Armlogi Holding Corp. Reports Third Quarter and First Nine Months of Fiscal Year 2026 Financial Results
Rhea-AI Summary
Armlogi Holding (Nasdaq:BTOC) reported Q3 and first nine months FY2026 results for the period ended March 31, 2026. Nine‑month revenue rose 2.3% year-over-year to $142.7 million, with warehousing services up 19.9% to $55.5 million and transportation services down 6.4% to $87.1 million.
The company reported a nine‑month net loss of $15.4 million versus $10.1 million a year earlier and a gross margin of -3.6%. Q3 revenue declined 9.1% to $41.7 million, with a gross margin of -4.5%, and cash and restricted cash fell to $7.1 million.
Positive
- Nine‑month revenue up 2.3% year-over-year to $142.7 million
- Warehousing services revenue up 19.9% year-over-year to $55.5 million
- Q3 warehousing revenue up 7.3% year-over-year to $18.6 million
- Q3 general and administrative expenses down 25.7% year-over-year to $3.3 million
- PRC-based customer revenue share reduced from 87% to 76%
- Operational footprint at 12 U.S. warehouses totaling about 3.9 million square feet
Negative
- Q3 total revenue down 9.1% year-over-year to $41.7 million
- Q3 transportation services revenue down 19.1% year-over-year to $23.1 million
- Nine‑month transportation services revenue down 6.4% to $87.1 million
- Nine‑month net loss widened to $15.4 million from $10.1 million
- Q3 net loss increased to $5.1 million from $3.8 million
- Nine‑month gross loss $5.1 million; gross margin -3.6%
- Q3 gross loss $1.9 million; gross margin -4.5%
- Cash and restricted cash declined to $7.1 million from $13.6 million
- Net cash used in operating activities was $5.5 million for nine months
News Market Reaction – BTOC
In the May 14 session, BTOC declined 9.55%, reflecting a notable negative market reaction. Argus tracked a peak move of +3.1% during that session. Argus tracked a trough of -13.7% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 13 | Q2 FY2026 earnings | Negative | -7.1% | Higher revenue but deeper losses and ongoing margin pressure. |
| Sep 25 | FY2025 results | Negative | +3.6% | Revenue up but swing from profit to sizable net loss. |
| May 14 | Q3 FY2025 earnings | Negative | -7.1% | Strong revenue growth but sharp margin compression and net loss. |
| Feb 14 | Q2 FY2025 earnings | Negative | -9.3% | Revenue growth offset by soaring costs and swing to loss. |
| Nov 15 | Q1 FY2025 earnings | Negative | +8.5% | Modest revenue growth but negative gross margin and net loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings updates have typically produced negative or muted price reactions, with most past reports followed by single-day declines.
Across prior earnings releases, Armlogi showed consistent revenue growth but worsening profitability. FY2025 revenue rose to $190.4M while margins turned negative and net loss reached $15.3M. Subsequent quarters, including Q2 FY2026 on Feb 13, 2026, continued to show higher sales alongside gross losses and net losses, and liquidity remained tight. Today’s Q3 and nine‑month FY2026 results extend this pattern of modest top-line growth, strong warehousing expansion, and persistent negative gross margin and net losses.
Key Terms
gross margin financial
general and administrative expenses financial
cross-border e-commerce technical
restricted cash financial
net cash used in operating activities financial
middle-mile transportation network technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
WALNUT, Calif., May 13, 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 its financial results for the third quarter and first nine months of fiscal year 2026, ended March 31, 2026.
For the first nine months of fiscal year 2026, total revenue increased
Third Quarter Fiscal Year 2026 Financial Highlights (Three Months Ended March 31, 2026)
- Total revenue of
$41.7 million , compared to$45.8 million in the prior-year quarter, representing a decrease of9.1% . - Warehousing services revenue of
$18.6 million , representing an increase of7.3% year-over-year. - Transportation services revenue of
$23.1 million , representing a decrease of19.1% year-over-year, reflecting customer mix shift toward cross-border e-commerce platforms with bundled delivery services. - Gross loss of
$1.9 million (gross margin of -4.5% ), compared to gross profit of$0.3 million (gross margin of0.6% ) in the prior-year quarter, primarily reflecting temporary labor costs associated with significant inventory reorganization across the Company’s California warehouses during the quarter. - General and administrative expenses of
$3.3 million , representing a decrease of25.7% year-over-year. - Net loss of
$5.1 million , or$(0.11) per basic and diluted share, compared to a net loss of$3.8 million , or$(0.09) per share, in the prior-year quarter. - Cash and restricted cash of
$7.1 million as of March 31, 2026, compared to$13.6 million as of June 30, 2025.
First Nine Months Fiscal Year 2026 Financial Highlights (Nine Months Ended March 31, 2026)
- Total revenue of
$142.7 million , representing an increase of2.3% year-over-year. - Warehousing services revenue of
$55.5 million , representing an increase of19.9% year-over-year, driven by expanded operations at the Company’s Georgia, Illinois, and Ontario, California facilities. - Transportation services revenue of
$87.1 million , representing a decrease of6.4% year-over-year. - Gross loss of
$5.1 million (gross margin of -3.6% ), compared to gross loss of$2.8 million (gross margin of -2.0% ) in the prior-year period. - General and administrative expenses of
$10.9 million , essentially flat compared to$10.8 million in the prior-year period. - Net loss of
$15.4 million , or$(0.35) per basic and diluted share, compared to a net loss of$10.1 million , or$(0.24) per share, in the prior-year period. - Customer geographic diversification: PRC-based customers accounted for approximately
76% of total revenue for the nine months ended March 31, 2026, compared to approximately87% in the prior-year period, reflecting continued broadening of the Company’s customer base.
Operational Discussion
During the first nine months of fiscal year 2026, Armlogi continued to advance its operational footprint and service mix. Warehousing services revenue grew
The decline in transportation services revenue reflects a structural shift in the cross-border e-commerce market. A growing proportion of the Company’s traditional customer base has been transferring outbound order fulfillment to selling platform-operated fulfillment programs, while emerging customer segments served through certain cross-border e-commerce platforms typically utilize delivery services bundled by those platforms. As a result, the Company’s transportation service volumes from these segments have declined, even as warehousing service utilization from these same segments has increased — and at higher per-order warehousing service rates than the Company’s traditional customer profile.
Gross margin pressure during the third quarter primarily reflected a significant inventory reorganization undertaken across the Company’s California warehouses, which generated a temporary increase of approximately
These dynamics are taking place alongside the Company’s previously disclosed strategic initiatives, including the continued buildout of its internal middle-mile transportation network in Southern California and its ongoing investments in internal financial reporting and management infrastructure. The Company believes these initiatives are intended to support stronger operational discipline, enhanced management visibility, and improved unit economics over time.
Liquidity
As of March 31, 2026, the Company had cash and cash equivalents and restricted cash of
Management Commentary
Aidy Chou, Chairman and Chief Executive Officer of Armlogi, commented, “The third quarter and first nine months of fiscal 2026 reflect a period of significant transition for Armlogi. Our warehousing services business continued to grow at a meaningful rate, driven by the ramp-up of newer facilities and a shift in customer mix toward higher-value service profiles. At the same time, we have faced headwinds in our transportation services business as the broader cross-border e-commerce market has continued to evolve. We are taking these challenges seriously and are responding with disciplined operational execution, ongoing investment in the network capacity and infrastructure required to support our long-term competitive position, and a clear focus on the financial and capital structure work needed to support the business through this transition.”
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 12 warehouses totaling approximately 3.9 million square feet, the Company offers comprehensive one-stop warehousing and logistics services. The Company’s warehouses are equipped with facilities and technology to handle and store large, bulky items. Armlogi is a member of the Russell Microcap® Index. 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 revenue and earnings growth; our business prospects and opportunities; and the expected benefits of our operational initiatives, including the expansion of our internal transportation network. 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 successfully implement and scale our internal transportation network; the extent to which anticipated cost efficiencies and operational improvements are realized; our ability to keep pace with new technology and changing market needs; the competitive environment of our business; changes in demand for our services; and our dependence on third-party service providers. 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 publicly update or revise any forward-looking statement. 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 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. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 AND JUNE 30, 2025 (US$, except share data, or otherwise noted) | ||||||||
| March 31, 2026 | June 30, 2025 | |||||||
| US$ | US$ | |||||||
| Unaudited | Audited | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 2,668,304 | 9,190,277 | ||||||
| Accounts receivable and other receivable, net of credit loss allowance of | 18,392,275 | 22,207,500 | ||||||
| Other current assets | 783,826 | 998,925 | ||||||
| Prepaid expenses | 1,307,390 | 1,375,646 | ||||||
| Loan receivables, net of credit loss allowance of $nil and $nil | 1,681,245 | 3,893,563 | ||||||
| Total current assets | 24,833,040 | 37,665,911 | ||||||
| Non-current assets | ||||||||
| Restricted cash | 4,398,412 | 4,387,550 | ||||||
| Property and equipment, net | 10,074,357 | 11,259,820 | ||||||
| Intangible assets, net | 22,259 | 54,627 | ||||||
| Right-of-use assets – operating leases | 102,118,310 | 115,361,185 | ||||||
| Right-of-use assets – finance leases | 1,408,755 | 745,547 | ||||||
| Other non-current assets | 883,125 | 739,555 | ||||||
| Total assets | 143,738,258 | 170,214,195 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | 8,381,753 | 9,604,783 | ||||||
| Contract liabilities | 602,808 | 939,097 | ||||||
| Accrued payroll liabilities | 663,443 | 283,150 | ||||||
| Convertible notes | - | 5,292,749 | ||||||
| Operating lease liabilities – current | 35,351,135 | 29,280,907 | ||||||
| Finance lease liabilities – current | 759,787 | 386,327 | ||||||
| Total current liabilities | 45,758,926 | 45,787,013 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities – non-current | 83,822,574 | 98,939,552 | ||||||
| Finance lease liabilities – non-current | 702,532 | 397,692 | ||||||
| Total liabilities | 130,284,032 | 145,124,257 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, US | 454 | 422 | ||||||
| Additional paid-in capital | 20,468,826 | 16,668,858 | ||||||
| Retained earnings (Accumulated deficits) | (7,015,054 | ) | 8,420,658 | |||||
| Total stockholders’ equity | 13,454,226 | 25,089,938 | ||||||
| Total liabilities and stockholders’ equity | 143,738,258 | 170,214,195 | ||||||
| ARMLOGI HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2026 AND 2025 (US$, except share data, or otherwise noted) | ||||||||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | Nine months Ended March 31, 2026 | Nine months Ended March 31, 2025 | |||||||||||||
| US$ | US$ | US$ | US$ | |||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||
| Revenue | 41,678,009 | 45,844,322 | 142,694,036 | 139,469,900 | ||||||||||||
| Costs of services | 43,543,277 | 45,566,202 | 147,813,653 | 142,315,578 | ||||||||||||
| Gross profit | (1,865,268 | ) | 278,120 | (5,119,617 | ) | (2,845,678 | ) | |||||||||
| Operating costs and expenses: | ||||||||||||||||
| General and administrative | 3,325,439 | 4,472,813 | 10,871,295 | 10,800,794 | ||||||||||||
| Total operating costs and expenses | 3,325,439 | 4,472,813 | 10,871,295 | 10,800,794 | ||||||||||||
| Loss from operations | (5,190,707 | ) | (4,194,693 | ) | (15,990,912 | ) | (13,646,472 | ) | ||||||||
| Other (income) expenses: | ||||||||||||||||
| Other income, net | (159,603 | ) | (718,025 | ) | (1,200,475 | ) | (2,488,346 | ) | ||||||||
| Loss on Disposal of Assets | — | — | — | 43,625 | ||||||||||||
| Finance costs | 36,373 | 278,385 | 628,839 | 367,382 | ||||||||||||
| Total other (income) | (123,230 | ) | (439,640 | ) | (571,636 | ) | (2,077,339 | ) | ||||||||
| Loss before provision for income taxes | (5,067,477 | ) | (3,755,053 | ) | (15,419,276 | ) | (11,569,133 | ) | ||||||||
| Current income tax expense | — | — | 16,436 | — | ||||||||||||
| Deferred income tax (recovery) expense | — | — | — | (1,506,969 | ) | |||||||||||
| Total income tax (recovery) expenses | — | — | 16,436 | (1,506,969 | ) | |||||||||||
| Net loss | (5,067,477 | ) | (3,755,053 | ) | (15,435,712 | ) | (10,062,164 | ) | ||||||||
| Total comprehensive loss | (5,067,477 | ) | (3,755,053 | ) | (15,435,712 | ) | (10,062,164 | ) | ||||||||
| Basic & diluted net loss per share | (0.11 | ) | (0.09 | ) | (0.35 | ) | (0.24 | ) | ||||||||
| Weighted average number of shares of common stock-basic and diluted | 45,443,079 | 41,714,608 | 44,442,202 | 41,651,007 | ||||||||||||
| ARMLOGI HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED) (US$, except share data, or otherwise noted) | ||||||||
| For The Nine months Ended March 31, 2026 | For The Nine months Ended March 31, 2025 | |||||||
| US$ | US$ | |||||||
| Unaudited | Unaudited | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | (15,435,712 | ) | (10,062,164 | ) | ||||
| Adjustments for items not affecting cash: | ||||||||
| Net loss from disposal of fixed assets | — | 43,625 | ||||||
| Depreciation of property and equipment and right-of-use assets-finance leases | 2,568,088 | 1,983,166 | ||||||
| Amortization | 32,368 | 26,706 | ||||||
| Non-cash operating leases expense | 4,196,125 | 5,833,789 | ||||||
| Current estimated credit loss | — | 228,363 | ||||||
| Accretion of convertible notes | 527,251 | 344,925 | ||||||
| Deferred income taxes | — | (1,536,455 | ) | |||||
| Interest income | (55,992 | ) | (96,340 | ) | ||||
| Gain from settlement of commitment payable | — | (100,000 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable and other receivables | 3,815,225 | (1,606,810 | ) | |||||
| Other current assets | 215,099 | (597,401 | ) | |||||
| Other non-current assets | (143,570 | ) | 252,001 | |||||
| Prepaid expenses | 68,256 | (75,557 | ) | |||||
| Accounts payable & accrued liabilities | (1,343,843 | ) | (631,472 | ) | ||||
| Contract liabilities | (336,289 | ) | 191,665 | |||||
| Income tax payable | — | (57,589 | ) | |||||
| Accrued payroll liabilities | 380,293 | 282,280 | ||||||
| Net changes in derecognized ROU and operating lease liabilities | — | (63,874 | ) | |||||
| Net cash used in operating activities | (5,512,701 | ) | (5,641,142 | ) | ||||
| Cash Flows from Investing Activities: | ||||||||
| Purchase of property and equipment | (787,828 | ) | (2,593,457 | ) | ||||
| Loan disbursements | (2,370,000 | ) | (1,000,000 | ) | ||||
| Proceeds from loan repayments | 4,638,310 | 2,036,705 | ||||||
| Proceeds from sale of property and equipment | — | 25,000 | ||||||
| Net cash provided by (used in) investing activities | 1,480,482 | (1,531,752 | ) | |||||
| Cash Flows from Financing Activities: | ||||||||
| Repayment to related parties | — | (350,209 | ) | |||||
| Repayment of commitment payable | — | (150,000 | ) | |||||
| Repayments of finance lease liabilities | (458,892 | ) | (108,935 | ) | ||||
| Proceeds from convertible notes | — | 8,092,473 | ||||||
| Repayments of convertible notes | (2,020,000 | ) | (850,000 | ) | ||||
| Net cash (used in) provided by financing activities | (2,478,892 | ) | 6,633,329 | |||||
| Net decrease in cash and cash equivalents and restricted cash | (6,511,111 | ) | (539,565 | ) | ||||
| Cash and cash equivalents and restricted cash, beginning of the period | 13,577,827 | 9,950,384 | ||||||
| Cash and cash equivalents and restricted cash, end of the period | 7,066,716 | 9,410,819 | ||||||
| The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: | ||||||||
| Cash and cash equivalents | 2,668,304 | 5,631,247 | ||||||
| Restricted cash – non-current | 4,398,412 | 3,779,572 | ||||||
| Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Balance Sheets | 7,066,716 | 9,410,819 | ||||||
| Supplemental Disclosure of Cash Flows Information: | ||||||||
| Cash paid for income tax | (24,900 | ) | (87,074 | ) | ||||
| Cash paid for interest | — | (22,457 | ) | |||||
| Non-cash Transactions: | ||||||||
| Right-of-use assets acquired in exchange for finance lease liabilities | 1,137,192 | — | ||||||
| Right-of-use assets acquired in exchange for operating lease liabilities | 4,605,476 | 28,685,914 | ||||||
| Increase (Decrease) in right-of-use assets due to remeasurement of lease terms | 63,896 | (884,394 | ) | |||||
| Shares issued for Investor Notices pursuant to SEPA by reducing the convertible notes | 3,800,000 | 750,000 | ||||||
| Shares issued to settle commitment fee | — | 250,000 | ||||||
