ITASCA, Ill, Dec. 3, 2024 /PRNewswire/ -- Lakeside Holding Limited ("Lakeside" or the "Company") (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics ("ABL"), today announced it will be presenting at The Benchmark Company's 13th Annual Discovery One-on-One Investor Conference to be held Wednesday, December 11th, 2024 at the New York Athletic Club in New York City.The conference offers e ...

Exhibit 99.1 LAKESIDE HOLDING PROVIDES FIRST QUARTER OF FISCAL YEAR 2025 RESULTS Itasca, IL, November 15, 2024 -- Lakeside Holding Limited ("Lakeside" or the "Company") (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics ("ABL"), today announced financial results for the first quarter of fiscal 2025, ended September 30, 2024. Q1 2025 Financial Results: ● Total revenues decreased by $66 ...

Revenue Performance - For the three months ended September 30, 2024, total revenues decreased by $66,922, or 1.6%, to $4,081,554 compared to $4,148,476 for the same period in 2023[189]. - Revenue from cross-border ocean freight solutions increased by $132,934, or 7.8%, to $1,836,591, representing 45.0% of total revenues for Q3 2024[188]. - Revenue from cross-border airfreight solutions decreased by $199,856, or 8.2%, to $2,244,963, accounting for 55.0% of total revenues for Q3 2024[188]. - Total revenues decreased by $66,922, or 1.6%, from $4,148,476 in Q3 2023 to $4,081,554 in Q3 2024, with Asia-based customer revenues increasing by $1.1 million, or 65.8%, while U.S.-based customer revenues decreased by $1.2 million, or 48.2%[193]. - Revenues from cross-border airfreight solutions decreased by $0.2 million, or 8.2%, from $2.4 million in Q3 2023 to $2.2 million in Q3 2024, due to a volume drop from approximately 7,816 tons to 7,273 tons[190]. - Revenues from cross-border ocean freight solutions increased by $0.1 million, or 7.8%, from $1.7 million in Q3 2023 to $1.8 million in Q3 2024, driven by an increase in volume from 1,290 TEU to 1,430 TEU[191]. Profitability and Loss - Gross profit for the three months ended September 30, 2024, was $522,539, a decrease of $125,004, or 19.3%, from $647,543 in Q3 2023[189]. - Gross profit decreased by $0.1 million, or 19.3%, from $0.6 million in Q3 2023 to $0.5 million in Q3 2024, with a gross margin decline from 15.6% to 12.8%[198]. - The net loss for the three months ended September 30, 2024, was $1,335,407, compared to a net loss of $307,285 for the same period in 2023[187]. - Loss before income taxes was $1.2 million for Q3 2024, compared to a loss of $0.3 million in Q3 2023, attributed to decreased gross profit and increased operating expenses[207]. - Net loss increased to $1.3 million in Q3 2024 from $0.3 million in Q3 2023[209]. Operating Expenses - Operating expenses increased significantly to $1,850,043 in Q3 2024, compared to $981,051 in Q3 2023, primarily due to higher general and administrative expenses[187]. - General and administrative expenses increased by $1.0 million, or 114.7%, from $0.9 million in Q3 2023 to $1.8 million in Q3 2024, representing 45.0% of total revenues[199]. Cash Flow and Investments - Net cash used in operating activities was $1,402,784 for the three months ended September 30, 2024, compared to a net cash provided of $40,357 for the same period in 2023, reflecting a significant increase in net loss[215][216]. - The increase in cash used in operating activities of $1,443,141 was primarily due to a net loss increase of $1,028,122 and a $641,637 increase in cash outflow from working capital[217]. - Net cash used in investing activities was $38,279 for the three months ended September 30, 2024, down from $78,799 in the same period in 2023, primarily due to purchases of property and equipment[218]. - Net cash provided by financing activities was $4,044,402 for the three months ended September 30, 2024, a substantial increase from $66,760 in the prior year, mainly due to net proceeds of approximately $5,351,281 from an offering[218]. - Capital expenditures amounted to $38,279 for the three months ended September 30, 2024, compared to nil in the same period in 2023, indicating an increase in investment in fixed assets[220]. - The company expects capital expenditures to increase in the future, funded by existing cash balances and proceeds from loans and the IPO closed in July 2024[221]. Assets and Liabilities - As of September 30, 2024, cash and cash equivalents were $2.7 million, with current assets of $5.8 million and current liabilities of $4.4 million, resulting in a current ratio of 1.3:1[210]. - Accounts receivable net of allowance decreased from $2.8 million as of June 30, 2023, to $2.3 million as of September 30, 2024, with a credit loss allowance of $66,903[211]. - Total contractual obligations as of September 30, 2024, amounted to $5,763,202, with operating lease obligations of $5,104,017[222]. - The company reported no off-balance sheet arrangements that could materially affect its financial condition or results of operations as of September 30, 2024[223]. Internal Controls and Management - Management identified material weaknesses in internal controls over financial reporting, including inadequate segregation of duties and insufficient written policies[236]. - The company plans to address identified weaknesses by hiring additional accounting staff and implementing formal procedures and controls for financial reporting[237]. Business Operations - The company has fulfilled over 45,000 cross-border supply chain solution orders with an aggregate assessed value of $1.0 billion as of September 30, 2024[170]. - The company operates three regional warehousing and distribution centers in the U.S. with a total gross area of approximately 142,484 square feet[169]. - As of September 30, 2024, the company had collaborated with almost all major global ocean and air carriers, forwarding 32,800 TEU of container loads and 55,100 tons of air cargo[168]. - The company aims to expand its customer base and improve service quality to achieve sustainable business growth[172].

Revenue Growth - Total revenues increased by 42.3% to $18.3 million, driven by a 117.6% rise in airfreight revenues to $10.4 million[2] - Total revenue increased to $18,315,155 in 2024 from $12,872,891 in 2023, representing a growth of approximately 42.5%[14] Profitability - Gross profit increased by 44.9% to $3.7 million, with the profit margin rising from 19.9% to 20.3%[3] - Gross profit rose to $3,715,957 in 2024, up from $2,564,289 in 2023, indicating a gross margin improvement[14] - The net loss attributable to common stockholders was $225,252 in 2024, compared to a net income of $983,602 in 2023, reflecting a substantial decline[14] - The Company reported a loss from deconsolidation of a subsidiary amounting to $73,151 in 2024[14] - The company experienced a comprehensive loss income attributable to the Company of $222,036 in 2024, compared to a comprehensive income of $983,358 in 2023[14] Expenses - General and administrative expenses rose by 77.5% to $4.1 million, driven by increased staffing costs and higher professional fees[3] - Operating expenses increased significantly to $4,241,998 in 2024 from $2,317,392 in 2023, primarily driven by higher general and administrative expenses[14] - Cash flows from operating activities showed a net cash used of $53,640 in 2024, contrasting with a net cash provided of $39,303 in 2023[18] - The company incurred interest expenses of $108,008 in 2024, down from $123,600 in 2023, showing a reduction in financing costs[14] Strategic Initiatives - A one-year renewable agreement was established with a leading Asia-based e-commerce platform for advanced cross-border fulfillment services[5] - A strategic partnership was announced with a major social media and e-commerce platform to enhance customs brokerage services[6] - The Company is committed to expanding service capacity and maintaining exceptional service levels to meet growing demand[8] Operational Expansion - The Company expanded its Dallas-Fort Worth operations, more than doubling facility space to 46,657 sq. ft.[7] - The volume of air freight processed doubled to over 26,000 tons in fiscal year 2024 compared to fiscal year 2023[8] Financial Position - Total liabilities and equity stood at $9,193,759 in 2024, compared to $5,471,946 in 2023, indicating a significant increase[14] - The Company raised $6.75 million in gross proceeds from an upsized IPO, indicating strong investor confidence[5] Share Information - The weighted average shares outstanding remained constant at 6,000,000 for both 2024 and 2023[14]

Revenue Growth and Performance - Total revenues increased by $5.4 million (42.3%) from $12.9 million in FY2023 to $18.3 million in FY2024, driven by higher cross-border airfreight solutions revenue[133] - Cross-border airfreight solutions revenue surged by $5.6 million (117.6%) from $4.8 million in FY2023 to $10.4 million in FY2024, with air cargo volume increasing from 12,966 tons to 26,160 tons[136] - Revenues from Asia-based customers surged by $7.5 million, or 136.5%, from $5.5 million in FY 2023 to $13.1 million in FY 2024[137] - Total revenues increased by $5.4 million, or 42.3%, from $12.9 million in FY 2023 to $18.3 million in FY 2024[137] Gross Profit and Margin - Gross profit increased by $1.15 million (44.9%) from $2.56 million in FY2023 to $3.72 million in FY2024, with gross margin improving from 19.9% to 20.3%[132] - Gross profit increased by $1.2 million, or 44.9%, from $2.6 million in FY 2023 to $3.7 million in FY 2024[143] Cost and Expenses - Cost of revenues increased by $4.3 million, or 41.6%, from $10.3 million in FY 2023 to $14.6 million in FY 2024[140] - General and administrative expenses increased by $1.8 million, or 77.5%, from $2.3 million in FY 2023 to $4.1 million in FY 2024[146] Net Loss and Financial Position - Net loss of $225,252 in FY 2024 compared to net income of $983,602 in FY 2023[153] - Current ratio of 0.6:1 as of June 30, 2024, with current assets of $3.5 million and current liabilities of $5.9 million[154] - Accounts receivable increased to $2.8 million in FY 2024 from $1.4 million in FY 2023[155] Cash Flow and Financing - Net cash used in operating activities was $53,640 in the fiscal year ended June 30, 2024, compared to $39,303 in the prior year, primarily due to a net loss of $228,277[161][163] - Net cash used in investing activities increased to $78,799 in fiscal year 2024 from $18,288 in 2023, driven by a $48,893 cash outflow from deconsolidation of a subsidiary[166] - Net cash provided by financing activities was $78,755 in fiscal year 2024, compared to $253,088 net cash used in 2023, mainly due to $185,014 from loans and $237,302 from stockholders[167] - Capital expenditures were nil in fiscal year 2024, compared to $18,288 in 2023, with expected increases in future capital expenditures as the business expands[168][169] - The company's cash balance decreased by $50,468 in fiscal year 2024, ending with $123,550, compared to a decrease of $199,513 in 2023[160] Operational Metrics and Customer Base - The company fulfilled over 41,000 cross-border supply chain solution orders for freight with an aggregate assessed value of $1.0 billion as of June 30, 2024[115] - The company collaborated with major global carriers to forward 31,300 TEU of container loads and 47,800 tons of air cargo as of June 30, 2024[113] - The company assisted with customs clearance for cross-border freight with an aggregate assessed value of over $38.0 million as of June 30, 2024[114] - The company operates two regional warehousing and distribution centers with an aggregate gross area of 75,014 square feet and 34 docks, handling up to 3,000 cubic meters of freight daily[114] - The company maintains a network of over 200 domestic ground transportation carriers and collaborates with over 150 warehouses and distribution terminals across the U.S.[113][114] - The company served over 300 customers and delivered to thousands of business and residential addresses in approximately 48 U.S. states as of June 30, 2024[112][115] Revenue by Customer Geography - Revenues from U.S.-based customers decreased by $2.1 million, or 28.7%, from $7.3 million in FY 2023 to $5.2 million in FY 2024[137] Contractual Obligations and Credit Terms - Total contractual obligations as of June 30, 2024, amounted to $5,202,737, including $4,236,202 in operating lease obligations and $660,680 in other loans[169] - The company's credit terms with third-party customers are 15 days, while major vendors provide a 30-day credit term, with related-party terms being more flexible[165] Accounts Receivable and Revenue Recognition - The company's accounts receivable increased by $722,522 from third parties and $732,769 from related parties in fiscal year 2024, driven by significant revenue growth[161] - The company's revenue recognition methodology for contract assets is based on the estimated completion percentage of performance obligations, recognizing revenue over time[174] IPO and Financial Strategy - IPO closed in July 2024, raising approximately $5.79 million to fulfill short-term financial obligations[157] Accounting Standards - The company does not expect recently issued accounting standards to have a material impact on its consolidated financial statements[180]