• Armlogi Reports 24% Revenue Growth for Fiscal Year 2024

    来源: Nasdaq GlobeNewswire / 26 9月 2024 09:05:18   America/New_York

    WALNUT, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Armlogi Holding Corp. (“Armlogi” or the “Company”) (Nasdaq: BTOC), a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, today provided a business update, and reported financial results for the fiscal year ended June 30, 2024.

    Fiscal Year 2024 Financial Results:

    • Total revenue increased by $31.9 million, or 23.6%, to $167.0 million during the fiscal year ended June 30, 2024, compared to $135.0 million for the fiscal year ended June 30, 2023.
      • Our transportation services segment reported revenue of $115.3 million, an increase of 18.8% from $97.0 million in fiscal year 2023. The increase was driven by the rapid expansion of our business in 2023, as we expanded our warehouse operational capacities in California and New Jersey. This segment comprises reselling third-party carrier services to our customers.
      • Our warehousing services segment generated $51.5 million, a 38.1% increase from $37.3 million in fiscal year 2023. This growth was driven by the growth in our transportation services. This segment comprises inventory management and storage offerings.
      • Revenue from other services decreased by $0.5 million, or 77.4%. This segment is primarily comprised of customs brokerage services.
    • Costs of sales were $148.9 million in fiscal year 2024, an increase of 36.2%, or $39.6 million, compared with $109.3 million in fiscal year 2023. The increase in costs was primarily driven by growth in transportation and warehousing services, leading to higher expenses across warehouse operations, particularly rental, labor, and operational expenses.
    • Gross profit margin decreased from 19.1% in fiscal year 2023 to 10.8% in 2024. Although the profit margins of our transportation services (e.g., FedEx, ocean freight, and truck deliveries) for the fiscal year ended June 30, 2024, remained stable or slightly higher compared to the previous fiscal year, the profit margins for our warehousing services experienced a significant decrease during the same period.
      • Freight expenses rose by 17.8%, from $76.0 million in fiscal year 2023 to $89.5 million in fiscal year 2024. This increase correlates with the growth in transportation services, as higher activity levels and shipping volume boosted freight-related costs.
      • Rental expenses were $30.4 million in fiscal year 2024, compared to $14.8 million in 2023, an increase of 105%. This increase is largely driven by the Company’s expansion into its Fontana, California warehouse, as well as increased warehouse operating lease costs.
      • Salary and benefits saw a 68% increase in fiscal year 2024, from $4.5 million to $7.6 million. This increase was due to the expansion of operations, particularly in warehouse services, necessitating more employees and higher compensation.
      • Temporary labor expenses increased by 51%, from $8.4 million in 2023 to $12.7 million in fiscal year 2024. The increase reflected the Company's need for additional temporary labor to handle increased demand, especially in warehouse operations.
      • Warehouse expenses grew by 82%, from $3.1 million in 2023 to $5.7 million in fiscal year 2024. The increase is associated with the expansion of the Company's warehousing facilities, including the costs tied to operating its new Fontana warehouse.
    • General and administrative expenses increased by $2.2 million, from $7.8 million for the fiscal year ended June 30, 2023 to $10.0 million for the fiscal year ended June 30, 2024, representing an increase of 28%. The increase was due to increased administrative activities primarily related to office supplies, and repairs and maintenance, to accommodate our business expansion.
    • Net income for the fiscal year ended June 30, 2024 was $7.4 million, compared with the net income of $13.9 million for the fiscal year ended June 30, 2023, representing a decrease by $6.5 million.

    Operational Highlights

    • In May, we closed our initial public offering of 1,600,000 shares of common stock at a public offering price of $5.00 per share to the public for a total of $8,000,000 of gross proceeds to the Company before deducting underwriting discounts and offering expenses.
    • In May, we signed a lease for a new 733,200-square-foot warehouse located near the Port of Savannah in Georgia. In August, the warehouse at the Port of Savannah, known as “SAV1,” became fully operational and has quickly become the busiest among the Company’s nine warehouses. Since June 2024, the facility has handled over 800 container shipments and maintains over 70% occupancy.

    Management Commentary

    Aidy Chou, Chairman and Chief Executive Officer of Armlogi, commented, “As we reflect on fiscal year 2024, we are proud to report strong revenue growth of nearly 24%, a testament to our team’s dedication and the success of our strategic initiatives. Our expansion in both transportation and warehousing services has enabled us to meet increasing customer demands while laying a solid foundation for future growth. As we continue to enhance our operational capacities, such as the opening of our SAV1 warehouse and the expansion of our trucking department, we remain focused on delivering exceptional service and value to our customers. We are also committed to sustainability, as demonstrated by our participation in the Low Carbon Fuel Standard program, which aligns with our long-term goal of reducing our environmental footprint. Looking ahead, we are confident in our ability to navigate the evolving logistics landscape and continue driving value for our shareholders and partners.”

    Conference Call & Audio Webcast

    Armlogi’s management team will hold an earnings conference call at 1:30 P.M. Pacific Time (4:30 P.M. Eastern Time) on Thursday, September 26th to discuss the Company’s financial results and provide an overview of the Company’s operations. Armlogi’s management team will lead the conference call and answer investor questions.

    To access the call by phone, please dial 1-800-445-7795 (international callers, please dial 1-785-424-1699) approximately 10 minutes prior to the start of the call. Please use the conference ID: ARMLOGI. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR ENTRY

    A live audio webcast of the conference call will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1690358&tp_key=54cbaa4fb7.

    About Armlogi Holding Corp.

    Armlogi Holding Corp., based in Walnut, CA, is a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. The Company caters to cross-border e-commerce merchants looking to establish overseas warehouses in the U.S. market. With eleven warehouses covering over two million square feet, the Company offers comprehensive one-stop warehousing and logistics services. The Company’s warehouses are equipped with facilities and technology for handling and storing large and bulky items. For more information, please visit www.armlogi.com.

    Forward-Looking Statements

    This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “intends,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us.

    Company Contact:
    info@armlogi.com

    Investor Relations Contact:
    Matthew Abenante, IRC
    President
    Strategic Investor Relations, LLC
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    *** tables follow ***

     
    ARMLOGI HOLDING CORP.
    CONSOLIDATED BALANCE SHEETS
    AS OF JUNE 30, 2024 AND JUNE 30, 2023
    (US$, except share data, or otherwise noted)
           
      June 30,
    2024
      June 30,
    2023
     
      US$  US$ 
    Assets      
    Current assets      
    Cash  7,888,711   6,558,099 
    Accounts receivable and other receivable, net  25,465,044   17,396,421 
    Other current assets  1,624,611   1,642,346 
    Deferred share issuance costs  -   1,304,712 
    Prepaid expenses  1,129,435   796,904 
    Loan receivables  1,877,131   2,449,956 
    Total current assets  37,984,932   30,148,438 
    Non-current assets        
    Restricted cash – non-current  2,061,673    
    Long-term loan receivables  2,908,636    
    Due from related parties     511,353 
    Property and equipment, net  11,010,407   7,629,117 
    Intangible assets, net  92,708   128,027 
    Right-of-use assets – operating leases  111,955,448   49,659,047 
    Right-of-use assets – finance leases  309,496   478,984 
    Other non-current assets  711,556    
    Total assets  167,034,856   88,554,966 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Liabilities:        
    Current liabilities        
    Accounts payable and accrued liabilities  7,502,339   8,470,166 
    Contract liabilities  276,463   424,182 
    Income taxes payable  57,589   2,654,695 
    Due to related parties  350,209   351,909 
    Accrued payroll liabilities  405,250   263,356 
    Operating lease liabilities – current  24,216,446   12,111,309 
    Finance lease liabilities – current  155,625   198,448 
    Total current liabilities  32,963,921   24,474,065 
    Non-current liabilities        
    Operating lease liabilities – non-current  93,126,092   37,741,370 
    Finance lease liabilities – non-current  169,683   290,795 
    Deferred income tax liabilities  1,536,455   735,122 
    Total liabilities  127,796,151   63,241,352 
             
    Commitments and contingencies        
    Stockholders’ equity        
    Common stock, US$0.00001 par value, 100,000,000 shares authorized, 41,634,000 and 40,000,000 issued and outstanding as of June 30, 2024 and June 30, 2023, respectively  416   400 
    Additional paid-in capital  15,468,864   8,985,007 
    Retained earnings  23,769,425   16,328,207 
    Total stockholders’ equity  39,238,705   25,313,614 
    Total liabilities and stockholders’ equity  167,034,856   88,554,966 
             


     
    ARMLOGI HOLDING CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    FOR THE YEAR ENDED JUNE 30, 2024 AND 2023
    (US$, except share data, or otherwise noted)
           
      Year Ended
    June 30,
    2024
      Year Ended
    June 30,
    2023
     
      US$  US$ 
    Revenue  166,977,034   135,044,436 
    Costs of sales  148,894,227   109,310,993 
    Gross profit  18,082,807   25,733,443 
             
    Operating costs and expenses:        
    General and administrative  9,967,792   7,799,116 
    Total operating costs and expenses  9,967,792   7,799,116 
             
    Income from operations  8,115,015   17,934,327 
             
    Other (income) expenses:        
    Other income, net  (2,320,257)  (1,408,634)
    Finance costs  47,649   60,419 
    Total other (income) expenses  (2,272,608)  (1,348,215)
             
    Income before provision for income taxes  10,387,623   19,282,542 
             
    Current income tax expense  2,145,072   4,980,481 
    Deferred income tax expense  801,333   380,523 
    Total income tax expenses  2,946,405   5,361,004 
    Net income  7,441,218   13,921,538 
    Total comprehensive income  7,441,218   13,921,538 
             
    Basic & diluted net earnings per share  0.19   0.35 
    Weighted average number of shares of common stock-basic  40,205,836   40,000,000 
    Weighted average number of shares of common stock-diluted  40,216,109   40,000,000 
             


     
    ARMLOGI HOLDING CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEARS ENDED JUNE 30, 2024 AND 2023
    (US$, except share data, or otherwise noted)
           
      For The
    Year Ended
    June 30,
    2024
      For The
    Year Ended
    June 30,
    2023
     
      US$  US$ 
    Cash Flows from Operating Activities:        
    Net income  7,441,218   13,921,538 
    Adjustments for items not affecting cash:        
    Net loss from disposal of fixed assets     18,828 
    Depreciation of property and equipment and right-of-use financial assets  1,996,720   1,284,939 
    Amortization  35,317   30,607 
    Non-cash operating leases expense  5,193,458   421,705 
    Current estimated credit loss  94,694   579,290 
    Accretion of finance lease liabilities  47,649   60,419 
    Deferred income taxes  801,333   380,522 
    Interest income  (109,427)   
    Changes in operating assets and liabilities        
    Accounts receivable and other receivables  (8,157,462)  (8,454,740)
    Other current assets  11,881   (1,376,556)
    Prepaid expenses  (332,531)  (397,395)
    Other non-current assets  (711,556)   
    Accounts payable & accrued liabilities  (667,825)  2,492,526 
    Income tax payable  (2,597,106)  2,283,425 
    Contract liabilities  (147,719)  424,182 
    Accrued payroll liabilities  141,894   134,117 
    Net cash provided from operating activities  3,040,538   11,803,407 
             
    Cash Flows from Investing Activities:        
    Purchase of property and equipment  (5,208,522)  (1,812,177)
    Purchase of intangible assets     (53,940)
    Net loan disbursement amounts after repayments received.  (2,229,083)  (2,449,956)
    Net cash used in investing activities  (7,437,605)  (4,316,073)
             
    Cash Flows from Financing Activities:        
    Net proceeds received from (repaid to) related parties  1,000   (2,503,233)
    Proceeds (lend to) from related parties  511,353   (511,353)
    Repayments of finance lease liabilities  (211,585)  (208,497)
    Deferred issuance costs for initial public offering  (951,617)  (427,712)
    Proceeds from IPO and share issuance, net  7,471,180    
    Capital contributions from stockholders  969,021   472,800 
    Net cash provided by (used in) financing activities  7,789,352   (3,177,995)
             
    Net increase in cash and restricted cash  3,392,285   4,309,339 
    Cash, beginning of year  6,558,099   2,248,760 
    Cash and restricted cash, end of year  9,950,384   6,558,099 
             
    The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:        
    Cash  7,888,711   6,558,099 
    Restricted cash – non-current  2,061,673   - 
    Total cash and restricted cash shown in the Consolidated Balance Sheet  9,950,384   6,558,099 
             
    Supplemental Disclosure of Cash Flows Information:        
    Income taxes paid  (4,742,178)  (2,697,056)
    Non-cash Transactions:        
    IPO expenses paid by shareholders  300,000   350,000 
    Right-of-use assets acquired in exchange for operating lease liabilities  81,927,507   15,303,391 
    Right-of-use assets acquired in exchange for finance lease liabilities     109,961 
             

    Primary Logo

分享