Elite Express Holding Inc. Reports Second Quarter 2026 Results
Rhea-AI Summary
Elite Express Holding (Nasdaq: ETS) reported Q2 2026 revenue of $726,829, up $96,579 or 15.3% from $630,250 in Q2 2025. Activity-based revenue was $512,123 (70.4% of total), while fixed revenue rose to $214,333, mainly from higher weekly service charge rates under its renewed FedEx ISP agreement.
Cost of revenue increased 5.5% to $645,792, driving gross profit up to $81,037 from $18,002 and gross margin to 11.1% from 2.9%. General and administrative expenses surged to $706,072, up $564,310 or 398.1%, reflecting higher professional fees, payroll, and a $200,000 franchise tax increase tied to ETS’s public-company transition.
ETS generated $224,606 of interest income from a loans receivable portfolio originated in 2025, with $300,000 of principal repaid in the quarter and remaining loans extended to November 30, 2026 at 5% interest. The company reported a net loss of $2,532,942 versus a $107,604 loss a year earlier, largely due to substantial research and development spending on long-term technology initiatives.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Revenue $726,829, up 15.3% year over year
- Cost of revenue up 5.5% vs revenue up 15.3%, expanding gross margin to 11.1%
- Gross profit improved to $81,037 from $18,002
- Loans receivable generated $224,606 interest income in Q2 2026
- Loans portfolio received $300,000 principal repayments during the quarter
- Aggregate interest payments received on loans of $400,000 to date
Negative
- General and administrative expenses rose to $706,072, up 398.1% year over year
- Net loss widened to $2,532,942 from $107,604
- Cost of revenue increased by $33,544 to $645,792
- Other Pickup and Delivery revenue declined by $2,578 to $373
Market reaction: ETS +3.49% on 2Q26 earnings report
Following this news, ETS has gained 3.49%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.89. This price movement has added approximately $1M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 13 | quarterly earnings | Positive | +1.9% | Q1 2026 revenue growth and sharply narrower net loss versus prior year. |
| Feb 27 | annual results | Negative | -0.4% | Full‑year 2025 net loss widened significantly despite modest revenue growth. |
| Oct 14 | quarterly earnings | Positive | +1.5% | Q3 2025 delivered first quarterly gross profit with solid year‑over‑year revenue growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
ETS earnings headlines have historically produced small average stock moves of about 1%, with reactions generally tracking the tone of each report.
Key Terms
loans receivable financial
initial public offering financial
interest income financial
joint and several liability guarantees regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
LAGUNA HILLS, Calif., July 14, 2026 (GLOBE NEWSWIRE) -- Elite Express Holding Inc. (“ETS” or the “Company”) (Nasdaq: ETS), a California-based provider of last-mile delivery services, today reported results for the quarter ended May 31, 2026.
Second Quarter 2026 Financial Results
For the three months ended May 31, 2026, the Company reported revenue of
The Company also reported cost of revenue of
For the three months ended May 31, 2026, the Company reported gross profit of
General and administrative expenses for the Company increased by
During the three months ended May 31, 2026, the Company's loans receivable portfolio, which originated in fiscal 2025, generated interest income of
The Company reported a net loss of
Yidan Chen, ETS’s CEO commented, “Our second quarter results demonstrate continued operational progress reflecting the continued effectiveness of our operational execution and efficiency initiatives.
“During the quarter, we continued to optimize route management, fleet utilization, and labor productivity while making significant investments in research and development to support our long-term technology strategy. Although these investments had a significant impact on our GAAP net results for the quarter, we believe they will strengthen our competitive position and enhance our long-term growth prospects.”
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 May 31, 2026, which was filed with the Securities and Exchange Commission on July 14, 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 | For the Six Months Ended | ||||||||||||||||
| May 31, | May 31, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| REVENUE | $ | 726,829 | $ | 630,250 | $ | 1,532,127 | $ | 1,322,393 | |||||||||
| COST OF REVENUE | |||||||||||||||||
| Cost of service | 67,041 | 49,851 | 158,296 | 120,010 | |||||||||||||
| Cost of labor | 343,973 | 347,132 | 730,934 | 737,940 | |||||||||||||
| Depreciation and amortization | 33,744 | 62,168 | 50,272 | 124,336 | |||||||||||||
| Fuel | 117,157 | 102,033 | 222,266 | 209,946 | |||||||||||||
| Maintenance and repairs | 83,877 | 51,064 | 131,957 | 144,566 | |||||||||||||
| Total cost of revenue | 645,792 | 612,248 | 1,293,725 | 1,336,798 | |||||||||||||
| GROSS PROFIT (LOSS) | 81,037 | 18,002 | 238,402 | (14,405 | ) | ||||||||||||
| OPERATING EXPENSES | |||||||||||||||||
| R&D expenses | 2,150,000 | — | 2,150,000 | — | |||||||||||||
| General and administrative expenses | 706,072 | 141,762 | 1,170,678 | 425,381 | |||||||||||||
| Total operating expenses | 2,856,072 | 141,762 | 3,320,678 | 425,381 | |||||||||||||
| LOSS FROM OPERATIONS | (2,775,035 | ) | (123,760 | ) | (3,082,276 | ) | (439,786 | ) | |||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||
| Interest income, net | 216,101 | — | 414,838 | — | |||||||||||||
| Other income, net | 25,992 | 16,556 | 25,992 | 21,285 | |||||||||||||
| Total other income, net | 242,093 | 16,556 | 440,830 | 21,285 | |||||||||||||
| LOSS BEFORE INCOME TAX BENEFIT | (2,532,942 | ) | (107,204 | ) | (2,641,446 | ) | (418,501 | ) | |||||||||
| Income tax expense (benefit) | — | 400 | 1,600 | (105,898 | ) | ||||||||||||
| NET LOSS | $ | (2,532,942 | ) | $ | (107,604 | ) | $ | (2,643,046 | ) | $ | (312,603 | ) | |||||
| Loss per common share - basic and diluted | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.16 | ) | $ | (0.02 | ) | |||||
| Weighted average shares - basic and diluted | 16,716,672 | 12,916,667 | 16,716,672 | 12,916,672 | |||||||||||||
| ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| As of May 31, | As of November 30, | |||||
| 2026 | 2025 | |||||
| (UNAUDITED) | (AUDITED) | |||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 5,235,991 | $ | 1,308,529 | ||
| Accounts receivable | 58,676 | 72,582 | ||||
| Loans receivable | 9,649,811 | 9,999,811 | ||||
| Prepaid D&O insurance | 31,345 | 102,443 | ||||
| Prepaid expenses and other current assets | 2,548,873 | 898,191 | ||||
| TOTAL CURRENT ASSETS | 17,524,696 | 12,381,556 | ||||
| NON-CURRENT ASSETS: | ||||||
| Plant and equipment | 141,414 | 167,008 | ||||
| Intangible assets | 460,000 | 487,600 | ||||
| Goodwill | 668,858 | 668,858 | ||||
| TOTAL ASSETS | $ | 18,794,968 | $ | 13,705,022 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| TOTAL CURRENT LIABILITIES | 246,147 | 513,155 | ||||
| TOTAL LIABILITIES | 246,147 | 513,155 | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 18,548,821 | 13,191,867 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 18,794,968 | $ | 13,705,022 | ||
| ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| For the Six Months Ended | ||||||||
| May 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,643,046 | ) | $ | (312,603 | ) | ||
| Net cash used in operating activities | (4,344,650 | ) | (294,052 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Net cash provided by investing activities | 343,582 | — | ||||||
| Cash flows from financing activities: | ||||||||
| Net cash provided by financing activities | 7,928,530 | 178,922 | ||||||
| Net increase (decrease) in cash | 3,927,462 | (115,130 | ) | |||||
| Cash, beginning of period | 1,308,529 | 170,157 | ||||||
| Cash, end of period | $ | 5,235,991 | $ | 55,027 | ||||
