JRSHMEDIUM SIGNALOPERATIONAL10-K

JRSH significantly expanded operations with 24% revenue growth and 71% capacity increase while successfully pivoting away from PPE business back to core sportswear manufacturing.

The company demonstrates strong operational momentum with substantial capacity expansion from 14 million to 24 million pieces annually and meaningful revenue growth, while improving profitability from operating losses to $1.4M operating income. However, the 265% increase in interest expense and deteriorating cash flow generation suggest the expansion may be debt-financed and operationally challenging in the near term.

Comparing 2025-06-26 vs 2024-06-28View on EDGAR →
FINANCIAL ANALYSIS

JRSH delivered strong top-line growth with 24% revenue increase to $145.8M and significant profitability improvement, swinging from -$665K to $1.4M operating income. However, operational efficiency declined as evidenced by 45% drop in operating cash flow despite higher profits, while interest expense surged 265% and total liabilities increased 27%, indicating debt-funded expansion. The mixed financial picture shows growth momentum tempered by increased leverage and cash generation challenges.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+317.6%
-$665K→$1.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+264.8%
$211K→$768K

Interest expense surged 264.8% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
+57.7%
-$2.0M→-$848K

Net income grew 57.7% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-45.1%
$2.5M→$1.4M

Operating cash flow fell 45.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Accounts Receivable
Balance Sheet
-43.2%
$5.4M→$3.1M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+34.1%
$14.8M→$19.8M

Current liabilities surged 34.1% — significant near-term obligations; verify ability to meet short-term debt.

Gross Profit
P&L
+32%
$16.9M→$22.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Liabilities
Balance Sheet
+27.1%
$15.8M→$20.1M

Liabilities increased 27.1% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
+24.4%
$117.2M→$145.8M

Revenue growing 24.4% — solid top-line momentum, watch margins for quality of growth.

Capital Expenditure
Cash Flow
-23.4%
$1.2M→$951K

Capex reduced 23.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2025-06-26
PRIOR — 2024-06-28
ADDED
The number of the registrant s shares of common stock, $0.001 par value per share, outstanding on June 24, 2025 was 12,699,940 .
( Jerash Holdings ), through its wholly owned operating subsidiaries (together, the Group, we, us, or our ), is principally engaged in the manufacturing and exporting of customized, ready-made sportswear and outerwear from knitted fabric produced in its facilities in the Hashemite Kingdom of Jordan ( Jordan ).
We are a manufacturer for several well-known brands and retailers, such as 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, DKNY, and Guess), Hugo Boss, American Eagle, and Skechers.
Our production facilities include six factories and four warehouses and we currently employ approximately 6,000 people.
The total annual capacity at our facilities was approximately 24 million pieces (average for product categories including t-shirts, polo shirts, pants, shorts, and jackets) as of March 31, 2025.
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REMOVED
The number of the registrant s shares of common stock, $0.001 par value per share, outstanding on June 27, 2024 was 12,294,840 .
( Jerash Holdings ), through its wholly owned operating subsidiaries (together the Group, we, us, or our ), is principally engaged in the manufacturing and exporting of customized, ready-made sportswear and outerwear from knitted fabric and personal protective equipment ( PPE ) produced in its facilities in the Hashemite Kingdom of Jordan ( Jordan ).
We are a manufacturer for many well-known brands and retailers, such as VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (owner or licensee of brands such as Calvin Klein, Tommy Hilfiger, and DKNY), Acushnet (owner of brands such as Footjoy and Titleist), American Eagle, and Skechers.
Our production facilities comprise six factories and five warehouses and we currently employ approximately 5,400 people.
The total annual capacity at our facilities was approximately 14 million pieces (average for product categories including t-shirts, polo shirts, pants, shorts, and jackets, and excluding PPE) as of March 31, 2024.
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