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.

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

• Integrated shipping services launched in April 2024, serving as a U.S. facilitator for non-U.S. carriers, currently with a single major customer.

• E-commerce segment sources goods from China and sells via U.S. platforms, focusing on toys.

• No operations or assets in China, but a significant portion of revenue is from PRC-based customers.

Financial performance and metrics

• Revenue: $39.2M (6M 2025), $60.4M (2024), $8.0M (2023); Net income: $0.6M (6M 2025), $1.1M (2024), $0.4M (2023).

• Gross profit: $2.8M (6M 2025), $5.1M (2024), $2.2M (2023); Gross margin declined to 7.1% (6M 2025) and 8.4% (2024) due to low-margin integrated shipping.

• Integrated shipping services contributed 88% of revenue in 6M 2025 and 80% in 2024.

• High customer and supplier concentration: one customer accounted for 88% (6M 2025) and 80% (2024) of revenue; one supplier accounted for 72% (6M 2025) and 69% (2024) of purchases.

• Cash and equivalents: $1.1M (June 2025); working capital supported by operations and principal stockholders.

Use of proceeds and capital allocation

• Net proceeds (est. $4.4M at $4.50/share): 20% to warehouse expansion, 50% to container vessel acquisition, 5% to AI warehouse management upgrades, 12% to truck fleet expansion, remainder for working capital.

• Plans to expand warehousing to 1.2M sq. ft., acquire container vessels, and grow truck fleet over the next 2–3 years.