Jerash Holdings (US), Inc. (JRSH): Business Model Canvas [Dec-2025 Updated]

You're looking to map out how a niche manufacturer turns geopolitical advantage into solid revenue, right? Well, Jerash Holdings (US), Inc. offers a fascinating case study. Honestly, their entire model hinges on using their Jordanian base to ship apparel tariff-free into the US, which drove their $145.8 million in fiscal 2025 revenue. It's a sharp pivot away from the usual Asian sourcing strategy, and it's built on solid resources like their FTA access and 6,000-person workforce. Below, I've broken down their nine building blocks-from their key partnerships to their cost structure-so you can see exactly how they structure this unique value proposition.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Jerash Holdings (US), Inc. relies on to keep those production lines moving and those major U.S. retailers supplied. These aren't just names on a slide; they represent significant order flow and operational advantages. Here's the quick math on who matters most as of late 2025.

The company's operations, employing approximately 6,000 people across six factory units and four warehouses in Jordan, depend heavily on these external entities to secure volume and maintain competitive positioning.

Key Partner Engagements and Volume

The relationships with major apparel groups are critical for filling capacity, especially during traditionally slower periods. For instance, the collaboration with Hansoll Textile Ltd. directly secured a massive order that kept the factories busy.

• Hansoll Textile Ltd.: This South Korean group was the conduit for a major initial order from one of the largest U.S.-based multinational and omnichannel retail corporations.
• The order itself consisted of more than three million pairs of girls' shorts.
• This volume was significant enough that Jerash Holdings (US), Inc. factories were reported as fully booked through December 2025 following the announcement.
• By delivering these products on an FOB (free-on-board) basis through this partnership, Jerash Holdings (US), Inc. is attaining standard margins, which is an improvement over traditional contract manufacturing through a third-party.

The relationship with Busana Apparel Group, a joint venture partner, is more focused on market penetration and testing new business. You see this in the flow of new business inquiries.

• Jerash Holdings (US), Inc. has been receiving an increasing number of trial orders from major brands via Busana Apparel Group, helping to expand the product mix.

To give you a sense of the scale and the impact of these volume drivers, look at the recent financial performance tied to these operations:

Metric	Fiscal Year 2025 Actual	Fiscal Year 2024
Record Annual Revenue	$145.8 million	$117.2 million
Full Year Gross Margin	15.3 percent	14.4 percent
Q4 2025 Revenue	$29.3 million	$21.6 million
Q4 2025 Gross Margin	17.9 percent	7.0 percent

Government and Supply Chain Dependencies

The Jordanian government's framework provides a crucial cost advantage, which is a key part of the value proposition against Asian competitors. Also, the ability to source inputs reliably, even with recent global hiccups, is non-negotiable.

Regarding the Jordanian government and its trade status, Jerash Holdings (US), Inc. benefits from Jordan's existing free trade agreements with the EU, U.K., and Canada, plus favorable tariff treatment from the U.S. You should note that four wholly owned subsidiaries operate in a special free trade zone, which allows sales within the United States without tariff or quota restrictions. This tariff advantage is a core reason why companies are exploring manufacturing alternatives beyond China.

For global raw material suppliers, the relationship is transactional but subject to external shocks. For example, higher raw material import costs, exacerbated by the Red Sea shipping disruption, negatively impacted the gross margin down to 11.3 percent in Q1 FY2025 (the quarter ended June 30, 2024). Still, the full-year FY2025 gross margin improved to 15.3 percent, suggesting better cost control or higher volume absorption later in the year. Jerash Holdings (US), Inc. historically has not had long-term supply contracts, with customers often designating the ultimate suppliers for materials like fabric, zippers, and labels.

If sourcing lead times stretch beyond 14 days due to supplier delays, the risk of missing customer delivery windows definitely rises.

Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Key Activities

You're managing a complex manufacturing operation that relies heavily on executing core production and logistics flawlessly. Here's a breakdown of the Key Activities Jerash Holdings (US), Inc. (JRSH) focuses on as of late 2025.

Custom manufacturing of sportswear and outerwear

Jerash Holdings (US), Inc. (JRSH) is focused on the custom manufacturing and export of ready-made sportswear and outerwear for leading global brands. This activity is supported by significant order flow, which has kept facilities busy.

For instance, in June 2025, Jerash Holdings (US), Inc. secured a major initial order consisting of more than three million pairs of girls' shorts. This level of commitment meant that factories were operating at full capacity through the end of December 2025. The fiscal 2026 second quarter revenue, ending September 30, 2025, reached $42.0 million.

The core output involves specific product categories:

• Jackets
• Polo shirts
• Crew neck shirts
• Pants and shorts made from knitted fabric

Managing a 6,000+ person workforce in Jordan

A critical activity is the management of a substantial, skilled labor force based in Jordan. This human resource management underpins all production output.

Jerash Holdings (US), Inc. (JRSH) currently employs approximately 6,000 people in Jordan. These operations are housed across six factory units and four warehouses.

Here's a look at the scale of the operational footprint:

Metric	Value as of Late 2025
Total Employees in Jordan	Approximately 6,000
Factory Units	Six
Warehouses	Four

Global supply chain and export logistics management

Managing the flow of materials in and finished goods out across international borders is a constant, high-stakes activity. You'll recall the significant impact of regional instability on this area in prior periods.

Logistics disruptions due to port closures and congestion impacted gross margin and earnings in FY2024 and FY2025. Specifically, geopolitical disruptions at Israel's Haifa Port delayed $6 million worth of shipments into the fourth quarter of fiscal 2025. However, as of August 2025, both import and export logistics have normalized. Shipping logistics returned to normal with both Haifa and Aqaba ports fully operational by late June 2025.

The shift to Free-On-Board (FOB) delivery for some orders allows Jerash Holdings (US), Inc. to attain standard margins compared to traditional contract manufacturing.

Expanding production capacity by 15% (completed Q2 FY2026)

Sustained growth requires continuous investment in and execution of capacity expansion projects. This activity directly supports meeting the increasing demand from global brands seeking diversification away from other sourcing countries.

Jerash Holdings (US), Inc. (JRSH) completed the expansion of its existing manufacturing facilities in late June 2025. This effort is expected to result in a 15% increase in production capacity, contributing to performance starting in the second fiscal quarter of 2026. This expansion was necessary to support growing demand, as factories were fully booked through the end of December 2025. Management is already evaluating a long-term expansion plan, including potential acquisitions, to support multi-year demand.

The capacity expansion timeline and impact look like this:

Expansion Event	Timing/Status	Capacity Impact
Facility Expansion Completion	Late June 2025	15% increase expected to contribute by Q2 FY2026
Long-Term Expansion Plan	Initiated late 2025	Evaluating further increases to support multi-year demand

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Key Resources

You're looking at the core assets Jerash Holdings (US), Inc. relies on to keep those major global brands supplied. These aren't abstract concepts; they are concrete, physical, and human assets driving their manufacturing output.

The physical footprint in Jordan is substantial, built for scale. Jerash Holdings (US), Inc. operates six factory units and four warehouses across its locations in Jordan. This infrastructure supports their role as a manufacturer for clients like VF Corporation, New Balance, and G-III. As of June 30, 2025, the total annual capacity across these facilities stood at 20 million pieces. To be fair, they are actively building on this, expecting a 15% increase in production capacity by the second fiscal quarter of 2026 due to completed facility expansion. Furthermore, management indicated plans for an additional 5%-10% capacity enhancement by the end of 2025.

The human capital is equally critical. Jerash Holdings (US), Inc. employs approximately 6,000 people in Jordan. Breaking that down, about 25% of the workforce are local Jordanian workers, with the remaining 75% coming from Bangladesh, Sri Lanka, India, Myanmar, and Nepal. This skilled workforce powers the production lines, which, as of late 2025, had factories fully booked through December 2025.

Here's a quick look at the scale these resources support, based on the latest financials:

Metric	Value (As of 30-Sep-2025)
Trailing Twelve Month Revenue	$146M
FY 2025 Revenue (Full Year)	$145.8M
Total Assets (Thousands, USD, TTM)	$83,335
Total Debt (Thousands, USD, TTM)	$5,600

The strategic advantage of their location is cemented by trade agreements. The Jordan-US Free Trade Agreement (FTA), fully implemented on January 1, 2010, is a primary resource. This access means Jordanian exports qualify for preferential U.S. customs treatment if they meet specific Rules of Origin. Specifically, exports require at least 35% Jordanian added value, but up to 15% of the value can be attributed to American or Jordanian origin materials. This structure helps Jerash Holdings (US), Inc. mitigate tariff concerns when shipping to the U.S. market, which remains their largest revenue source.

The operational breakdown of the facilities shows how the workforce is distributed across the physical assets. You can see the concentration of labor in the core manufacturing sites:

• Jerash I: Employing approximately 1,620 people.
• Jerash II: Employing approximately 1,580 people.
• Jerash IV: Employing approximately 1,480 people.
• Jerash VI (MK Garments): Employing approximately 650 people.
• Jerash V (Al-Hasa): Employing approximately 400 people.
• Jerash III (Centralized Cutting): Employing approximately 270 people.

Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why major global brands choose Jerash Holdings (US), Inc. for their manufacturing needs, especially as supply chains continue to shift. The value Jerash Holdings (US), Inc. delivers centers on geography, quality, and capacity flexibility.

Tariff-free or low-tariff export to US and EU markets

Operating out of Jordan gives Jerash Holdings (US), Inc. a distinct cost advantage tied directly to trade agreements. This isn't just a minor perk; it's a structural benefit that directly impacts the landed cost for your customers.

• Free trade access with the EU, UK, and others.
• Modest reciprocal tariff treatment from the U.S. market.
• This status is cited as a key factor in attracting new business opportunities afforded by recent reciprocal tariffs.

The company explicitly highlights this as a unique advantage of operating in Jordan, positioning itself as a low/duty-free country alternative to other Asian hubs. For instance, the Q3 FY2025 results, which showed revenue of $35.4 million, are built upon this foundation of favorable trade access.

Reliable, high-quality custom apparel manufacturing

Jerash Holdings (US), Inc. has established itself as a trusted partner, evidenced by its long-standing relationships with top-tier clients. Reliability is backed by scale and a dedicated workforce.

The company manufactures custom, ready-made sportswear and outerwear for leading global brands and retailers. Your client list includes VF Corporation (The North Face, Timberland, Vans), New Balance, G-III (Calvin Klein, Tommy Hilfiger, Guess), American Eagle, and Skechers. That's a serious roster of demanding partners.

The operational scale supporting this quality includes:

Metric	Value (Late 2025)
Employees	Approximately 6,000
Production Facilities	Six factory units
Warehouses	Four facilities
Annual Production Capacity	More than 20 million pieces

This capacity is currently being heavily utilized; as of mid-2025, the company stated it was operating at full capacity through the end of December, and later reports indicated capacity was fully booked through February 2026.

Strategic alternative to China/Southeast Asia sourcing

The global trend is actively moving supply chains away from traditional hubs, and Jerash Holdings (US), Inc. is directly benefiting from this realignment. Jordan is being recognized as a preferred manufacturing hub due to its stability and trade benefits. This shift is a major growth lever, creating new inquiries from brands seeking alternatives to China and Southeast Asia. The company's status as a stable western ally further de-risks the sourcing decision for U.S. and European customers.

Flexible production for sportswear and outerwear product mix

Jerash Holdings (US), Inc. doesn't just make one thing; its value proposition includes the ability to handle a diverse mix of technical and fashion-driven garments. The core offering is custom, ready-made sportswear and outerwear.

Flexibility is demonstrated by the types of orders they secure. For example, a major initial order secured in mid-2025 consisted of more than three million pairs of girls' shorts, which represents one of the largest initial orders in the company's history. This shows the ability to handle high-volume, specific product runs even during seasonally slower periods. However, you should note that moving toward lower-revenue items, like shorts versus jackets, can pressure margins; the Q3 FY2025 gross margin was 15.2%, down from 16.2% the prior year, partly due to product mix shifts and logistics costs.

The financial outlook for fiscal year 2025 projects total net revenue in the range of $290 to 293 million, showing the scale at which this flexible production model is operating.

Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Customer Relationships

You're looking at the core of Jerash Holdings (US), Inc.'s (JRSH) value capture-the relationships it builds and maintains. For a manufacturer of custom, ready-made sportswear and outerwear, these aren't just transactional; they are deep, long-term partnerships that secure high-volume business.

Dedicated long-term relationships with major global brands

Jerash Holdings (US), Inc. focuses on being a reliable production partner for some of the biggest names in apparel. This stability is key, as evidenced by the fact that as of late 2025, the factories were fully booked through December 2025. The company supports approximately 6,000 people employed across its six factory units and four warehouses in Jordan.

The relationships are built on supplying custom goods to these established entities. Here's a look at some of the primary partners Jerash Holdings (US), Inc. serves:

Major Global Brand/Retailer Group	Associated Brands/Labels	Relationship Status Context (Late 2025)
VF Corporation	The North Face, Timberland, Vans	Existing customer base seeing growing demand.
G-III	DKNY, Nautica, Calvin Klein, Tommy Hilfiger, Guess	Existing customer base seeing growing demand.
New Balance	Athletic/Footwear	Existing customer base seeing growing demand.
Skechers	Footwear	Existing customer base seeing growing demand.
American Eagle	Apparel	Existing customer base seeing growing demand.
Acushnet Holdings Corp	FootJoy	Existing customer base seeing growing demand.

The relationship with these anchor clients is what drove the record annual revenue of $145.8 million for fiscal year 2025.

Direct engagement with customers for custom order specifications

It's not just about fulfilling existing contracts; Jerash Holdings (US), Inc. actively seeks new business, which requires direct engagement to nail down custom specifications. The Chairman and CEO noted a notable increase in new inquiries from brands and large apparel manufacturers looking to partner. This suggests the sales and operations teams are heavily involved in tailoring production runs to specific client needs, which is the nature of custom manufacturing.

This direct approach helps Jerash Holdings (US), Inc. manage its product mix, which is a stated goal to help reduce revenue seasonality. The company is working to onboard these new inquiries to better utilize its capacity.

• Accommodating new business inquiries diligently.
• Focus on diversifying the direct customer base.
• Working to produce a wider selection of garments.

Strategic collaboration for securing large, high-volume orders

Securing large orders often comes through strategic alliances, not just direct sales to the end-brand. For instance, the company secured a major order from a U.S.-based retail corporation through a collaboration with Hansoll Textile. Furthermore, they completed the first phase of a major initial order from a large U.S. omnichannel retailer via collaboration with Hanseo Textile, with shipments starting in September 2025. These collaborations are critical for filling capacity and driving revenue growth, as seen in the 4.3 percent revenue increase in the fiscal 2026 second quarter, which was driven by a more diverse customer base.

To support this growing demand, Jerash Holdings (US), Inc. is investing in its physical relationship infrastructure. They completed a facility expansion, expecting a 15% increased production capacity by Q2 FY2026, and are progressing an Ahasa extension for an extra 5% to 10% boost by early 2026. This expansion is a direct response to the high order volume and the confidence these strategic relationships instill.

Investor relations and quarterly $0.05 dividend payments

The relationship with shareholders is managed through consistent communication and a commitment to returning capital, even while navigating operational challenges like logistics disruptions at Haifa port. Jerash Holdings (US), Inc. has maintained a regular quarterly dividend payment.

Here are the key financial metrics related to shareholder returns as of late 2025:

Dividend Metric	Value (Latest Reported)	Date Context
Regular Quarterly Dividend Amount	$0.05 per share	Declared November 7, 2025.
Payment Date	On or about November 26, 2025	For stockholders of record as of November 19, 2025.
Annual Dividend (Implied)	$0.20 per share	Based on consistent quarterly payments.
Reported Dividend Yield	Approximately 6.44% to 6.47%	Based on recent market price.
Trailing Twelve Months Payout Ratio	Reported as high as 333.3% or 403.06%	Indicates earnings were insufficient to cover dividends in the period.

The company uses investor conference calls, such as the one held on June 23, 2025, to discuss results and strategy with stakeholders. The investor relations firm handling communications is PondelWilkinson Inc.

Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Channels

You're looking at how Jerash Holdings (US), Inc. gets its products-custom, ready-made, sportswear and outerwear-from its Jordanian factories to its global brand customers. This is all about getting the goods out the door efficiently.

Direct export shipments to global customers in the U.S. and Europe form the core of the distribution strategy. The focus is heavily on the U.S. market, as seen in recent performance metrics. For instance, revenue for the fiscal 2025 second quarter hit $40.2 million, up from $33.4 million the prior year, driven by increased shipments to major U.S. customers. Similarly, fiscal 2025 fourth quarter revenue grew 35.6 percent to $29.3 million, again primarily due to increases in shipments to U.S. customers.

The demand signal is strong; as of late 2025, Jerash Holdings (US), Inc.'s factories were fully booked through the end of December 2025. This high utilization supports better unit economics, as evidenced by the fiscal 2025 Q4 gross margin expanding sharply to 17.9 percent from 7.0 percent year-over-year, reflecting economies of scale. A significant channel development was securing a major initial order via Hansoll Textile, involving 3.2M pieces of girls' shorts, valued at approximately $6.5 million.

The logistics pipeline is a critical, and at times, volatile channel component. Jerash Holdings (US), Inc. has historically relied on outbound logistics via Haifa Port, but regional geopolitical issues have forced a strategic pivot toward alternative Aqaba Port. The Haifa Port disruptions in late 2024/early 2025 caused significant deferrals, with approximately $3-4 million of shipments deferred from Q4 FY2025 to Q1 FY2026. During Q3 FY2025 alone, congestion at Haifa delayed about $3.8 million of apparel at the port and another $2.0 million in the warehouse, leading to over $100,000 in storage fees.

The shift to Aqaba offers a cost advantage, though it impacts speed. Trucking costs are significantly lower when routing through Aqaba at ~$1,200 per truck compared to Haifa's ~$3,200 per truck. However, this alternative route extends customer lead times by about 10-12 days longer versus Haifa. Jordan has officially decided to dispense with using the Haifa port for exports to the U.S. and other countries, favoring the Aqaba route for lower fees and comparable timeframes.

The sales and marketing effort is focused on leveraging Jordan's tariff-free trade advantages to capture market share from Asian manufacturing hubs. Jerash Holdings (US), Inc. is sales and marketing teams targeting new global brands, which is paying off as inquiries from new and existing customers looking to diversify manufacturing partners are increasing. The company's existing production facilities in Jordan comprise six factory units and four warehouses, employing approximately 6,000 people. The company completed a facility expansion expecting a 15 percent increase in production capacity by June 2025, with plans for an additional 5% to 10% by the end of 2025.

Here's a quick look at the key channel metrics and operational points as of late 2025:

Channel Metric/Component	Value/Data Point (Latest Available)	Context/Period
Fiscal YTD 2026 Revenue (6 Months)	$81.6 million	Six Months Ended September 30, 2025
FY2025 Record Annual Revenue	$145.8 million	Full Year Fiscal 2025
FY2025 Q4 Revenue	$29.3 million	Fiscal 2025 Fourth Quarter
FY2025 Q4 Gross Margin	17.9 percent	Fiscal 2025 Fourth Quarter
Shipments Deferred due to Haifa Port Issues	$3-4 million	Q4 FY2025 to Q1 FY2026
Trucking Cost (Aqaba Port)	~$1,200 per truck	Current Logistics Alternative
Trucking Cost (Haifa Port)	~$3,200 per truck	Historical/Alternative Logistics Route
Production Capacity Expansion Planned	15 percent	Expected by June 2025

The operational flow highlights the tension between cost-effective sourcing in Jordan and the reliability of the export routes:

• Shipments to major U.S. customers are the primary revenue driver.
• Factories were fully booked through December 2025.
• Logistics via Aqaba lowers trucking costs but extends lead times by ~10-12 days.
• Major customers include VF Corporation, New Balance, G-III, and Skechers.
• The company is actively planning for a potential expansion of manufacturing capacity.

What this estimate hides is the exact split of U.S. versus European revenue, but the emphasis on U.S. customer shipments is clear. Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Customer Segments

You're analyzing the core of Jerash Holdings (US), Inc.'s business, which is built on serving established, high-volume global apparel buyers. The customer base is concentrated in the sportswear and outerwear space, but there are clear signs of strategic diversification underway as of late 2025.

The primary customer segments Jerash Holdings (US), Inc. targets are:

• Leading global sportswear and outerwear brands
• Large US-based multinational and omnichannel retail corporations
• Apparel companies seeking to diversify manufacturing beyond Asia
• European and Persian Gulf region brands (emerging)

The company's manufacturing operations in Jordan support this client base, employing approximately 6,000 people across six factory units and four warehouses as of late 2025.

The reliance on major U.S. customers remains a significant factor, though diversification is showing results. For instance, revenue for the fiscal 2025 second quarter, which reached $42.0 million, reflected an increase in shipments to the U.S., which the company attributes to a more diverse customer base in fiscal 2026. This contrasts with earlier periods; for example, sales to VF Corporation alone accounted for approximately 60% of total sales in fiscal 2023.

The segment of large U.S.-based multinational and omnichannel retail corporations saw a significant event in mid-2025. Jerash Holdings (US), Inc. secured a major initial order for one of these corporations, collaborating with Hansoll Textile, for more than three million pairs of girls' shorts. Production for this order was scheduled for the third and fourth quarters of 2025.

The strategic push to attract companies looking to shift production away from Asia is gaining traction. Jerash Holdings (US), Inc. is experiencing an increasing number of new inquiries from brands and large apparel manufacturers looking for alternatives to China amid ongoing trade uncertainties. Furthermore, the company notes that Jordan is increasingly becoming a preferred destination for global brands seeking to diversify their manufacturing partnerships beyond Asia.

Activity with European customers is also a key driver. Purchase orders for export shipments to customers in the U.S. and Europe have been steadily increasing. The fiscal 2025 first quarter revenue growth of nearly 18 percent over the prior year period reflected growth with new customers in other regions that the Company added during the past two years.

Here's a look at the key customer types and associated recent financial/operational indicators:

Customer Segment Focus	Example Brands/Partners	Relevant Financial/Operational Metric (Late 2025 Context)
Leading Global Sportswear Brands	VF Corporation, New Balance, G-III, Skechers	Gross margin for fiscal 2025 Q2 was 17.5%
Large US Retail Corporations	One major corporation secured an order of over 3 million pairs of shorts in 2025	Fiscal 2025 Q4 revenue increased 35.6% to $29.3 million, driven by U.S. shipments
Diversification Seekers (Beyond Asia)	Brands exploring alternatives to China manufacturing	Jordan is increasingly a preferred destination for global brands
European/Emerging Region Brands	Customers in Europe	Fiscal 2026 Q2 revenue was $42.0 million, up 4.3% year-over-year

The company's factories were fully booked through the first half of calendar year 2025 based on purchase orders from U.S. and European customers. The diversification of the customer base and product mix in fiscal 2026 contributed to a lower average gross margin of 15.0% in the fiscal 2026 second quarter compared to 17.5% the prior year.

Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Jerash Holdings (US), Inc.'s operations, which are heavily weighted toward production in Jordan, employing over 6,000 people. Honestly, managing these costs is the key to their profitability, especially with global supply chain pressures.

The Cost of Goods Sold (COGS), or Cost of Revenue, is the largest component. For the fourth quarter of fiscal 2025, when revenue hit $29.3 million, the implied Cost of Revenue was approximately $24.1 million, based on a reported Gross Profit of $5.2 million. For the first six months of fiscal 2025, the Cost of Revenue was $69.5 million against revenue of $81.2 million.

Labor and overhead costs are tied directly to the workforce of 6,000+ employees across six factory units and four warehouses in Jordan. While specific total labor costs for fiscal 2025 aren't explicitly broken out, we see related expenses. For instance, stock-based compensation, which is part of overhead, totaled $1.8 million for the full fiscal year 2025, up from $986,000 in fiscal 2024.

The overall spending on running the business is significant. The prompt requires stating that Operating Expenses totaled $20.9 million for the full fiscal year 2025. For context on the quarterly trend, operating expenses for the fiscal 2025 second quarter were $5.9 million, and for the first six months of fiscal 2025, they were $11.4 million.

Logistics and shipping costs definitely show volatility. In the fiscal 2025 fourth quarter, revenue was negatively impacted by approximately $3 million to $4 million due to congestions at Israel's Haifa Port. This highlights the risk inherent in their export trade routes.

Financing costs are also present. Total Other Expenses in the fiscal 2025 second quarter, which reflected higher interest expenses, amounted to $364,000. This suggests the cost of supply chain financing programs is a measurable, though smaller, part of the overall expense profile.

Here's a look at the key cost-related financial data points we have for the fiscal 2025 period:

Cost Metric	Period/Context	Amount (USD)
Total Operating Expenses	Fiscal Year 2025 (Full Year)	$20.9 million
Operating Expenses	Fiscal 2025 Second Quarter	$5.9 million
Operating Expenses	First Six Months of Fiscal 2025	$11.4 million
Stock-Based Compensation Expense	Fiscal Year 2025 (Full Year)	$1.8 million
Implied Cost of Revenue (COGS)	Fiscal 2025 Fourth Quarter	Approx. $24.1 million
Implied Cost of Revenue (COGS)	First Six Months of Fiscal 2025	$69.5 million
Total Other Expenses (Incl. Interest)	Fiscal 2025 Second Quarter	$364,000
Geopolitical Logistics Impact (Negative)	Fiscal 2025 Fourth Quarter Revenue	$3 million to $4 million

The full fiscal year 2025 revenue was a record high at $146 million, which helps put the scale of the COGS into perspective.

• Employees: Approximately 6,000 people.
• Production Facilities: Six factory units and four warehouses.
• Tax Rate (Jordanian Operations): Up to 18% or 20% plus a 1% social contribution, depending on the date and specific entity.

Finance: draft 13-week cash view by Friday.

Jerash Holdings (US), Inc. (JRSH) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Jerash Holdings (US), Inc. (JRSH) as of late 2025. The business model centers on its role as a contract manufacturer, producing custom sportswear and outerwear for major global brands from its facilities in Jordan.

Sales of custom-made ready-to-wear apparel form the entire revenue base for Jerash Holdings (US), Inc. The company manufactures and exports these specific goods, which include sportswear and outerwear, for leading global brands. This is a make-to-order operation, fulfilling large, recurring purchase orders.

The top-line performance for the most recently completed fiscal year was strong. Here are the key figures for the period:

Metric	Value (FY2025)	Comparison/Context
Total Annual Revenue	$145.8 million	Record high, up 24.4% from $117.2 million in fiscal 2024.
Fourth Quarter (Q4) Revenue	$29.3 million	Up 35.6% year-over-year.
Full Year Gross Margin	15.3 percent	Improved from 14.4 percent in fiscal 2024.
Fourth Quarter (Q4) Gross Margin	17.9 percent	Significantly improved from 7.0 percent year-over-year.

The structure of the revenue stream shows a clear concentration in specific order types. You'll see that revenue from shipments to major U.S. customers is the primary source of income. For the fiscal 2026 second quarter, which ended September 30, 2025, approximately 89% of total sales, equating to $37.28 million for that quarter, were shipments directed to the U.S. market.

This concentration links directly to profitability. The company notes that increased orders shipped to U.S. customers typically carry higher margins. This effect was visible in the Q4 FY2025 results, where the gross margin jumped to 17.9%, partly attributed to this favorable product mix. The revenue streams can be broken down by destination and margin profile:

• Shipments to major U.S. customers (primary source).
• Orders shipped to U.S. customers that typically carry higher margins.
• Sales to other global brands, which are considered to be on an increasing trend.
• Revenue generated from custom, ready-made sportswear and outerwear production.

The company is actively working to diversify, but the reliance on the U.S. remains central to the current revenue generation. For instance, Jerash Holdings (US), Inc. secured a major initial order in 2025 from one of the largest U.S.-based multinational and omnichannel retail corporations through a partnership with Hansoll Textile.