Armlogi (BTOC) investor relations material

Executive summary

• Revenue for the six months ended December 31, 2025, was $101.0 million, up 7.9% year-over-year, with quarterly revenue at $51.5 million, a 0.8% increase.

• Net loss widened to $10.4 million for six months and $3.9 million for the quarter, compared to $6.3 million and $1.7 million in prior-year periods.

• Gross margin remained negative at -3.2% for six months and (1.5)% for the quarter, reflecting higher costs and a shift in service mix.

• The company expanded operations with three new warehouses, increasing capacity and costs, now operating 10 warehouses totaling over 3.5 million square feet.

• 83% of revenue was generated from PRC-based customers.

Financial highlights

• Revenue: $101.0 million for six months, $51.5 million for the quarter, both up year-over-year.

• Net loss: $10.4 million for six months, $3.9 million for the quarter.

• Gross loss margin improved slightly to -3.2% from -3.3% year-over-year.

• Cash and restricted cash totaled $9.4 million as of December 31, 2025.

• Net cash used in operating activities was $3.0 million for six months, a significant improvement from $9.2 million used in the prior year.

Outlook and guidance

• Management is executing cost optimization and operational efficiency strategies, delaying non-essential capital expenditures, and seeking additional financing.

• Focus on enhancing warehouse utilization and integrating higher-margin logistics solutions.

• The company believes current cash and operating cash flow will be sufficient for at least the next 12 months but may need additional capital if business conditions change.