Business
Lakeside Holding Reports Impressive 42% Revenue Growth for Fiscal Year 2024
Cross-Border Airfreight Solutions Surge by 117%, Driving Exceptional Financial Performance ITASCA, Ill., Oct. 1, 2024 /PRNewswire/ -- Lakeside Holding Limited
About this update from Lakeside Holding Limited
[{"type":"text","content":"Cross-Border Airfreight Solutions Surge by 117%, Driving Exceptional Financial Performance\nITASCA, Ill., Oct. 1, 2024 /PRNewswire/ -- Lakeside Holding Limited (\"Lakeside\" or the \"Company\") (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics (\"ABL\"), today reported financial results for the fiscal year ended June 30, 2024.\n\nFiscal Year 2024 Highlights:\nTotal revenues increased by 42.3% to $18.3 million, driven by a 117.6% rise in airfreight revenues to $10.4 million, partially offset by a 2.5% decrease in ocean freight revenues to $7.9 million.Cost of revenues increased by 41.6% to $14.6 million, primarily due to higher transportation costs, up 27.6% to $7.5 million; warehouse service charges, up 107.5% to $2.9 million; and custom declaration fees, up 50.2% to $2.4 million, as well as overhead costs also rose by 29.6%.Gross profit increased by 44.9% to $3.7 million, with the profit margin rising slightly from 19.9% to 20.3%. This was driven by higher sales and offering a wider range of services, such as warehousing, distribution, and customs clearance, with higher mark-ups.General and administrative expenses rose by 77.5% to $4.1 million, driven by increased staffing costs and higher professional fees for audit and legal services.Net loss for the year ended June 30, 2024 was $0.2 million, compared with a net income of $1.0 million for the year ended June 30, 2023.Operational Achievements:\nIn July, the Company successfully closed an upsized IPO, raising $6.75 million in gross proceeds, underscoring strong investor confidence in its growth potential.The Company entered into a one-year renewable agreement in July with a leading Asia-based e-commerce platform to provide advanced cross-border fulfillment services, enhancing supply chain visibility for sellers through API integration.In August, a strategic partnership was announced with a major social media and e-commerce platform to enhance customs brokerage services, offering real-time logistics data and streamlining customs clearance processes.In September, a Pick & Pack Fulfillment service was launched for a major Chinese logistics company, optimizing inventory management and order processing across U.S. hubs to enhance fulfillment efficiency.The Co...