Revenue and Sales Performance - Revenue for fiscal 2025 was $145.8 million, an increase of $28.6 million or 24% compared to $117.2 million in fiscal 2024[150]. - Sales to the U.S. increased by approximately 25% during fiscal 2025, driven by higher shipments to major customers[156]. - Aggregate sales to Jordan, China, Hong Kong, Germany, and other locations increased by 18% from approximately $14.7 million in fiscal 2024 to $17.2 million in fiscal 2025[157]. Cost and Profitability - Cost of goods sold increased by approximately $23.2 million to $123.5 million in fiscal 2025, with a decrease in the percentage of revenue to 85% from 86%[158]. - Gross profit margin improved to approximately 15% in fiscal 2025, up from 14% in fiscal 2024, due to better logistics and production planning[159]. - Selling, general, and administrative expenses rose by approximately 19% to $20.9 million in fiscal 2025, primarily due to higher shipment costs and increased share-based compensation[160]. - A net loss of $0.8 million was reported in fiscal 2025, an improvement from a net loss of $2.0 million in fiscal 2024[178]. Cash Flow and Liquidity - As of March 31, 2025, cash balance was approximately $13.3 million, up from $12.4 million as of March 31, 2024[167]. - Current ratio as of March 31, 2025, was approximately 2.7 to 1, down from 3.4 to 1 as of March 31, 2024[168]. - The company participated in supply chain financing programs, allowing for early payments on approved sales invoices, enhancing liquidity[170]. - Net cash provided by operating activities decreased to approximately $1.4 million in fiscal 2025 from $2.5 million in fiscal 2024, primarily due to lower operational efficiency[176]. - Cash and restricted cash at the end of fiscal 2025 totaled $15.1 million, an increase from $14.0 million at the end of fiscal 2024[175]. Investment and Capital Expenditures - Net cash used in investing activities was approximately $2.4 million in fiscal 2025, a decrease from $5.1 million in fiscal 2024, attributed to reduced capital expenditures for dormitory construction[176]. - Capital expenditures were approximately $2.4 million in fiscal 2025, down from $5.1 million in fiscal 2024, with significant investments in plant and machinery[183]. - Projected capital expenditures for fiscal years ending March 31, 2026 and 2027 are approximately $1.3 million and $7.8 million, respectively, aimed at enhancing production capacity[185]. Accounts Receivable and Financial Guarantees - Accounts receivable decreased by $2.4 million in fiscal 2025, contrasting with an increase of $3.0 million in fiscal 2024[178]. - The company has not entered into any financial guarantees or derivative contracts that are not reflected in its consolidated financial statements[186]. Statutory Reserve - The statutory reserve remained unchanged at $414,000 as of March 31, 2025, representing 0.66% of consolidated net assets of $62.9 million[182].
Jerash Holdings(JRSH) - 2025 Q4 - Annual Report