BTOCNasdaqPublic Warehousing & StorageUS GAAP · USD

Armlogi Holding Corp.

Armlogi Holding Corp. is a U.S.-based warehousing and logistics company focused on cross-border e-commerce fulfillment, overseas warehousing, customs brokerage, and port trucking. The business is built around serving PRC-based merchants selling into the U.S. market, while also expanding its domestic customer base and logistics capabilities.

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Revenue186m USD
−2.4 %y/y
Operating profit (EBIT)-21.5m USD
−21.9 %y/y
EBIT margin-11.6%
−2.3 ppy/y
Net income-20.9m USD
−36.0 %y/y
Free cash flow-7.0m USD
−388.1 %y/y

Fiscal year 2026 · change from previous year

Development 2023–2026

-50050100150200m USD2023: 135 m USD2023: EBIT 18 m USD20232024: 167 m USD2024: EBIT 8.1 m USD20242025: 190 m USD2025: EBIT -18 m USD20252026: 186 m USD2026: EBIT -22 m USD2026186-22
RevenueOperating profit (EBIT)
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Business

Share of revenue
Warehousing and fulfillment55 %

Storage, warehouse management, picking, packing, and order fulfillment for e-commerce inventory.

Cross-border logistics20 %

Overseas transportation coordination and logistics support for merchandise moving into the U.S.

Customs brokerage10 %

Import clearance and customs-related services for cross-border shipments.

Trucking and drayage10 %

Port trucking and short-haul container movement from ports to warehouses or other facilities.

Technology-enabled logistics services5 %

Armlogi OMS and related operational support used to manage inventory and labor flow.

Products

Reported · share of revenue
66.7%33.3%FY2025100 %
  • Transportation Services66.7 %
  • Warehousing Services33.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company primarily serves cross-border e-commerce merchants outside the U.S., especially PRC-based customers that need U.S. warehousing and fulfillment to sell through platforms such as Amazon, eBay, Wish, Walmart, and Wayfair. It also serves U.S. domestic e-commerce merchants that want outsourced warehousing and logistics, and it has begun building a broader international customer base in markets such as South Korea and Mexico.

PRC-based cross-border e-commerce merchants

Buy U.S. warehousing, fulfillment, customs, and trucking to reach U.S. consumers without building local logistics infrastructure.

U.S. domestic e-commerce merchants

Use the company for efficient warehousing and logistics support to scale order fulfillment and distribution.

Marketplace sellers

Merchants selling through Amazon, eBay, Wish, Walmart, and Wayfair that need fast fulfillment and inventory handling.

International merchants outside China

Smaller but growing customer base in countries such as South Korea and Mexico seeking U.S. market access.

Strategy

Management is focused on expanding the customer base, broadening geographic coverage, and improving profitability through higher-margin logistics solutions. Near term, the company is also prioritizing warehouse utilization, cost optimization, and financing access to support working capital and continue operations.

Expand and diversify customer baseMedium term

Reduces dependence on a small number of large customers and lowers concentration risk.

Improve warehouse utilization and efficiencyShort term

Better utilization should improve margins in a business with high service and facility cost sensitivity.

Develop higher-margin logistics solutionsMedium term

Mix shift toward value-added services can help offset pricing pressure in a competitive market.

Strengthen liquidity and financing accessShort term

The company disclosed going-concern uncertainty and needs working capital to fund operations.

Geography

Armlogi is headquartered in the United States and operates as a U.S. warehousing and logistics platform, but a large share of revenue is tied to PRC-based customers. Management disclosed that approximately 84% of fiscal 2025 revenue came from PRC-based customers, highlighting heavy exposure to cross-border trade flows and China-linked demand even though the company has no subsidiaries, assets, or employees in the PRC.

Risks

The business is exposed to customer concentration, competitive pricing pressure, and operational dependence on third parties for transportation and distribution. It also faces going-concern and liquidity risk, plus China-linked demand exposure because most revenue comes from PRC-based customers even though the company has no PRC assets or employees.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern / liquidity risk1Customer concentration2Competitive pressure3Third-party logistics dependence4China-linked demand exposure5Operational and cybersecurity disruptions6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern / liquidity riskImpact: CriticalLikelihood: High

    The company reported net losses and net current liabilities and said additional financing may be needed to fund operations.

    Exposure: Working capital and capital expenditure funding.

  2. Customer concentrationImpact: HighLikelihood: High

    Five largest customers generated 55.1% of fiscal 2025 revenue, so loss of a major account could materially reduce revenue.

    Exposure: Goldensee Ltd. and Kimberly Tenneco Inc. were the two largest customers in fiscal 2025.

  3. Competitive pressureImpact: HighLikelihood: High

    The warehousing and logistics market is crowded and evolving, which can force price reductions and margin compression.

    ExposureWarehousingCustoms brokerageLogistics services
  4. Third-party logistics dependenceImpact: HighLikelihood: High

    The company relies on outside providers for overseas transportation and domestic distribution, so service disruptions can impair delivery quality.

    ExposurePort truckingOverseas transportDomestic distribution
  5. China-linked demand exposureImpact: HighLikelihood: High

    Most revenue comes from PRC-based customers, so changes in China-U.S. trade conditions or e-commerce demand can affect volumes.

    Exposure: Cross-border e-commerce merchants in the PRC.

  6. Operational and cybersecurity disruptionsImpact: MediumLikelihood: Medium

    System failures, breaches, or inventory losses can interrupt warehouse operations and create remediation costs.

    ExposureOMS platformWarehouse networkStored inventory
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Accounting

Judgemental items
Allowance for credit losses

Management identified accounts receivable and loan receivables as critical estimates, so collectability assumptions can affect earnings.

Impact: Bad debt expense and net receivables

Useful lives of property and equipment

Depreciation depends on judgment about trucks, trailers, chassis, machinery, and leasehold improvements.

Impact: Operating costs and gross margin

Revenue and cost recognition in logistics services

Service timing can affect when revenue and costs are recorded in a fulfillment and transportation model.

Impact: Quarterly comparability and margin volatility

Going-concern assessment

Liquidity uncertainty may require future adjustments if financing is not secured.

Impact: Asset recoverability and liability classification

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Last updated: 24/09/2026