Business
Armlogi Reports 24% Revenue Growth for Fiscal Year 2024
Conference Call and Webcast on September 26th at 1:30 PM Pacific Time WALNUT, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Armlogi Holding Corp. (“Armlogi” or
About this update from Armlogi Holding Corp.
[{"type":"text","content":"Conference Call and Webcast on September 26th at 1:30 PM Pacific Time\nWALNUT, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Armlogi Holding Corp. (“Armlogi” or the “Company”) (Nasdaq: BTOC), a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, today provided a business update, and reported financial results for the fiscal year ended June 30, 2024. Fiscal Year 2024 Financial Results: Total revenue increased by $31.9 million, or 23.6%, to $167.0 million during the fiscal year ended June 30, 2024, compared to $135.0 million for the fiscal year ended June 30, 2023. Our transportation services segment reported revenue of $115.3 million, an increase of 18.8% from $97.0 million in fiscal year 2023. The increase was driven by the rapid expansion of our business in 2023, as we expanded our warehouse operational capacities in California and New Jersey. This segment comprises reselling third-party carrier services to our customers.Our warehousing services segment generated $51.5 million, a 38.1% increase from $37.3 million in fiscal year 2023. This growth was driven by the growth in our transportation services. This segment comprises inventory management and storage offerings.Revenue from other services decreased by $0.5 million, or 77.4%. This segment is primarily comprised of customs brokerage services. Costs of sales were $148.9 million in fiscal year 2024, an increase of 36.2%, or $39.6 million, compared with $109.3 million in fiscal year 2023. The increase in costs was primarily driven by growth in transportation and warehousing services, leading to higher expenses across warehouse operations, particularly rental, labor, and operational expenses.Gross profit margin decreased from 19.1% in fiscal year 2023 to 10.8% in 2024. Although the profit margins of our transportation services (e.g., FedEx, ocean freight, and truck deliveries) for the fiscal year ended June 30, 2024, remained stable or slightly higher compared to the previous fiscal year, the profit margins for our warehousing services experienced a significant decrease during the same period. Freight expenses rose by 17.8%, from $76.0 million in fiscal year 2023 to $89.5 million in fiscal year 2024. This increase correlates with the growth in transportation servic...