CBL International Limited announced its annual financial results for the year ended December 31, 2024, reporting consolidated revenue of $592.52 million. This marks a 35.9% increase from $435.90 million in 2023, primarily driven by a 38.1% increase in sales volume.
Despite the revenue growth, the company reported a net loss of $3.87 million in 2024, a shift from a net income of $1.13 million in 2023. This was mainly attributed to a 25.5% decrease in gross profit to $5.37 million and a 56.8% rise in operating expenses to $8.70 million, as the company adopted a volume-driven strategy with competitive pricing and invested in business expansion and biofuel operations.
Earnings per share (EPS) decreased to $(0.136) in 2024 from $0.045 in 2023. Operationally, CBL expanded its service network from 36 ports at its March 2023 IPO to over 60 ports by year-end 2024, and biofuel sales surged by 628.8% with volume up 603.0%, supported by ISCC EU and ISCC Plus certifications secured in 2023.
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