Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 74

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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30, 2025, a decrease of $1.0 billion, or 15%, compared to the nine months ended September 30, 2024. The decrease in revenue was driven by a lower average prices and a decrease in volume. The average price per metric ton of bunker fuel sold decreased by 9%. Total volumes decreased by 0.8 million metric tons, or 6%, to 11.6 million primarily due to lower demand in our resale businesses driven in part by continued market uncertainty with respect to international trade.

Our marine segment gross profit for the nine months ended September 30, 2025 was $88.2 million, a decrease of $34.0 million, or 28%, principally due to lower bunker fuel prices and further reduced market volatility, as well as a lower profit contribution from certain physical locations and an unfavorable transaction tax settlement recognized in the second quarter of 2025.

Loss from operations in our marine segment for the nine months ended September 30, 2025 was $6.1 million  compared to income from operations of $52.1 million for the nine months ended September 30, 2024. In addition to the decrease in gross profit discussed above, operating expenses increased primarily as a result of asset impairment charges recognized during the nine months ended September 30, 2025, as discussed in Note 6. Fair Value Measurements, partially offset by a reduction in incentive compensation costs and lower restructuring charges.

Liquidity and Capital Resources

Liquidity to fund working capital, as well as make strategic investments to further our growth strategy, is a significant priority for us. Our views concerning liquidity are based on currently available information and if circumstances change significantly, the future availability of trade credit or other sources of financing may be reduced, and our liquidity would be adversely affected accordingly.

Sources of Liquidity and Factors Impacting Our Liquidity

Our liquidity, consisting principally of cash and availability under our Credit Facility, as described below, fluctuates based on a number of factors, including the timing of receipts from our customers and payments to our suppliers, changes in fuel prices, as well as our financial performance.

Based on the information currently available, we believe that our cash and cash equivalents as of September 30, 2025 and available funds from our Credit Facility, together with cash flows generated by operations, are sufficient to fund our working capital and capital expenditure requirements for at least the next twelve months after the financial statements are issued and the foreseeable future thereafter.

Convertible Notes. On June