High-Trend International Group Announces Nearly 98% Revenue Growth for Fiscal Year 2025 and Stronger Balance Sheet

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Jan 23, 2026, 16:30 ET

NEW YORK, Jan. 23, 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."

HIGH-TREND INTERNATIONAL GROUP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS

	For the years ended October 31,
	2025		2024		2023
Revenue
Ocean freight revenue	$	213,993,072	$	105,387,225	$	94,523,562
Vessel service revenue and others		422,840		2,789,458		733,976
Total revenue		214,415,912		108,176,683		95,257,538

Cost of revenues		207,612,961		100,076,361		107,142,741
Gross profit (loss)		6,802,951		8,100,322		(11,885,203)

Operating expenses:
Share-based compensation		21,922,261		1,200,562		-
General and administrative expenses		4,792,925		4,595,206		3,742,728
Total operating expenses		26,715,186		5,795,768		3,742,728

(Loss) income from operations		(19,912,235)		2,304,554		(15,627,931)

Other income (expense)
Interest income		60,833		3,444		7,738
Interest expense		(45,935)		(90,203)		(112,022)
Change in fair value of convertible notes		-		(23,213,031)		-
Loss on settlement of convertible notes		-		(306,793)		-
Other income (expense), net		(203,984)		91,318		(42,947)
Total other expense, net		(189,086)		(23,515,265)		(147,231)

Loss before income taxes		(20,101,321)		(21,210,711)		(15,775,162)

Provision for income taxes		9,106		4,139		2,542

Net loss		(20,110,427)		(21,214,850)		(15,777,704)
Less: Net income (loss) attributable to non-controlling interests		1,352,335		2,382,846		(6,445,680)
Net loss attributable to the Company	$	(21,462,762)	$	(23,597,696)	$	(9,332,024)

Loss per share attributable to the Company - Basic and diluted*	$	(4.18)	$	(10.02)	$	(4.45)
Weighted average shares outstanding - Basic and diluted*		5,470,715		2,354,185		2,096,971


*	Retroactively restated for twenty-five-for-one share consolidation on July 16, 2025.

HIGH-TREND INTERNATIONAL GROUP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	As of October 31,
	2025		2024

ASSETS
Current Assets:
Cash and cash equivalents	$	10,140,032	$	6,862,970
Accounts receivable		8,651,612		7,582,530
Prepayments, prepaid expenses and other current assets		8,481,387		8,078,301
Deferred compensation expense		1,587,603		3,338,719
Due from related parties		1,428,808		3,472
Total Current Assets		30,289,442		25,865,992

Property and equipment, net		4,767		201
Prepayments, prepaid expenses and other non-current assets		830,389		869,779
Deferred compensation expense- non-current		1,130,476		2,447,180
Operating lease right-of-use assets, net		104,129		23,407
Total Assets	$	32,359,203	$	29,206,559

LIABILITIES AND EQUITY

Current Liabilities:
Current maturity of long-term bank loan	$	-	$	580,076
Accounts payable		1,106,686		731,042
Advances from customers		7,427,910		5,784,425
Accrued expenses and other liabilities		11,018,723		6,924,302
Operating lease liability-current		77,596		23,407
Due to related parties		91,059		5,502,907
Taxes payable		9,213		7,756
Total Current Liabilities		19,731,187		19,553,915

Long-term bank loans		-		916,923
Operating lease liability-noncurrent		26,533		-
Deferred tax liability		-		107
Total Liabilities		19,757,720		20,470,945

COMMITMENTS AND CONTINGENCIES (Note 13)

Equity:
Class A Ordinary Shares, $0.0025 par value, 489,900,000 shares authorized, 6,632,441 and 4,715,419 shares issued and outstanding at October 31, 2025 and 2024, respectively *		16,583		11,790
Class B Ordinary Shares, $0.0025 par value, 10,100,000 shares authorized, 100,000 and nil shares issued and outstanding at October 31, 2025 and 2024, respectively *		250		-
Additional paid-in capital		59,279,198		33,904,575
Accumulated deficit		(51,419,154)		(28,553,022)
Total Shareholders' Equity		7,876,877		5,363,343
Non-controlling interest		4,724,606		3,372,271
Total Equity		12,601,483		8,735,614
Total Liabilities and Equity	$	32,359,203	$	29,206,559


*	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.

SOURCE High-Trend International Group