Revenue Performance - Total revenues for the three months ended December 31, 2024, decreased by $1.5 million, or 31.3%, to $3.4 million compared to $4.9 million for the same period in 2023[7] - Revenues from Asia-based customers increased by $0.1 million, or 5.7%, from $2.6 million in Q4 2023 to $2.8 million in Q4 2024, driven by a surge in volume from large e-commerce platforms[14] - Revenues from U.S.-based customers decreased by $1.7 million, or 72.9%, from $2.3 million in Q4 2023 to $0.6 million in Q4 2024, primarily due to a strategic shift toward Asia-based e-commerce customers[14] - For the six months ended December 31, 2024, total revenues decreased by $1.6 million, or 17.7%, from $9.1 million in the same period in 2023 to $7.5 million[15] - The company established a new revenue stream through the distribution of pharmaceutical products, generating $0.2 million in Q4 2024[8] - Revenues from cross-border airfreight solutions decreased by $1.3 million, or 23.4%, from $5.5 million in the six months ended December 31, 2023, to $4.2 million in the same period in 2024[15] - The Company plans to continue expanding its cross-border freight solutions, which generated $8,639,983 in revenue for the six months ended December 31, 2024[32] Profitability and Loss - Gross profit for the six months ended December 31, 2024, decreased by $1.2 million, or 71.9%, to $0.5 million, with a gross margin of 5.1% compared to 18.9% in the same period in 2023[18] - Net loss for the six months ended December 31, 2024, was $3.3 million, compared to a net loss of $0.2 million for the same period in 2023[20] - Gross profit for the six months ended December 31, 2024, was $1,712,052, compared to $480,308 for the same period in 2023, representing a significant increase of 256.3%[32] - Net loss attributable to the Company for the six months ended December 31, 2024, was $240,036, a reduction from a net loss of $3,282,227 in the same period of 2023[32] - The company reported a net loss of $3,282,227 for the six months ended December 31, 2024, compared to a net loss of $243,061 in the same period of 2023[34] Expenses and Cost Management - General and administrative expenses increased by $1.9 million, or 103.7%, from $1.8 million in the six months ended December 31, 2023, to $3.7 million in the same period in 2024[19] - Operating expenses for the six months ended December 31, 2024, were $1,963,573, down from $3,805,503 in the same period of 2023, a decrease of 48.3%[32] - The Company is focusing on reducing its operating expenses and improving profitability in the upcoming quarters[32] Cash Flow and Assets - Cash balance as of December 31, 2024, was $1,123,414, a significant increase from $123,550 as of June 30, 2024[30] - Total current assets as of December 31, 2024, increased to $4,437,350, compared to $3,539,772 as of June 30, 2024, reflecting a growth of 25.4%[30] - Total liabilities decreased to $8,190,845 as of December 31, 2024, down from $8,553,967 as of June 30, 2024, indicating a reduction of 4.3%[31] - Net cash used in operating activities was $(1,933,000), a significant decrease from $257,836 in the prior year[34] - Cash flows from investing activities resulted in a net outflow of $(1,350,498), compared to $(78,799) in the previous year[34] - The ending cash balance increased to $1,123,414, up from $340,733 at the end of the previous period[34] - Non-cash activities included right-of-use assets obtained in exchange for operating lease obligations totaling $1,445,498[35] - The company experienced a net cash outflow of $(48,893) from the deconsolidation of a subsidiary, which included a loss of $(73,151)[35] - Cash paid for interest increased to $45,953 from $15,503 in the prior year[34] - The company made a net cash payment of $(552,721) for asset acquisition during the period[34] - The company reported a significant increase in accounts receivable from third parties, totaling $424,648, compared to a decrease of $(479,056) in the previous year[34] Acquisitions - The company acquired Hupan Pharmaceutical (Hubei) Co., Ltd. for RMB 4.0 million ($0.6 million), expected to contribute $7 million in annual revenue[6]
Lakeside Holding Limited(LSH) - 2025 Q2 - Quarterly Results