PS International Group Ltd Reports Net Loss of $10.1 Million
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HONG KONG, Nov. 03, 2026 /CourierPR/ -- PS International Group Ltd., a long-established global logistics service provider headquartered in Hong Kong, announced its unaudited financial results for the six months ended June 30, 2026. The company reported a significant increase in revenues, which rose to $26.5 million, marking a 14.4% increase from the same period in 2025. However, the gross profit experienced a notable decline, dropping to $0.1 million, a decrease of 38.8% from the previous year.
The net loss for the period under review was $10.1 million, a stark contrast to the net loss of $0.4 million recorded in the corresponding period of 2025. This substantial loss underscores the challenges faced by the company in managing its operations and maintaining profitability.
The company's revenues are primarily derived from the provision of air and ocean export and import freight forwarding services. For the six months ended June 30, 2026, the revenues from air freight forwarding were US$26.3 million, representing 99.1% of total revenue. The revenue from ocean forwarding services was US$0.3 million, or 0.1% of total revenue. The company's revenue from export shipments focused on the United States, contributing to US$16.4 million, or 71.0% of total export revenue. Export revenue to Mexico increased from US$6,652 in the six months ended June 30, 2025, to US$7,110,033 in the six months ended June 30, 2026, representing 0.03% and 26.8% of total export revenue, respectively.
The breakdown of revenue by type of customers showed that the company focused on providing freight forwarding services to freight forwarders, which generated revenue of US$22.0 million and US$23.0 million for the six months ended June 30, 2025 and 2026, respectively, representing 82.8% and 99.4% of total revenue for the same periods. Revenue from direct customers increased from US$0.1 million in the six months ended June 30, 2025 to US$4.6 million in the six months ended June 30, 2026, representing 17.2% of total revenue for the six months ended June 30, 2026.
Cost of revenue for the six months ended June 30, 2026, amounted to US$26.4 million, representing 99.5% of total revenue. The cost of revenue mainly comprised of air and ocean freight charges, and warehouse and transportation cost. Air and ocean freight charges represented costs of cargo space charged by airlines, shipping liners, or other freight forwarders, with air freight charges being the major component of the cost of revenue.
The gross profit for the six months ended June 30, 2026, was US$0.1 million, a decrease of 38.8% from the gross profit of US$0.2 million in the six months ended June 30, 2025. The gross profit margin for the period under review was 0.5%, compared to 0.9% in the corresponding period of 2025. The decline in gross profit margin is attributed to the company's inability to pass through rising buy-side rates in a price-competitive co-load/direct-customer mix, while the HK export lane itself shrank.
General and administrative expenses for the six months ended June 30, 2026, decreased from US$2.2 million in the six months ended June 30, 2025 to US$1.4 million, primarily due to a decrease in staff costs and benefits. The company recorded a loss of US$11.8 million from the change in fair value of warrant liabilities during the six months ended June 30, 2026, partially offset by a gain of US$0.6 million on the settlement of warrant liabilities. The exchange loss for the six months ended June 30, 2026, was US$4,556, primarily driven by fluctuation of RMB and US$ against HKD.
The net loss for the six months ended June 30, 2026, was US$10.1 million, compared to a net loss of US$0.4 million in the six months ended June 30, 2025. The net loss margin changed from -1.8% in the six months ended June 30, 2025 to -38.0% in the six months ended June 30, 2026.
In terms of cash flows, the net cash used in operating activities for the six months ended June 30, 2026, was US$3.2 million, primarily attributable to the net loss of US$10.1 million, changes in fair value of warrant liabilities of US$11.8 million, depreciation of property, plant and equipment of US$109,014, and operating lease expenses of US$44,104, and partially offset by net gains on marketable equity securities of US$2.5 million, gains on settlement of warrant liabilities of US$0.6 million, and a share-based compensation benefit of US$77,704.