−Removed: We are a fast-growing U.S.-based warehousing and logistics service
−Removed: provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment.
+Added: We are a fast-growing U.S.-based warehousing and
+Added: logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment.
With the boom of e-commerce and Internet technology,
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who seek to sell in the U.S.
−Removed: We currently operate nine
+Added: We currently operate ten
warehouses across the country, with an aggregate gross floor area of approximately 3,905,020 square feet.
16 unchanged sentences
need domestic or international warehousing and logistics support.
−Removed: As of June 30, 2024 and 2023, we had an active customer base of 105
−Removed: and 83, respectively, for our warehousing and logistics services.
−Removed: have experienced rapid growth since our inception.
−Removed: For the fiscal years ended June 30, 2024 and 2023, we had total revenue
−Removed: of $167.0 million and $135.0 million, respectively, and net income of $7.4 million and $13.9 million, respectively.
−Removed: While we do not have
−Removed: any subsidiaries, assets, or employees in the PRC, we generate a significant part of our revenue from customers based in China.
−Removed: the fiscal years ended June 30, 2024 and 2023, we generated approximately 96% and 96% of our revenue from PRC-based customers,
−Removed: respectively.
+Added: As of June 30, 2025 and 2024, we had an active base of 505
+Added: and 105 customers, respectively, for our warehousing and logistics services.
+Added: We have experienced rapid growth since our inception.
+Added: For the fiscal years ended June 30, 2025 and 2024, we had total revenue of $190.4 million and $167.0 million, respectively,
+Added: and net loss of $15.3 million and net income of $7.4 million, respectively.
+Added: While we do not have any subsidiaries, assets, or employees
+Added: in the PRC, we generate a significant part of our revenue from customers based in China.
+Added: During the fiscal years ended June 30,
+Added: 2025 and 2024, we generated approximately 84% and 96% of our revenue from PRC-based customers, respectively.
Our Competitive Strengths
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and logistics services with high inventory accuracy and 24/7 customer support, which are especially suitable for the e-commerce of bulky
−Removed: Our operations span across the West Coast, Midwest, and East Coast of the U.S., with a total of nine warehouses under management,
+Added: Our operations span across the West Coast, Midwest, and East Coast of the U.S., with a total of ten warehouses under management,
including one of the only 23 eBay-certified third-party warehouses in the country.
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traditional warehousing and logistics service providers may find it difficult to offer integrated one-stop solutions.
−Removed: The nine warehouses
+Added: The ten warehouses
we operate not only provide large storage space, but are also equipped with forklifts, pallets, and trays for processing bulky items.
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We rely on third-party logistics providers,
−Removed: such as FedEx and UPS, for end-to-end delivery, as we do not have our own in-house delivery team or vehicles.
−Removed: Despite this, we offer transportation
−Removed: rates based on a long-term agreement between our nine warehouses and third-party logistics service providers.
−Removed: The volume of packages we
−Removed: send often entitles us to large discounts from third-party logistics providers.
−Removed: As a result, we have been able to provide our customers
−Removed: with stable and reasonable transportation rates.
−Removed: Additionally, we are able to overcome the surge charges for oversized items and peak
−Removed: season fees by leveraging our logistics management tools to achieve lower freight charges.
−Removed: As such, we believe our service fees are reasonable
−Removed: and affordable.
+Added: such as FedEx and United Parcel Service, Inc.
+Added: (“UPS”), for end-to-end delivery, as we do not have our own in-house delivery
+Added: team or vehicles.
+Added: Despite this, we offer transportation rates based on a long-term agreement between our ten warehouses and third-party
+Added: logistics service providers.
+Added: The volume of packages we send often entitles us to large discounts from third-party logistics providers.
+Added: As a result, we have been able to provide our customers with stable and reasonable transportation rates.
+Added: Additionally, we are able to
+Added: overcome the surge charges for oversized items and peak season fees by leveraging our logistics management tools to achieve lower freight
+Added: As such, we believe our service fees are reasonable and affordable.
Capability of Providing Efficient and Low-error
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capabilities enabled by our warehousing network, which covers the West Coast, Midwest, and East Coast of the United States.
−Removed: the date of this annual report, we operate nine warehouses in the U.S., and plan to continue expanding our geographic footprint in key
+Added: the date of this annual report, we operate ten warehouses in the U.S., and plan to continue expanding our geographic footprint in key
We plan to build out additional infrastructure in key markets in the U.S., including California, Georgia, Tennessee, Florida,
−Removed: A variety of funding sources could be utilized to lease additional warehouse space, including cash reserves, loans from financial
−Removed: institutions, and investor fundraising.
−Removed: Before choosing the right funding source, we will carefully consider our financial position, creditworthiness,
−Removed: and other factors.
−Removed: A complex process of leasing additional warehouse space requires careful planning and execution, involving the identification
−Removed: of suitable locations, negotiation of lease terms, and logistics management for moving equipment and inventory.
−Removed: In addition, the recruitment
−Removed: and training of personnel for the new warehouses may also be challenging.
−Removed: All of these endeavors involve risks and will require significant
−Removed: management, financial, and human resources.
−Removed: We cannot assure you that we will be able to effectively manage our growth or to implement
−Removed: our strategies successfully.
+Added: Illinois, and Arizona.
+Added: A variety of funding sources could be utilized to lease additional warehouse space, including cash reserves, loans
+Added: from financial institutions, and investor fundraising.
+Added: Before choosing the right funding source, we will carefully consider our financial
+Added: position, creditworthiness, and other factors.
+Added: A complex process of leasing additional warehouse space requires careful planning and execution,
+Added: involving the identification of suitable locations, negotiation of lease terms, and logistics management for moving equipment and inventory.
+Added: In addition, the recruitment and training of personnel for the new warehouses may also be challenging.
+Added: All of these endeavors involve
+Added: risks and will require significant management, financial, and human resources.
+Added: We cannot assure you that we will be able to effectively
+Added: manage our growth or to implement our strategies successfully.
Enhance Our Customers’ Supply Chain
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(“IPO”), we have undertaken a reorganization of our corporate structure in the following steps:
−Removed: ● on September 27, 2022, we incorporated Armlogi Holding
−Removed: under the laws of the State of Nevada;
−Removed: ● on October 7, 2022, Armstrong Logistic was acquired
−Removed: by Armstrong Holding from the original stockholders of Armstrong Logistic through a share exchange agreement entered into by and among
−Removed: Armstrong Holding, Armstrong Logistic, and the original stockholders of Armstrong Logistic.
+Added: on September 27, 2022, we incorporated Armlogi Holding under the laws of the State of Nevada;
+Added: on October 7, 2022, Armstrong Logistic was acquired by Armstrong Holding from the original stockholders of Armstrong Logistic through a share exchange agreement entered into by and among Armstrong Holding, Armstrong Logistic, and the original stockholders of Armstrong Logistic.
On May 15, 2024, we closed our IPO of 1,600,000
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Transportation Services.
−Removed: generate our transportation service revenue by purchasing transportation services from third-party carriers and reselling those services
−Removed: to our customers.
−Removed: We receive service fees, typically ranging from $5 to $75 for each service, depending on various factors, such as the
−Removed: load type, weight, volume, and delivery distance.
+Added: We generate our transportation service revenue by purchasing transportation services from third-party carriers and reselling those services to our customers.
+Added: We receive service fees, typically ranging from $5 to $75 for each service, depending on various factors, such as the load type, weight, volume, and delivery distance.
Warehousing Services.
−Removed: from warehousing services is generated via our warehouse management offerings, including inventory management and storage services.
−Removed: receive warehousing service fees, typically ranging from $3 to $50 for each service, based on the specific services that our customers
−Removed: choose and subject to a variety of factors that may affect the cost of those services, such as the total number of stock
−Removed: keeping units (“SKUs”), weight, volume, and storage time.
−Removed: ● Other Services.
+Added: Our revenue from warehousing services is generated via our warehouse management offerings, including inventory management and storage services.
+Added: We receive warehousing service fees, typically ranging from $3 to $500 for each service, based on the specific services that our customers choose and subject to a variety of factors that may affect the cost of those services, such as the total number of stock keeping units (“SKUs”), weight, volume, and storage time.
Other Services.
−Removed: primarily include customs brokerage services, where we collaborate with customers to file the necessary documentation and pay the appropriate
−Removed: taxes and duties to relevant authorities.
−Removed: We receive brokerage service fees from customers, typically ranging from $20 to $200 per each
−Removed: service, depending on the number of items to be declared.
+Added: Other services primarily include customs brokerage services, where we collaborate with customers to file the necessary documentation and pay the appropriate taxes and duties to relevant authorities.
+Added: We receive brokerage service fees from customers, typically ranging from $70 to $100 per each service, depending on the number of items to be declared.
See also “Management’s Discussion
2 unchanged sentences
We primarily serve two types of customers:
−Removed: (i) overseas customers
−Removed: and (ii) U.S.
+Added: (i) overseas customers and (ii) U.S.
domestic customers.
−Removed: Our overseas customers consist of cross-border e-commerce merchants outside the U.S.
−Removed: from the PRC) who intend to sell in the U.S.
−Removed: market via a variety of e-commerce platforms, such as Amazon, eBay, Wish, Walmart, and
−Removed: Those customers typically operate their e-commerce stores seeking to sell in the U.S.
−Removed: market but typically lack access to
−Removed: the warehousing and logistics resources in the U.S.
−Removed: Through our expertise and liaison with the PRC, we are primarily targeting cross-border
−Removed: e-commerce merchants in the PRC, but we are also developing a growing international customer base in other countries, such as South Korea.
−Removed: domestic customers are typically domestic e-commerce merchants seeking efficient and reliable warehousing and logistics
−Removed: solutions to support their operations.
−Removed: Our overseas and domestic customers generated approximately 96% and 4% of our revenue, respectively,
−Removed: during the fiscal year ended June 30, 2024 and approximately 96% and 4% of our revenue, respectively, during the fiscal year ended
−Removed: June 30, 2023.
−Removed: As of June 30, 2024 and 2023, we had an active customer base of 105 and 83 customers, respectively, for our warehousing
−Removed: and logistics services.
−Removed: For the fiscal year ended June 30, 2024, our top four customers were Aukey International Ltd., Western Post (HK)
−Removed: Ltd., Goldensee Ltd., and Union Grand Imp.
−Removed: Co., Ltd., representing approximately 11.7%, 11.7%, 10.9%, and 10.0% of our total
−Removed: revenue, respectively.
−Removed: During the fiscal year ended June 30, 2023, our two largest customers were Aukey International Ltd.
−Removed: Co., Ltd., representing 22.5% and 14.5% of our total revenue, respectively.
+Added: Our overseas customers consist of cross-border e-commerce
+Added: merchants outside the U.S.
+Added: (primarily from the PRC) who intend to sell in the U.S.
+Added: market via a variety of e-commerce
+Added: platforms, such as Amazon, eBay, Wish, Walmart, and Wayfair.
+Added: Those customers typically operate their e-commerce stores seeking to
+Added: sell in the U.S.
+Added: market but typically lack access to the warehousing and logistics resources in the U.S.
+Added: expertise and liaison with the PRC, we are primarily targeting cross-border e-commerce merchants in the PRC, but we are also
+Added: developing a growing international customer base in other countries, such as South Korea and Mexico.
+Added: customers are typically domestic e-commerce merchants seeking efficient and reliable warehousing and logistics solutions to support
+Added: their operations.
+Added: Our overseas and domestic customers generated approximately 84% and 16% of our revenue, respectively, during the
+Added: fiscal year ended June 30, 2025 and approximately 96% and 4% of our revenue, respectively, during the fiscal year ended June
+Added: As of June 30, 2025 and 2024, we had an active base of 505 and 105 customers, respectively, for our warehousing and
+Added: logistics services.
+Added: During the fiscal year ended June 30, 2025, our two largest customers were Goldensee Ltd.
+Added: Tenneco Inc, representing 22.0% and 10.8% of our total revenue, respectively.
+Added: For the fiscal year ended June 30, 2024, our top four
+Added: customers were Aukey International Ltd., Western Post (HK) Ltd., Goldensee Ltd., and Union Grand Imp.
+Added: representing approximately 11.7%, 11.7%, 10.9%, and 10.0% of our total revenue, respectively.
No other customers represented 10% or
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Our Suppliers
−Removed: The suppliers of our one-stop warehousing
−Removed: and logistics services primarily consist of (i) our warehouse landlords and (ii) third-party logistics service providers,
−Removed: including FedEx and UPS, who assist us in transporting customers’ goods from foreign countries to the U.S., and/or delivering
−Removed: goods from our warehouses to end consumers.
−Removed: We have established procedures for selecting independent third-party logistics service
−Removed: providers that we engage in, including a thorough review of their service prices and quality, their operating history, fleet
−Removed: condition, reliability, and availability.
−Removed: Among our suppliers, FedEx accounted for approximately 50% and 62% of our total purchases,
−Removed: during the fiscal years ended June 30, 2024 and 2023, respectively.
−Removed: Over the same fiscal years, no other suppliers
−Removed: accounted for more than 10% of our total purchases.
+Added: The suppliers of our one-stop warehousing and logistics services primarily
+Added: consist of (i) our warehouse landlords and (ii) third-party logistics service providers, including FedEx and UPS, who assist
+Added: us in transporting customers’ goods from foreign countries to the U.S., and/or delivering goods from our warehouses to end consumers.
+Added: We have established procedures for selecting independent third-party logistics service providers that we engage in, including a thorough
+Added: review of their service prices and quality, their operating history, fleet condition, reliability, and availability.
+Added: Among our suppliers,
+Added: FedEx accounted for approximately 9% and 50% of our total purchases, during the fiscal years ended June 30, 2025 and 2024, respectively.
+Added: During the fiscal year ended June 30, 2025, UPS accounted for approximately 15.2% and MEGA CORP LOGISTIC LLC, a third-party vendor providing
+Added: shipping services via FedEx, accounted for approximately 10%, respectively.
On April 10, 2020, Armstrong Logistic, one
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strategically such that we are close to ports and customers across the country, shortening delivery time to the end customers.
−Removed: As of the date of this annual report, we operate nine warehouses in four states, covering three U.S.
+Added: As of the date of this annual report, we operate ten warehouses in five states, covering three U.S.
ports of destination, including
−Removed: the Port of Los Angeles/Long Beach in California, the Port of Savannah in Georgia, the Port of Houston in Texas, and the Port of Newark
−Removed: in New Jersey.
−Removed: Specifically, we have (i) five warehouses in California, three of which are in the City of Industry, one in Walnut,
−Removed: and one in Fontana;
−Removed: (ii) one warehouse in Georgia, (iii) one warehouse in Houston, Texas, and (iv) two warehouses in New Jersey.
−Removed: Our current warehousing facilities are leased to us and have an aggregate gross floor area of 2,765,667 square feet.
−Removed: Aside from the large
−Removed: storage space, our warehouses are equipped with automated sorting systems, forklifts, pallets, and trays that are suitable for processing
−Removed: Our warehouses are also equipped with advanced security systems and real-time scanning systems, to ensure the safe storage
−Removed: of a wide variety of products.
+Added: the Port of Los Angeles/Long Beach in California, the Port of Savannah in Georgia, the Port of Houston in Texas, the Port of Newark in
+Added: New Jersey and the Port of Edwardsville in Illinois.
+Added: Specifically, we have (i) four warehouses in California, one in the City of
+Added: Industry, one in Walnut, one in Ontario and one in Fontana;
+Added: (ii) one warehouse in Georgia, (iii) two warehouses in Texas, (iv) two
+Added: warehouses in New Jersey, and (v) one warehouse in Illinois.
+Added: Our current warehousing facilities are leased to us and have an aggregate
+Added: gross floor area of 3,905,020 square feet.
+Added: Aside from the large storage space, our warehouses are equipped with automated sorting systems,
+Added: forklifts, pallets, and trays that are suitable for processing bulky items.
+Added: Our warehouses are also equipped with advanced security systems
+Added: and real-time scanning systems, to ensure the safe storage of a wide variety of products.
We utilize data analytics to determine the optimal
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and our self-operated warehouses.
−Removed: FBA Warehouses
+Added: (a) Amazon’s FBA Warehouses
Amazon’s FBA is a service provided by Amazon
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as well as shipping those goods to Amazon’s FBA warehouses.
−Removed: Self-operated Warehouses
+Added: (b) Our Self-operated Warehouses
In many cases, our customers may only intend to
1 unchanged sentence
other online e-commerce platforms.
−Removed: As a result, we provide services for delivering these goods to one of our nine warehouses in the U.S.
+Added: As a result, we provide services for delivering these goods to one of our ten warehouses in the U.S.
further services, such as warehousing, storage, and e-commerce order fulfillment.
50 unchanged sentences
their own facilities.
−Removed: We generate revenue by charging service fees, typically ranging from
−Removed: $3 to $500 for each service, for our warehousing and logistics services, which vary depending on the specific types of services selected
−Removed: by our customers, and are subject to various factors such as the load type, the total number SKUs, weight, volume, storage time, and delivery
−Removed: In addition to the service fees, we also charge our customs delivery fees for services provided by third-party logistics service
−Removed: providers such as FedEx and UPS.
−Removed: Due to our long-term partnerships with third-party logistics service providers, we believe
−Removed: we offer our customers reasonable and affordable transportation rates — due to the size and volume of packages we send
−Removed: to our collaborative third-party logistics service providers, we are able to consolidate small shipments of goods to achieve lower transportation
−Removed: rates for our customers.
−Removed: We strive to provide our customers with transparency in pricing and a clear understanding of the fees they will
−Removed: be charged for our services, typically (i) ranging from $3 to $75 for a package of services selected by each overseas customer, and
−Removed: (ii) ranging from $800 to $2,500 for a package of services selected by each domestic customer.
+Added: We generate revenue by charging service fees,
+Added: typically ranging from $3 to $500 for each service, for our warehousing and logistics services, which vary depending on the specific types
+Added: of services selected by our customers, and are subject to various factors such as the load type, the total number SKUs, weight, volume,
+Added: storage time, and delivery distance.
+Added: In addition to the service fees, we also charge our customs delivery fees for services provided by
+Added: third-party logistics service providers such as FedEx and UPS.
+Added: Due to our long-term partnerships with third-party logistics service
+Added: providers, we believe we offer our customers reasonable and affordable transportation rates — due to the size and volume
+Added: of packages we send to our collaborative third-party logistics service providers, we are able to consolidate small shipments of goods
+Added: to achieve lower transportation rates for our customers.
+Added: We strive to provide our customers with transparency in pricing and a clear understanding
+Added: of the fees they will be charged for our services, typically (i) ranging from $50 to $1,500 for a package of services selected by
+Added: each overseas customer, and (ii) ranging from $50 to $1,500 for a package of services selected by each domestic customer.
Technology and Intellectual Property
23 unchanged sentences
the following intellectual property rights in the U.S.:
−Removed: ● one trademark (namely, the trademark “ARMLOGI,”
−Removed: registered with the U.S.
+Added: one trademark (namely, the trademark “ARMLOGI,” registered with the U.S.
Patent and Trademark Office on January 17, 2023);
−Removed: ● five domain names, including (i) armlogi.com, (ii) armlogi.net,
−Removed: (iii) armlg.com, (iv) armtk.com, and (v) tkarm.co;
−Removed: ● four software copyrights for our mobile apps, including Armlogi
−Removed: Trucking, Armlogi WMS, Armlogi OMS, and Armstrong Logistic Security (website), respectively.
+Added: five domain names, including (i) armlogi.com, (ii) armlogi.net, (iii) armlg.com, (iv) armtk.com, and (v) tkarm.co;
+Added: four software copyrights for our mobile apps, including Armlogi Trucking, Armlogi WMS, Armlogi OMS, and Armstrong Logistic Security (website), respectively.
We have implemented certain measures to protect
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In addition to our full-time employees, we also
−Removed: hired approximately seven independent contractors as of June 30, 2024.
+Added: hired approximately nine independent contractors as of June 30, 2025.
These contract workers serve as our supplemental workforce, primarily
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Commission (“FMC”), the CBP, the U.S.
−Removed: Department of Homeland Security
−Removed: (the “ DHS”), the Occupational Safety and Health Administration (the “OSHA”), the Consumer Financial Protection
−Removed: Bureau, the U.S.
+Added: Department of Homeland Security (the “DHS”), the Occupational Safety and
+Added: Health Administration (the “OSHA”), the Consumer Financial Protection Bureau, the U.S.
Department of Transportation (the “DOT”).
49 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.