Elite Express Holding Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
Elite Express Holding (Nasdaq: ETS) reported first quarter fiscal 2026 results for the period ended February 28, 2026. Revenue was $805,298, up 16.3% year-over-year, while net loss narrowed to $110,104, a 46.3% improvement.
Gross profit improved to $157,365 (19.4% margin) from a prior-year gross loss, cost of revenue fell to $647,933, and general and administrative expenses rose to $464,606. Loan interest income was $199,830, with $150,000 collected post-quarter.
Positive
- Revenue +16.3% YoY to $805,298
- Gross margin improvement to 19.4% from -4.7%
- Interest income of $199,830 from loans receivable and $150,000 repayments collected
Negative
- Net loss of $110,104 remains despite improvement
- G&A expenses +63.8% to $464,606, driven by public company costs
Key Figures
Market Reality Check
Peers on Argus
ETS fell 2.86% while peers were mixed: TOPP +11.94%, WERN +1.86%, PAMT -2.41%, YGMZ -60.66%, YELL 0%. Moves do not reflect a unified trucking-sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 27 | Full-year 2025 earnings | Negative | -0.4% | Full-year revenue growth but substantially wider net loss and higher expenses. |
| Oct 14 | Q3 2025 earnings | Neutral | +1.5% | First quarterly gross profit with modest revenue growth but higher net loss. |
Prior earnings headlines produced modest price moves (around ±1–1.5%), with no strong directional pattern despite revenue growth and ongoing losses.
Recent ETS history shows a newly public last‑mile operator balancing growth with public‑company costs. The Oct 14, 2025 Q3 2025 report highlighted mid‑single‑digit revenue growth and the first quarterly gross profit but a wider net loss. The Feb 27, 2026 FY 2025 results showed revenue near $2.7M but a net loss of about $2.2M. Today’s Q1 2026 update continues that narrative with higher revenue and a narrowed loss versus 2025.
Historical Comparison
In the past two earnings-related releases, ETS moved about ±0.52% on average. The current Q1 2026 results again mix revenue growth with continued losses, fitting the recent pattern of relatively muted price reactions around financial updates.
Earnings releases show progression from small gross profits and widening annual losses toward quarterly revenue acceleration and improved gross margins, while public-company costs keep overall profitability negative.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $805,298, up 16.3% year over year, and a narrowed net loss of $110,104, helped by improved gross margin and $199,830 of interest income from loans receivable. Against prior earnings releases that combined growth with persistent losses, investors may focus on whether cost controls, FedEx volume trends, and loan repayments can support a path toward sustained profitability.
AI-generated analysis. Not financial advice.
LAGUNA HILLS, Calif., April 13, 2026 (GLOBE NEWSWIRE) -- Elite Express Holding Inc. (“ETS” or the “Company”) (Nasdaq CM: ETS), a California-based provider of last-mile delivery services, today reported results for the quarter ended February 28, 2026.
For the quarter ended February 28, 2026, the Company reported revenue of
Yidan Chen, ETS’s CEO commented, “Our first quarter of fiscal 2026 reflects continued operational momentum following our transition to a public company. We achieved
“We benefited from stronger delivery volumes, optimized route management, fleet utilization, and labor efficiency. Supported by resilient e-commerce demand, we believe ETS is well positioned to strengthen financial performance and deliver long-term shareholder value.
First Quarter 2026 Financial Results
For the three months ended February 28, 2026, the Company reported revenue of
The Company also reported cost of revenue of
For the three months ended February 28, 2026, the Company reported gross profit of
General and administrative expenses for the Company increased by
During the three months ended February 28, 2026, the Company’s loans receivable portfolio, which was originated during fiscal 2025, generated interest income of
The Company reported a net loss of
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements, including, but not limited to: projections of earnings, revenue, or other financial items; statements regarding the adequacy, availability, and sources of capital; statements of the plans, strategies, and objectives of management for future operations; statements concerning proposed new services or developments; statements regarding future economic conditions or performance; statements of belief; and statements of assumptions underlying any of the foregoing.
Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “plan,” “project,” “anticipate,” and other similar expressions. These forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties.
Factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include, among others, the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2025, as well as in the Company’s subsequent filings with the Securities and Exchange Commission.
Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. The Company’s future financial condition and results of operations are subject to change and to inherent risks and uncertainties. Except as required by law, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
The information included in this release should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and related notes included in its Quarterly Report on Form 10-Q for the quarter ended February 28, 2026.
For more information, please contact:
Elite Express Holding Inc.
Investor Relations
(949) 758-0650
ir@eliteexpressholding.com
| ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| For the Three Months Ended | |||||||
| February 28, | |||||||
| 2026 | 2025 | ||||||
| REVENUE | $ | 805,298 | $ | 692,143 | |||
| COST OF REVENUE | |||||||
| Cost of service | 91,255 | 70,159 | |||||
| Cost of labor | 386,961 | 390,808 | |||||
| Depreciation and amortization | 16,528 | 62,168 | |||||
| Fuel | 105,109 | 107,913 | |||||
| Maintenance and repairs | 48,080 | 93,502 | |||||
| Total cost of revenue | 647,933 | 724,550 | |||||
| GROSS PROFIT (LOSS) | 157,365 | (32,407 | ) | ||||
| OPERATING EXPENSES | |||||||
| General and administrative expenses | 464,606 | 283,619 | |||||
| Total operating expenses | 464,606 | 283,619 | |||||
| LOSS FROM OPERATIONS | (307,241 | ) | (316,026 | ) | |||
| OTHER INCOME | |||||||
| Interest income, net | 198,737 | — | |||||
| Other income, net | — | 4,729 | |||||
| Total other income, net | 198,737 | 4,729 | |||||
| LOSS BEFORE INCOME TAX PROVISION (BENEFIT) | (108,504 | ) | (311,297 | ) | |||
| Income tax expense (benefit) | 1,600 | (106,298 | ) | ||||
| NET LOSS | $ | (110,104 | ) | $ | (204,999 | ) | |
| Loss per common share - basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | |
| Weighted average shares - basic and diluted | 16,716,672 | 16,916,667 | |||||
| ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| As of February 28, | As of November 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| (UNAUDITED) | (AUDITED) | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash and cash equivalents | $ | 68,065 | $ | 1,308,529 | |||||||
| Accounts receivable | 84,411 | 72,582 | |||||||||
| Loans receivable | 9,949,811 | 9,999,811 | |||||||||
| Prepaid D&O insurance | 66,894 | 102,443 | |||||||||
| Prepaid expenses and other current assets | 1,868,232 | 898,191 | |||||||||
| TOTAL CURRENT ASSETS | 12,037,413 | 12,381,556 | |||||||||
| NON-CURRENT ASSETS: | |||||||||||
| Plant and equipment | 170,697 | 167,008 | |||||||||
| Intangible assets | 473,800 | 487,600 | |||||||||
| Goodwill | 668,858 | 668,858 | |||||||||
| TOTAL NON-CURRENT ASSETS | 1,313,355 | 1,323,466 | |||||||||
| TOTAL ASSETS | $ | 13,350,768 | $ | 13,705,022 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| TOTAL CURRENT LIABILITIES | 269,005 | 513,155 | |||||||||
| TOTAL LIABILITIES | 269,005 | 513,155 | |||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 13,081,763 | 13,191,867 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 13,350,768 | $ | 13,705,022 | |||||||
| ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| For the Three Months Ended | ||||||||||||||||
| February 28, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | $ | (110,104 | ) | $ | (204,999 | ) | ||||||||||
| Net cash used in operating activities | (1,248,639 | ) | (297,091 | ) | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Net cash provided by investing activities | 43,582 | — | ||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Net cash provided by (used in) financing activities | (35,407 | ) | 295,000 | |||||||||||||
| Net decrease in cash | (1,240,464 | ) | (2,091 | ) | ||||||||||||
| Cash, beginning of period | 1,308,529 | 170,157 | ||||||||||||||
| Cash, end of period | $ | 68,065 | $ | 168,066 | ||||||||||||
