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, currently serving a single major international carrier.

• E-commerce segment sources goods from China and sells via U.S. platforms like Amazon and Walmart.

• Revenue streams: 3PL logistics, integrated shipping, and e-commerce, with a heavy concentration in 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 $8.0M in 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 low-margin shipping services.

• Cash and cash equivalents as of September 30, 2025: $5.2M; working capital supported by operations and recent capital raises.

Use of proceeds and capital allocation

• Net proceeds of ~$15.2M (assuming $4.50/share IPO price) to be used for: warehouse expansion (20%), container vessel acquisition (50%), AI warehouse management upgrades (5%), truck fleet expansion (12%), and working capital/general purposes.

• Plans to expand warehousing to 1.2M sq. ft. in key U.S. regions and invest in automation and cold storage.

• Intends to acquire own container vessels and expand truck fleet to reduce reliance on third parties.