Recent developments include the company’s completion of a $6 million IPO in December 2024 and strategic partnership agreements to enhance global logistics capabilities.

• New Century Logistics completed a $6 million IPO in December 2024, issuing 1.5 million ordinary shares at $4.00 per share and listing on Nasdaq under ticker NCEW [N1].
• In May 2025, the company entered into a Memorandum of Understanding with Silk Way Airlines to jointly develop international air freight logistics solutions integrating global logistics networks and air cargo resources [N2].

The company’s strategic partnerships with Silk Way Airlines and JD Logistics UK position it to enhance its global air freight logistics solutions and expand its service offerings. The adoption of innovative technologies such as vehicle-mounted drone logistics systems could improve operational efficiency and service differentiation. The successful IPO and Nasdaq listing provide capital to support business expansion, technology innovation, and talent recruitment. Its broad geographic coverage and experienced team support potential growth in the expanding logistics market driven by e-commerce and global trade.

The company reported a net loss of $10.7 million for the fiscal year ended 2025, with declining revenue due to reduced orders from major customers facing business downturns. Customer concentration risk is significant, with a few customers accounting for a large portion of revenue and accounts receivable. The logistics industry is competitive and sensitive to economic cycles, which may impact demand. The company’s liquidity ratios indicate moderate short-term financial health but a low cash ratio. Increased operating expenses and reliance on financing activities highlight financial risks. The company does not anticipate paying dividends in the foreseeable future, which may affect investor returns.

New Century Logistics leverages an extensive global network of agents and a broad service offering in air and ocean freight forwarding, covering over 140 countries. Its established relationships with major customers and strategic partnerships with entities like Silk Way Airlines and JD Logistics UK enhance its service capabilities and geographic reach. The company's experience since 2002 and integrated logistics solutions, including emerging technologies like drone logistics, contribute to its competitive positioning. However, customer and vendor concentration risks and the competitive nature of the logistics industry present challenges to sustaining a durable moat.

• Customer Concentration Risk: A small number of customers account for a significant portion of revenue and accounts receivable, which could impact financial performance if these customers reduce orders or delay payments.
• Financial Performance and Liquidity: The company reported a net loss in 2025 and has moderate liquidity ratios, with a low cash ratio, indicating potential challenges in meeting short-term obligations without additional financing.
• Industry Competition and Economic Sensitivity: The logistics industry is highly competitive and sensitive to economic downturns, which may affect demand for freight forwarding services and pressure margins.
• Operational Risks Related to Expansion and Technology: The company’s strategic initiatives, including partnerships and technology development such as drone logistics, carry execution risks and require effective integration to realize benefits.

• New Century Logistics (BVI) Ltd is an international freight forwarding and logistics service provider founded and based in Hong Kong with history tracing back to 2002 through NCL (HK).
• The company provides air and ocean export and import freight forwarding services including cargo space sales, cargo pick up, off-airport air cargo security screening, palletization, shipping documentation, customs clearance, and cargo handling at ports.
• Their air freight forwarding services cover export shipments to over 140 countries, mainly to North America, Europe, and Asia.
• Revenue for the year ended September 30, 2025 was approximately $44.08 million, down from $52.18 million in 2024, mainly due to reduced orders from major customers experiencing business downturns.
• Revenue composition for 2025 was approximately 95.13% air freight forwarding, 1.28% ocean freight forwarding, and 3.59% other services such as warehousing and distribution, X-ray, gate charge, and palletization.
• The company reported a net loss of approximately $10.7 million for the year ended September 30, 2025, compared to net income of $0.22 million in 2024.
• Operating expenses increased significantly in 2025, with general and administrative expenses rising to $11 million from $3.77 million in 2024.
• The company completed a $6 million IPO in December 2024, issuing 1.5 million ordinary shares at $4.00 per share, with net proceeds of approximately $4.98 million after expenses.
• The IPO shares began trading on Nasdaq under ticker symbol 'NCEW' on December 18, 2024.
• As of September 30, 2025, the company had cash and cash equivalents of approximately $645,912 and current assets of about $13.19 million, with current liabilities of approximately $8.98 million, resulting in a current ratio of 1.47 and a cash ratio of 0.07.
• The company has no off-balance sheet arrangements affecting liquidity or capital resources.
• Customer concentration risk exists with two customers accounting for approximately 12.86% and 11.63% of total revenue in 2025, and one customer representing 42.46% of accounts receivable as of September 30, 2025.
• Vendor concentration risk is present with two vendors accounting for 20.63% and 17.91% of total cost of services in 2025.
• The company entered into strategic cooperative agreements including a Memorandum of Understanding with Silk Way Airlines in May 2025 to jointly develop international air freight logistics solutions integrating global logistics network and air cargo resources.
• The company also entered into agreements with JD Logistics UK and Soradynamics Inc. for logistics services and development of a vehicle-mounted drone logistics system respectively, aiming to enhance logistics operations in the UK and US.
• The company adopted a 2025 Equity Incentive Plan reserving 4.1 million ordinary shares for issuance.
• The company completed a one-for-eight reverse stock split in November 2025, reducing authorized shares from 100 million to 12.5 million.
• The company regained compliance with Nasdaq's minimum bid price requirement in December 2025 after a prior deficiency notification in August 2025.
• The company intends to retain all available funds and future earnings for operations and expansion and does not anticipate paying dividends in the foreseeable future.
• Revenue recognition is based on transfer of control over the transit period of shipments, requiring judgment on transit period and percentage of completion.
• The company’s liquidity position as of September 30, 2025 shows a current ratio of 1.47, indicating moderate short-term liquidity.
• The company’s net cash used in operating activities was approximately $3.42 million for the year ended September 30, 2025, reflecting net loss and changes in working capital.
• The company’s net cash provided by financing activities was approximately $3.8 million in 2025, primarily from IPO proceeds and bank loans.
• The company’s business model relies on a network of agents worldwide to handle inbound and outbound freight traffic, ensuring service quality.
• The company’s freight forwarding services are mainly derived from air freight export shipments to North America, Europe, and Asia.