Armlogi (BTOC) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended March 31, 2024, increased 39.9% year-over-year to $121.7 million, driven by expansion in transportation and warehousing services.

• Net income for the nine months was $7.2 million, down from $9.0 million in the prior year, reflecting margin compression and higher costs.

• Revenue for the three months ended March 31, 2024, rose 28% year-over-year to $38.4 million.

• Expanded warehouse capacity in California and New Jersey fueled growth, with new facilities and partnerships announced.

• The company completed its IPO in May 2024, raising $8 million and listing on Nasdaq under the ticker BTOC.

Financial highlights

• Gross profit margin declined to 13.3% from 21.9% year-over-year, mainly due to increased rental, labor, and warehouse expenses during expansion.

• Gross profit for the quarter was $3.3 million, down from $6.3 million year-over-year; nine-month gross profit was $16.2 million, down from $19.0 million.

• Operating income for the quarter was $54,706, compared to $3.2 million last year; nine-month operating income was $8.1 million, down from $12.0 million.

• Basic and diluted EPS for the nine months was $0.18, compared to $0.22 in the prior year.

• Cash and restricted cash at March 31, 2024, was $6.0 million.

Segment performance

• Transportation Services revenue for the quarter grew 18.2% to $25.0 million; nine-month revenue up 36.6% to $84.7 million.

• Warehousing Services revenue for the quarter increased 50.5% to $13.4 million; nine-month revenue up 49.2% to $36.6 million.

• Other Services revenue for the quarter was $0.04 million, down from $0.08 million; nine-month revenue was $0.4 million, flat year-over-year.