Uni-Fuels (UFG) Q4 2024 earnings summary

Executive summary

• Achieved 119% year-over-year revenue growth to $155.2 million, driven by a 121% increase in marine fuel sales and expansion into new markets and customer bases.

• Completed IPO in January 2025, raising $9.66 million in gross proceeds, strengthening capital base and market presence.

• Net income declined 86% year-over-year to $0.2 million due to higher operating expenses and lower gross margins amid aggressive expansion.

Financial highlights

• Total revenues rose to $155.2 million from $70.8 million year-over-year, mainly from marine fuel sales.

• Gross profit increased 40% to $3.2 million, but gross margin fell to 2.1% from 3.2% year-over-year.

• Operating expenses surged 236% to $3.0 million, reflecting investments in sales, marketing, and administration.

• Net income dropped to $0.2 million from $1.2 million year-over-year.

• Cash and restricted cash at year-end totaled $4.3 million.

Outlook and guidance

• Management expects continued revenue and profitability growth in 2025, driven by global expansion and operational efficiency.