PS International Group Ltd. Announces First Half 2026 Unaudited Financial Results
Revenue growth accompanied a narrower gross margin, a wider net loss and increased operating cash use.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
PS International Group (NASDAQ: PSIG) reported unaudited first-half 2026 revenue of $26.5 million, up 14.4% from the prior-year period. For the six months ended June 30, gross profit fell 38.8% to $129,761, with gross margin narrowing to 0.5% from 0.9%. Net loss widened to $10.1 million from $0.4 million; loss per ordinary share increased to $0.71 from $0.13.
A $11,811,648 loss from changes in warrant liabilities' fair value weighed on results, partly offset by settlement gains and securities gains. General and administrative expenses fell to $1,353,046 from $2,159,899, and operating loss narrowed to $1,223,285 from $1,947,916. Operating cash use increased to $3,173,760 from $817,584. Air freight revenue rose, while ocean freight revenue declined. Export revenue to Mexico increased to $7,110,033 from $6,652, while exports to the United States fell to $15,093,633 from $16,447,419.
How this balance works
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.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFirst-half 2026 revenue increased 14.4% to $26.5 million from the prior-year period.
- Moderate pointAir freight revenue rose to $26,295,812 in first-half 2026 from $22,552,413 a year earlier.
- Moderate pointMexico export revenue increased to $7,110,033 in first-half 2026 from $6,652 a year earlier.
- Moderate pointDirect-customer revenue rose to $4,571,681 in first-half 2026 from $147,100 a year earlier.
- Moderate pointOperating loss narrowed to $1,223,285 in first-half 2026 from $1,947,916 a year earlier.
- Moderate pointMarketable equity securities generated $2,512,725 in net gains in first-half 2026, versus none a year earlier. 3.3% of market cap
4 minor points
- Minor pointGeneral and administrative expenses fell to $1,353,046 in first-half 2026 from $2,159,899 a year earlier.
- Minor pointWarrant liability settlement generated a $628,406 gain in first-half 2026, versus none a year earlier.
- Minor pointInterest income increased to $60,227 in first-half 2026 from $20,878 a year earlier.
- Minor pointBorrowing repayments totaled $565,175 in first-half 2026.
Negative
- Major pointNet loss widened to $10.1 million in first-half 2026 from $0.4 million a year earlier.
- Moderate pointOperating cash use increased to $3,173,760 in first-half 2026 from $817,584 a year earlier.
- Moderate pointCash, cash equivalents and restricted cash decreased $3,775,870 in first-half 2026, versus $1,831,792 a year earlier.
- Moderate pointCashless warrant exercise issued 6,753,470 ordinary shares on February 3, 2026, diluting existing holders.
- Moderate pointFreight-forwarder customer revenue fell to $21,961,910 in first-half 2026 from $23,040,700 a year earlier.
14 minor points
- Minor pointLoss per ordinary share increased to $0.71 in first-half 2026 from $0.13 a year earlier.
- Minor pointWarrant liability fair-value changes generated an $11,811,648 loss in first-half 2026, versus none a year earlier.
- Minor pointGross profit fell 38.8% to $129,761; first-half gross margin narrowed to 0.5% from 0.9%.
- Minor pointInterest expense reached $233,728 in first-half 2026, compared with none a year earlier.
- Minor pointOther income fell to $12 in first-half 2026 from $1,468,587 a year earlier.
- Minor pointUnited States export revenue fell to $15,093,633 in first-half 2026 from $16,447,419 a year earlier.
- Minor pointCanada export revenue fell to $213,254 in first-half 2026 from $935,807 a year earlier.
- Minor pointNetherlands export revenue fell to $926,938 in first-half 2026 from $1,618,362 a year earlier.
- Minor pointUnited Kingdom export revenue fell to $1,512,267 in first-half 2026 from $1,558,376 a year earlier.
- Minor pointFrance export revenue fell to $20,232 in first-half 2026 from $60,860 a year earlier.
- Minor pointOther destinations' export revenue fell to $1,653,875 in first-half 2026 from $2,521,755 a year earlier.
- Minor pointOcean freight revenue fell to $236,003 in first-half 2026 from $599,588 a year earlier.
- Minor pointAncillary logistics revenue fell to $1,776 in first-half 2026 from $35,799 a year earlier.
- Minor pointForeign exchange shifted to a $4,556 loss in first-half 2026 from a $43,253 gain a year earlier.
News Explained
The shelf is future capacity, not current financing: no securities had been sold under its two hundred million U.S. dollar ceiling by the release date.
PS International Group reports that it issued 6,753,470 ordinary shares in a completed cashless exercise of all outstanding warrants on
Its Form F-3 shelf became effective on
Key Figures
- Revenue
- $26.5 million, up 14.4%
- Six months ended June 30, 2026
- Gross profit
- $0.1 million, down 38.8%
- Six months ended June 30, 2026
- Net loss
- $10.1 million
- Six months ended June 30, 2026; prior-period net loss was $0.4 million
- Net loss per ordinary share
- $0.71 loss
- Six months ended June 30, 2026; prior-period loss was $0.13 per share
- Gross profit margin
- 0.5%
- Six months ended June 30, 2026; compared with 0.9% in 2025
- Cash used in operating activities
- $3.2 million
- Six months ended June 30, 2026; compared with $0.8 million in 2025
- Loss from change in fair value of warrant liabilities
- $11.8 million
- Six months ended June 30, 2026
- Shares issued in warrant exchange
- 6,753,470 ordinary shares
- Issued February 3, 2026, in exchange for all then-outstanding warrants
Previous Earnings Reports
-
H1 2024 revenue, gross profit and net loss all worsened versus H1 2023.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
cashless exercise financial
warrant liabilities financial
shelf registration statement regulatory
form f-3 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
HONG KONG, Nov. 03, 2026 (GLOBE NEWSWIRE) -- PS International Group Ltd. (NASDAQ: PSIG) (“PSIG” or the “Company”), a long-established global logistics service provider headquartered in Hong Kong specializes in cross-border air freight services, today announced its unaudited financial results for the six months ended June 30, 2026.
Financial Summary for the Six Months Ended June 30, 2026
- Revenues were
$26.5 million , an increase of14.4% . - Gross profit was
$0.1 million , a decrease of38.8% . - Net loss was
$10.1 million , compared to a net loss of$0.4 million in the prior period.
Key Components of Our Results of Operations
The following table sets forth a summary of our unaudited consolidated results of operations for the six months ended June 30, 2025 and 2026. This information should be read together with our consolidated financial statements and related notes included elsewhere in this document.
| For the Six Months Ended June 30, | ||||
| 2025 | 2026 | |||
| US$ | US$ | |||
| Revenues | 23,124,641 | 25,100,878 | ||
| Revenues - Related Party | 63,159 | 1,432,713 | ||
| Total Revenues | 23,187,800 | 26,533,591 | ||
| Cost of Revenue | 22,476,099 | 26,184,117 | ||
| Cost of Revenue – Related Party | 499,718 | 219,713 | ||
| Total Cost of Revenue | 22,975,817 | 26,403,830 | ||
| Gross Profit | 211,983 | 129,761 | ||
| General and administrative expenses | 2,159,899 | 1,353,046 | ||
| Total operating expenses | 2,159,899 | 1,353,046 | ||
| Loss from Operations | (1,947,916 | ) | (1,223,285 | ) |
| Other Income (Loss): | ||||
| Interest income | 20,878 | 60,227 | ||
| Interest expense | — | (233,728 | ) | |
| Change in fair value of warrant liabilities | — | (11,811,648 | ) | |
| Gains on settlement of warrant liabilities | — | 628,406 | ||
| Net gains on marketable equity securities | — | 2,512,725 | ||
| Other income | 1,468,587 | 12 | ||
| Exchange gain (loss) | 43,253 | (4,556 | ) | |
| Total other income (loss) | 1,532,718 | (8,848,562 | ) | |
| Loss Before Income Tax | (415,198 | ) | (10,071,847 | ) |
| Income Tax | — | — | ||
| Net Loss | (415,198 | ) | (10,071,847 | ) |
| Net loss attributable to PS International Group Ltd. | (416,808 | ) | (10,064,745 | ) |
| Weighted average ordinary shares outstanding – basic and diluted | 3,247,117 | 14,145,276 | ||
| Net loss per ordinary share – basic and diluted | (0.13 | ) | (0.71 | ) |
Revenues
We generate revenues primarily from the provision of air and ocean export and import freight forwarding services during the six months ended June 30, 2025 and 2026. The table below sets forth the breakdown of our revenues by service type for the periods indicated.
| For the Six Months Ended June 30, | ||
| 2025 | 2026 | |
| US$ | US$ | |
| Freight forwarding services | ||
| - Air freight | 22,552,413 | 26,295,812 |
| - Ocean freight | 599,588 | 236,003 |
| Subtotal | 23,152,001 | 26,531,815 |
| Ancillary logistic services | 35,799 | 1,776 |
| Total | 23,187,800 | 26,533,591 |
Freight forwarding services
The Company derives revenues primarily from our freight forwarding services include arranging for consignment upon receipt of booking instructions from customers, cargo pick up, obtaining cargo space, preparation of freight documentation, arranging for customs clearance and cargo handling at origin and destination as well as other related logistics services such as supporting transportation for freight forwarding purposes, by purchasing transportation services from direct (asset-based) carriers or other freight forwarders and reselling those services to its customers. For the six months ended June 30, 2025 and 2026, our revenues from air freight forwarding were US
Ancillary logistics services
Our ancillary logistics services involve the provision of a wide range of logistics services, such as cargo pickup, cargo handling at ports and local transportation, and warehousing related services, such as repackaging, labelling, palletization, preparation of shipping documentation, arrangement of customs clearance and warehousing.
Revenue from freight forwarding services is mainly derived from export shipments. The following table sets forth the breakdown of revenue from freight forwarding services for the six months ended June 30, 2025 and 2026.
| For the Six Months Ended June 30, | ||
| 2025 | 2026 | |
| US$ | US$ | |
| Export shipments | ||
| - Air | 22,551,083 | 26,295,812 |
| - Ocean | 598,148 | 234,420 |
| - Subtotal | 23,149,231 | 26,530,232 |
| Import shipments | ||
| - Air | 1,330 | — |
| - Ocean | 1,440 | 1,583 |
| - Subtotal | 2,770 | 1,583 |
| Total | 23,152,001 | 26,531,815 |
For the six months ended June 30, 2025 and 2026, we focused on export freight forwarding services, which contributed to US
For the six months ended June 30, 2025 and 2026, our revenue was principally derived from the provision of air and ocean export freight forwarding services. The table below sets forth the breakdown of export revenue by destination for the periods indicated.
| For the Six Months Ended June 30, | ||||||
| 2025 | 2026 | |||||
| US$, except percentages | ||||||
| United States | 16,447,419 | 71.05 | % | 15,093,633 | 56.89 | % |
| Canada | 935,807 | 4.04 | % | 213,254 | 0.80 | % |
| France | 60,860 | 0.26 | % | 20,232 | 0.08 | % |
| United Kingdom | 1,558,376 | 6.73 | % | 1,512,267 | 5.70 | % |
| The Netherlands | 1,618,362 | 7.00 | % | 926,938 | 3.49 | % |
| Mexico | 6,652 | 0.03 | % | 7,110,033 | 26.80 | % |
| Others (Note) | 2,521,755 | 10.89 | % | 1,653,875 | 6.24 | % |
| Total export revenue | 23,149,231 | 100 | % | 26,530,232 | 100 | % |
Note: Others represent a number of countries including, among others, Qatar, Japan, Malaysia and Cyprus, etc.
For the six months ended June 30, 2025 and 2026, our revenue from freight and ocean forwarding services for export shipments to the United States contributed to US
The following table sets forth the breakdown of our revenue by type of customers for the six months ended June 30, 2025 and 2026:
| For the Six Months Ended June 30, | ||
| 2025 | 2026 | |
| US$ | US$ | |
| Freight forwarders | 23,040,700 | 21,961,910 |
| Direct customers | 147,100 | 4,571,681 |
| Total | 23,187,800 | 26,533,591 |
We focus on provision of freight forwarding services to freight forwarders, which generated revenue of US
Cost of Revenue
Our cost of revenue amounted to US
Our cost of revenue mainly comprised of air and ocean freight charges, and warehouse and transportation cost. Air and ocean freight charges represented costs of cargo space charged by airlines, shipping liners or other freight forwarders. Air freight charges were the major component of our cost of revenue.
Logistics and warehousing fees primarily represent costs and service fees incurred in relation to warehousing services such as x-ray screening, storage, palletizing and consolidation performed in our warehouse and costs of local trucking and transportation services.
Gross profit
Our total gross profit amounted to US
General and administrative expenses
Our general and administrative expenses decreased from US
Other income
Our other income decreased from US
Interest income
Our interest income increased from US
Interest expense
For the six months ended June 30, 2026, we incurred interest expense of US
Change in fair value of warrant liabilities and gains on settlement
In connection with the cashless exercise of all outstanding Warrants on February 3, 2026, we recorded a loss of US
Net gains on marketable equity securities
For the six months ended June 30, 2026, we recorded net gains on marketable equity securities of US
Exchange gain
Our exchange gain decreased from US
Income tax
Our income tax expense for the six months ended June 30, 2025 and for the six months ended June 30, 2026, respectively, were Nil as a result of taxable loss incurred for both periods.
Net loss
As a result of the above factors, our net loss for the six months ended June 30, 2025 and for the six months ended June 30, 2026 were US
Cash flows
The table below sets forth a summary of our cash flows for the six months ended June 30, 2025 and 2026:
| For the Six Months Ended June 30, | ||||
| 2025 | 2026 | |||
| US$ | US$ | |||
| Net cash (used in) operating activities | (817,584 | ) | (3,173,760 | ) |
| Net cash (used in) investing activities | (1,014,208 | ) | (36,935 | ) |
| Net cash (used in) financing activities | — | (565,175 | ) | |
| Net (decrease) in cash and cash equivalents and restricted cash | (1,831,792 | ) | (3,775,870 | ) |
Cash used in operating activities
Our operating cash inflow is primarily from our operating activities principally from the receipt of payments for our provision of freight forwarding services, whereas our outflow from operating activities is principally for freight charges, ancillary service fees payable to suppliers, payment of salaries and employee benefits and general and administrative expenses.
For the six months ended June 30, 2025, our net cash used in operating activities was US
For the six months ended June 30, 2026, our net cash used in operating activities was US
Cash used in investing activities
Our net cash used in investing activities primarily relates to the purchase of property, plant and equipment and loans granted, partially offset by proceeds from the disposal of marketable equity securities.
For the six months ended June 30, 2025, our net cash used in investing activity of purchasing the office premises and motor vehicle parking spaces was US
For the six months ended June 30, 2026, our net cash used in investing activities was US
Cash used in financing activities
For the six months ended June 30, 2025, there was no financing activity.
For the six months ended June 30, 2026, our net cash used in financing activities was US
Recent Development
(a) Cashless Exercise of Warrants
On February 3, 2026, in connection with the Private Placement completed on November 12, 2025, the Company issued 6,753,470 ordinary shares to the Purchasers in exchange for all of the Warrants then outstanding, pursuant to the alternate cashless exercise provision of the warrant agreement. As a result, the warrant liabilities with a carrying amount of US
(b) Shelf Registration Statement on Form F-3
On August 4, 2026, the Company filed a registration statement on Form F-3 (File No. 333-297955) with the U.S. Securities and Exchange Commission (the “SEC”) using a shelf registration process, and the registration statement was declared effective by the SEC on August 19, 2026. Under the shelf registration statement, the Company may, from time to time, offer and sell, in one or more offerings, up to an aggregate initial offering price of US
About PS International Group Ltd.
PSIG is a long-established global logistics and supply chain solution provider specializing in air freight forwarding, ocean freight forwarding and end-to-end supply chain ancillary services, connecting Asian transportation hubs with the United States and over 140 other global markets. The Company operates its core businesses through two Hong Kong-based operating subsidiaries: Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain Limited. Additional corporate and operational information is available on the Company’s official website: https://www.psi-groups.com/.
Forward-Looking / Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company’s expectations, beliefs, plans, objectives, prospects and future financial or operating performance, and future capital market and operational strategies. These statements use identifying terminology such as “intend,” “will,” “plan,” “may,” “anticipate,” “evaluate,” “potential” and similar phrasing.
All forward-looking statements rely on management’s current expectations, forecasts and assumptions, and carry inherent known and unknown risks, uncertainties and external variables that could cause actual outcomes to differ materially from projected results. Key risks include volatile share price performance, fluctuations in the Company’s market capitalization, challenging global logistics market conditions, and unforeseen regulatory or capital market barriers. The Company undertakes no public obligation to update, amend or revise any forward-looking statements to reflect post-release events, new information or changed business circumstances, unless mandatory under applicable U.S. federal securities laws. Investors should carefully review all risk disclosures and operational details contained in the Company’s SEC filings, including its annual Form 20-F and periodic Form 6-K reports, which are available for review at www.sec.gov.
For more information, please contact:
PS International Group Ltd.
Joseph Chan
Chief Financial Officer
Email: joseph.chan@psi-groups.com; Tel: (852) 2754 3320
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were PSIG's first-half 2026 revenue and net loss?
PSIG reported revenue of $26.5 million, up 14.4%, and a $10.1 million net loss for the six months ended June 30, 2026. The prior-year period had a $0.4 million net loss. Basic and diluted loss per ordinary share increased to $0.71 from $0.13.
Why did PS International Group's gross margin decline in first-half 2026?
The company attributed the decline to an inability to pass rising purchased freight rates through to customers amid price competition and a shrinking Hong Kong export lane. Gross margin fell to 0.5% from 0.9% in the prior-year period.
How much of PSIG's first-half 2026 securities gain was unrealized?
PSIG recorded $2,475,010 in unrealized gains on marketable equity securities in first-half 2026. It also recorded a $37,715 realized gain from disposing of 29,000 XMax shares. No such securities gains were recorded in the prior-year period.