Armlogi (BTOC) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended March 31, 2026, rose 2.3% year-over-year to $142.7 million, with warehousing services up 19.9% and transportation services down 6.4%.

• Net loss widened to $15.4 million for the nine months, compared to $10.1 million in the prior-year period.

• Third quarter revenue declined 9.1% year-over-year to $41.7 million, with a net loss of $5.1 million.

• Gross margin turned negative due to temporary labor costs from inventory reorganization in California warehouses.

• Cash and restricted cash fell to $7.1 million as of March 31, 2026, from $13.6 million at June 30, 2025.

Financial highlights

• Warehousing services revenue for the quarter grew 7.3% year-over-year to $18.6 million.

• Transportation services revenue for the quarter dropped 19.1% year-over-year to $23.1 million.

• Gross margin for the nine months was -3.6% (vs. -2.0% YoY); for the quarter, -4.5% (vs. 0.6% YoY).

• Net loss per share for the quarter was $(0.11), compared to $(0.09) a year ago.

• Net cash used in operating activities for the nine months was $5.5 million, similar to the prior year.

Outlook and guidance

• Management is executing a cost optimization plan, delaying non-essential capex, reducing third-party costs, and seeking additional financing.

• The company expects current cash and operating cash flow to cover working capital needs for at least the next 12 months but acknowledges the need for additional financing if business conditions change.

• Management is focused on operational execution, network capacity expansion, and capital structure improvements to support long-term competitiveness.

• Strategic initiatives include building out an internal middle-mile transportation network and investing in financial reporting infrastructure.