Jerash Holdings (US) Inc (NASDAQ: JRSH) is an apparel manufacturing company that produces sportswear and outerwear garments for brand-name customers, primarily operating through factories in Jordan. Revenue comes from purchase-order-based sales to a small set of large wholesale and brand customers, with no long-term contracts or minimum purchase commitments. VF Corporation alone accounted for 64.6% of revenue in fiscal 2025 ($94.2M of $145.8M total), and New Balance added another 12.2% ($17.9M), making customer concentration a defining feature of the business. Total revenue was $145.8M in fiscal year ended March 31, 2025, up 24% from $117.2M in fiscal year ended March 31, 2024. Gross margin was 15% in fiscal 2025. The company posted a net loss of $0.8M in fiscal 2025 on near-breakeven pre-tax income of $0.2M, reflecting thin margins after selling, general, and administrative expenses of $20.9M. Jerash pays dividends, distributing $2.4M in fiscal 2025.

Revenue model

Transactional, purchase-order-based manufacturing revenue. Customers submit individual purchase orders following a sample development and approval process. No long-term contracts or minimum volume guarantees exist. VF Corporation issued approximately 14,700 purchase orders to Jerash in fiscal 2025, ranging from $6 to $929,000 per order.

Products and services

Cut-and-sew garment manufacturing, focused on sportswear and outerwear. Products are manufactured to customer specifications and sold under customers' brand labels, not Jerash's own brand.

Customers and end markets

Highly concentrated customer base. VF Corporation: 64.6% of fiscal 2025 revenue ($94.2M). New Balance: 12.2% ($17.9M). Suzhou Unitex: 3.9% ($5.7M). End markets are sportswear and outerwear retail, served indirectly through brand and wholesale intermediaries.

Value-chain role

Contract garment manufacturer. Jerash sits between raw material suppliers and brand-name customers, handling sample development, production, and shipment. It owns industrial manufacturing facilities and dormitory buildings in Jordan, totaling approximately 136,000 and 79,000 square feet across two industrial buildings owned by Jerash Garments and Kawkab subsidiaries respectively, plus a dormitory of approximately 195,000 square feet.

Geographic exposure

Manufacturing operations based in Jordan. The company has a Hong Kong subsidiary (Treasure Success) involved in trading and financing activities, and a joint venture interest via Treasure Success in Indonesia (P.T. Eratex) and a shareholder agreement with Newtech Textile (HK) Limited. Primary end-market customers are U.S.-based brands.

Source: SEC 10-K, filed 2025-06-26

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