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Armlogi Holding Corp (BTOC)
NASDAQ:BTOC
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Armlogi Holding Corp
(NASDAQ:BTOC)
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Select Model
Rating:42Neutral
Price Target:
$0.28
▼(-51.58% Downside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by weak financial quality (sharp profitability breakdown and rapidly rising leverage despite revenue growth) and bearish technicals (below key moving averages with negative MACD). Valuation provides limited support because losses drive a negative P/E and no dividend yield is available.
Positive Factors
Revenue Growth
Sustained double-digit top-line growth over FY2025 and TTM indicates persistent customer demand and market penetration in integrated freight and logistics. Durable revenue expansion provides the base needed to scale unit economics, absorb fixed costs, and support future margin recovery if cost structure is addressed.
Positive Operating & Free Cash Flow
Recent positive operating and free cash flow in the trailing twelve months demonstrates the business can generate internal liquidity to fund operations and modest investment. This cash generation reduces immediate reliance on external capital and can support near-term working capital or deleveraging initiatives if sustained.
Revenue resilience despite losses
The company continues to grow revenues even as profitability weakened, signaling that core demand and commercial reach remain intact. That resilience implies the underlying business model and market opportunity exist; management can potentially restore margins through pricing, routing efficiencies, or cost rationalization as scale persists.
Negative Factors
Margin & Profitability Collapse
A swing to negative gross profit indicates structural issues with pricing, gross yields, or direct cost control. Persistent negative operating and net margins erode retained earnings, impair reinvestment capacity, and make sustainable profitability unlikely without substantive and lasting changes to pricing, network economics, or cost structure.
Rising Leverage & Weakened Equity
Rapidly rising leverage and shrinking equity materially constrain financial flexibility. High debt burdens increase refinancing and interest-rate risk, limit the ability to fund operations or invest organically, and raise the probability of distress or dilutive capital raises if cash generation falters.
Fragile, Inconsistent Cash Flow Coverage
Although TTM cash flow is positive, historical inconsistency and limited coverage relative to elevated debt leave liquidity exposed. Reliance on a fragile cash-flow profile raises the risk that adverse operational swings or capex needs will force external financing or asset sales, impairing long-term stability.
Armlogi Holding Corp (BTOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.91M
Dividend YieldN/A
Average Volume (3M)1.04M
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth17.35%
EPS Growth-40970.00%
CountryUS
Employees200
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)-0.08
Shares Outstanding45,443,080
10 Day Avg. Volume2,730,765
30 Day Avg. Volume1,035,782
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)2.70
Price to Sales (P/S)0.36
P/FCF Ratio-47.39
Enterprise Value/Market Cap17.10
Enterprise Value/Revenue1.12
Enterprise Value/Gross Profit-70.47
Enterprise Value/Ebitda-13.72
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Armlogi Holding Corp Business Overview & Revenue Model
Company DescriptionArmlogi Holding Corp., together with its subsidiaries, operates as a third-party logistics company in the United States. It provides multi-model transportation and logistics services. It primarily offers transportation services, including arranging shipments, which include small parcels, as well as trucking, truck dispatching, and leasing services. The company also provides other value-added logistics services, such as warehousing, materials management and distribution, and customs house brokerage services. Armlogi Holding Corp. was incorporated in 2022 and is based in Walnut, California.
How the Company Makes MoneyArmlogi Holding Corp generates revenue through multiple streams, primarily from its logistics services, which include freight transportation, warehousing, and inventory management solutions. The company charges fees for its services based on volume and distance for transportation, while warehousing revenue is derived from storage fees and value-added services. Additionally, Armlogi engages in strategic partnerships with e-commerce platforms and retailers, providing tailored logistics solutions that allow for shared profits from increased operational efficiency. The company also capitalizes on technology integration, offering advanced tracking and management systems that provide added value to clients, thereby justifying premium pricing for its offerings.
Armlogi Holding Corp Earnings Call Summary
Earnings Call Date:Sep 25, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 11, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a balance of positive strategic growth and expansion, especially in revenue and customer base. However, these are offset by significant cost increases and resulting financial losses, indicating challenges in achieving profitability.Q4-2025 Updates
Positive Updates
Revenue Growth
Total revenue reached $190.4 million, an increase of 14% compared to the $167 million in fiscal year 2024, driven by demand for transportation and warehousing services and a more than fourfold increase in active customer base to 505.
Expansion and Strategic Investment
Expanded warehousing footprint with 10 warehouses across the U.S. totaling approximately 3,905,020 square feet, equipped with advanced systems for handling bulky items and maintaining high standards including ISO 9001 compliance and an average inventory accuracy of 99.64%.
Customer Diversification
Diversified customer base from 105 to 505 active customers over the year, including a mix of PRC-based and U.S.-based clients, reducing reliance on largest customers.
Negative Updates
Increased Costs and Financial Loss
Cost of sales increased by 29.9% to $193.4 million, primarily due to increased freight costs and higher rental, labor, and warehouse expenses, resulting in a gross profit loss of $3 million and a net loss of $15.3 million for the fiscal year.
Increased General and Administrative Expenses
General and administrative expenses totaled $14.7 million, a 47.2% increase from the previous year, due to investments in support of growing operations.
Profitability Challenges
Despite strategic growth, the company faces challenges in achieving consistent profitability and positive free cash flow in the near term, with a focus on operational optimization and cost management.
Company Guidance
During the Armlogi Holding Corp.'s Fiscal Year 2025 earnings call, the company reported a significant 14% increase in total revenue, reaching $190.4 million, driven by robust demand for its logistics and warehousing services. Despite this growth, the company faced a net loss of $15.3 million, or $0.37 per share, largely due to a 29.9% rise in the cost of sales and a 47.2% increase in general and admin expenses, attributed to higher freight, rental, and labor costs. The company expanded its customer base from 105 to 505 active customers, with a notable focus on diversifying beyond its predominant PRC-based clientele. Armlogi's strategic investments in technology and infrastructure, including 10 U.S.-based warehouses totaling 3.9 million square feet, are aimed at enhancing efficiency and positioning the company for future opportunities in the cross-border e-commerce market. Despite current challenges, management is optimistic about achieving consistent profitability and positive cash flow in the coming fiscal years.Armlogi Holding Corp Financial Statement Overview
Summary
Despite solid revenue growth, profitability deteriorated to negative gross profit and deeply negative operating/net margins in FY2025 and TTM, while leverage rose sharply and equity shrank. Positive TTM operating/free cash flow is a partial offset but looks fragile relative to the loss profile and high debt load.Income Statement
Revenue growth remains solid (about 14% in FY2025 and 20% in TTM (Trailing-Twelve-Months)), but profitability has deteriorated sharply. The business swung from positive gross profit and strong margins in FY2023–FY2024 to negative gross profit and deeply negative operating and net margins in FY2025 and TTM (Trailing-Twelve-Months). Net losses widened from FY2025 to TTM (Trailing-Twelve-Months), indicating the current cost structure is not scaling with revenue.24
Negative
Balance Sheet
Leverage has increased materially: debt-to-equity rose from ~3.0x (FY2024) to ~5.4x (FY2025) and ~11.5x in TTM (Trailing-Twelve-Months). Equity has fallen while debt increased, pressuring financial flexibility and raising refinancing risk. Returns on equity also turned sharply negative in FY2025 and TTM (Trailing-Twelve-Months), consistent with the earnings downturn.18
Very Negative
Cash Flow
Cash generation is a relative bright spot: operating cash flow and free cash flow are positive in TTM (Trailing-Twelve-Months) (about $7.7M and $6.2M, respectively) and improved versus FY2025, with free cash flow growth showing a large rebound. However, cash flow still looks fragile versus the loss profile and leverage—operating cash flow covers only a modest portion of debt in TTM (Trailing-Twelve-Months), and cash flow has been inconsistent historically (including negative free cash flow in FY2024 and FY2025).52
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 197.80M | 190.41M | 166.98M | 135.04M | 56.03M | 9.02M |
| Gross Profit | -3.13M | -3.00M | 18.08M | 25.53M | 6.21M | 1.63M |
| EBITDA | -16.08M | -13.23M | 12.57M | 20.66M | 3.69M | 762.90K |
| Net Income | -19.41M | -15.35M | 7.44M | 13.92M | 1.98M | 403.25K |
Balance Sheet | ||||||
| Total Assets | 153.06M | 170.21M | 167.03M | 88.55M | 61.05M | 8.95M |
| Cash, Cash Equivalents and Short-Term Investments | 5.04M | 9.19M | 7.89M | 6.56M | 2.25M | 2.03M |
| Total Debt | 212.79M | 134.30M | 117.67M | 50.34M | 50.57M | 252.03K |
| Total Liabilities | 134.54M | 145.12M | 127.80M | 63.24M | 50.48M | 1.44M |
| Stockholders Equity | 18.52M | 25.09M | 39.24M | 25.31M | 10.57M | 7.50M |
Cash Flow | ||||||
| Free Cash Flow | 6.24M | -1.43M | -2.17M | 9.99M | -3.42M | -4.51M |
| Operating Cash Flow | 7.70M | 1.46M | 3.04M | 11.80M | 542.86K | -1.46M |
| Investing Cash Flow | 360.28K | -1.81M | -7.44M | -4.32M | -3.96M | -3.06M |
| Financing Cash Flow | -6.00M | 3.97M | 7.79M | -3.18M | 3.64M | 6.25M |
Armlogi Holding Corp Technical Analysis
Negative
0.57
Price Trends
0.42
Negative
0.51
Negative
0.92
Negative
Market Momentum
-0.04
Negative
34.50
Neutral
50.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTOC, the sentiment is Negative. The current price of 0.57 is above the 20-day moving average (MA) of 0.30, above the 50-day MA of 0.42, and below the 200-day MA of 0.92, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 34.50 is Neutral, neither overbought nor oversold. The STOCH value of 50.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTOC.
Armlogi Holding Corp Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $46.88M | ― | -41.14% | ― | ― | ― | |
47 Neutral | $9.15M | -2.01 | ― | ― | ― | ― | |
42 Neutral | $12.91M | -1.53 | -60.41% | ― | 17.35% | -40970.00% | |
41 Neutral | $33.33M | -2.75 | -77.67% | ― | 8.55% | ― | |
40 Underperform | $7.98M | -1.32 | -106.83% | ― | -3.79% | 89.74% |
* Industrials Sector Average
BTOC
Armlogi Holding Corp
0.28
-0.66
-69.79%
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LSH
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NCEW
New Century Logistics (BVI) Ltd.
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CJMB
Callan JMB, Inc.
1.98
-3.72
-65.26%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.