FAIRFIELD, N.J., February 9, 2026 – 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 significantly improved financial results for its fiscal 2026 third quarter ended December 31, 2025.
Fiscal 2026 Third Quarter Highlights
- Revenue increased 18.0 percent to $41.8 million, from $35.4 million in the prior year quarter.
- Gross margin improved 170 basis points to 16.9 percent, from 15.2 percent in the prior year quarter.
- Operating income nearly tripled to $1.9 million, from $708,000 in the prior year quarter.
- Net income improved to $1.2 million, from $6,000 in the prior year quarter.
Outlook
- Revenue for the fiscal 2026 fourth quarter is expected to increase by 23 to 26 percent over $29.3 million in the prior-year quarter, positioning fiscal 2026 for record annual revenue.
- Gross margin for the fiscal 2026 fourth quarter is anticipated to be approximately 14 to 16 percent.
“Jerash’s fiscal 2026 third quarter results reflect increasing demand from our long-standing core global brand customers, complemented by the initial contributions from our new strategic partner in Korea, which together drove meaningful improvements across both the top and bottom lines,” said Sam Choi, Jerash’s chairman and chief executive officer. “With our new customers, we expect strong revenue growth that exceeds our current manufacturing capacity, which reinforces our decision to expand operations to meet demand.
“We are thrilled with the recently announced acquisition of a bank-owned manufacturing building and associated land, which represents a significant milestone in advancing Jerash’s business growth strategy for the next five years. Upon completion of renovations by the end of this calendar year, the new manufacturing building is expected to increase production capacity by at least 40 percent, substantially enhancing our ability to support increasing demand, as we continue to expand and diversify customer base and product mix.
“This expansion improves our operational flexibility and supports efficient scaling, while maintaining the quality and cost discipline our customers expect. As order volumes continue to grow for new and expanded product offerings, we remain focused on driving further gross margin improvement,” Choi added.
Fiscal 2026 Third Quarter Results
Revenue for the fiscal 2026 third quarter rose 18.0 percent to $41.8 million, from $35.4 million in the same quarter last year. The growth was primarily driven by increases in shipments to the Company’s major export markets, including the U.S., and a new customer in Korea.
Gross profit increased 31.0 percent to $7.0 million for the fiscal 2026 third quarter, from $5.4 million in the same quarter last year. Gross profit margin for the quarter improved to 16.9 percent, from 15.2 percent in the same period last year. The increase primarily reflected the product mix from new customers and the benefit of economies of scale.
Operating expenses totaled $5.1 million in the fiscal 2026 third quarter, compared with $4.7 million in the same quarter last year. The increase mainly reflected higher sales volumes and increased recruitment costs, partially offset by lower stock-based compensation.
Operating income nearly tripled to $1.9 million in the fiscal 2026 third quarter, from $708,000 in the same quarter last year.
Total other expenses were $418,000 in the fiscal 2026 third quarter, compared with $252,000 in the same quarter last year. The increase was primarily due to the increase in financing needs to support business growth and exchange losses.
Income tax expenses were $368,000 in the fiscal 2026 third quarter, compared with $450,000 in the prior year quarter.
Net income rose to $1.2 million, or $0.09 per diluted share, for the fiscal 2026 third quarter, from $6,000, or $0.00 per diluted share, for the same quarter last year.
Comprehensive income attributable to the Company’s common stockholders advanced to $1.2 million in the fiscal 2026 third quarter, from a comprehensive loss of $147,000 in the same quarter last year.
Nine-Month Fiscal Year 2026 Results
Revenue for the first nine months of fiscal year 2026 rose 5.8 percent to $123.4 million, from $116.6 million in the same period last year.
Gross profit increased 13.7 percent to $19.4 million for the first nine months of fiscal year 2026, from $17.1 million for the same period last year. Gross margin for the first nine months of fiscal year 2026 improved to 15.7 percent, from 14.7 percent in the same period last year.
Operating expenses for the first nine months of fiscal year 2026 were $15.4 million, compared with $16.1 million for the same period last year. The decrease was primarily due to better control of export costs, lower stock-based compensation expenses and reduced spending on repair and maintenance.
Operating income nearly quadrupled to $4.0 million for the first nine months of fiscal year 2026, from $1.0 million for the same period last year.
Total other expenses for the first nine months of fiscal 2026 were $1.2 million, compared with $1.0 million for the same period last year.
Income tax expenses were $851,000 for the first nine months of fiscal year 2026, compared with $667,000 for the same period in the prior year.
Net income for the first nine months of fiscal year 2026 improved by $2.7 million to $2.0 million, or $0.15 per diluted share, from a net loss of $696,000, or $0.06 per share, in the same period last year.
Comprehensive income attributable to Jerash’s common stockholders improved to $2.0 million in the first nine months of fiscal year 2026, from a comprehensive loss of $820,000 for the same period last year.
Balance Sheet, Cash Flow, and Dividends
Cash and restricted cash totaled $13.2 million, and net working capital was $36.4 million as of December 31, 2025.
On February 3, 2026, Jerash’s board of directors approved a regular quarterly dividend of $0.05 per share on its common stock, payable on February 20, 2026, to stockholders of record as of February 13, 2026.
Conference Call
Jerash Holdings will host an investor conference call to discuss its fiscal 2026 third quarter results today, February 9, 2026, at 9:00 a.m. Eastern Time.
| Phone: | 888-506-0062 (domestic); 973-528-0011 (international) |
| Conference ID: | 422515 |
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 in Jordan 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, completing renovations on the new building by the end of this calendar year, Jerash’s current views with respect to other future events and its financial forecasts, 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)
JERASH HOLDINGS (US), INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (LOSS)
(Unaudited)
| For the Three Months Ended December 31, |
For the Nine Months Ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenue, net | $ | 41,769,186 | $ | 35,384,737 | $ | 123,367,028 | $ | 116,560,580 | |||
| Cost of goods sold | 34,720,025 | 30,001,947 | 103,939,307 | 99,480,036 | |||||||
| Gross Profit | 7,049,161 | 5,382,790 | 19,427,721 | 17,080,544 | |||||||
| Selling, general and administrative expenses | 4,877,501 | 4,200,975 | 14,756,182 | 14,650,105 | |||||||
| Stock-based compensation expenses | 228,825 | 474,088 | 680,320 | 1,417,111 | |||||||
| Total Operating Expenses | 5,106,326 | 4,675,063 | 15,436,502 | 16,067,216 | |||||||
| Income from Operations | 1,942,835 | 707,727 | 3,991,219 | 1,013,328 | |||||||
| Other Income (Expenses): | |||||||||||
| Interest expenses | (393,190 | ) | (364,939 | ) | (1,242,520 | ) | (1,348,291 | ) | |||
| Other (expenses) income, net | (25,250 | ) | 113,240 | 61,217 | 306,441 | ||||||
| Total other expenses, net | (418,440 | ) | (251,699 | ) | (1,181,303 | ) | (1,041,850 | ) | |||
| Net income (loss) before provision for income taxes | 1,524,395 | 456,028 | 2,809,916 | (28,522 | ) | ||||||
| Income tax expenses | 367,935 | 449,714 | 850,523 | 667,312 | |||||||
| Net income (loss) | 1,156,460 | 6,314 | 1,959,393 | (695,834 | ) | ||||||
| Net (loss) income attributable to noncontrolling interest | (14,115 | ) | 12,120 | 8,537 | (100 | ) | |||||
| Net income (loss) attributable to Jerash Holdings (US), Inc.’s Common Stockholders | $ | 1,170,575 | $ | (5,806 | ) | $ | 1,950,856 | $ | (695,734 | ) | |
| Net income (loss) | $ | 1,156,460 | $ | 6,314 | $ | 1,959,393 | $ | (695,834 | ) | ||
| Other Comprehensive Income (Loss): | |||||||||||
| Foreign currency translation income (loss) | 55,028 | (140,969 | ) | 47,377 | (124,473 | ) | |||||
| Total Comprehensive Income (Loss) | 1,211,488 | (134,655 | ) | 2,006,770 | (820,307 | ) | |||||
| Comprehensive (loss) income attributable to noncontrolling interest | (14,115 | ) | 12,120 | 8,537 | (100 | ) | |||||
| Comprehensive Income (Loss) Attributable to Jerash Holdings (US), Inc.’s Common Stockholders | $ | 1,225,603 | $ | (146,775 | ) | $ | 1,998,233 | $ | (820,207 | ) | |
| Earnings (Loss) Per Share Attributable to Common Stockholders: | |||||||||||
| Basic and diluted | $ | 0.09 | $ | (0.00 | ) | $ | 0.15 | $ | (0.06 | ) | |
| Weighted Average Number of Shares | |||||||||||
| Basic | 12,699,940 | 12,294,840 | 12,699,940 | 12,294,840 | |||||||
| Diluted | 13,221,380 | 12,294,840 | 13,158,039 | 12,294,840 | |||||||
| Dividend per share | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | |||
JERASH HOLDINGS (US), INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, 2025 |
March 31, 2025 | |||
| (Unaudited) | ||||
| ASSETS | ||||
| Current Assets: | ||||
| Cash | $ | 11,454,016 | $ | 13,346,791 |
| Accounts receivable, net | 7,831,553 | 3,076,074 | ||
| Inventories | 26,030,818 | 27,704,829 | ||
| Prepaid expenses and other current assets | 3,360,827 | 3,648,321 | ||
| Advance to suppliers, net | 8,092,421 | 6,644,194 | ||
| Total Current Assets | 56,769,635 | 54,420,209 | ||
| Restricted cash - non-current | 1,701,752 | 1,717,248 | ||
| Long-term deposits | 604,511 | 464,934 | ||
| Property, plant, and equipment, net | 23,995,370 | 25,023,681 | ||
| Goodwill | 499,282 | 499,282 | ||
| Operating lease right of use assets | 644,380 | 850,172 | ||
| Total Assets | $ | 84,214,930 | $ | 82,975,526 |
| LIABILITIES AND EQUITY | ||||
| Current Liabilities: | ||||
| Credit facilities | $ | 9,339,758 | $ | 4,512,462 |
| Accounts payable | 3,587,871 | 6,507,308 | ||
| Accrued expenses | 3,963,303 | 4,342,436 | ||
| Income tax payable - current | 1,124,150 | 1,305,386 | ||
| Uncertain tax provision | - | 175,290 | ||
| Other payables | 1,888,950 | 2,149,185 | ||
| Deferred revenue | 294,616 | 487,004 | ||
| Operating lease liabilities - current | 180,040 | 339,699 | ||
| Total Current Liabilities | 20,378,688 | 19,818,770 | ||
| Deferred tax liabilities, net | 120 | 120 | ||
| Operating lease liabilities - non-current | 184,914 | 287,527 | ||
| Total Liabilities | 20,563,722 | 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 December 31, 2025 and March 31, 2025, respectively | 12,939 | 12,939 | ||
| Additional paid-in capital | 26,355,155 | 25,674,835 | ||
| Treasury stock, 239,478 shares | (1,169,046 | ) | (1,169,046 | ) |
| Statutory reserve | 413,821 | 413,821 | ||
| Retained earnings | 38,442,766 | 38,396,901 | ||
| Accumulated other comprehensive loss | (465,745 | ) | (513,122 | ) |
| Total Jerash Holdings (US), Inc. Stockholders’ Equity | 63,589,890 | 62,816,328 | ||
| Noncontrolling interest | 61,318 | 52,781 | ||
| Total Equity | 63,651,208 | 62,869,109 | ||
| Total Liabilities and Equity | $ | 84,214,930 | $ | 82,975,526 |
JERASH HOLDINGS (US), INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Nine Months Ended December 31, | |||||
| 2025 | 2024 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net income (loss) | $ | 1,959,393 | $ | (695,834 | ) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||
| Depreciation | 2,274,388 | 1,968,992 | |||
| Stock-based compensation expenses | 680,320 | 1,417,111 | |||
| Credit loss recovery, net | - | (17,054 | ) | ||
| Amortization of operating lease right-of-use assets | 451,890 | 447,646 | |||
| Uncertain tax provision | - | (273,582 | ) | ||
| Changes in operating assets: | |||||
| Accounts receivable | (4,755,479 | ) | (1,803,392 | ) | |
| Inventories | 1,674,011 | 8,123,439 | |||
| Prepaid expenses and other current assets | 287,497 | (930,084 | ) | ||
| Advance to suppliers | (1,448,228 | ) | (4,776,571 | ) | |
| Changes in operating liabilities: | |||||
| Accounts payable | (2,919,438 | ) | (2,452,154 | ) | |
| Accrued expenses | (379,132 | ) | (335,251 | ) | |
| Other payables | (260,235 | ) | (408,900 | ) | |
| Deferred revenue | (192,388 | ) | 48,442 | ||
| Operating lease liabilities | (508,370 | ) | (505,317 | ) | |
| Income tax payable | (355,724 | ) | (388,766 | ) | |
| Net cash used in operating activities | (3,491,495 | ) | (581,275 | ) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Purchases of property, plant, and equipment | (936,444 | ) | (491,676 | ) | |
| Payments for construction of properties | - | (585,715 | ) | ||
| Payment for long-term deposits | (435,650 | ) | (594,442 | ) | |
| Net cash used in investing activities | (1,372,094 | ) | (1,671,833 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Dividend payments | (1,904,991 | ) | (1,844,226 | ) | |
| Repayment from short-term loan | (16,118,301 | ) | (9,288,656 | ) | |
| Proceeds from short-term loan | 20,945,597 | 14,256,600 | |||
| Net cash provided by financing activities | 2,922,305 | 3,123,718 | |||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH | 33,013 | (124,559 | ) | ||
| NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH | (1,908,271 | ) | 746,051 | ||
| CASH, AND RESTRICTED CASH, BEGINNING OF THE PERIOD | 15,064,039 | 14,036,867 | |||
| CASH, AND RESTRICTED CASH, END OF THE PERIOD | $ | 13,155,768 | $ | 14,782,918 | |
| CASH AND RESTRICTED CASH, END OF THE PERIOD | $ | 13,155,768 | $ | 14,782,918 | |
| LESS: NON-CURRENT RESTRICTED CASH | 1,701,752 | 1,563,809 | |||
| CASH, END OF THE PERIOD | $ | 11,454,016 | $ | 13,219,109 | |
| Supplemental disclosure information: | |||||
| Cash paid for interest | $ | 1,242,520 | $ | 1,348,291 | |
| Income tax paid | $ | 1,214,074 | $ | 1,329,150 | |
| Non-cash investing and financing activities | |||||
| Equipment obtained by utilizing long-term deposit | $ | 296,099 | $ | 289,451 | |
| Operating lease right of use assets obtained in exchange for operating lease obligations | $ | 242,493 | $ | 186,726 | |