High-Trend International Group financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data High-Trend International Group files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	78.4	122	185	95.3	108	214
Cost of revenue	82.3	109	159	107	100	208
Gross profit	-3.94	13	26.8	-11.9	8.1	6.8
General and administrative	1.79	2.44	3.25	3.74	4.6	4.79
Operating expenses	1.79	2.47	3.27	3.74	5.8	26.7
Operating income	-5.73	10.5	23.6	-15.6	2.3	-19.9
Interest expense	0.06	0.12	0.1	0.11	0.09	0.05
Interest income	0.01	0	0	0.01	0	0.06
Other non-operating income	-0.03	-0.22	0.03	-0.15	-23.5	-0.19
Pre-tax income	-5.76	10.3	23.6	-15.8	-21.2	-20.1
Income tax	0	0	0.01	0	0	0.01
Net income to minority interests	-2.59	4.95	11.4	-6.45	2.38	1.35
Net income	-3.17	5.31	12.2	-9.33	-23.6	-21.5
EBITDA	-5.69	10.5	23.6	-15.6	2.33	-19.9
EPS, basic	-1.48	2.72	5.93	-4.45	-10.02	-4.18
EPS, diluted	-1.48	2.72	5.93	-4.45	-10.02	-4.18
Shares, basic (weighted)	2.02	2.02	2.02	2.1	2.35	5.47
Shares, diluted (weighted)	2.02	2.02	2.02	2.1	2.35	5.47

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.12	10.4	21.6	2.22	6.86	10.1
Receivables		7.83	3.96	0.98	7.58	8.65
Other current assets		7.92	6.95	3.56	8.08	8.48
Total current assets		26.1	33.4	6.77	25.9	30.3
Property, plant and equipment		0.12	0.6	0.56	0	0
Lease right-of-use assets				0.2	0.02	0.1
Other non-current assets		0.95	1.54
Total assets		27.2	35.6	8.43	29.2	32.4
Accounts payable		0.49	0.75	0.26	0.73	1.11
Accrued liabilities			7.88	4.42	5.85	9.25
Deferred revenue				3.46	5.78	7.43
Short-term debt		0.9	0.88	0.94	0.58
Total current liabilities		20.4	23.2	14.1	19.6	19.7
Long-term debt		3.37	2.37	1.48	0.92
Lease liabilities				0.11		0.03
Total liabilities		23.8	25.5	15.7	20.5	19.8
Total debt		4.27	3.25	2.41	1.5
Paid-in capital		0.1	0.15	-0.46	33.9	59.3
Retained earnings		0.43	4.38	-4.96	-28.6	-51.4
Shareholders' equity		0.58	4.53	-5.41	5.36	7.88
Minority interests		2.79	5.49	-1.86	3.37	4.72
Total equity	-6.66	3.37	10	-7.26	8.74	12.6
Total liabilities and equity		27.2	35.6	8.43	29.2	32.4
Shares outstanding		2.02	2.02	52.8	118

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-5.76	10.3	23.6	-15.8	-21.2	-20.1
Depreciation and amortization	0.04	0.04	0.04	0.04	0.02	0
Stock-based compensation					1.2	21.9
Deferred income tax	0	0	-0	-0	-0	-0
Change in receivables	0.43	-5.41	3.87	2.97	-6.6	-1.07
Change in payables	0.28	0.18	0.26	-0.54	0.31	0.38
Cash from operations	1.1	0.63	33.1	-17.8	-3.33	4.63
Capital expenditures	-0					-0.01
Cash from investing	-0.3	0.3				-0.01
Stock issued						0.01
Dividends paid			-17	-0.9
Cash from financing	4.89	1.31	-21.9	-1.58	7.97	-1.35
Net change in cash	5.69	2.24	11.2	-19.4	4.64	3.28
Free cash flow	1.1					4.63
Interest paid	0.06	0.12	0.08	0.06	0.09	0.05
Income taxes paid	0	0	0	0.01	0.05	0.01

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	3.2%	Gross profit / revenue.
Operating margin	-9.3%	Operating income / revenue.
EBITDA margin	-9.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.4%	Pre-tax income / revenue.
Net margin	-10.0%	Net income / revenue.
FCF margin	2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.2%	Cash from operations / revenue.
Return on equity (ROE)	-324.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-69.7%	Net income / average total assets.
Stock-based pay / revenue	10.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	98.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-16.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-36.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-964.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-955.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-48.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	33.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	33.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	46.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	10.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	132.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	39.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	22.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.54x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.51x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	61.1%	Total liabilities / total assets.
Interest coverage	-433x	Operating income / interest expense.
Working capital	$10.6M	Current assets - current liabilities.
Tangible book value	$7.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	6.97x	Revenue / average total assets.
Fixed asset turnover	86,319x	Revenue / average property, plant and equipment.
Receivables turnover	26.4x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Days payables	2 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	0.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$4.18	Net income per basic share, as reported (split-adjusted).
Revenue per share	$39.19	Revenue / diluted weighted shares.
FCF per share	$0.85	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.85	Cash from operations / diluted weighted shares.
Book value per share	$1.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.44	Tangible book value / shares outstanding.
Cash per share	$1.85	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$15.4M	Share price x shares outstanding.
Enterprise value	$5.3M	Market cap + total debt - cash - short-term investments.
P/S	0.07x	Market cap / revenue.
P/B	1.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.96x	Market cap / tangible book value, when positive.
P/FCF	3.33x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.33x	Market cap / cash from operations, when positive.
EV/Sales	0.02x	Enterprise value / revenue.
EV/FCF	1.14x	Enterprise value / free cash flow, when both are positive.
FCF yield	30.0%	Free cash flow / market cap.
Earnings yield	-139.3%	Net income / market cap (the inverse of P/E).

What was High-Trend International Group's revenue in fiscal 2025?

High-Trend International Group reported revenue of $214.4M for fiscal 2025, 98.2% higher than the year before.

Was High-Trend International Group profitable in fiscal 2025?

No. It reported a net loss of $21.5M.

How much free cash flow did High-Trend International Group generate in fiscal 2025?

Cash from operations of $4.6M minus capital expenditures of $5.1K left free cash flow of $4.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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