Core Insights - Lakeside Holding Limited reported a significant decline in total revenues for the second quarter and first half of fiscal 2025, primarily due to reduced volumes in cross-border airfreight solutions [4][11][19] - The company is strategically expanding its operations, particularly in pharmaceutical logistics and partnerships with major e-commerce platforms, to position itself for long-term growth [2][5][23] Financial Performance - Total revenues decreased by $1.5 million, or 31.3%, to $3.4 million for the three months ended December 31, 2024, compared to $4.9 million for the same period in 2023 [4] - For the six months ended December 31, 2024, total revenues decreased by $1.6 million, or 17.7%, from $9.1 million in 2023 to $7.5 million [11] - The net loss for the three months ended December 31, 2024, was $1.9 million, compared to a net income of $0.06 million for the same period in 2023 [10] - The 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 [19] Revenue Breakdown - Revenue from Asia-based customers increased by $1.3 million, or 29.4%, from $4.3 million in the six months ended December 31, 2023, to $5.6 million in 2024 [24] - Revenue from U.S.-based customers decreased by $2.9 million, or 60.2%, from $4.8 million in the six months ended December 31, 2023, to $1.9 million in 2024 [24] - 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 2024 [14] Operational Developments - The company expanded its Dallas-Fort Worth operations, more than doubling warehouse space from 20,000 to 46,657 square feet [5] - Lakeside acquired Hupan Pharmaceutical (Hubei) Co., Ltd. for RMB 4.0 million ($0.6 million), expected to contribute $7 million in annual revenue [5] - The company established partnerships with 15 major hospitals in Wuhan and signed a sales agreement worth RMB 11.0 million ($1.5 million) with Sinopharm Holding Hubei New Special Medicine Co., Ltd. [5] Cost and Expenses - Total cost of revenues decreased by $0.2 million, or 5.6%, from $3.9 million in the three months ended December 31, 2023, to $3.6 million in 2024 [7] - General and administrative expenses increased by $0.9 million, or 94.1%, from $1.0 million in the three months ended December 31, 2023, to $1.9 million in 2024 [9] - For the six months ended December 31, 2024, general and administrative expenses increased by $1.9 million, or 103.7%, from $1.8 million in 2023 to $3.7 million in 2024 [18]
Lakeside Announces Fiscal 2025 Second Quarter and Six-Month Results