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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 12, 2025

 

Jerash Holdings (US), Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38474   81-4701719
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

277 Fairfield Road, Suite 338, Fairfield, NJ   07004
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (201) 285-7973

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, par value $0.001 per share   JRSH   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

On August 12, 2025, Jerash Holdings (US), Inc. issued a press release to announce financial results for its fiscal year 2026 first quarter, ended June 30, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. 

 

Exhibit
Number
  Exhibit
99.1   Press Release dated August 12, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  JERASH HOLDINGS (US), INC.
     
August 12, 2025 By: /s/ Choi Lin Hung
    Choi Lin Hung
   

Chairman of the Board of Directors,

Chief Executive Officer, President, and Treasurer

 

2

 

 

 

EX-99.1 2 ea025260101ex99-1_jerash.htm PRESS RELEASE DATED AUGUST 12, 2025

Exhibit 99.1

 

 

Jerash Holdings Reports Financial Results

for Fiscal 2026 First Quarter

 

Fiscal 2026 First Quarter Highlights

 

Operating income increased to $959,000, from an operating loss of $829,000.

 

Net income increased to $324,000 from a net loss of $1.4 million in the prior year quarter.

 

Gross profit increased 31.2 percent to $6.1 million, from $4.6 million in the prior year quarter.

 

Gross margin improved 410 basis points to 15.4 percent, from 11.3 percent in the prior year quarter.

 

Outlook

 

Revenue for the fiscal 2026 second quarter is expected to be approximately $40 million-$42 million.

 

Gross margin goal for fiscal 2026 second quarter is expected to be approximately 15-16 percent.

 

FAIRFIELD, N.J., August 12, 2025 – Jerash Holdings (US), Inc. (NASDAQ: JRSH) (the “Company” or “Jerash”), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2026 first quarter ended June 30, 2025.

 

“Our fiscal first quarter performance reflects growing customer demand, as companies continue to seek alternative manufacturing partners and diversify away from China and Southeast Asia,” said Sam Choi, Jerash’s chairman and chief executive officer. “We also enhanced operating efficiency through reduced logistics costs and minimal need for overtime, supported by better production planning. Another key factor for the positive performance was the return to routing import raw material shipments through Aqaba Port in Jordan, with shorter lead times and lower transportation costs than the alternative routes we had to use while shipping through the disrupted Red Sea.

 

“I am pleased to report that we have successfully completed production of the first phase of a major initial order from one of the largest U.S.-based multinational and omnichannel retailers, through our strategic collaboration with Hansoll Textile. Shipments are scheduled to begin in September and continue through February 2026. We continue to seek further collaborations that create mutual value and strengthen long-term partnerships.

 

“As previously announced, the expansion of our existing manufacturing facilities was completed in June 2025, and we are currently onboarding additional workers to support an approximate 15 percent increase in production capacity. The added capacity is expected to begin contributing to Jerash’s performance starting in the second fiscal quarter.

 


 

“Our facilities are fully booked through February 2026. While this is an exciting time for Jerash, we remain vigilant about the potential impacts of recent tariff changes and the ongoing geopolitical instability in the region, as we plan for additional expansion opportunities,” Choi added.

 

Fiscal 2026 First Quarter Results

 

Revenue for the fiscal 2026 first quarter was $39.6 million, compared with $40.9 million in the same quarter last year. The slight decline in revenue was primarily caused by some customer shipments being redirected to Aqaba Port in Jordan in order to avoid disruptions at Haifa Port in Israel, which began in late June 2025 and delayed shipments on several orders.

 

Gross profit increased by 31.2 percent to $6.1 million for the fiscal 2026 first quarter, from $4.6 million in the same quarter last year. Gross profit margin for the quarter increased to 15.4 percent, from 11.3 percent in the same period last year. The increase was primarily driven by improved logistics and production planning, with the resumption of import sea routes through Aqaba Port, which provides shorter lead times and lower transportation costs.

 

Operating expenses totaled $5.1 million in the fiscal 2026 first quarter, compared with $5.5 million in the same quarter last year. The decrease was primarily due to lower stock-based compensation expenses and lower expenses on repair and maintenance.

 

Operating income increased to $959,000 in the fiscal 2026 first quarter, from an operating loss of $829,000 in the same period last year. The improvement was mainly attributable to reduced import logistics costs, decreased overtime due to improved logistics and production planning, lower stock-based compensation expenses, and reduced spending on repairs and maintenance.

 

Total other expenses were $307,000 in the fiscal 2026 first quarter, compared with $426,000 in the same quarter last year. This was primarily due to lower interest rates and a decline in supply chain financing program usage.

 

Income tax expenses were $329,000 in the fiscal 2026 first quarter, compared with $112,000 in the prior year quarter.

 

Net income increased to $324,000, or $0.03 per diluted share, in the fiscal 2026 first quarter, compared with a net loss of $1.4 million, or $0.11 per diluted share, in the same quarter last year. Comprehensive profit attributable to the Company’s common stockholders totaled $328,000 in the fiscal 2026 first quarter, versus a comprehensive loss of $1.3 million in the same period last year.

 

Balance Sheet, Cash Flow, and Dividends

 

Cash and restricted cash totaled $7.5 million, and net working capital was $34.6 million as of June 30, 2025. Cash was reduced at quarter-end due to orders shipping later than expected and payments not received until the start of the following quarter.

 

On August 8, 2025, Jerash’s board of directors approved a regular quarterly dividend of $0.05 per share on its common stock, payable on August 29, 2025 to stockholders of record as of August 22, 2025.

 

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Conference Call

 

Jerash Holdings will host an investor conference call to discuss its fiscal 2026 first quarter results today, August 12, 2025, at 9:00 a.m. Eastern Time.

 

Phone: 888-506-0062 (domestic); 973-528-0011 (international)
Conference ID: 456828

 

A live and archived webcast will be available online in the investor relations section of Jerash’s website at www.jerashholdings.com. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website. 

 

About Jerash Holdings (US), Inc. 

 

Jerash Holdings (US), Inc. manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which licenses brands such as DKNY and Nautica), Acushnet Holdings Corp (which owns the brand FootJoy), American Eagle, and Skechers. Jerash’s existing production facilities comprise six factory units and four warehouses, and Jerash currently employs approximately 6,000 people. Additional information is available at www.jerashholdings.com.

 

Forward-Looking Statements

 

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “seek”, “potential,” “outlook” and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, Jerash’s current views with respect to future events and its financial forecasts, and expansion of the customer base among high-profile global brands, are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by Jerash with the U.S. Securities and Exchange Commission. These and other risks and uncertainties are detailed in the Company’s filings with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Jerash does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

 

Contact:

 

PondelWilkinson Inc.  

Judy Lin or Roger Pondel  

310-279-5980; jlin@pondel.com  

#    #    # 

(tables below)

 

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JERASH HOLDINGS (US), INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) 

 

    For the Three Months Ended
June 30,
 
    2025     2024  
             
Revenue, net   $ 39,629,308     $ 40,935,716  
Cost of goods sold     33,540,428       36,295,845  
Gross Profit     6,088,880       4,639,871  
                 
Selling, general, and administrative expenses     4,907,215       4,999,744  
Stock-based compensation expenses     222,669       468,935  
Total Operating Expenses     5,129,884       5,468,679  
                 
Income (Loss) from Operations     958,996       (828,808 )
                 
Other Income (Expenses):                
Interest expenses     (355,848 )     (480,203 )
Other income, net     49,314       54,035  
Total other expenses, net     (306,534 )     (426,168 )
                 
Net profit (loss) before provision for income taxes     652,462       (1,254,976 )
                 
Income tax expenses     328,832       111,721  
                 
Net profit (loss)     323,630       (1,366,697 )
                 

Net (profit) loss attributable to noncontrolling interest

    (4,954 )     21,481  
Net profit (loss) attributable to Jerash Holdings (US), Inc.’s Common Stockholders   $ 318,676     $ (1,345,216 )
                 
Net profit (loss)   $ 323,630     $ (1,366,697 )
Other Comprehensive Income:                
Foreign currency translation gain     9,564       8,913  

Total Comprehensive Income (Loss)

    333,194       (1,357,784 )
Comprehensive (income) loss attributable to noncontrolling interest     (4,954 )     21,481  
Comprehensive Income (Loss) Attributable to Jerash Holdings (US), Inc.’s Common Stockholders   $ 328,240     $ (1,336,303 )
                 
Earnings (Loss) Per Share Attributable to Common Stockholders:                
Basic and diluted   $ 0.03     $ (0.11 )
                 
Weighted Average Number of Shares                
Basic     12,699,940       12,294,840  
Diluted     12,699,940       12,294,840  
                 
Dividend per share   $ 0.05     $ 0.05  

 

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JERASH HOLDINGS (US), INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    June 30,
2025
    March 31,
2025
 
    (Unaudited)        
ASSETS
Current Assets:            
Cash   $ 5,796,830     $ 13,346,791  
Accounts receivable, net     9,979,463       3,076,074  
Inventories     27,317,026       27,704,829  
Prepaid expenses and other current assets     3,285,600       3,648,321  
Advance to suppliers, net     6,983,612       6,644,194  
Total Current Assets     53,362,531       54,420,209  
                 
Restricted cash - non-current     1,704,794       1,717,248  
Long-term deposits     547,383       464,934  
Property, plant, and equipment, net     24,912,364       25,023,681  
Goodwill     499,282       499,282  
Operating lease right of use assets     712,723       850,172  
Total Assets   $ 81,739,077     $ 82,975,526  
                 
LIABILITIES AND EQUITY                
                 
Current Liabilities:                
Credit facilities   $ 4,768,749     $ 4,512,462  
Accounts payable     6,178,130       6,507,308  
Accrued expenses     3,655,643       4,342,436  
Income tax payable - current     1,414,329       1,305,386  
Uncertain tax provision     175,290       175,290  
Other payables     1,600,743       2,149,185  
Deferred revenue     622,099       487,004  
Operating lease liabilities - current     336,886       339,699  
Total Current Liabilities     18,751,869       19,818,770  
                 
Deferred tax liabilities, net     120       120  
Operating lease liabilities - non-current     197,113       287,527  
Total Liabilities     18,949,102       20,106,417  
                 
Equity                
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding   -     -  
Common stock, $0.001 par value; 30,000,000 shares authorized; 12,939,418 shares issued, and 12,699,940 shares outstanding as of June 30, 2025 and March 31, 2025, respectively     12,939       12,939  
Additional paid-in capital     25,897,504       25,674,835  
Treasury stock, 239,478 shares     (1,169,046 )     (1,169,046 )
Statutory reserve     413,821       413,821  
Retained earnings     38,080,580       38,396,901  
Accumulated other comprehensive loss     (503,558 )     (513,122 )
Total Jerash Holdings (US), Inc. Stockholders’ Equity     62,732,240       62,816,328  
                 
Noncontrolling interest     57,735       52,781  
Total Equity     62,789,975       62,869,109  
                 
Total Liabilities and Equity   $ 81,739,077     $ 82,975,526  

 

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JERASH HOLDINGS (US), INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

    For the Three Months Ended
June 30,
 
    2025     2024  
CASH FLOWS FROM OPERATING ACTIVITIES            
Net profit (loss)   $ 323,630     $ (1,366,697 )
Adjustments to reconcile net profit (loss) to net cash used in operating activities:                
Depreciation     743,787       612,759  
Stock-based compensation expenses     222,669       468,935  
Amortization of operating lease right-of-use assets     138,516       150,008  
                 
Changes in operating assets:                
Accounts receivable     (6,903,389 )     (3,983,251 )
Inventories     387,804       6,513,887  
Prepaid expenses and other current assets     362,723       (235,028 )
Advance to suppliers     (339,418 )     (80,762 )
Changes in operating liabilities:                
Accounts payable     (329,178 )     (3,040,398 )
Accrued expenses     (686,793 )     (749,942 )
Other payables     (548,442 )     65,232  
Deferred revenue     135,095       235,827  
Operating lease liabilities     (94,294 )     (176,069 )
Income tax payable     108,775       (615,449 )
Net cash used in operating activities     (6,478,515 )     (2,200,948 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
Purchases of property, plant, and equipment     (464,890 )     (130,271 )
Payments for construction of properties     -       (15,150 )
Payment for long-term deposits     (250,029 )     (241,544 )
Net cash used in investing activities     (714,919 )     (386,965 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Dividend payment     (634,997 )     (614,742 )
Repayment from short-term loan     (4,723,477 )     (3,435,297 )
Proceeds from short-term loan     4,979,764       5,566,040  
Net cash (used in) provided by financing activities     (378,710 )     1,516,001  
                 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH     9,729       8,917  
                 
NET DECREASE IN CASH AND RESTRICTED CASH     (7,562,415 )     (1,062,995 )
                 
CASH, AND RESTRICTED CASH, BEGINNING OF THE PERIOD     15,064,039       14,036,867  
                 
CASH, AND RESTRICTED CASH, END OF THE PERIOD   $ 7,501,624     $ 12,973,872  
                 
CASH, AND RESTRICTED CASH, END OF THE PERIOD   $ 7,501,624     $ 12,973,872  
LESS: NON-CURRENT RESTRICTED CASH     1,704,794       1,607,644  
CASH, END OF THE PERIOD   $ 5,796,830     $ 11,366,228  
                 
Supplemental disclosure information:                
Cash paid for interest   $ 355,848     $ 480,203  
Income tax paid   $ 219,889     $ 726,177  
                 
Non-cash investing and financing activities                
Equipment obtained by utilizing long-term deposit   $ 165,841     $ 44,215  
Operating lease right of use assets obtained in exchange for operating lease obligations   $ -     $ 67,512  

 

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