BANL

MKT CAP:$13M

CBL International Limited

Market Cap

$13M

Energy·Oil & Gas Midstream· Malaysia·NASDAQ

Energy·Oil & Gas Midstream·NASDAQ

Stock Price

$0.46+$0.03 (+5.75%)

Apr 23, 2026

Company Details

CBL International Limited, a fuel logistics company, provides vessel refueling solutions in Malaysia, Hong Kong, China, South Korea, Singapore, and internationally. The company offers trade credit and arranges local physical delivery of mar...

CEO

Teck Lim Chia

IPO Date

Mar 23, 2023

Website

www.banle-intl.com

Key Metrics TTM

Revenue

$923M

+2.7% YoY

Net Income

-$5M

EPS (Diluted)

-$0.19

Free Cash Flow

-$2M

Revenue / Share

$33.56

Gross Margin

0.9%

Operating Margin

-0.6%

Net Margin

-0.6%

FCF Margin

-0.2%

P/S

0.0x

P/E

—

Earnings Reports

Q4 2025

Apr 17, 2026

NEW

$65M-79.3%EPS -$0.02

Q2 2025

Jun 30, 2025

$265M-4.4%EPS -$0.04

Q4 2024

Dec 31, 2024

$315M+29.2%EPS -$0.07

Q2 2024

Jun 30, 2024

$277M+44.4%EPS -$0.06

Q4 2023

Dec 31, 2023

$244M+7.4%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$159M	$3M	$2M
Q4 21	$167M	$5M	$2M
Q2 22	$236M	$4M	$2M
Q4 22	$227M	$5M	$3M
Q2 23	$192M	$4M	$1M
Q4 23	$244M	$3M	$167.1K
Q2 24	$277M	$3M	-$1M
Q4 24	$315M	$3M	-$3M
Q2 25	$265M	$3M	-$701.5K
Q4 25	$65M	$471.9K	-$360.6K

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	0.2x	21.1x
Q2 23	0.1x	12.4x
Q4 23	0.0x	7.0x
Q2 24	0.0x	8.9x
Q4 24	0.0x	—
Q2 25	0.0x	—
Q4 25	0.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$2M	-$2M
Q4 21	-$740.9K	-$758.6K
Q2 22	$759.1K	$751.2K
Q4 22	$3M	$2M
Q2 23	-$7M	-$8M
Q4 23	-$3M	-$3M
Q2 24	$2M	$2M
Q4 24	-$4M	-$4M
Q2 25	-$1M	-$1M
Q4 25	$1M	$1M

Capital Expenditures

Quarter	CapEx
Q2 21	$1.4K
Q4 21	$17.7K
Q2 22	$7.9K
Q4 22	$365.2K
Q2 23	$541.8K
Q4 23	$232.1K
Q2 24	$17.4K
Q4 24	$127.0K
Q2 25	$2.6K
Q4 25	$29

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+20.4%	+20.8%
Q4 23	+45.9%	+48.0%
Q2 24	+17.6%	+19.0%
Q4 24	+38.8%	+42.0%
Q2 25	+38.1%	+39.6%
Q4 25	-73.3%	-73.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$961.0K	$368.8K	—
Q4 21	$1M	$598.6K	—
Q2 22	$2M	$517.7K	—
Q4 22	$1M	$694.4K	—
Q2 23	$2M	$601.1K	—
Q4 23	$2M	$641.0K	—
Q2 24	$3M	$1M	—
Q4 24	$3M	$1M	—
Q2 25	$3M	$763.4K	—
Q4 25	—	—	$832.5K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 21	$0	$11M	$11M
Q4 21	$3M	$0	$3M
Q2 22	$5M	$0	$5M
Q4 22	$5M	$86.1K	$5M
Q2 23	$10M	$0	$10M
Q4 23	$7M	$18M	$25M
Q2 24	$10M	$18M	$27M
Q4 24	$8M	$0	$8M
Q2 25	$5M	$0	$5M
Q4 25	$12M	$0	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	21M	—	—
Q4 21	21M	0.0%	—
Q2 22	21M	0.0%	—
Q4 22	21M	0.0%	—
Q2 23	25M	+17.6%	+17.6%
Q4 23	25M	0.0%	+17.6%
Q2 24	25M	0.0%	+17.6%
Q4 24	30M	+20.0%	+41.2%
Q2 25	28M	-8.3%	+10.0%
Q4 25	28M	0.0%	+10.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	$7M	32
Q2 23	$6M	32
Q4 23	$124.0K	2K
Q2 24	$140.9K	2K
Q4 24	$160.2K	2K
Q2 25	$134.7K	2K
Q4 25	$33.1K	2K

Revenue / Employee