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Armlogi Holding Corp. (BTOC-1.24%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $42,481,896 from $41,245,845 in the same quarter the previous year. The increase is attributed to a rise in warehousing services revenue.
Costs of sales for the quarter rose to $46,088,686, up from $36,019,413 in the same quarter of the previous year. This increase is due to higher freight expenses and expanded warehouse operations.
The company reported a gross loss of $3,606,790 for the quarter, compared to a gross profit of $5,226,432 in the previous year, with the decline attributed to increased costs and decreased transportation service revenue.
General and administrative expenses increased to $3,668,825 from $1,908,156, primarily due to higher office expenses and professional fees.
Net loss for the quarter was $4,647,871, down from a net income of $2,754,776 in the previous year. This decrease is due to increased operating costs and a reduction in gross profit.
Cash used in operating activities was $3,603,104, while cash used in investing and financing activities was $1,316,592 and $44,839, respectively.
Armlogi had cash and restricted cash of $4,985,849 as of September 30, 2024, down from $9,950,384 at the beginning of the quarter. The company attributes this decline to operating losses and capital expenditures.
The filing also details various financial agreements, including operating and finance leases, and notes that the company does not have significant commitments or guarantees.
Armlogi continues to focus on expanding its warehousing services and managing costs associated with its logistics operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Armlogi Holding Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.