What drove PSIG's drastic expense changes?

PS International Group Ltd. (PSIG) has experienced a significant decline in net income, from $261,077 in the most recent quarter ending December 31, 2024, to a loss of $4.83 million for the full year 2024, as reported in the fourth quarter of 2024. This downturn is primarily attributed to a 38% decrease in total revenue, which fell from $140.02 million in 2023 to $87.17 million in 2024. The decline in revenue is a critical factor in the net income reduction.