v3.26.3
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies [Abstract]  
Schedule of Financial Statement Amounts and Balances of the VIE The following financial statement amounts and balances of the VIE were included in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, and unaudited condensed consolidated statements of income and comprehensive income for the six months ended June 30, 2026 and 2025, respectively:
   

As of

June 30,
2026

     As of
December 31,
2025		  
Assets            
Current Assets:            
Cash and cash equivalents   $ 16,394     $ 33,692  
Restricted cash     2,965       3,278  
Notes receivable     10,336       7,414  
Accounts receivable, net     140,713       135,941  
Due from related parties     11,319       11,686  
Prepayments and other current assets, net     24,970       20,808  
Total Current Assets     206,697       212,819  
                 
Property and equipment, net     74,363       68,491  
Intangible assets, net     11,337       11,213  
Operating lease right-of-use assets, net     8,846       5,638  
Long-term investments     11,366       8,852  
Deposits for investment     9,470       9,177  
Deferred tax assets     1,594       1,301  
Other non-current assets, net     24,230       23,984  
Total Assets   $ 347,903     $ 341,475  
                 
Liabilities and Equity                
                 
Current Liabilities                
Notes payable   $ 8,075     $ 9,248  
Accounts payable     77,308       92,916  
Short-term bank loans     42,395       44,652  
Long-term bank loans, current     3,752       2,769  
Due to related parties     1,428       1,720  
Salary and welfare payables     2,541       5,507  
Accrued expenses and other current liabilities     12,546       9,242  
Operating lease liabilities, current     2,993       2,655  
Tax payables     9,565       4,131  
Total Current Liabilities     160,603       172,840  
                 
Long-term bank loans     36,937       33,832  
Operating lease liabilities, non-current     5,540       2,094  
Deferred tax liabilities     408       247  
Other non-current liabilities     1,589       1,256  
Total Liabilities     205,077       210,269  
                 
Net assets   $ 142,826     $ 131,206  
Schedule of Consolidated Operations
    For the Six Months Ended
June 30,		  
    2026     2025  
Total revenues   $ 309,952     $ 256,540  
Cost of revenues   $ (283,021 )   $ (233,711 )
Income from operations   $ 9,818     $ 7,285  
Net income   $ 7,330     $ 5,570  
Schedule of Disaggregated Information of Revenues

Disaggregated information of revenues by services:

 

   

For the Six Months Ended

June 30,

  
    2026     2025  
Revenues:            
Transportation   $ 301,646     $ 254,716  
Warehouse storage management service     8,102       7,053  
Others     2,041       1,665  
Total revenues   $ 311,789     $ 263,434  

 

Disaggregated information of revenues by the timing of transfer of services:

 

   

For the Six Months Ended

June 30,

  
    2026     2025  
Revenues:            
Revenue recognized at a point in time (transportation services)   $ 301,646     $ 254,716  
Revenue recognized over time (warehouse storage management services and others revenues)     10,143       8,718  
Total revenues   $ 311,789     $ 263,434  
Schedule of Disaggregated Information of Revenues by Geographic Locations

The Company’s operations are primarily based in the PRC, where the Company derived a substantial portion of revenues. Disaggregated information of revenues by geographic locations is as follows:

 

   

For the Six Months Ended

June 30,

  
    2026     2025  
Fujian   $ 250,665     $ 197,729  
Beijing     11,505       12,352  
Liaoning     11,084       7,020  
Zhejiang     7,958       7,889  
Guangdong     5,730       5,596  
Others     24,847       32,848  
Total   $ 311,789     $ 263,434  
Schedule of Information by Segment

The following tables present summary information by segment for the six months ended June 30, 2026 and 2025.

 

   

For the Six Months Ended

June 30,

  
    2026     2025  
Revenues   $ 311,789     $ 263,434  
Cost of revenues     (284,993 )     (239,364 )
Gross profit     26,796       24,070  
                 
Employee compensation and benefits expenses     (12,503 )     (11,264 )
Other operating expenses     (5,259 )     (5,014 )
Income from operations     9,034       7,792  
                 
Other expense     (1,096 )     (1,024 )
Income before income taxes     7,938       6,768  
                 
Provision for income taxes     (1,381 )     (787 )
Net income   $ 6,557     $ 5,981