Lakeside Holding Limited (NASDAQ:LSH), a U.S.-based cross-border supply chain solution provider operating under the American Bear Logistics brand, reported its financial results for the fiscal year ending June 30, 2024.
The company saw total revenues jump 42.3% to $18.3 million, driven primarily by a 117.6% surge in airfreight revenues to $10.4 million, partially offset by a slight 2.5% decline in ocean freight revenues to $7.9 million.
Rising transportation, warehouse service, and custom declaration fees contributed to a 41.6% increase in costs, pushing gross profit to $3.7 million—a 44.9% improvement from the previous year. Gross margin also edged up slightly from 19.9% to 20.3%, thanks to a broader service offering and higher mark-ups.
Despite these gains, Lakeside Holding Limited (NASDAQ:LSH) posted a net loss of $0.2 million for the fiscal year, down from a net income of $1.0 million in 2023. This was largely due to a significant rise in general and administrative expenses, which increased by 77.5% to $4.1 million, driven by higher staffing costs and increased professional fees for legal and audit services.
Lakeside’s $6.75M IPO Boosts Fulfillment Services and Key Partnerships
The company achieved several operational milestones in fiscal 2024, beginning with a successful upsized IPO in July that raised $6.75 million, reflecting strong investor confidence. The company secured a one-year renewable agreement with a leading Asia-based e-commerce platform to enhance cross-border fulfillment services and integrated its API to improve supply chain visibility for sellers.
In August, Lakeside Holding Limited (NASDAQ:LSH) formed a strategic partnership with a major social media and e-commerce platform to streamline customs brokerage services and provide real-time logistics data.
Additionally, in September, the company launched a Pick & Pack Fulfillment service for a prominent Chinese logistics firm, optimizing inventory management and order processing across U.S. hubs.
Lakeside Holding Limited (NASDAQ:LSH)also expanded its Dallas-Fort Worth operations, doubling its facility size to meet rising demand and incorporating advanced logistics technology.
Lakeside CEO Optimistic About Continued Growth After Airfreight Boom
Henry Liu, Lakeside Holding Limited (NASDAQ:LSH)’s Chairman and CEO, expressed his satisfaction with the company’s financial performance, particularly the robust growth in airfreight services. Liu highlighted that airfreight volumes more than doubled to over 26,000 tons, driven by increased demand from the e-commerce sector.
He also emphasized the company’s commitment to scaling its operations, noting the 44.9% increase in gross profit and improvements in gross margin.
Liu concluded that Lakeside Holding Limited (NASDAQ:LSH)’s recent service expansions and strategic partnerships position the company for continued growth in fiscal 2025 and beyond, as it continues to deliver flexible, technology-driven logistics solutions tailored to evolving customer needs.
We remain committed to providing flexible and competitive services that address the evolving needs of our customers. Our continued investment in workforce expansion and service capacity has allowed us to manage growing demand while maintaining exceptional service levels. With a 44.9% increase in gross profit and improvements in our gross margin, we are excited about the growth opportunities ahead.”
Henry Liu, Lakeside’s Chairman and CEO
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