FAIRFIELD, N.J., November 10, 2026 - Jerash Holdings (US), Inc. (Nasdaq: JRSH), which manufactures and exports custom, ready-made, sportswear and outerwear in Jordan for leading global brands, today announced financial results for its fiscal 2027 second quarter ended September 30, 2026.
Fiscal 2027 Second Quarter Highlights
- Revenue increased 19.8 percent to $50.3 million, from $42.0 million in the prior-year quarter.
- Gross profit increased 45.4 percent to $9.1 million, from $6.3 million in the prior-year quarter.
- Gross margin increased to 18.2 percent, up 320 basis points, from 15.0 percent in the prior-year quarter.
- Operating income increased nearly three-fold to $3.1 million, from $1.1 million in the prior-year quarter.
- Net income advanced to $2.2 million, 4.5 times the $479,000 in the prior year quarter.
Outlook
- Revenue for the fiscal 2027 third quarter is expected to be approximately $49 million-$51 million, an increase of approximately 17-22 percent from the same quarter last year.
- Gross margin for the fiscal 2027 third quarter is expected to be approximately 16-17 percent, taking into account of increased transportation costs for raw material imports.
“We delivered a strong quarter of performance, achieving meaningful growth in both revenue and profitability,” said Sam Choi, Jerash’s chief executive officer. “Over the past several months, we have navigated logistics challenges across the Middle East, including higher import transportation costs driven by regional shipping disruptions and ongoing uncertainty. Despite these headwinds, we expanded margins through strategic early purchases of raw materials, disciplined cost controls, reduced waste, and enhanced operational efficiencies through automation initiatives.
“The Company’s results underscore the strength and resilience of our Jordan-based manufacturing platform, which provides benefits from duty free and preferential tariff treatment for qualifying apparel and textile exports to key markets, including the United States, Europe and others. Our ability to maintain reliable execution and on-time delivery in a challenging operating environment continues to be a significant competitive advantage for our company and our customers.
“Our production facilities are fully booked through June 2027, and order in-flow remains strong. To support continued growth and capitalize on new business opportunities, we are actively seeking ways to expand capacity. Renovations at our most recently acquired facility, along with the construction of a third satellite factory supported by the Jordanian government, are expected to be completed by September 2027. Together, these projects are anticipated to increase our production capacity by approximately 15-20 percent, positioning us to meet growing customer demand and support Jerash’s long-term growth objectives,” Choi added.
Fiscal 2027 Second Quarter Results
Revenue for the fiscal 2027 second quarter increased 19.8 percent to $50.3 million, from $42.0 million in the same quarter last year. The increase primarily reflected higher shipments to our largest U.S. customer and others whose orders were primarily for the U.S.
Gross profit increased 45.4 percent to $9.1 million in the fiscal 2027 second quarter, from $6.3 million in the same quarter last year. Gross profit margin increased 320 basis points to 18.2 percent, from 15.0 percent in the same period last year. The increase was primarily driven by higher shipment volumes to U.S. customers that typically generate stronger margins, automation-related efficiency gains, advance purchases of raw materials earlier in the second quarter, and tighter controls on wastage allowances.
Operating expenses totaled $6.1 million in the fiscal 2027 second quarter, compared with $5.2 million in the same quarter last year. The increase was primarily attributable to higher sales volume, as well as increased headcount and related expenses.
Operating income for the fiscal 2027 second quarter increased nearly three-fold to $3.1 million, from $1.1 million in the same quarter last year.
Total other expenses were $506,000 in the fiscal 2027 second quarter, compared with $456,000 in the same quarter last year. The increase was primarily attributable to higher interest expense on the mortgage loan used to purchase our new facility in early 2026, as well as higher costs under the Company’s customers supply chain financing programs from increased shipment volumes.
Income tax expenses were $402,000 in the fiscal 2027 second quarter, compared with $154,000 in the same quarter last year. The effective tax rate declined to 15.7 percent for the fiscal 2027 second quarter, from 24.3 percent in the same period last year. The decrease was primarily attributable to a tax concession in Jordan that reduced the corporate income tax rate from 20 percent to 10 percent, effective October 2025.
Net income for the fiscal 2027 second quarter increased to $2.2 million, or $0.16 per diluted share, approximately 4.5 times the $479,000, or $0.04 per diluted share, in the same quarter last year.
Comprehensive income attributable to the Company’s common stockholders totaled $2.2 million in the fiscal 2027 second quarter, compared with $444,000 in the same period last year.
Six-Month Fiscal Year 2027 Results
Revenue for the first six months of fiscal 2027 increased 23.2 percent to $100.5 million, from $81.6 million in the same period last year.
Gross profit for the first six months of fiscal 2027 increased 40.6 percent to $17.4 million, from $12.4 million in the same period last year. Gross margin increased to 17.3 percent, from 15.2 percent in the same period last year.
Operating expenses for the first six months of fiscal 2027 totaled $11.7 million, compared with $10.3 million in the same period last year. The increase was primarily due to an increase in export shipping costs and an increase in headcount.
Operating income for the first six months of fiscal 2027 increased nearly three-fold to $5.7 million, from $2.0 million in the same period last year.
Total other expenses for the first six months of fiscal 2027 were $1.1 million, compared with $763,000 in the same period last year.
Income tax expenses totaled $806,000 for the first six months of fiscal 2027, compared with $483,000 in the same period last year. The effective tax rate declined to 17.3 percent for the first six months of fiscal 2027, from 37.5 percent for the six months of fiscal 2026.
Net income for the first six months of fiscal 2027 increased to $3.8 million, or $0.29 per diluted share, more than 4.5 times the $803,000, or $0.06 per diluted share, in the same period last year.
Comprehensive income attributable to the Company’s common stockholders totaled $3.8 million in the first six months of fiscal 2027, compared with $773,000 in the same period last year.
Balance Sheet, Cash Flow, and Dividends
Cash, cash equivalents and restricted cash totaled $16.9 million, and net working capital was approximately $40.6 million as of September 30, 2026.
On November 5, 2026, Jerash’s board of directors approved a regular quarterly dividend of $0.05 per share on its common stock, payable on November 23, 2026 to stockholders of record as of November 16, 2026.
Conference Call
Jerash Holdings will host an investor conference call to discuss its fiscal 2027 second quarter results today, November 10, 2026, at 9:00 a.m. Eastern Time.
Phone: 888-506-0062 (domestic); 973-528-0011 (international) Conference ID: 355822 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 Calvin Klein, Tommy Hilfiger, and Nautica), Urban Outfitters, American Eagle, and Acushnet Holdings Corp (which owns the brand FootJoy). Jerash’s existing production facilities in Jordan comprise eight factory units and six warehouses, and Jerash currently employs approximately 6,600 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, expansion of the customer base among high-profile global brands, and plans for the renovation and construction of production facilities, including the expected timing of completion and anticipated increases in production capacity, 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 Partners
Judy Lin or Roger Pondel
310-279-5980; jlin@pondel.com
# # #
(tables below)
JERASH HOLDINGS (US), INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
| For the Three Months Ended September 30, |
For the Six Months Ended September 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Revenue, net | $ | 50,286,467 | $ | 41,968,534 | $ | 100,515,975 | $ | 81,597,842 | |||
| Cost of goods sold | 41,138,197 | 35,678,854 | 83,105,650 | 69,219,282 | |||||||
| Gross Profit | 9,148,270 | 6,289,680 | 17,410,325 | 12,378,560 | |||||||
| Selling, general, and administrative expenses | 5,850,618 | 4,971,466 | 11,255,007 | 9,878,681 | |||||||
| Stock-based compensation expenses | 228,826 | 228,826 | 455,164 | 451,495 | |||||||
| Total Operating Expenses | 6,079,444 | 5,200,292 | 11,710,171 | 10,330,176 | |||||||
| Income from Operations | 3,068,826 | 1,089,388 | 5,700,154 | 2,048,384 | |||||||
| Other Income (Expenses): | |||||||||||
| Interest expenses | (532,385 | ) | (493,482 | ) | (1,081,738 | ) | (849,330 | ) | |||
| Other income, net | 26,401 | 37,153 | 30,247 | 86,467 | |||||||
| Total other expenses, net | (505,984 | ) | (456,329 | ) | (1,051,491 | ) | (762,863 | ) | |||
| Net income before provision for income taxes | 2,562,842 | 633,059 | 4,648,663 | 1,285,521 | |||||||
| Income tax expenses | 401,627 | 153,756 | 805,800 | 482,588 | |||||||
| Net income | 2,161,215 | 479,303 | 3,842,863 | 802,933 | |||||||
| Net income attributable to noncontrolling interest | (4,291 | ) | (17,698 | ) | (6,054 | ) | (22,652 | ) | |||
| Net income attributable to Jerash Holdings (US), Inc.’s Common Stockholders | $ | 2,156,924 | $ | 461,605 | $ | 3,836,809 | $ | 780,281 | |||
| Net income | $ | 2,161,215 | $ | 479,303 | $ | 3,842,863 | $ | 802,933 | |||
| Other Comprehensive Income (Loss): | |||||||||||
| Foreign currency translation gain (loss) | 28,539 | (17,215 | ) | 5,726 | (7,651 | ) | |||||
| Total Comprehensive Income | 2,189,754 | 462,088 | 3,848,589 | 795,282 | |||||||
| Comprehensive income attributable to noncontrolling interest | (4,291 | ) | (17,698 | ) | (6,054 | ) | (22,652 | ) | |||
| Comprehensive Income Attributable to Jerash Holdings (US), Inc.’s Common Stockholders | $ | 2,185,463 | $ | 444,390 | $ | 3,842,535 | $ | 772,630 | |||
| Earnings Per Share Attributable to Common Stockholders: | |||||||||||
| Basic | $ | 0.17 | $ | 0.04 | $ | 0.30 | $ | 0.06 | |||
| Diluted | $ | 0.16 | $ | 0.04 | $ | 0.29 | $ | 0.06 | |||
| Weighted Average Number of Shares | |||||||||||
| Basic | 12,699,940 | 12,699,940 | 12,699,940 | 12,699,940 | |||||||
| Diluted | 13,500,723 | 13,174,524 | 13,455,346 | 13,125,459 | |||||||
| Dividend per share | $ | 0.05 | $ | 0.05 | $ | 0.10 | $ | 0.10 | |||
JERASH HOLDINGS (US), INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2026 |
March 31, 2026 | |||
| (Unaudited) | ||||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | $ | 16,051,930 | $ | 10,764,576 |
| Accounts receivable, net | 4,308,049 | 5,676,122 | ||
| Inventories | 23,310,601 | 29,956,361 | ||
| Prepaid expenses and other current assets | 4,175,250 | 3,351,655 | ||
| Advances to suppliers, net | 11,870,154 | 8,639,635 | ||
| Total Current Assets | 59,715,984 | 58,388,349 | ||
| Restricted cash - non-current | 823,831 | 1,702,935 | ||
| Long-term deposits | 1,145,185 | 834,686 | ||
| Property, plant, and equipment, net | 26,822,084 | 27,388,699 | ||
| Goodwill | 499,282 | 499,282 | ||
| Operating lease right of use assets | 1,704,177 | 1,038,563 | ||
| Total Assets | $ | 90,710,543 | $ | 89,852,514 |
| LIABILITIES AND EQUITY | ||||
| Current Liabilities: | ||||
| Credit facilities | $ | 4,454,127 | $ | 4,902,996 |
| Accounts payable | 5,176,288 | 7,167,019 | ||
| Accrued expenses | 4,936,893 | 5,528,165 | ||
| Income tax payable - current | 1,445,365 | 1,331,765 | ||
| Other payables | 2,511,015 | 2,092,183 | ||
| Deferred revenue | 86,393 | 241,357 | ||
| Bank loan - current | 235,063 | 58,766 | ||
| Operating lease liabilities - current | 282,562 | 319,910 | ||
| Total Current Liabilities | 19,127,706 | 21,642,161 | ||
| Deferred tax liabilities, net | 73 | 73 | ||
| Operating lease liabilities - non-current | 1,054,205 | 539,183 | ||
| Bank loan -non-current | 2,585,737 | 2,762,034 | ||
| Total Liabilities | 22,767,721 | 24,943,451 | ||
| 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; 12,699,940 shares outstanding as of September 30, 2026 and March 31, 2026, respectively | 12,939 | 12,939 | ||
| Additional paid-in capital | 27,034,170 | 26,579,006 | ||
| Treasury stock, 239,478 shares | (1,169,046 | ) | (1,169,046 | ) |
| Statutory reserve | 413,821 | 413,821 | ||
| Retained earnings | 41,961,328 | 39,394,513 | ||
| Accumulated other comprehensive loss | (459,027 | ) | (464,753 | ) |
| Total Jerash Holdings (US), Inc. Stockholders’ Equity | 67,794,185 | 64,766,480 | ||
| Noncontrolling interest | 148,637 | 142,583 | ||
| Total Equity | 67,942,822 | 64,909,063 | ||
| Total Liabilities and Equity | $ | 90,710,543 | $ | 89,852,514 |
JERASH HOLDINGS (US), INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| For the Six Months Ended September 30, | |||||
| 2026 | 2025 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net income | $ | 3,842,863 | $ | 802,933 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation | 1,665,012 | 1,506,793 | |||
| Stock-based compensation expenses | 455,164 | 451,495 | |||
| Amortization of operating lease right-of-use assets | 276,851 | 316,722 | |||
| Changes in operating assets: | |||||
| Accounts receivable | 1,368,073 | (2,722,504 | ) | ||
| Inventories | 6,645,760 | 1,447,940 | |||
| Prepaid expenses and other current assets | (823,595 | ) | 147,924 | ||
| Advances to suppliers | (3,230,519 | ) | (1,350,891 | ) | |
| Changes in operating liabilities: | |||||
| Accounts payable | (1,990,731 | ) | 1,248,225 | ||
| Accrued expenses | (591,272 | ) | (267,184 | ) | |
| Other payables | 418,831 | (647,175 | ) | ||
| Deferred revenue | (154,964 | ) | 204,260 | ||
| Operating lease liabilities | (464,790 | ) | (205,547 | ) | |
| Income tax payable | 113,598 | (614,713 | ) | ||
| Net cash provided by operating activities | 7,530,281 | 318,278 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Purchases of property, plant and equipment | (803,594 | ) | (844,401 | ) | |
| Payment for long-term deposits | (598,857 | ) | (209,543 | ) | |
| Net cash used in investing activities | (1,402,451 | ) | (1,053,944 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Dividend payments | (1,269,994 | ) | (1,269,994 | ) | |
| Repayment of short-term loan | (4,727,235 | ) | (10,003,284 | ) | |
| Proceeds from short-term loan | 4,278,366 | 10,667,260 | |||
| Net cash used in financing activities | (1,718,863 | ) | (606,018 | ) | |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (717 | ) | (19,502 | ) | |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,408,250 | (1,361,186 | ) | ||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | 12,467,511 | 15,064,039 | |||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | $ | 16,875,761 | $ | 13,702,853 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | $ | 16,875,761 | $ | 13,702,853 | |
| LESS: NON-CURRENT RESTRICTED CASH | 823,831 | 1,700,539 | |||
| CASH AND CASH EQUIVALENTS, END OF THE PERIOD | $ | 16,051,930 | $ | 12,002,314 | |
| Supplemental disclosure information: | |||||
| Cash paid for interest | $ | 1,081,738 | $ | 849,330 | |
| Income tax paid | $ | 692,203 | $ | 1,105,128 | |
| Non-cash investing and financing activities | |||||
| Equipment obtained by utilizing long-term deposit | $ | 288,358 | $ | 295,195 | |
| Operating lease right of use assets obtained in exchange for operating lease obligations | $ | 927,271 | $ | - | |