Armlogi Holding Corp. (NASDAQ: BTOC) shares went downhill Friday, 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, reported financial results for the first quarter ended September 30, 2024.
Total revenue increased by $1.2 million, or 3.0%, to $42.5 million during the three months ended September 30, 2024, compared to $41.2 million for the same period in 2023.
The company’s transportation services segment reported revenue of $28.5 million, a decrease of 4.2% from $29.7 million for the same period in 2023. The decrease was driven by decreases in customer order volume.
Its warehousing services segment generated $14.0 million, a 23.8% increase from $11.3 million for the same period in 2023. This growth was driven by the additional warehouses acquired in the last fiscal quarter.
This segment comprises inventory management and storage offerings.
Revenue from other services decreased by $0.2 million, or 92%. This segment is primarily comprised of customs brokerage services.
Costs of sales were $46.1 million during the three months ended September 30, 2024, an increase of $10.1 million or 28.0%, compared with $36.0 million for the same period in 2023.
BTOC shares fell 25 cents, or 4.6%, to $5.14.
