$JANL

JANEL WORLD TRADE LTD

CIK:0001133062|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 67,512	$ 49,145	$ 180,995	$ 151,230
Forwarding expenses and cost of revenues:
Total forwarding expenses and cost of revenues	46,027	33,035	122,825	103,407
Gross profit	21,485	16,110	58,170	47,823
Operating expenses:
Selling, general and administrative	16,801	13,525	49,305	40,576
Amortization of intangible assets	1,043	654	2,701	1,937
Total operating expenses	17,844	14,179	52,006	42,513
Income from operations	3,641	1,931	6,164	5,310
Other income and expenses:
Interest expense	(552)	(442)	(1,267)	(1,668)
Gain on consolidation of acquisition	0	0	849	0
Other income (expense), net	80	(157)	(231)	402
Income before income taxes	3,169	1,332	5,515	4,044
Income tax expense	(626)	(445)	(1,273)	(1,058)
Consolidated net income	2,543	887	4,242	2,986
Net income attributable to non-controlling interests	(446)	0	(1,009)	0
Net income attributable to Janel Corporation (in Dollars)	2,097	887	3,233	2,986
Preferred stock dividends	(114)	(77)	(326)	(271)
Non-controlling interest dividends	0	0	0	(243)
Net income available to common stockholders (in Dollars)	$ 1,983	$ 810	$ 2,907	$ 2,472
Net income per share:
Basic (in Dollars per share)	$ 2.14	$ 0.75	$ 3.58	$ 2.52
Diluted (in Dollars per share)	2.09	0.74	3.49	2.48
Net income per share available to common stockholders:
Basic (in Dollars per share)	1.67	0.68	2.45	2.08
Diluted (in Dollars per share)	$ 1.63	$ 0.67	$ 2.39	$ 2.05
Weighted average number of shares outstanding:
Basic (in Shares)	1,186	1,186	1,186	1,186
Diluted (in Shares)	1,216	1,207	1,217	1,206
Logistics [Member]
Revenues:
Total revenues	$ 61,081	$ 43,231	$ 163,394	$ 133,361
Forwarding expenses and cost of revenues:
Total forwarding expenses and cost of revenues	43,973	31,259	117,507	98,155
Life Sciences and Manufacturing [Member]
Revenues:
Total revenues	6,431	5,914	17,601	17,869
Forwarding expenses and cost of revenues:
Total forwarding expenses and cost of revenues	$ 2,054	$ 1,776	$ 5,318	$ 5,252

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Consolidated net income	$ 4,242	$ 2,986
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for uncollectible accounts	894	18
Depreciation	507	469
Deferred income taxes, net	209	0
Gain on consolidation of acquisition	(849)	0
Amortization of intangible assets	2,701	1,937
Amortization of acquired inventory valuation	768	211
Amortization of loan costs	147	143
Loss on debt extinguishment	445	0
Stock-based compensation	187	367
Unrealized gain on marketable securities	(93)	(794)
Change in fair value of mandatorily redeemable noncontrolling interest	0	337
Right of use non-cash lease expense	1,914	1,042
Fair value adjustments of contingent earnout liabilities	48	335
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	7,401	(8,436)
Inventory	(140)	(431)
Prepaid expenses and other current assets	73	(507)
Security deposits and other long-term assets	104	(286)
Duties and taxes payable	321	253
Accounts payable and accrued expenses	(28,827)	20,747
Tariff refunds payable	32,030	0
Operating lease liabilities	(1,925)	(1,707)
Other liabilities	(23)	948
Net cash provided by operating activities:	20,134	17,632
Cash flows from investing activities:
Purchase of property and equipment	(250)	(398)
Disposal of property and equipment	52	2
Investment in marketable securities, net of dividends	(301)	(142)
Purchase of noncontrolling interest	(574)
Acquisitions, net of cash received		(2,752)
Asset acquisitions	(10,000)	0
Net cash used in investing activities:	(11,073)	(3,290)
Cash flows from financing activities:
Proceeds from term loan	0	3,386
Repayments of term loan	(472)	0
Proceeds from long-term debt issuance	9,120	0
Proceeds from line of credit issuance	24,843	0
Issuance of note receivable	0	(298)
Repayment of term-debt	(8,283)
Repayments of prior lines of credit	(24,738)	(8,903)
Payment of deferred financing costs	(1,203)	0
Repayment of subordinate promissory notes	(735)	(1,186)
Proceeds from lines of credit	474,621	0
Repayment of lines of credit	(464,697)	0
Proceeds from revolving credit facility	9,668	0
Repayment of revolving credit facility	0	(3,700)
Dividends paid to non-controlling interests	0	(244)
Dividends paid to preferred shareholders	(951)	(300)
Earnout payments	(2,553)	(1,078)
Redemption of subsidiary stock	(2,024)	0
Net cash provided by (used in) financing activities	12,596	(12,323)
Net increase in cash and cash equivalents and restricted cash	21,657	2,019
Cash and cash equivalents and restricted cash at beginning of the period	12,040	3,082
Cash and cash equivalents and restricted cash at end of period	33,697	5,101
Cash paid during the period for:
Interest	640	1,291
Income taxes	458	853
Non-cash investing activities:
Airschott contingent deferred consideration	0	48
Non-cash financing activities:
Dividends declared to preferred stockholders	326	271
Contingent earnout per asset acquisitions	$ 1,440	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current Assets:
Cash and cash equivalents	$ 33,697	$ 10,962
Restricted cash	0	1,078
Accounts receivable, net of allowance for credit losses of $1,235 and $367, respectively	58,426	66,489
Inventory, net	6,004	4,207
Prepaid expenses and other current assets	6,032	6,095
Total current assets	104,159	88,831
Property and Equipment, net	5,663	5,971
Other Assets:
Intangible assets, net	37,374	30,998
Goodwill	31,592	31,592
Deferred tax assets, net	5,372	0
Restricted investments	250	250
Investment in marketable securities at fair value	427	4,664
Operating lease right of use asset	6,580	7,760
Security deposits and other long-term assets	583	687
Total other assets	82,178	75,951
Total assets	192,000	170,753
Current Liabilities:
Line of credit	13,929	3,801
Accounts payable – trade	69,321	98,244
Tariff refunds payable	32,030	0
Duties and taxes payable	4,622	4,323
Accrued expenses and other current liabilities	6,474	5,853
Dividends payable	1,024	1,649
Current portion of contingent earnout	417	2,592
Current portion of long-term debt	685	911
Current portion of subordinated promissory notes-related party	$ 1,174	$ 1,174
Notes Payable Current Related Party Type Extensible [Enumeration]	Related Party [Member]	Related Party [Member]
Current portion of operating lease liabilities	$ 2,229	$ 2,114
Total current liabilities	131,905	120,661
Other Liabilities:
Long-term portion of long-term debt	7,047	7,166
Revolving credit facility	9,668	0
Long-term portion of contingent earnout	1,118	55
Long-term portion of subordinated promissory notes-related party	$ 1,031	$ 1,766
Notes Payable Noncurrent Related Party Type Extensible [Enumeration]	Related Party [Member]	Related Party [Member]
Mandatorily redeemable non-controlling interest	$ 2,722	$ 4,161
Deferred tax liabilities, net	0	4,547
Long-term portion of operating lease liabilities	5,002	6,310
Other liabilities	263	285
Total other liabilities	26,851	24,290
Total liabilities	158,756	144,951
Stockholders' Equity:
Preferred stock	0	0
Common stock, $0.001 par value; 4,500,000 shares authorized, 1,206,354 issued and 1,186,354 outstanding as of both June 30, 2026 and September 30, 2025	1	1
Paid-in capital	15,913	17,730
Common treasury stock, at cost, 20,000 shares as of both June 30, 2026 and September 30, 2025	(240)	(240)
Accumulated earnings	11,544	8,311
Total Janel Corporation stockholders’ equity	27,218	25,802
Noncontrolling interests	6,026	0
Total stockholders' equity	33,244	25,802
Total liabilities and stockholders' equity	192,000	170,753
Series C [Member]
Current Liabilities:
Dividends payable	1,024	1,649
Stockholders' Equity:
Preferred stock	$ 0	$ 0