Armlogi Holding Corp. Reports Fiscal Year 2026 Financial Results; Warehousing Services Revenue Grows 21.9% to $77.1 Million

Operating activities used $5.1 million in cash after providing $1.5 million in fiscal 2025.

Rhea-AI Summary

Armlogi Holding (BTOC) reported fiscal 2026 results, with revenue down to $185.8 million from the prior year. For the year ended June 30, revenue fell 2.4% from $190.4 million. Warehousing services revenue rose 21.9% to $77.1 million, accounting for 41.5% of total revenue, while transportation services revenue fell 14.5% to $108.6 million. Gross profit was $0.4 million, versus a $3.0 million gross loss in fiscal 2025.

Net loss widened to $20.9 million, or $0.47 per share, from $15.3 million, or $0.37 per share. General and administrative expenses rose to $22.0 million from $14.7 million, partly reflecting rent for warehouse facilities that remained underutilized. Cash, cash equivalents and restricted cash fell to $6.5 million from $13.6 million. Convertible notes outstanding fell to zero from $5.3 million, and total liabilities declined $22.4 million to $122.7 million as of June 30, 2026.

Positive

• Warehousing revenue rose 21.9% to $77.1 million in fiscal 2026.
• Gross profit reached $0.4 million, versus a $3.0 million loss.
• Convertible notes outstanding fell to zero from $5.3 million.
• Total liabilities declined $22.4 million to $122.7 million.

Negative

• Net loss widened to $20.9 million from $15.3 million.
• Total revenue fell 2.4% to $185.8 million.
• Transportation revenue fell 14.5% to $108.6 million.
• Operating cash flow was negative $5.1 million, versus positive $1.5 million.
• Issued 3,192,145 shares through a $3.8 million note conversion.

News Explained

At June 30, 2026, cash, cash equivalents and restricted cash totaled $6.5 million, including $4.3 million restricted as lease collateral.

Armlogi’s fiscal 2026 results report that it settled its convertible notes through $2.0 million in cash repayments and the conversion of $3.8 million into 3,192,145 common shares in September 2025.

Those newly issued shares increased the share count and reduced existing holders’ percentage ownership, absent offsetting changes.

At June 30, 2026, cash and cash equivalents were $2.2 million, while $4.3 million of restricted cash was held as collateral for standby letters of credit supporting leases. Operating activities used $5.1 million during fiscal 2026.

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Market Context

The Sep 25 10-K disclosed $25.6 million of negative working capital and substantial doubt about goin...

Analysis

The Sep 25 10-K disclosed $25.6 million of negative working capital and substantial doubt about going concern; this FY2026 release reported annual results alongside that previously disclosed liquidity concern.

Key Figures

Total revenue: $185.8 million Warehousing services revenue: $77.1 million; up 21.9% Transportation services revenue: $108.6 million; down 14.5% +5 more

Total revenue

$185.8 million

Fiscal 2026; down 2.4% year over year

Warehousing services revenue

$77.1 million; up 21.9%

Fiscal 2026

Transportation services revenue

$108.6 million; down 14.5%

Fiscal 2026

Gross profit

$0.4 million

Fiscal 2026, compared with a $3.0 million gross loss in fiscal 2025

Net loss

$20.9 million

Fiscal 2026, compared with $15.3 million in fiscal 2025

Cash, cash equivalents, and restricted cash

$6.5 million

At June 30, 2026; compared with $13.6 million at June 30, 2025

Convertible notes outstanding

Nil

At June 30, 2026; compared with $5.3 million at June 30, 2025

Total liabilities

$122.7 million

At June 30, 2026; decreased by $22.4 million year over year

Previous Earnings Reports

1 past event · Latest: May 13

Same Type 1 event

1. May 13

   Quarterly earnings

   24h Move

   -9.6%

   Nine-month revenue rose, but net loss widened and third-quarter revenue declined.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible notes, standby equity purchase agreement, restricted cash, right-of-use assets

4 terms

convertible notes financial

"Convertible notes outstanding reduced to nil from $5.3 million"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

standby equity purchase agreement financial

"notes issued under its Standby Equity Purchase Agreement"

A standby equity purchase agreement is a contract in which an investor or group agrees to buy a company’s newly issued shares on demand, giving the company a ready source of cash it can tap when needed. Think of it like a line of credit made with stock instead of a loan: it provides financial backup but can increase the number of shares outstanding, diluting existing owners and affecting per‑share value, so investors watch these deals for their impact on ownership and earnings per share.

restricted cash financial

"restricted cash, held as collateral for standby letters of credit"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

right-of-use assets technical

"Right-of-use assets – operating leases"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Warehousing Services Rose to 41.5% of Total Revenue as Customer Fulfillment Shifted Toward Platform-Bundled Programs; Gross Profit Improved by $3.4 Million; Convertible Notes Fully Settled and Total Liabilities Reduced by $22.4 Million

WALNUT, Calif., Sept. 28, 2026 (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 reported financial results for its fiscal year ended June 30, 2026 (“fiscal 2026”).

Total revenue for fiscal 2026 was $185.8 million, compared with $190.4 million in the fiscal year ended June 30,2025 (“fiscal 2025”), as a 21.9% increase in warehousing services revenue to $77.1 million was offset by a 14.5% decrease in transportation services revenue to $108.6 million. Gross profit was $0.4 million, compared with a gross loss of $3.0 million in the prior year. Net loss was $20.9 million, or $(0.47) per basic and diluted share, compared with a net loss of $15.3 million, or $(0.37) per share, in fiscal 2025. Cash, cash equivalents, and restricted cash totaled $6.5 million at June 30, 2026.

Fiscal 2026 Financial Highlights (Year Ended June 30, 2026, Compared with Year Ended June 30, 2025)

• Total revenue of $185.8 million, a decrease of $4.6 million, or 2.4%, from $190.4 million.
• Warehousing services revenue increased by $13.9 million, or 21.9%, to $77.1 million from $63.3 million, representing 41.5% of total revenue, up from 33.2%.
• Transportation services revenue decreased by $18.4 million, or 14.5%, to $108.6 million from $127.0 million.
• Cost of service decreased by $8.0 million, or 4.1%, to $185.4 million from $193.4 million, led by an $18.2 million, or 16.1%, reduction in freight expenses.
• Gross profit of $0.4 million, or 0.2% of revenue, compared with a gross loss of $3.0 million, or negative 1.6% of revenue.
• General and administrative expenses of $22.0 million, compared with $14.7 million, primarily reflecting $6.2 million of additional rental expense for leased warehouse facilities that remained partly underutilized during ramp-up, and a $1.1 million increase in credit loss expense.
• Loss from operations of $21.5 million, compared with $17.7 million.
• Net loss of $20.9 million, or $(0.47) per basic and diluted share, compared with a net loss of $15.3 million, or $(0.37) per share. Fiscal 2025 results included a $1.6 million income tax recovery; no tax recovery was recorded in fiscal 2026.
• Active customer base of 525 at June 30, 2026, compared with 505 at June 30, 2025. Customers based in the People’s Republic of China accounted for approximately 78% of revenue, down from approximately 84%.
• Convertible notes outstanding reduced to nil from $5.3 million at June 30, 2025; total liabilities decreased by $22.4 million to $122.7 million.
• Cash, cash equivalents, and restricted cash of $6.5 million at June 30, 2026, compared with $13.6 million at June 30, 2025.

Management Commentary
“Fiscal 2026 moved Armlogi’s revenue mix toward the services we deliver inside our own four walls,” said Aidy Chou, Chairman and Chief Executive Officer of Armlogi. “Warehousing services grew 21.9% and now generate more than 40% of our revenue. The Ontario, California facility we opened in fiscal 2025 became the primary California distribution point for several of our larger customers in December 2025 and finished the year as our third-highest revenue-generating warehouse in the state. Transportation revenue declined because more of our customers ship through fulfillment programs bundled by the selling platforms, which reduces the freight we resell but keeps the warehousing relationship with us. Importantly, we closed fiscal 2026 with no convertible notes outstanding and $22.4 million less in total liabilities than a year earlier, and our remaining obligations are predominantly the lease obligations on a warehousing network that we continue to develop. Our work in fiscal 2027 is to fill the capacity we have already leased, execute the cost-optimization plan we have set out, and put in place the capital structure the business needs to complete this transition.”

Fiscal 2026 Operating Review
Revenue: Warehousing services revenue grew to $77.1 million from $63.3 million. Warehouse operations expanded significantly in Texas and Illinois, markets the Company entered shortly before or during fiscal 2025, and the Ontario, California warehouse expanded during fiscal 2025. The Company also grew its Temu and TikTok customer segments, which typically incur higher-than-average warehousing service charges per order than traditional customers.

Transportation services revenue declined to $108.6 million from $127.0 million, as a smaller proportion of order volume came from traditional customers shipping individual items directly to consumers. More of these customers now transfer inventory in bulk to Amazon warehouses for sale through the Fulfillment by Amazon program, and more customers are arranging their own outbound delivery rather than purchasing a transportation service option from the Company. Other services revenue, consisting primarily of customs brokerage, was $0.1 million in fiscal 2025 and fiscal 2026.

Cost of service and gross profit: Cost of service decreased to $185.4 million from $193.4 million. Freight expenses decreased by $18.2 million, or 16.1%, to $95.0 million due to lower freight volume. Temporary labor expenses increased $13.1 million, or 75.1%, to $30.6 million, while salary and benefits decreased by $1.1 million, or 11.1%, to $9.1 million, as the Georgia, Illinois, and Ontario, California warehouses, which are staffed primarily with temporary labor, ramped up toward capacity and the Company carried out a significant inventory reorganization across its California warehouses. Rental expense within cost of service decreased $1.7 million, or 4.3%, to $36.6 million; occupancy costs for warehouse capacity in pre-operational setup and ramp-up were recorded in general and administrative expenses rather than cost of service, as that capacity did not yet support revenue-generating activity. Gross profit was $0.4 million, or 0.2% of revenue, compared with a gross loss of $3.0 million, or negative 1.6% of revenue, in fiscal 2025.

General and administrative expenses: General and administrative expenses increased $7.3 million, or 49.7%, to $22.0 million from $14.7 million. Rental expense recorded in general and administrative expenses increased $6.2 million to $8.8 million, reflecting the occupancy costs of additional leased warehouse facilities, a portion of which remained underutilized during the year. Credit loss expense increased $1.1 million to $1.4 million, reflecting a higher allowance for credit losses on accounts receivable, other receivables, and loan receivables. Professional fees, office expenses, salaries, and benefits were essentially unchanged year over year.

Other income and income taxes: Total other income, net, was $0.7 million, compared with $0.8 million, reflecting lower rental income from sublease arrangements, partly offset by the absence of the $1.2 million loss on debt extinguishment recorded in fiscal 2025. Fiscal 2025 results included a $1.6 million income tax recovery; the Company recorded no income tax provision or recovery in fiscal 2026.

Net loss: Net loss was $20.9 million, or $(0.47) per basic and diluted share on 44,691,736 weighted average shares outstanding, compared with a net loss of $15.3 million, or $(0.37) per share on 41,808,909 weighted average shares outstanding, in fiscal 2025.

Balance Sheet and Liquidity
At June 30, 2026, cash and cash equivalents were $2.2 million, and restricted cash, held as collateral for standby letters of credit supporting certain of the Company’s leases, was $4.3 million, for total cash, cash equivalents, and restricted cash of $6.5 million, compared with $13.6 million at June 30, 2025. Net cash used in operating activities was $5.1 million, compared with net cash provided by operating activities of $1.5 million in fiscal 2025. Investing activities provided $0.7 million, as $4.8 million in loan repayments received exceeded $1.8 million in property and equipment purchases and $2.4 million in loans extended to third parties. Financing activities used $2.6 million, consisting of $2.0 million of cash repayments of convertible notes and $0.6 million of finance lease payments.

During fiscal 2026, the Company settled the entire balance of the convertible notes issued under its Standby Equity Purchase Agreement through $2.0 million of cash repayments and the conversion of $3.8 million into 3,192,145 shares of common stock in September 2025. Convertible notes outstanding were nil as of June 30, 2026, compared with $5.3 million as of June 30, 2025. Total liabilities decreased to $122.7 million from $145.1 million, primarily reflecting a $17.6 million reduction in operating lease liabilities and the settlement of the convertible notes. Total stockholders’ equity was $8.0 million at June 30, 2026.

Fiscal 2027 Priorities
The Company’s operating priorities for fiscal 2027 are to raise utilization across its eleven-warehouse network, particularly the Georgia, Illinois, Texas, and Ontario, California facilities added or expanded over the past two fiscal years; to continue diversifying its customer base across e-commerce platforms and geographies, including Southeast Asia and Mexico, while growing higher-value warehousing relationships; to execute the cost-optimization plan described above; and to continue evaluating targeted investments in supply-chain technology and warehouse automation, including conveyor systems, as part of its effort to lower unit costs.

About Armlogi Holding Corp.
Armlogi Holding Corp., based in Walnut, CA, is a U.S.-based warehousing and logistics service provider offering a comprehensive suite of supply-chain solutions, including warehouse management and order fulfillment. The Company caters to cross-border e-commerce merchants seeking to establish U.S. market warehouses. With 11 warehouses totaling approximately 3.8 million square feet, the Company offers one-stop warehousing and logistics services. The Company’s warehouses are equipped with facilities and technology to handle and store large, bulky items. For more information, please visit www.armlogi.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, our representatives may from time to time 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 ability to achieve or maintain profitability; our business prospects and opportunities; and the expected benefits of our operational initiatives, including raising warehouse utilization, executing our cost-optimization plan, diversifying our customer base, and evaluating investments in supply-chain technology and warehouse automation. 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,” “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 raise utilization across our warehouse network and achieve the anticipated cost efficiencies; the concentration of our revenue from customers based in the People’s Republic of China and the impact of changes in U.S.-China trade relations, tariffs, and geopolitical conditions; our ability to keep pace with new technology and changing market needs; the competitive environment of our business; changes in demand for our services; our dependence on third-party logistics service providers; and the going concern considerations described in our financial statements. These and other factors, including those described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. Forward-looking statements speak only as of the date of this press release, and except as required by law, we undertake no obligation to update or revise any forward-looking statement publicly. The forward-looking events discussed in this press release and other statements made from time to time by our representatives or us may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions described above and in our SEC filings.

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, 2026 AND 2025 (US$, except share data, or otherwise noted)
	June 30, 2026		June 30, 2025
	US$		US$
Assets
Current assets
Cash and cash equivalents	2,217,199		9,190,277
Accounts receivable and other receivables, net of credit loss allowance of $1,273,113 and $594,869 at June 30, 2026 and 2025, respectively	15,770,917		22,207,500
Other current assets, net of credit loss allowance of $266,953 and $nil	30,182		998,925
Prepaid expenses	926,375		1,375,646
Loan receivables, net of credit loss allowance of $453,449 and $nil	1,059,612		3,893,563
Total current assets	20,004,285		37,665,911
Non-current assets
Restricted cash	4,325,148		4,387,550
Property and equipment, net	10,775,190		11,259,820
Intangible assets, net	13,148		54,627
Right-of-use assets – operating leases	93,905,576		115,361,185
Right-of-use assets – finance leases	1,092,157		745,547
Other non-current assets	631,934		739,555
Total assets	130,747,438		170,214,195
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and accrued liabilities	9,994,669		9,604,783
Contract liabilities	515,997		939,097
Accrued payroll liabilities	441,503		283,150
Convertible notes	—		5,292,749
Operating lease liabilities – current	34,028,979		29,280,907
Finance lease liabilities – current	641,734		386,327
Total current liabilities	45,622,882		45,787,013
Non-current liabilities
Operating lease liabilities – non-current	76,606,696		98,939,552
Finance lease liabilities – non-current	502,442		397,692
Total liabilities	122,732,020		145,124,257
Stockholders’ equity
Common stock, US$0.00001 par value, 100,000,000 shares authorized, 45,443,079 and 42,250,934 shares issued and outstanding as of June 30, 2026 and 2025, respectively	454		422
Additional paid-in capital	20,468,826		16,668,858
Retained earnings (accumulated deficit)	(12,453,862	)	8,420,658
Total stockholders’ equity	8,015,418		25,089,938
Total liabilities and stockholders’ equity	130,747,438		170,214,195

ARMLOGI HOLDING CORP. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEARS ENDED JUNE 30, 2026 AND 2025 (US$, except share data, or otherwise noted)
	Year Ended June 30, 2026		Year Ended June 30, 2025
	US$		US$
Revenue	185,835,053		190,408,258
Costs of service	185,410,217		193,408,827
Gross profit (loss)	424,836		(3,000,569	)
Operating costs and expenses:
General and administrative	21,969,387		14,675,543
Total operating costs and expenses	21,969,387		14,675,543
Loss from operations	(21,544,551	)	(17,676,112	)
Other (income) expenses:
Other income, net	(1,215,885	)	(2,714,344	)
Loss on debt extinguishment	—		1,192,431
Gain (loss) on disposal of assets	(104,061	)	43,625
Finance costs	649,915		714,352
Total other income	(670,031	)	(763,936	)
Loss before provision for income taxes	(20,874,520	)	(16,912,176	)
Current income tax recovery	—		(26,954	)
Deferred income tax recovery	—		(1,536,455	)
Total income tax recovery	—		(1,563,409	)
Net loss	(20,874,520	)	(15,348,767	)
Total comprehensive loss	(20,874,520	)	(15,348,767	)
Basic and diluted net loss per share	(0.47	)	(0.37	)
Weighted average number of shares of common stock – basic and diluted	44,691,736		41,808,909

ARMLOGI HOLDING CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2026 AND 2025 (US$, except share data, or otherwise noted)
	Year Ended June 30, 2026		Year Ended June 30, 2025
	US$		US$
Cash flows from operating activities:
Net loss	(20,874,520	)	(15,348,767	)
Adjustments for items not affecting cash:
Net (gain) loss from disposal of fixed assets	(104,061	)	43,625
Depreciation of property and equipment and right-of-use finance lease assets	3,503,493		2,931,993
Amortization	41,479		38,081
Non-cash operating lease expense	3,891,672		7,536,058
Current estimated credit loss	1,398,646		275,610
Loss on debt extinguishment	—		1,192,431
Accretion of convertible note	527,251		617,845
Deferred income taxes recovery	—		(1,536,455	)
Interest income	20,503		(144,501	)
Changes in operating assets and liabilities:
Accounts receivable and other receivables	5,758,337		2,981,935
Other current assets	701,791		625,686
Prepaid expenses	449,271		(246,211	)
Other non-current assets	107,621		(28,000	)
Accounts payable and accrued liabilities	(269,504	)	2,102,444
Income tax payable	—		(57,589	)
Contract liabilities	(423,100	)	662,634
Accrued payroll liabilities	158,353		(122,100	)
Net changes in derecognized ROU and operating lease liability	(20,847	)	(63,874	)
Net cash (used in) provided by operating activities	(5,133,615	)	1,460,845
Cash flows from investing activities:
Purchase of property and equipment	(1,842,391	)	(2,889,928	)
Proceeds from disposal of property and equipment	191,161		48,000
Loans extended to third parties	(2,400,000	)	(1,000,000	)
Proceeds from loan repayments	4,760,000		2,036,705
Net cash provided by (used in) investing activities	708,770		(1,805,223	)
Cash flows from financing activities:
Lending to related parties	—		(350,209	)
Repayments of finance lease liabilities	(590,635	)	(360,443	)
Repayment of commitment payable	—		(150,000	)
Repayment of convertible notes pursuant to SEPA	(2,020,000	)	(3,260,000	)
Proceeds from convertible notes	—		8,092,473
Net cash (used in) provided by financing activities	(2,610,635	)	3,971,821
Net (decrease) increase in cash and cash equivalents and restricted cash	(7,035,480	)	3,627,443
Cash and cash equivalents and restricted cash, beginning of year	13,577,827		9,950,384
Cash and cash equivalents and restricted cash, end of year	6,542,347		13,577,827
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	2,217,199		9,190,277
Restricted cash – non-current	4,325,148		4,387,550
Total cash and cash equivalents and restricted cash shown in the consolidated balance sheets	6,542,347		13,577,827
Supplemental disclosure of cash flows information:
Cash paid for income tax	—		(122,248	)
Cash paid for interest	—		(96,507	)
Non-cash transactions:
Increase (decrease) in right-of-use assets due to remeasurement of lease terms	63,896		(1,148,456	)
Right-of-use assets acquired in exchange for operating lease liabilities	4,605,476		27,857,474
Right-of-use assets acquired in exchange for finance lease liabilities	950,792		819,155
Shares issued to settle commitment fee	—		250,000
Shares issued upon conversion of convertible notes issued pursuant to SEPA	3,800,000		950,000

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Armlogi Holding's fiscal 2026 revenue and net loss?

Armlogi Holding reported $185.8 million in revenue and a $20.9 million net loss for fiscal 2026. Revenue declined 2.4% from fiscal 2025, while the net loss widened from $15.3 million.

How did Armlogi Holding settle its convertible notes?

Armlogi Holding settled the notes through $2.0 million in cash repayments and the conversion of $3.8 million into 3,192,145 common shares in September 2025. No convertible notes remained outstanding at June 30, 2026.

Why did Armlogi Holding's general and administrative expenses rise in fiscal 2026?

General and administrative expenses rose partly because rental expense increased $6.2 million to $8.8 million for additional leased warehouse facilities, some of which remained underutilized. Credit loss expense also increased $1.1 million to $1.4 million.

How much of Armlogi Holding's June 2026 cash was restricted?

$4.3 million of Armlogi Holding's cash was restricted at June 30, 2026. It was held as collateral for standby letters of credit supporting certain leases; cash and cash equivalents were $2.2 million.