Elite Express Holding Revenue Rises 20.9% to $766,422 as Net Loss Reaches $760,138

Elite Express Holding Inc. reported third-quarter revenue of $766,422 for the quarter ended August 31, 2026, a 20.9% increase from $633,865 a year earlier, alongside a net loss of $760,138. The Laguna Hills, California-based last-mile delivery provider, which trades on Nasdaq under the ticker ETS, announced the results on October 14, 2026, according to GlobeNewswire.

Elite Express Holding's Third Quarter Results

Gross profit rose to $95,759 from $6,817 in the prior-year period, and gross margin improved to 12.5% from 1.1%. Cost of revenue increased 7.0% to $670,663, which the company attributed to higher maintenance and repair costs and the rental of additional vehicles to meet delivery volume obligations.

General and administrative expenses climbed 570.9% to $1 million from $151,600. The company said the increase came from $137,337 in higher professional fees tied to audit services, financial reporting and SEC and regulatory compliance; $586,252 in higher payroll expenses; a $120,108 increase in franchise tax expenses; and $21,727 in other expenses.

Activity-based revenue accounted for $545,879, or 71.2% of total revenue, compared with $477,705, or 75.4%, a year earlier. Fixed revenue, including weekly service charges and branding-related revenue, rose to $216,230 from $155,644, which the company attributed to higher weekly service charge rates under its FedEx ISP agreement renewed on February 21, 2026.

Yidan Chen, ETS's CEO, said, "Our third quarter results reflect continued growth in our delivery operations, with revenue increasing 20.9% year over year and gross profit improving significantly, demonstrating the benefits of our ongoing focus on operational execution and efficiency."

Elite Express Holding's FedEx Agreement and Platform Work

Elite Express Holding operates as the exclusive FedEx designated service provider in key California regions and is developing a B2B delivery aggregation platform to diversify beyond its single-customer revenue base, according to akta.pro company records. The company invested $0.9 million in research and development to develop the platform, which is intended to connect third-party drivers with merchants, and renewed the FedEx Independent Service Provider agreement in February 2026.

Full-year 2025 revenue was $2.7 million, a 9.1% increase year over year, and first-quarter 2026 revenue for the quarter ended February 28, 2026 was $805,298, up 16.3% year over year. First-quarter 2026 gross margin improved to 19.4% from negative 4.7% in the prior-year period.

Loans Receivable and Maturity Dates

The company's loans receivable portfolio generated interest income of $135,359 during the quarter. Effective June 1, 2026, the maturity dates of the remaining outstanding loans from the original portfolio were extended to November 30, 2026, with an annual interest rate of 5%. During the quarter, the company entered into additional loan agreements with unrelated third-party borrowers with an aggregate principal amount of $1.9 million, bearing interest at an annual rate of 5% and maturing in 12 months.