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.

• Integrated shipping services launched in April 2024, serving non-U.S. carriers at U.S. ports.

• E-commerce segment sources goods from China, selling via Amazon, Walmart, and Wayfair.

• Revenue streams: 3PL logistics, integrated shipping, and e-commerce.

Financial performance and metrics

• Revenue: $59.4M (9M 2025), $60.4M (2024), $8.0M (2023); net income: $2.8M (9M 2025), $1.1M (2024), $0.4M (2023).

• Integrated shipping services contributed 90% of revenue in 9M 2025 and 80% in 2024.

• Gross profit margin declined to 7.1% (9M 2025) from 9.3% (9M 2024) due to lower-margin shipping services.

• High customer concentration: one customer accounted for 89% (9M 2025) and 80% (2024) of revenue.

• Cash and equivalents: $5.2M (Sep 2025); working capital supported by operations and principal stockholders.

Use of proceeds and capital allocation

• $4.8M net proceeds (assuming $4.50/share IPO price, no over-allotment).

• 20% for warehouse expansion, 50% for acquiring container vessels, 5% for AI warehouse management upgrades, 12% for truck fleet expansion, remainder for working capital.