WALNUT, Calif., June 13, 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 three-month and nine-month periods ended March 31, 2024. Financial Results for the Three Months Ending March 31, 2024: Total revenue for the three months ended March 31, 2024, was $38.4 million, up 28% from $30.1 million in the same period in 2023. Our Transportation Services segment reported revenue of $25.0 million, an increase of 18.2% from $21.2 million in the same period in 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 $13.4 million, a 50.5% increase from $8.9 million over the same period in 2023. This growth was driven by the growth in our transportation services. This segment comprises inventory management and storage offerings. Our Other Services segment generated revenue of $0.04 million compared to $0.08 million in the same period in 2023. This segment is primarily comprised of customs brokerage services. Our net income was $0.7 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively. Financial Results for the Nine Months Ending March 31, 2024: Total revenue for the nine months ended March 31, 2024, were $121.7 million, up 39.9% from $87.0 million in the same period in 2023. Our Transportation Services segment reported revenue of $84.7 million, an increase of 36.6% from $62.0 million in the same period in 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. Our Warehousing Services segment generated $36.6 million, a 49.2% increase from $24.5 million over the same period in 2023. This increase was driven by the significant growth in our transportation services. Our Other Services segment generated revenue of $0.4 million, which was in line with those in the same period in 2023. Our net income was $7.2 million and $9.0 million for the nine months ended March 31, 2024 and 2023, respectively. Operational Highlights In May, we closed our initial public offering of 1,600,000 shares of common stock at a public offering price of $5.00 per share to the public for a total of $8,000,000 of gross proceeds to the Company before deducting underwriting discounts and offering expenses. Net proceeds from the offering will allow us to expand our warehouse network and develop warehousing and logistics services, international ocean freight services, and port trucking services. In May, we signed a lease for a new 733,200-square-foot warehouse located near the Port of Savannah in Georgia. We expect that this new warehouse will significantly enhance our capacity to serve our clients more efficiently and quickly. In June, we became an authorized warehouse provider for sellers on the Temu marketplace. Armlogi will offer Temu sellers streamlined access to its warehousing facilities and tailored logistics services to provide fast order fulfillment and improved inventory management through this collaboration. This collaboration with a major e-commerce platform is expected to expand our capabilities to serve more e-commerce sellers. In June, we announced a strategic partnership with Massimo Group to provide streamlined warehousing and logistics services for the assembly and distribution of vehicles, aiming to meet the rising market demand across key U.S. regions. Management Commentary Aidy Chou, Chairman and Chief Executive Officer of Armlogi, commented, "At Armlogi, we offer a one-stop shop for warehousing and logistics services supported by advanced technology and specialized equipment which help us ensure that every package delivered exceeds the expectations of our customers and partners worldwide." "We are pleased with our revenue growth trajectory compared to a year ago, highlighted by our expanded warehouse operational capacities and the growth in our transportation services. Our quality warehousing and logistics services, coupled with our reasonable service and delivery fees and advanced warehouse and order management technology, pave the way for our continued business growth in the $2 trillion global cross-border e-commerce industry." "I extend my heartfelt gratitude to our team, partners, and shareholders for their steadfast support as we continue to grow and strengthen our position in the logistics industry." Conference Call & Audio Webcast Armlogi's management team will hold an earnings conference call at 1:30 PM Pacific Time (4:30 PM Eastern Time) on Thursday, June 13, 2024, to discuss the Company's financial results and provide an overview of the Company's operations. Aidy Chou, Chairman and Chief Executive Officer, and Ian Zhou, Chief Financial Officer, will lead the conference call with other company executives available to answer questions. To access the call by phone, please dial 1-800-579-2543 (international callers, please dial 1-785-424-1789) approximately 10 minutes before the start of the call. Refer to conference ID: ARMLOGI. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR ENTRY A live audio conference call webcast will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1675610&tp_key=7cdba4f6ed. About Armlogi Holding Corp. Armlogi Holding Corp., based in Walnut, CA, is a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. The Company caters to cross-border e-commerce merchants looking to establish overseas warehouses in the U.S. market. With eleven warehouses covering over two million square feet, the Company offers comprehensive one-stop warehousing and logistics services. The Company's warehouses are equipped with facilities and technology for handling and storing large and bulky items. For more information, please visit www.armlogi.com. Forward-Looking StatementsThis press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "intends," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. Contact Information: Company Investor Relations Contact:Matthew Abenante, IRCPresidentStrategic Investor Relations, LLC Tel: 347-947-2093Email: *** tables follow *** ARMLOGI HOLDING CORP.CONDENSED CONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2024 (UNAUDITED) AND JUNE 30, 2023(US$, except share data, or otherwise noted)       March 31, 2024     June 30, 2023       US$     US$       Unaudited     Audited   Assets             Current Assets             Cash     3,985,003       6,558,099   Restricted cash     2,061,673       —   Accounts receivable and other receivable, net     25,104,670       17,396,421   Other current assets     2,019,166       1,642,346   Deferred share issuance costs     1,942,943       1,304,712   Prepaid expenses     1,222,050       796,904   Loan receivable     4,135,179       2,449,956   Total current assets     40,470,684       30,148,438   Non-current assets                 Due from related parties     —       511,353   Property and equipment, net     10,254,072       7,629,117   Intangible assets, net     101,538       128,027   Right-of-use assets – operating leases     119,515,548       49,659,047   Right-of-use assets – finance leases     348,229       478,984   Total assets     170,690,071       88,554,966                     LIABILITIES AND STOCKHOLDERS' EQUITY                 Liabilities:                 Current liabilities                 Accounts payable and accrued liabilities     6,822,919       8,470,166   Income taxes payable     4,562,098       2,654,695   Due to related parties     350,209       351,909   Accrued payroll liabilities     463,162       263,356   Operating lease liabilities – current     23,890,833       12,111,309   Finance lease liabilities – current     170,531       198,448