Duke (DUKL) Registration Filing summary

Company overview and business model

• Specializes in third-party logistics (3PL), integrated shipping, and cross-border e-commerce between East Asia and the U.S., leveraging over 15 years of industry experience.

• Offers end-to-end logistics, including ocean freight, port/drayage, warehousing, and last-mile delivery, with strong partnerships with major carriers and couriers.

• Expanded into integrated shipping in April 2024, serving as a U.S. shipping facilitator for non-U.S. carriers, with a single major customer accounting for most revenue.

• E-commerce segment sources goods from PRC suppliers and sells via U.S. platforms, focusing on toys and consumer products.

• Operates primarily in the U.S. with no subsidiaries or assets in the PRC, but derives significant revenue from PRC-based customers.

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025: $59.4M; net income: $2.8M.

• FY 2024 revenue: $60.4M (up 656.6% from 2023); net income: $1.1M (up 143.8%).

• Integrated shipping services contributed 90% of revenue for the nine months ended September 30, 2025.

• Gross profit margin declined to 7.1% for the nine months ended September 30, 2025, due to lower-margin integrated shipping.

• Cash and cash equivalents as of September 30, 2025: $5.2M; total assets: $20.5M.

• Major customer concentration: one customer accounted for 89% of revenue for the nine months ended September 30, 2025.

Use of proceeds and capital allocation

• Plans to use IPO proceeds for warehouse expansion, container vessel acquisition, AI warehouse management upgrades, truck fleet expansion, and working capital.

• Estimated net proceeds: $4.8M (no over-allotment) to $5.6M (full over-allotment).

• 50% of proceeds allocated to vessel acquisition, 20% to warehouse expansion, 12% to truck fleet, 5% to AI upgrades, remainder to working capital.