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NCT

Intercont (Cayman) Limited Ordinary shares

NCT

Intercont (Cayman) Limited Ordinary shares • NASDAQ
$0.84 ▲ 5.67% (+0.05)
Market Cap $21.46 M
52w High $8.76
52w Low $0.75
Dividend Yield 0%
P/E 8.44
Volume 842
Outstanding Shares 25.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2024 $4.905M ▲ $63.286M ▼ $50.108M ▼ $13.179M ▲
Q4-2023 $3.752M ▼ $65.147M ▼ $54.215M ▼ $10.933M ▲
Q2-2023 $4.455M ▲ $68.759M ▼ $61.019M ▼ $7.74M ▼
Q4-2022 $3.416M $80.246M $62.292M $17.954M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement NCT’s income statement is still very small and fairly flat over the last few years. Revenue has not really grown, and core profit measures have hovered in a narrow range. The company moved from a small profit to roughly break-even most recently, and earnings per share have fallen, likely reflecting changes in the share base or one‑off factors. Overall, this looks like an early-stage business where the commercial model is still being built out, not yet a mature profit engine.

Balance Sheet

Balance Sheet The balance sheet is light and relatively simple, which fits an asset‑light, leasing‑based model. Total assets are modest and have not expanded much, suggesting limited scale so far. Cash on hand appears quite thin, while debt is meaningful compared with the company’s equity, so financial cushioning against setbacks looks limited. Equity has fluctuated and edged down recently, which may reflect slim profits and/or investment needs outpacing retained earnings.

Cash Flow

Cash Flow Operating cash flow has been modest but consistently positive, which is a constructive sign for such a young and experimental business. Capital spending has been low so far, so free cash flow has stayed slightly positive, but this also suggests the major investment phase for factory ships may still lie ahead. Future cash flows are likely to become more volatile as NCT ramps up ship retrofits and technology deployment, making access to external financing important.

Competitive Edge

Competitive Edge Competitively, NCT is trying to carve out a very specific niche at the intersection of marine shipping and pulp production. Its “factory ship” concept, which processes wastepaper into pulp while at sea, could offer meaningful cost, speed, and environmental advantages if it works at scale. The asset‑light, leasing-based model and focus on recycling give it an appealing sustainability angle and some insulation from traditional shipping cycles. However, the model is unproven at scale, and NCT still faces all the usual challenges of shipping (cyclicality, regulation, operational risk) plus the added complexity of running a floating factory. Established pulp and shipping players could respond if this niche starts to prove attractive.

Innovation and R&D

Innovation and R&D Innovation is the heart of NCT’s story. The company is pushing a novel “ocean factory” platform, combining advanced dry pulping, strong automation, and digital control systems on board ships. The partnership with Rockwell Automation is a key pillar, aiming to use sensors, digital twins, and high automation to run efficient, low‑emission processing lines at sea. NCT’s focus on recycled inputs, energy efficiency, and near‑zero waste fits well with ESG trends and may support a defensible technology moat if it can secure and enforce patents. The main uncertainty is execution: turning promising engineering concepts into reliable, safe, and cost‑effective operations across multiple vessels is a substantial technical and operational challenge.

Summary

Overall, NCT looks less like a traditional shipping company and more like an early-stage industrial technology platform that happens to operate on ships. Financially, it is still small, near break-even, and not yet on a clear growth trajectory, with a thin balance sheet and limited cash cushion. The strategic upside lies in its first‑mover position in seaborne pulping and its strong sustainability narrative, which could appeal to customers and partners if they see real cost and environmental benefits. The flip side is high execution, scaling, and financing risk: the business model is novel, capital-intensive to roll out, and untested at large scale. Future results will depend heavily on how well NCT can deploy its first full factory ships, prove unit economics, and convert its technology vision into durable, cash-generating operations.