Elite Express Q3 net loss widens to $760K
Third-quarter general and administrative expenses rose 570.9%, while ETS reported a $760,138 net loss.
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 Filing Summary
Elite Express Holding Inc. (ETS) reported third-quarter revenue of $766,422 for the three months ended August 31, 2026, up 20.9% from $633,865 a year earlier. Gross profit was $95,759, compared with $6,817, and gross margin was 12.5%, versus 1.1%.
General and administrative expenses increased 570.9% to $1,017,024 from $151,600, largely due to professional fees, payroll and franchise taxes. Net loss widened to $760,138 from $185,881. For the nine months ended August 31, revenue was $2,298,549 versus $1,956,258, and net loss was $3,403,184 versus $498,484; operating cash use was $4,741,858 versus $640,210.
During the quarter, ETS entered into additional loans with unrelated third-party borrowers totaling $1.9 million at 5% annual interest, maturing in 12 months and secured by personal guarantees from the borrowers’ shareholders or chief executive officers. Effective June 1, 2026, maturity dates for remaining outstanding loans from the original portfolio were extended to November 30, 2026, at 5% annual interest.
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 pointThird-quarter revenue increased 20.9% to $766,422 year over year.
Negative
- Moderate pointThird-quarter net loss increased 308.9% to $760,138.
- Moderate pointNine-month operating cash use was $4,741,858, versus $640,210.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
activity-based revenue financial
fixed revenue financial
ISP agreement technical
gross margin financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did ETS report for the third quarter of 2026?
What was ETS's third-quarter 2026 net loss?
What terms did ETS report for its new third-party loans?
When do ETS's remaining original-portfolio loans mature?
AI-generated analysis. How Rhea-AI works. Not financial advice.
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as Specified in its Charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
|
|
||
| (Address of Principal Executive Offices) | (Zip Code) |
(
Registrant’s telephone number, including area code
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On October 14, 2026, Elite Express Holding Inc. issued a press release to announce its financial results for the quarter ended August 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release dated October 14, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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: October 14, 2026
| Elite Express Holding Inc. | ||
| By: | /s/ Yidan Chen | |
| Yidan Chen | ||
| Chief Executive Officer, President and Director | ||
Exhibit 99.1
Elite Express Holding Inc. Reports Third Quarter 2026 Results
LAGUNA HILLS, Calif., October 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.
Elite Express Holding Inc.
23046 Avenida De La Carlota, Suite #600
Laguna Hills, CA 92653
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.
23046 Avenida De La Carlota, Suite #600
Laguna Hills, CA 92653
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.
23046 Avenida De La Carlota, Suite #600
Laguna Hills, CA 92653
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.
23046 Avenida De La Carlota, Suite #600
Laguna Hills, CA 92653
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 | ||||
Elite Express Holding Inc.
23046 Avenida De La Carlota, Suite #600
Laguna Hills, CA 92653