Armlogi (Nasdaq: BTOC) posts modest 9M revenue growth but deeper net loss
Rhea-AI Filing Summary
Armlogi Holding Corp. reported third quarter and first nine months fiscal 2026 results for the period ended March 31, 2026. For the nine months, total revenue was $142.7 million, up 2.3% year-over-year, with warehousing services revenue rising 19.9% to $55.5 million and transportation services revenue declining 6.4% to $87.1 million.
The company recorded a nine‑month net loss of $15.4 million, or $(0.35) per share, compared with a net loss of $10.1 million, or $(0.24) per share, in the prior-year period. Third quarter revenue was $41.7 million versus $45.8 million a year earlier, and gross profit was a loss of $1.9 million compared with positive gross profit previously.
As of March 31, 2026, Armlogi operated 12 warehouses across the United States totaling approximately 3.9 million square feet. Cash and cash equivalents and restricted cash totaled $7.1 million as of March 31, 2026, down from $9.4 million at March 31, 2025, while net cash used in operating activities for the nine months was $5.5 million.
Positive
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Negative
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Insights
Armlogi shows modest revenue growth but deeper losses and tighter liquidity.
Armlogi generated $142.7M in revenue for the first nine months of fiscal 2026, up 2.3% year-over-year. Growth is being driven by warehousing services, which rose 19.9% to $55.5M, while transportation revenue fell 6.4% to $87.1M, reflecting changing customer behavior in cross-border e-commerce.
Profitability deteriorated, with a nine-month net loss of $15.4M versus $10.1M a year earlier, and third quarter gross profit turning negative at $(1.9)M. Management highlighted temporary labor costs of about $1.3M tied to inventory reorganization, as well as continued investment in an internal middle‑mile network and financial reporting infrastructure.
Liquidity tightened, with cash and cash equivalents and restricted cash at $7.1M as of March 31, 2026, compared with $9.4M a year earlier, and net cash used in operations of $5.5M over nine months. Lease liabilities remain significant, linked to $102.1M of operating right‑of‑use assets. Subsequent filings may provide more clarity on how the shifting revenue mix and cost initiatives affect longer-term profitability.
8-K Event Classification
Key Figures
Key Terms
cross-border e-commerce financial
right-of-use assets – operating leases financial
restricted cash financial
Additional paid-in capital financial
SEPA financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 2.02. Results of Operations and Financial Condition.
On May 13, 2026, Armlogi Holding Corp. issued a press release to announce its financial results for the quarter ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 13, 2026 | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL). |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 13, 2026
| Armlogi Holding Corp. | ||
| By: | /s/ Aidy Chou | |
| Name: | Aidy Chou | |
| Title: | Chief Executive Officer | |
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Exhibit 99.1
ARMLOGI Holding Corp. Reports Third Quarter and First Nine Months OF Fiscal Year 2026 Financial Results
WALNUT, CA, May 13, 2026 (GlobeNewswire) -- 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 2.3% year-over-year to $142.7 million, driven by 19.9% growth in warehousing services revenue, which reached $55.5 million. Transportation services revenue declined 6.4% to $87.1 million, reflecting a continued shift in customer mix toward cross-border e-commerce platforms that bundle delivery services. The Company recorded a net loss of $15.4 million, or $(0.35) per basic and diluted share, for the nine-month period, compared with a net loss of $10.1 million, or $(0.24) per share, in the prior-year period. As of March 31, 2026, the Company operated twelve warehouses across the United States with an aggregate gross floor area of approximately 3.9 million square feet.
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 of 9.1%. |
| ● | Warehousing services revenue of $18.6 million, representing an increase of 7.3% year-over-year. |
| ● | Transportation services revenue of $23.1 million, representing a decrease of 19.1% 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 of 0.6%) 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 of 25.7% 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. |
1
First Nine Months Fiscal Year 2026 Financial Highlights (Nine Months Ended March 31, 2026)
| ● | Total revenue of $142.7 million, representing an increase of 2.3% year-over-year. |
| ● | Warehousing services revenue of $55.5 million, representing an increase of 19.9% 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 of 6.4% 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 approximately 87% 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 19.9% year-over-year, driven primarily by the ramp-up of warehouse operations at the Company’s facilities in Georgia, Illinois, and Ontario, California — locations that were added or substantially expanded during the prior fiscal year and continued to gain utilization during the current period. The Ontario, California facility became the second-highest revenue-generating warehouse in California during the period.
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 $1.3 million in temporary labor expenses without a corresponding increase in revenue during the period.
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 $7.1 million, compared to $13.6 million as of June 30, 2025. Net cash used in operating activities for the nine months ended March 31, 2026 was $5.5 million, broadly consistent with the prior-year period.
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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**
3
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 $594,869 and $594,869 | 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$0.00001 par value, 100,000,000 shares authorized, 45,443,079 and 42,250,934 issued and outstanding as of March 31, 2026 and June 30, 2025, respectively | 454 | 422 | ||||||
| Additional paid-in capital | 20,468,826 | 16,668,858 | ||||||
| Retained earnings (Accumulated deficits) | (7,015,054 | ) | 8,420,658 | |||||
| Total stockholders’ equity | 13,454,226 | 25,089,938 | ||||||
| Total liabilities and stockholders’ equity | 143,738,258 | 170,214,195 | ||||||
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ARMLOGI
HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2026 AND 2025
(US$, 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 | ||||||||||||
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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 | ||||||
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