Revenue Performance - Total revenues for Q1 2025 decreased by $66,922, or 1.6%, to $4,081,554 compared to $4,148,476 in Q1 2024[2] - Revenue from cross-border airfreight solutions decreased by $0.2 million, or 8.2%, to $2.2 million, driven by a volume drop from approximately 7,816 tons to 7,273 tons[3] - Revenue from cross-border ocean freight solutions increased by $0.1 million, or 7.8%, to $1.8 million, with volume rising from 1,290 TEU to 1,430 TEU[4] - Revenues from Asia-based customers increased by $1.1 million, or 65.8%, to $2.8 million, while revenues from U.S.-based customers decreased by $1.2 million, or 48.2%, to $1.3 million[5][6] - Total revenue for September 2024 was $4,081,554, a decrease of 1.6% from $4,148,476 in September 2023[18] Profitability - Gross profit decreased by $0.1 million, or 19.3%, to $0.5 million, with a gross margin of 12.8% compared to 15.6% in the prior year[7] - Gross profit for September 2024 was $522,539, down from $647,543 in the same period last year, reflecting a gross margin of approximately 12.8%[18] - The company incurred a loss from operations of $1,327,504 in September 2024, compared to a loss of $333,508 in September 2023[18] - Net loss for Q1 2025 was $1.3 million, compared to a net loss of $0.3 million in Q1 2024[10] - The net loss for September 2024 was $1,335,407, compared to a net loss of $307,285 in September 2023, indicating a worsening financial position[18] Expenses - General and administrative expenses increased by $1.0 million, or 114.7%, to $1.8 million, representing 45.0% of total revenues[8] - Operating expenses increased significantly to $1,850,043 in September 2024, compared to $981,051 in September 2023, primarily due to higher general and administrative expenses[18] Cash and Assets - Cash and cash equivalents at the end of September 2024 were $2,739,275, a substantial increase from $205,552 at the end of September 2023[19] - Total current assets rose to $5,830,904 as of September 30, 2024, compared to $3,539,772 as of June 30, 2024[17] - The company reported a significant increase in accounts receivable from third parties, totaling $1,786,451 as of September 30, 2024, compared to $2,082,152 in the previous period[17] Liabilities - Total liabilities decreased to $7,191,538 as of September 30, 2024, down from $8,553,967 as of June 30, 2024[17] Future Outlook - The company anticipates a rebound in revenue for the next quarter due to increased air freight demand for the holiday season[10] - The company expanded its Dallas-Fort Worth operations, more than doubling its space to 46,657 sq. ft. to meet growing demand[15] Share Information - The weighted average shares outstanding increased to 7,500,000 in September 2024 from 6,000,000 in September 2023, impacting the loss per share which was $0.18[18] - The company closed an initial public offering of 1,500,000 shares at a price of $4.50 per share, raising gross proceeds of $6,750,000[11]
Lakeside Holding Limited(LSH) - 2025 Q1 - Quarterly Results