil |
250 |
– |
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Additional paid-in capital |
59,279,198 |
33,904,575 |
||||||
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Accumulated deficit |
(51,419,154) |
(28,553,022) |
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Total Shareholders’ Equity |
7,876,877 |
5,363,343 |
||||||
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Non-controlling interest |
4,724,606 |
3,372,271 |
||||||
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Total Equity |
12,601,483 |
8,735,614 |
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Total Liabilities and Equity |
$ |
32,359,203 |
$ |
29,206,559 |
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* |
Retroactively restated for twenty-five-for-one share consolidation on July 16, 2025. Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization |
About High-Trend International Group
High-Trend International Group is a global ocean technology company with core businesses in international shipping and marine carbon neutrality.
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 and can be identified by words such as "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated by these statements, including but not limited to those 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, 2025. All information in this press release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement, except as required by applicable law.
