株探米国株
日本語 英語
エドガーで原本を確認する
false 0001696558 0001696558 2025-11-12 2025-11-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

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): November 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 November 12, 2025, Jerash Holdings (US), Inc. issued a press release to announce financial results for its fiscal year 2026 second quarter, ended September 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 November 12, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1


 

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.
   
November 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 ea026468601ex99-1_jerash.htm PRESS RELEASE DATED NOVEMBER 12, 2025

Exhibit 99.1

 

 

Jerash Holdings Reports Fiscal 2026 Second Quarter Financial Results

 

FAIRFIELD, N.J., November 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 second quarter ended September 30, 2025.

 

Fiscal 2026 Second Quarter Highlights

 

Revenue increased 4.3 percent to $42.0 million, from $40.2 million in the prior year quarter.

 

Gross margin was 15.0 percent, compared with 17.5 percent in the prior year quarter.

 

Operating income was $1.09 million, compared with $1.13 million in the prior year quarter.

 

Net income was $479,000, compared with $665,000 in the prior year quarter.

 

Outlook

 

Revenue for the fiscal 2026 third quarter is expected to increase by 19 to 21 percent over the same quarter last year.

 

Gross margin goal for the fiscal 2026 third quarter is approximately 13 to 15 percent.

 

“Amid ongoing trade uncertainties, we continue to experience growing demand from our customers, as Jordan is increasingly becoming a preferred destination for global brands seeking to diversify their manufacturing partnerships beyond Asia,” said Sam Choi, Jerash’s chairman and chief executive officer.

 

“In late June, we completed an expansion of our existing manufacturing facilities, adding approximately 15 percent to our much-needed production capacity. With increasing capacity requests from our global customers and strategic partners, we have initiated a long-term expansion plan to support anticipated growth. This includes exploring potential acquisitions and facility development on our own land to ensure that Jerash remains well-positioned to sustain our competitive edge and meet evolving market demands.

 

 


 

“Gross margin for the quarter was lower than that for the same period last year, which benefited from catch-up production of higher-margin outerwear originally scheduled for the first quarter of fiscal 2025. Additionally, as we successfully continue to diversify our customer base and product mix, we expect a slightly lower average gross margin in the near term. As order volumes for our expanded product offerings continue to scale, our goal is to improve gross profit margins through increased production automation and the benefits of economies of scale.

 

“During this important period of progress for the Company, we remain attentive to potential impacts of geopolitical uncertainties in the region and evolving tariff developments as we continue advancing our growth strategy,” Choi added.

 

Fiscal 2026 Second Quarter Results

 

Revenue for the fiscal 2026 second quarter grew 4.3 percent to $42.0 million, from $40.2 million in the same quarter last year. The increase was primarily driven an increase in shipments to the U.S., resulting from a more diverse customer base in fiscal 2026.

 

Gross profit was $6.3 million for the fiscal 2026 second quarter, compared with $7.1 million in the same quarter last year. Gross profit margin for the quarter declined to 15.0 percent, from 17.5 percent in the same period last year, which benefited from catch-up production of some outerwear that carried higher margins originally scheduled for the first quarter of fiscal 2025. The decrease was primarily driven by the diversification of customer base and product mix, which resulted in a lower average gross margin.

 

Operating expenses totaled $5.2 million in the fiscal 2026 second quarter, compared with $5.9 million in the same quarter last year. The decrease was primarily due to better control of export costs and lower stock-based compensation expenses.

 

Operating income was $1.09 million in the fiscal 2026 second quarter, slightly lower than $1.13 million in the same quarter last year.

 

Total other expenses were $456,000 in the fiscal 2026 second quarter, compared with $364,000 in the same quarter last year. The increase was primarily due to the increase in financing needs to support business growth.

 

Income tax expenses were $154,000 in the fiscal 2026 second quarter, compared with $106,000 in the prior year quarter.

 

Net income was $479,000, or $0.04 per diluted share, in the fiscal 2026 second quarter, compared with $665,000, or $0.05 per diluted share, in the same quarter last year.

 

Comprehensive income attributable to the Company’s common stockholders totaled $444,000 in the fiscal 2026 second quarter, compared with $663,000 in the same quarter last year.

 

Six-Month Fiscal Year 2026 Results

 

Revenue for the first six months of fiscal year 2026 rose to $81.6 million, from $81.2 million in the same period last year. The increase was mainly due to the increase in overall demands for most of Jerash’s major customers following the Company’s efforts to diversify customer base.

 

-2-


 

Gross profit increased 5.8 percent to $12.4 million for the first half of fiscal year 2026, compared with $11.7 million for the same period last year. Gross margin for the first six months of fiscal year 2026 increased to 15.2 percent, compared with 14.4 percent in the same period last year.

 

Operating expenses for the first six months of fiscal year 2026 were $10.3 million, compared with $11.4 million for the same period last year. Operating income increased to $2.0 million for the first six months of fiscal year 2026, compared with $306,000 for the same period last year. The improvement was mainly attributable to reduced export logistics costs, lower stock-based compensation expenses, and reduced spending on repairs and maintenance.

 

Total other expenses for the first six months of fiscal 2026 decreased to $763,000, compared with $790,000 for the same period last year, primarily due to lower interest expense.

 

Income tax expenses were $483,000 for the first six months of fiscal year 2026, compared with $218,000 for the same period in prior year.

 

Net income for the first six months of fiscal year 2026 was $803,000, or $0.06 per diluted share, compared with a net loss of $702,000, or $0.06 per share, in the same period last year. The increase was primarily driven by greater overall demand, improved control over import and export costs, and business growth that enabled lower average costs through economies of scale.

 

Comprehensive income attributable to Jerash’s common stockholders was $773,000 in the first six months of fiscal year 2026, compared with comprehensive loss of $673,000 for the same period last year.

 

Balance Sheet, Cash Flow, and Dividends

 

Cash and restricted cash totaled $13.7 million, and net working capital was $35.2 million as of September 30, 2025.

 

On November 7, 2025, Jerash’s board of directors approved a regular quarterly dividend of $0.05 per share on its common stock, payable on November 26, 2025 to stockholders of record as of November 19, 2025.

 

Conference Call

 

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

 

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

 

Conference ID: 589743

 

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. 

 

-3-


 

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)

 

-4-


 

JERASH HOLDINGS (US), INC., AND SUBSIDIARIES

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

 

 

    For the
Three Months Ended
September 30,
    For the
Six Months Ended
September 30,
 
    2025     2024     2025     2024  
                         
Revenue, net   $ 41,968,534     $ 40,240,127     $ 81,597,842     $ 81,175,843  
Cost of goods sold     35,678,854       33,182,244       69,219,282       69,478,089  
Gross Profit     6,289,680       7,057,883       12,378,560       11,697,754  
                                 
Selling, general, and administrative expenses     4,971,466       5,449,386       9,878,681       10,449,130  
Stock-based compensation expenses     228,826       474,088       451,495       943,023  
Total Operating Expenses     5,200,292       5,923,474       10,330,176       11,392,153  
                                 
Income from Operations     1,089,388       1,134,409       2,048,384       305,601  
                                 
Other Income (Expenses):                                
Interest expenses     (493,482 )     (503,149 )     (849,330 )     (983,352 )
Other income, net     37,153       139,166       86,467       193,201  
Total other expenses, net     (456,329 )     (363,983 )     (762,863 )     (790,151 )
                                 
Net income (loss) before provision for income taxes     633,059       770,426       1,285,521       (484,550 )
                                 
Income tax expenses     153,756       105,877       482,588       217,598  
                                 
Net income (loss)     479,303       664,549     802,933       (702,148 )
                                 
Net (gain) loss attributable to noncontrolling interest     (17,698 )     (9,261 )     (22,652 )     12,220  
Net income (loss) attributable to Jerash Holdings (US), Inc.’s Common Stockholders   $ 461,605     $ 655,288     $ 780,281     $ (689,928 )
                                 
Net income (loss)   $ 479,303     $ 664,549     $ 802,933     $ (702,148 )
Other Comprehensive Income (Loss):                                
Foreign currency translation (loss) gain     (17,215 )     7,583       (7,651 )     16,496  
Total Comprehensive Income (Loss)     462,088       672,132       795,282       (685,652 )
Comprehensive (income) loss attributable to noncontrolling interest     (17,698 )     (9,261 )     (22,652 )     12,220  
Comprehensive Income (Loss) Attributable to Jerash Holdings (US), Inc.’s Common Stockholders   $ 444,390     $ 662,871     $ 772,630     $ (673,432 )
                                 
Earnings (Loss) Per Share Attributable to Common Stockholders:                                
Basic and diluted   $ 0.04     $ 0.05     $ 0.06     $ (0.06 )
                                 
Weighted Average Number of Shares                                
Basic     12,699,940       12,294,840       12,699,940       12,294,840  
Diluted     13,174,524       12,460,241       13,125,459       12,294,840  
                                 
Dividend per share   $ 0.05     $ 0.05     $ 0.10     $ 0.10  

 

-5-


 

JERASH HOLDINGS (US), INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

    September 30,
2025
    March 31,
2025
 
    (Unaudited)        
ASSETS                
Current Assets:            
Cash   $ 12,002,314     $ 13,346,791  
Accounts receivable, net     5,798,578       3,076,074  
Inventories     26,256,890       27,704,829  
Prepaid expenses and other current assets     3,500,397       3,648,321  
Advance to suppliers, net     7,995,085       6,644,194  
Total Current Assets     55,553,264       54,420,209  
                 
Restricted cash - non-current     1,700,539       1,717,248  
Long-term deposits     379,283       464,934  
Property, plant, and equipment, net     24,667,532       25,023,681  
Goodwill     499,282       499,282  
Operating lease right of use assets     535,512       850,172  
Total Assets   $ 83,335,412     $ 82,975,526  
                 
LIABILITIES AND EQUITY                
                 
Current Liabilities:                
Credit facilities   $ 5,176,438     $ 4,512,462  
Accounts payable     7,755,534       6,507,308  
Accrued expenses     4,075,252       4,342,436  
Income tax payable - current     865,161       1,305,386  
Uncertain tax provision     -       175,290  
Other payables     1,502,010       2,149,185  
Deferred revenue     691,264       487,004  
Operating lease liabilities - current     314,685       339,699  
Total Current Liabilities     20,380,344       19,818,770  
                 
Deferred tax liabilities, net     120       120  
Operating lease liabilities - non-current     109,056       287,527  
Total Liabilities     20,489,520       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 September 30, 2025 and March 31, 2025, respectively     12,939       12,939  
Additional paid-in capital     26,126,330       25,674,835  
Treasury stock, 239,478 shares     (1,169,046 )     (1,169,046 )
Statutory reserve     413,821       413,821  
Retained earnings     37,907,188       38,396,901  
Accumulated other comprehensive loss     (520,773 )     (513,122 )
Total Jerash Holdings (US), Inc. Stockholders’ Equity     62,770,459       62,816,328  
                 
Noncontrolling interest     75,433       52,781  
Total Equity     62,845,892       62,869,109  
                 
Total Liabilities and Equity   $ 83,335,412     $ 82,975,526  

 

-6-


 

JERASH HOLDINGS (US), INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

    For the
Six Months Ended
September 30,
 
    2025     2024  
CASH FLOWS FROM OPERATING ACTIVITIES            
Net income (loss)   $ 802,933     $ (702,148 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depreciation     1,506,793       1,209,053  
Stock-based compensation expenses     451,495       943,023  
Credit loss     -       16,768  
Amortization of operating lease right-of-use assets     316,722       300,559  
                 
Changes in operating assets:                
Accounts receivable     (2,722,504 )     (392,484 )
Inventories     1,447,940       7,034,774  
Prepaid expenses and other current assets     147,924       (470,777 )
Advance to suppliers     (1,350,891 )     (2,942,296 )
Changes in operating liabilities:                
Accounts payable     1,248,225       (1,945,505 )
Accrued expenses     (267,184 )     (520,948 )
Other payables     (647,175 )     133,937  
Deferred revenue     204,260       1,112,963  
Operating lease liabilities     (205,547 )     (238,237 )
Income tax payable     (614,713 )     (1,112,062 )
Net cash provided by operating activities     318,278       2,426,620  
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
Purchases of property, plant, and equipment     (844,401 )     (348,238 )
Payments for construction of properties     -       (270,599 )
Payment for long-term deposits     (209,543 )     (317,386 )
Net cash used in investing activities     (1,053,944 )     (936,223 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Dividend payment     (1,269,994 )     (1,229,484 )
Repayment from short-term loan     (10,003,284 )     (5,566,040 )
Proceeds from short-term loan     10,667,260       9,136,277  
Net cash (used in) provided by financing activities     (606,018 )     2,340,753  
                 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH     (19,502 )     16,018  
                 
NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH     (1,361,186 )     3,847,168  
                 
CASH, AND RESTRICTED CASH, BEGINNING OF THE PERIOD     15,064,039       14,036,867  
                 
CASH, AND RESTRICTED CASH, END OF THE PERIOD   $ 13,702,853     $ 17,884,035  
                 
CASH, AND RESTRICTED CASH, END OF THE PERIOD   $ 13,702,853     $ 17,884,035  
LESS: NON-CURRENT RESTRICTED CASH     1,700,539       1,545,457  
CASH, END OF THE PERIOD   $ 12,002,314     $ 16,338,578  
                 
Supplemental disclosure information:                
Cash paid for interest   $ 849,330     $ 983,352  
Income tax paid   $ 1,105,128     $ 1,329,150  
                 
Non-cash investing and financing activities                
Equipment obtained by utilizing long-term deposit   $ 295,195     $ 262,017  
Operating lease right of use assets obtained in exchange for operating lease obligations   $ -     $ 67,512  

 

 

-7-