Caravelle International Group Announces Financial Results for Fiscal Year 2023

Rhea-AI Summary

Caravelle International Group (Nasdaq: CACO) reported its financial results for fiscal year 2023, ending October 31. The company faced challenges in the shipping industry and increased post-listing costs, resulting in:

- Revenue of $95.3 million, down 48.6% from $185.3 million in FY 2022
- Net loss of $15.8 million, compared to a net income of $23.6 million in FY 2022
- Earnings per share of -$0.18, down from $0.24 in FY 2022

CEO Hanxi Chang stated that despite challenges, the company adjusted its strategy, strengthened client relationships, and is exploring innovative approaches to create long-term shareholder value while demonstrating social responsibility.

Positive

• Actively adjusting business strategy to meet client needs
• Strengthening relationships with clients and shipowners
• Exploring innovative strategies for long-term shareholder value
• Utilizing various financing methods to improve financial situation

Negative

• Revenue decreased by 48.6% to $95.3 million in FY 2023
• Net loss of $15.8 million in FY 2023, compared to net income of $23.6 million in FY 2022
• Earnings per share dropped to -$0.18 from $0.24 in the previous year
• Increased operating costs post-listing impacting financial performance

SINGAPORE, Sept. 9, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced its audited financial results for the fiscal year ended October 31, 2023.

Due to the overall environment of the shipping industry and increased operating costs post-listing, in the fiscal year 2023, Caravelle achieved revenue of approximately $95.3 million, a decrease of 48.6% from the approximately $185.3 million in the fiscal year 2022. The company reported a net loss of about $15.8 million, a significant change from the net income of approximately $23.6 million in the fiscal year 2022. Earnings per share were -$0.18, compared to $0.24 in the fiscal year 2022.

Mr. Hanxi Chang, CEO of Caravelle, stated, "Despite facing various challenges in 2023, we actively adjusted our business strategy according to client needs, further strengthening relationships with clients and shipowners. In July 2024, we made some adjustments to our directors and officers, the new management has been actively evaluating our shipping carbon neutrality business model, engaging to explore innovative strategies to create long-term shareholder value while demonstrating our social responsibility.  At the same time, we are trying to utilize various financing methods to improve our financial situation. Judging from the progress over the past few months, we are confident about the company's future."

About Caravelle International Group

Caravelle is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The company is committed to improving shipping efficiency through innovative technologies and promoting sustainable development in the industry. Caravelle is headquartered in Singapore.

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, 2022. 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 Caravelle International Group

FAQ

What was Caravelle International Group's (CACO) revenue for fiscal year 2023?

Caravelle International Group (CACO) reported revenue of $95.3 million for fiscal year 2023, a decrease of 48.6% from $185.3 million in fiscal year 2022.

How did Caravelle International Group's (CACO) net income change in fiscal year 2023?

Caravelle International Group (CACO) reported a net loss of $15.8 million in fiscal year 2023, compared to a net income of $23.6 million in fiscal year 2022.

What was Caravelle International Group's (CACO) earnings per share for fiscal year 2023?

Caravelle International Group (CACO) reported earnings per share of -$0.18 for fiscal year 2023, down from $0.24 in fiscal year 2022.

What strategic actions is Caravelle International Group (CACO) taking to address its financial challenges?

Caravelle International Group (CACO) is adjusting its business strategy, strengthening client relationships, exploring innovative approaches for long-term shareholder value, and utilizing various financing methods to improve its financial situation.