Elite Express Holding Inc. Reports Third Quarter 2026 Results

Quarterly administrative expenses rose 570.9%, outweighing the improvement in gross profitability.

Rhea-AI Summary

Elite Express Holding (Nasdaq: ETS) reported third-quarter revenue of $766,422, with improved gross profitability but a wider net loss.

For the quarter ended August 31, 2026, revenue rose 20.9% year over year. Gross profit increased to $95,759 from $6,817, and gross margin reached 12.5% versus 1.1%. General and administrative expenses rose 570.9% to $1,017,024, while net loss widened to $760,138 from $185,881. Nine-month revenue reached $2,298,549, but net loss increased to $3,403,184 from $498,484, including $2,150,000 in research and development expenses.

Nine-month operating cash use reached $4,741,858. Cash stood at $3,003,589 and loans receivable at $11,549,811 on August 31. During the quarter, additional third-party loans totaled $1.9 million at 5% annual interest, maturing in 12 months. Remaining original loans had their maturities extended to November 30, 2026.

13 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 17 points

How the balance works

Positive

• Moderate pointNine-month revenue increased to $2,298,549 from $1,956,258 year over year.
• Moderate pointNine-month gross profit reached $334,161 versus a $7,588 gross loss a year earlier.
• Minor pointQuarterly revenue rose 20.9% year over year to $766,422 from $633,865.
• Minor pointActivity-based revenue increased to $545,879 from $477,705, representing 71.2% of quarterly revenue versus 75.4%.
• Minor pointFixed revenue increased to $216,230 from $155,644, primarily reflecting higher FedEx weekly service charge rates.

8 minor points

• Minor pointOther pickup and delivery revenue increased to $4,313 from $516 year over year.
• Minor pointQuarterly gross profit increased to $95,759 from $6,817 year over year.
• Minor pointQuarterly gross margin improved to 12.5% from 1.1% year over year.
• Minor pointQuarterly net interest income increased to $161,127 from $2,248 year over year.
• Minor pointNine-month net interest income increased to $575,965 from $2,248 year over year.
• Minor pointNine-month other income increased to $25,992 from $21,285 year over year.
• Minor pointTotal liabilities declined to $385,130 on August 31, 2026, from $513,155 on November 30, 2025.
• Minor pointStockholders’ equity increased to $17,788,683 on August 31, 2026, from $13,191,867 on November 30, 2025.

Negative

• Moderate pointNine-month net loss widened to $3,403,184 from $498,484 year over year.
• Moderate pointNine-month administrative expenses increased to $2,187,702 from $576,981 year over year.
• Moderate pointNine-month operating loss widened to $4,003,541 from $584,569 year over year.
• Moderate pointNine-month operating cash use increased to $4,741,858 from $640,210 year over year.
• Minor pointQuarterly net loss widened 308.9% to $760,138 from $185,881 year over year.

12 minor points

• Minor pointQuarterly administrative expenses rose 570.9% to $1,017,024, reflecting higher professional fees, payroll and franchise taxes.
• Minor pointQuarterly cost of revenue increased 7.0% to $670,663 from $627,048 year over year.
• Minor pointQuarterly operating loss widened to $921,265 from $144,783 year over year.
• Minor pointQuarterly loss per share widened to $0.02 from $0.01, basic and diluted.
• Minor pointNine-month research and development expenses totaled $2,150,000 versus none a year earlier.
• Minor pointNine-month cost of revenue increased to $1,964,388 from $1,963,846 year over year.
• Minor pointNine-month loss per share widened to $0.13 from $0.04, basic and diluted.
• Minor pointNine-month income tax expense was $1,600 versus a $62,552 benefit a year earlier.
• Minor pointNine-month investing cash use increased to $1,556,418 from $79,908 year over year.
• Minor pointNine-month financing cash inflows declined to $7,993,336 from $14,103,098 year over year.
• Minor pointAugust 31 cash was $3,003,589 versus $13,553,137 a year earlier, but above $1,308,529 on November 30, 2025.
• Minor pointOriginal loan maturities were extended to November 30, 2026, effective June 1, 2026.

News Explained

The release says loans to unrelated borrowers were funded with net IPO proceeds to earn interest before the prospectus-described deployment, so some proceeds were held as receivables rather than cash; the loan portfolio earned $135,359 in the quarter.

Key Figures

Quarterly revenue: $766,422 (+20.9% YoY) Gross profit: $95,759 vs. $6,817 Gross margin: 12.5% vs. 1.1% +3 more

Quarterly revenue

$766,422 (+20.9% YoY)

Three months ended August 31, 2026

Gross profit

$95,759 vs. $6,817

Three months ended August 31, 2026 vs. 2025

Gross margin

12.5% vs. 1.1%

Three months ended August 31, 2026 vs. 2025

General and administrative expenses

$1,017,024 (+570.9%)

Three months ended August 31, 2026 vs. 2025

Net loss

$760,138 vs. $185,881

Three months ended August 31, 2026 vs. 2025

Additional loan agreements

$1.9 million aggregate principal

Entered during the quarter; annual interest rate of 5%, maturing in 12 months

Previous Earnings Reports

2 past events · Latest: Jul 14

Same Type 2 events

1. Jul 14

   Quarterly earnings

   24h Move

   +5.2%

   Revenue and gross profit increased year over year, but quarterly net loss widened substantially.

2. Oct 14

   Quarterly earnings

   24h Move

   +1.5%

   Revenue rose and first quarterly gross profit was reported, while net loss widened year over year.

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

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LAGUNA HILLS, Calif., Oct. 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 August 31, 2026.

For the three months ended August 31, 2026, the Company reported revenue of $766,422, representing a 20.9% increase compared with the same period in 2025. Gross profit increased to $95,759, compared with $6,817 for the same period in 2025, reflecting continued improvements in operating efficiency. The Company reported a net loss of $760,138, primarily attributable to a significant increase in general and administrative expenses, including professional fees, payroll, and franchise tax expenses.

Yidan Chen, ETS’s CEO, commented, “Our third quarter results reflect continued growth in our delivery operations, with revenue increasing 20.9% year over year and gross profit improving significantly, demonstrating the benefits of our ongoing focus on operational execution and efficiency.

“During the quarter, we continued to optimize route management, fleet utilization, and labor productivity while maintaining our focus on disciplined cost management. Although higher general and administrative expenses impacted our net results, we remain focused on improving operating efficiency, pursuing disciplined growth opportunities, and building a stronger foundation for long-term shareholder value.”

Third Quarter 2026 Financial Results

For the three months ended August 31, 2026, the Company reported revenue of $766,422, representing an increase of $132,557, or 20.9%, compared with $633,865 for the three months ended August 31, 2025. Activity-based revenue accounted for $545,879, or 71.2% of total revenue, during the three months ended August 31, 2026, compared with $477,705, or 75.4% of total revenue, for the same period in the prior year. Fixed revenue, including weekly service charges and branding-related revenue, increased from $155,644 for the three months ended August 31, 2025 to $216,230 for the three months ended August 31, 2026. This increase was primarily attributable to higher weekly service charge rates under the Company’s ISP agreement with FedEx, which was renewed on February 21, 2026. Other pickup and delivery revenue increased from $516 for the three months ended August 31, 2025 to $4,313 for the three months ended August 31, 2026, representing an increase of $3,797.

The Company also reported cost of revenue of $670,663 for the three months ended August 31, 2026, compared with $627,048 for the three months ended August 31, 2025, representing an increase of $43,615, or 7.0%. This increase was primarily due to increased maintenance and repair costs and higher cost of service related to the rental of additional vehicles to fulfill the Company’s delivery volume obligations.

For the three months ended August 31, 2026, the Company reported gross profit of $95,759, compared with $6,817 for the three months ended August 31, 2025, representing an improvement of $88,942. Gross margin improved to 12.5% for the three months ended August 31, 2026, compared with 1.1% in the prior-year period. The improvement was primarily attributable to higher revenue growth, which outpaced the increase in cost of revenue.

General and administrative expenses for the Company increased by $865,424, or 570.9%, to $1,017,024 for the three months ended August 31, 2026, from $151,600 for the three months ended August 31, 2025. The increase was mainly due to (i) $137,337 in higher professional fees, primarily related to audit services, financial reporting, and SEC and regulatory compliance associated with the Company’s transition to a public company; (ii) $586,252 in higher payroll expenses associated with personnel supporting corporate governance, internal controls, and administrative operations; (iii) a $120,108 increase in franchise tax expenses; and (iv) $21,727 in other expenses.

During the three months ended August 31, 2026, the Company's loans receivable portfolio generated interest income of $135,359. The portfolio includes loans to unrelated third-party borrowers, which were made to generate interest income on the net proceeds from the Company's initial public offering prior to their deployment for the purposes described in the Company's prospectus. Effective June 1, 2026, the maturity dates of the remaining outstanding loans from the Company's original loan portfolio were extended to November 30, 2026, with an annual interest rate of 5%. During the quarter, the Company also entered into additional loan agreements with unrelated third-party borrowers with an aggregate principal amount of $1.9 million, bearing interest at an annual rate of 5% and maturing in 12 months. The loans are secured by personal guarantees provided by the shareholders or chief executive officers of the respective borrowers, and the Company has no related-party relationships with the borrowers.

The Company reported a net loss of $760,138 for the three months ended August 31, 2026, compared with a net loss of $185,881 for the same period in 2025, representing an increase of $574,257, or 308.9%. The increase was primarily attributable to higher general and administrative expenses, including increased professional fees, payroll expenses, and franchise tax expenses, partially offset by higher revenue and improved gross profitability.

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 August 31, 2026, which was filed with the Securities and Exchange Commission on October 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 Nine Months Ended
		August 31,									August 31,
		2026				2025					2026				2025
REVENUE		$	766,422			$	633,865				$	2,298,549			$	1,956,258
COST OF REVENUE
Cost of service			76,902				56,974					235,198				176,984
Cost of labor			357,790				347,945					1,088,724				1,085,885
Depreciation and amortization			30,272				64,332					80,544				188,668
Fuel			114,408				94,654					336,674				304,600
Maintenance and repairs			91,291				63,143					223,248				207,709
Total cost of revenue			670,663				627,048					1,964,388				1,963,846
GROSS PROFIT (LOSS)			95,759				6,817					334,161				(7,588	)
OPERATING EXPENSES
R&D expenses			—				—					2,150,000				—
General and administrative expenses			1,017,024				151,600					2,187,702				576,981
Total operating expenses			1,017,024				151,600					4,337,702				576,981
LOSS FROM OPERATIONS			(921,265	)			(144,783	)				(4,003,541	)			(584,569	)
OTHER INCOME (EXPENSE)
Interest income, net			161,127				2,248					575,965				2,248
Other income, net			—				—					25,992				21,285
Total other income, net			161,127				2,248					601,957				23,533
LOSS BEFORE INCOME TAX BENEFIT			(760,138	)			(142,535	)				(3,401,584	)			(561,036	)
Income tax expense (benefit)			—				43,346					1,600				(62,552	)
NET LOSS		$	(760,138	)		$	(185,881	)			$	(3,403,184	)		$	(498,484	)
Loss per common share - basic and diluted		$	(0.02	)		$	(0.01	)			$	(0.13	)		$	(0.04	)
Weighted average shares - basic and diluted*			47,325,368				13,288,411					26,994,044				13,041,947

ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
		As of August 31,			As of November 30,
		2026			2025
		(UNAUDITED)			(AUDITED)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	3,003,589		$	1,308,529
Accounts receivable			76,574			72,582
Loans receivable			11,549,811			9,999,811
Deferred offering cost			41,430			—
Prepaid D&O insurance			137,701			102,443
Prepaid expenses and other current assets			2,124,707			898,191
TOTAL CURRENT ASSETS			16,933,812			12,381,556
NON-CURRENT ASSETS:
Plant and equipment			124,943			167,008
Intangible assets			446,200			487,600
Goodwill			668,858			668,858
TOTAL ASSETS		$	18,173,813		$	13,705,022
LIABILITIES AND STOCKHOLDERS’ EQUITY
TOTAL CURRENT LIABILITIES			385,130			513,155
TOTAL LIABILITIES			385,130			513,155
TOTAL STOCKHOLDERS’ EQUITY			17,788,683			13,191,867
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	18,173,813		$	13,705,022

ELITE EXPRESS HOLDING INC. & ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		For the Nine Months Ended
		August 31,
		2026				2025
Cash flows from operating activities:
Net loss		$	(3,403,184	)		$	(498,484	)
Net cash used in operating activities			(4,741,858	)			(640,210	)
Cash flows from investing activities:
Net cash used in investing activities			(1,556,418	)			(79,908	)
Cash flows from financing activities:
Net cash provided by financing activities			7,993,336				14,103,098
Net increase in cash			1,695,060				13,382,980
Cash, beginning of period			1,308,529				170,157
Cash, end of period		$	3,003,589			$	13,553,137

FAQ

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

What were Elite Express Holding’s third-quarter 2026 earnings results?

Elite Express Holding reported $766,422 in revenue and a $760,138 net loss for the three months ended August 31, 2026. Revenue increased 20.9% year over year, while the net loss widened from $185,881. Gross margin improved to 12.5% from 1.1%.

Why did Elite Express Holding’s quarterly administrative expenses increase?

Quarterly administrative expenses increased by $865,424, driven by higher professional fees, payroll, franchise taxes and other expenses. Professional fees increased $137,337, primarily for audit, financial reporting and public-company compliance work. Payroll increased $586,252, franchise taxes increased $120,108, and other expenses increased $21,727.

What guarantees support Elite Express Holding’s additional third-party loans?

The additional loans are secured by personal guarantees from shareholders or chief executive officers of the respective borrowers. Elite Express Holding has no related-party relationships with those borrowers. Its loans receivable portfolio generated $135,359 in interest income during the quarter; the loans were made to earn interest on IPO proceeds before their deployment for the purposes described in the prospectus.

Why did Elite Express Holding’s third-quarter delivery costs rise?

Delivery costs rose primarily because of higher maintenance and repair costs and additional vehicle rentals needed to fulfill delivery volume obligations. Maintenance and repairs totaled $91,291 versus $63,143 a year earlier, while cost of service increased to $76,902 from $56,974.