The company's equity position has deteriorated significantly, falling from $21.2 million in 2025Q2 to $7.9 million by 2025Q4, while maintaining a minimal net PPE of $108.9K.
| Total Current Assets | 30.29M | 25.87M | 6.77M | 33.43M | 26.12M | 14.91M |
| Cash & Short-Term Investments | 10.14M | 6.86M | 2.22M | 21.57M | 10.35M | 8.12M |
| Cash Only | 10.14M | 6.86M | 2.22M | 21.57M | 10.35M | 8.12M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.08M | 7.59M | 987.97K | 4.91M | 7.84M | 2.54M |
| Days Sales Outstanding | 17.16 | 25.6 | 3.79 | 9.66 | 23.47 | 11.84 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 10.07M | 11.42M | 3.56M | 6.95M | 0 | 0 |
| Total Non-Current Assets | 2.07M | 3.34M | 1.66M | 2.14M | 1.07M | 1.32M |
| Property, Plant & Equipment | 108.9K | 23.61K | 766.64K | 604.13K | 123.78K | 106.91K |
| Fixed Asset Turnover | 1969.00x | 4582.22x | 124.25x | 306.81x | 985.31x | 732.89x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.96M | 3.32M | 894.56K | 1.54M | 946.27K | 1.22M |
| Total Assets | 32.36M | 29.21M | 8.43M | 35.57M | 27.19M | 16.23M |
| Asset Turnover | 6.63x | 3.70x | 11.30x | 5.21x | 4.49x | 4.83x |
| Asset Growth % | 10.79% | 246.43% | -76.3% | 30.85% | 67.5% | - |
| Total Current Liabilities | 19.73M | 19.55M | 14.11M | 23.18M | 20.44M | 18.81M |
| Accounts Payable | 1.11M | 569.19K | 261.14K | 750.47K | 488.44K | 305.08K |
| Days Payables Outstanding | 1.95 | 2.08 | 0.89 | 1.73 | 1.64 | 1.35 |
| Short-Term Debt | 77.6K | 6.07M | 4.15M | 3.25M | 7.44M | 5.6M |
| Deferred Revenue (Current) | 16.67M | 5.78M | 3.46M | 10.07M | 6.18M | 5.79M |
| Other Current Liabilities | 1.79M | -407 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.54x | 1.32x | 0.48x | 1.44x | 1.28x | 0.79x |
| Quick Ratio | 1.54x | 1.32x | 0.48x | 1.44x | 1.28x | 0.79x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 26.53K | 917.03K | 1.59M | 2.37M | 3.37M | 4.07M |
| Long-Term Debt | 26.53K | 916.92K | 1.48M | 2.37M | 3.37M | 4.07M |
| Capital Lease Obligations | 26.53K | 0 | 109.49K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 107 | 217 | 1.29K | 1.63K | 1.43K |
| Other Non-Current Liabilities | -26.53K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 19.76M | 20.47M | 15.7M | 25.55M | 23.81M | 22.89M |
| Total Debt | 130.66K | 7.01M | 5.83M | 5.62M | 10.81M | 9.67M |
| Net Debt | -10.01M | 149.96K | 3.61M | -15.95M | 453.4K | 1.55M |
| Debt / Equity | 0.01x | 0.80x | - | 0.56x | 3.20x | - |
| Debt / EBITDA | - | 2.91x | - | 0.24x | 1.03x | - |
| Net Debt / EBITDA | - | 0.06x | - | -0.68x | 0.04x | - |
| Interest Coverage | -436.60x | -234.15x | -139.82x | 232.73x | 84.82x | -94.57x |
| Total Equity | 12.6M | 8.74M | -7.26M | 10.02M | 3.37M | -6.66M |
| Equity Growth % | 44.25% | 220.25% | -172.47% | 197.24% | 150.67% | - |
| Book Value per Share | 2.30 | 1.86 | -1.73 | 2.51 | 5.62 | -11.10 |
| Total Shareholders' Equity | 7.88M | 5.36M | -5.41M | 4.53M | 583.91K | -4.83M |
| Common Stock | 16.83K | 11.79K | 5.28K | 5K | 50K | 50K |
| Retained Earnings | -51.42M | -28.55M | -4.96M | 4.38M | 433.78K | -4.88M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.72M | 3.37M | -1.86M | 5.49M | 2.79M | -1.82M |
Persistent negative equity erosion
According to recent financial statements, HTCO's equity position has experienced significant volatility, dropping from $21.2 million in 2025Q2 to $7.9 million by 2025Q4, a trend that suggests the company is struggling to maintain a stable capital base while absorbing persistent operational losses and restructuring costs.
The rapid contraction in equity appears to be driven by the accumulation of a $51.4 million deficit in retained earnings. This trajectory indicates that the company's business model is currently value-destructive, as it fails to generate sufficient returns to offset the capital consumed by its high-variable-cost shipping operations.
Based on reported figures, HTCO's cash reserves have declined from $13.2 million in 2025Q2 to $10.1 million in 2025Q4, leaving the company with a current ratio of 1.54 that may provide only a limited buffer against ongoing operational cash outflows and potential working capital volatility.
While the current ratio appears superficially adequate, the underlying cash burn suggests that liquidity could tighten rapidly if revenue growth fails to translate into positive operating cash flow. Investors should monitor the company's ability to manage its $16.7 million in deferred revenue, which represents a significant liability that must be serviced through future voyage performance.
As indicated in the latest balance sheet, HTCO maintains a minimal net PPE of $108.9K, confirming an asset-light business model that relies heavily on third-party vessel chartering rather than owned infrastructure, which limits the company's ability to control its own cost structure or capture long-term operational efficiencies.
The absence of significant tangible assets suggests that the company's value proposition is entirely dependent on its service contracts and intangible carbon-related initiatives. This lack of physical capital may leave the firm highly exposed to fluctuations in the spot charter market, as it lacks the fleet ownership necessary to hedge against rising vessel lease costs.
According to the 2025Q4 balance sheet, HTCO carries $16.7 million in deferred revenue, a figure that exceeds the company's total cash position of $10.1 million, which may indicate significant future performance obligations that could strain liquidity if voyage costs exceed the original contract pricing.
This liability structure suggests that the company is effectively pre-selling its services, creating a potential mismatch between cash received and the actual costs incurred to fulfill those voyages. If the company's proprietary technology fails to deliver the expected cost savings, these obligations may become a source of significant financial distress.
Quick answers to the most common questions about buying HTCO stock.
As of 2025, High-Trend International Group (HTCO) had total assets of $32.4M including $30.3M in current assets.
High-Trend International Group (HTCO) carries total debt of $0.1M, offset by $10.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
High-Trend International Group (HTCO) has total shareholders' equity (book value) of $7.9M ($2.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
High-Trend International Group (HTCO) reported a current ratio of 1.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.