On September 26, 2024, Armlogi Holding Corp (BTOC, Financial) released its 8-K filing detailing the financial results for the fiscal year ended June 30, 2024. Armlogi Holding Corp is a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. The company provides one-stop warehousing and logistics services to cross-border e-commerce merchants outside the U.S. who seek to sell in the U.S. market. It currently operates six warehouses across the country, with an aggregate gross floor area of approximately 1,170,000 square feet. The warehouses are equipped with automated sorting systems, heavy-duty forklifts, and pallets and trays that are suitable for processing bulky items.
Fiscal Year 2024 Financial Results
Armlogi Holding Corp reported a 24% increase in revenue, reaching $166.98 million for the fiscal year 2024, compared to $135.04 million in the previous year. This growth is attributed to the company's strategic initiatives and expansion in both transportation and warehousing services.
Operational Highlights
Chairman and CEO Aidy Chou commented, “As we reflect on fiscal year 2024, we are proud to report strong revenue growth of nearly 24%, a testament to our team’s dedication and the success of our strategic initiatives. Our expansion in both transportation and warehousing services has enabled us to meet increasing customer demands while laying a solid foundation for future growth. As we continue to enhance our operational capacities, such as the opening of our SAV1 warehouse and the expansion of our trucking department, we remain focused on delivering exceptional service and value to our customers. We are also committed to sustainability, as demonstrated by our participation in the Low Carbon Fuel Standard program, which aligns with our long-term goal of reducing our environmental footprint. Looking ahead, we are confident in our ability to navigate the evolving logistics landscape and continue driving value for our shareholders and partners.”
Income Statement Highlights
| Metric | Year Ended June 30, 2024 | Year Ended June 30, 2023 |
|---|---|---|
| Revenue | $166,977,034 | $135,044,436 |
| Gross Profit | $18,082,807 | $25,733,443 |
| Net Income | $7,441,218 | $13,921,538 |
| Basic & Diluted Net Earnings Per Share | $0.19 | $0.35 |
Balance Sheet Highlights
| Metric | June 30, 2024 | June 30, 2023 |
|---|---|---|
| Total Assets | $167,034,856 | $88,554,966 |
| Total Liabilities | $127,796,151 | $63,241,352 |
| Total Stockholders' Equity | $39,238,705 | $25,313,614 |
Cash Flow Highlights
| Metric | Year Ended June 30, 2024 | Year Ended June 30, 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $3,040,538 | $11,803,407 |
| Net Cash Used in Investing Activities | ($7,437,605) | ($4,316,073) |
| Net Cash Provided by Financing Activities | $7,789,352 | ($3,177,995) |
| Cash and Restricted Cash, End of Year | $9,950,384 | $6,558,099 |
Analysis
Armlogi Holding Corp's significant revenue growth highlights the company's successful expansion and strategic initiatives in the warehousing and logistics sector. However, the decrease in net income from $13.92 million to $7.44 million indicates rising operational costs and expenses, which could pose challenges if not managed effectively. The increase in total assets and stockholders' equity reflects the company's robust financial health and potential for future growth.
For more detailed insights and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Armlogi Holding Corp for further details.
