US IPO Preview | WODO.US (WODO.US) sprints to NASDAQ: integrated logistics accounts for nearly 96%, but revenue falls 17.9%

Cross-border e-commerce continues to go overseas, and logistics service providers are also looking for new room for growth.

Recently, the cross-border logistics service provider WODO.US (WODO.US) submitted the latest F-1/A document to the SEC. It plans to issue 6 million shares on the NASDAQ capital market. The estimated issuance price range is 5 to 6 US dollars per share. Based on the median value of the adjusted range, the amount raised will be 340% higher than previously anticipated, and the market value will reach US$190 million.

As a service provider with China's cross-border logistics as its core, Worldcom mainly provides customers with cross-border logistics solutions by integrating resources such as aviation, shipping, customs clearance, warehousing, and overseas terminal distribution. Compared with traditional single freight forwarder, the company is shifting to a “one-stop” logistics service model covering the entire transportation process.

This transformation is already reflected in the revenue structure. In fiscal year 2026, revenue from integrated logistics solutions reached 365 million yuan, accounting for 95.9% of total revenue, while modular freight forwarder revenue was only 15.75 million yuan, which fell to 4.1%. However, at the same time, the company's overall revenue fell from 464 million yuan in the 2025 fiscal year to 381 million yuan, a year-on-year decrease of 17.9%, and net profit attributable to Worldcom shareholders also fell from 8.93 million yuan to 8.6 million yuan.

What is more noteworthy is that while revenue declined, the company's operating cash flow changed from a net inflow of 6.14 million yuan in fiscal year 2025 to a net outflow of about 38.2 million yuan in fiscal year 2026, and the top three customers contributed 95.6% of revenue.

For a cross-border logistics company preparing to enter the capital market, what Worldcom now needs to answer is not just “whether there is room for growth in the cross-border logistics market”, but how to truly transform IPO financing into a new growth engine under revenue pressure, high customer concentration, and fluctuations in cash flow.

From “selling capacity” to “selling plan”, can transformation be exchanged for growth?

The Zhitong Finance App learned that when selling cross-border products from China to overseas, they usually involve various steps such as domestic collection, warehousing, customs declaration, international transportation, destination customs clearance, transit, and last-mile delivery. Among them, traditional freight forwarders focus more on one or a few of these links, and Wardcom hopes to integrate these links to provide customers with comprehensive logistics services from the beginning to the end.

Currently, the company mainly provides two types of services: modular freight forwarding and integrated logistics solutions, the latter being the fastest growing business. The so-called modular freight forwarder means that customers can choose individual services or combined services such as shipping, air freight, customs clearance, warehousing and distribution according to their own needs; while integrated logistics solutions place more emphasis on full-process services under pre-set routes, integrate multiple logistics links, and the company is responsible for coordination among different suppliers.

Judging from the change in revenue share, in fiscal year 2025, the company's integrated logistics solutions achieved revenue of 432 million yuan, accounting for 93% of the company's total revenue; by fiscal year 2026, the business's revenue fell to 365 million yuan, but its share of total revenue increased further to 95.9%.

Among them, small-package integrated logistics revenue was about RMB 216 million, accounting for 56.7% of total revenue; global customs clearance and distribution revenue was approximately RMB 149 million, accounting for 39.2%. Meanwhile, modular freight forwarder revenue fell from 32.43 million yuan to 15.75 million yuan, a year-on-year decrease of 51.4%.

However, “one stop shop” does not mean high profit. In fiscal year 2026, the gross margin of Worldcom's integrated logistics solutions business increased from 5.6% in 2025 to 6.2%. Among them, the gross margin of small-package integrated logistics increased from 4.9% to 6.0%, mainly driven by unit price increases and cost control; however, the gross margin for global customs clearance and distribution fell from 6.6% to 6.4%. As a result, the company's overall gross margin was only 6.2%, and gross profit was 23.69 million yuan, down 20% from the previous year.

In other words, the current location of Waldton is still a typical low-margin logistics service circuit. The company can improve costs by optimizing routes, paying some suppliers in advance to obtain more favorable purchase prices, and optimizing partners, but ultimately profit margins are still affected by transportation costs, customer bargaining, and industry competition.

According to industry data quoted in the prospectus, by the end of 2023, the number of cross-border logistics companies in China had exceeded 150,000, and the industry as a whole was scattered. For end-to-end cross-border logistics service providers, customer relationships, global networks, industry experience, service quality, and related qualifications form a certain entry threshold, but at the same time, large logistics companies such as DHL, FedEx, UPS, SF Express, JD, Cainiao, and Zhongtong also have strong comprehensive service capabilities.

Therefore, what Worldcom really needs to prove in the future is whether it can establish sufficient stable customer resources and supply chain advantages in this highly fragmented and competitive market, not just “fit” more logistics links into the same service plan.

Revenue and profit have both declined, and cash flow has turned negative. Can IPOs open up a new situation?

If the business restructuring reflects Ward's strategic direction, then the financial data for fiscal year 2026 reveals the actual pressure in the company's current operations.

According to the prospectus, Worldcom's revenue for the 2026 fiscal year was 381 million yuan, down 17.9% year on year; gross profit was 23.69 million yuan, down 20% year on year; net profit was 7.47 million yuan, down 6.7% year on year; and net profit attributable to company shareholders was 8.6 million yuan, down 3.7% year on year. Although the company remained profitable, both revenue and gross profit declined markedly.

Among them, small-package integrated logistics revenue fell 14%, mainly due to a 19.6% drop in the number of packages, partly offset by a 9.4% increase in the average price per package. Global customs clearance and distribution revenue declined by 17.2%, mainly affected by a 17.7% drop in average unit prices.

Behind this, the small package business is more like a “drop in volume and price increase.” In response, the company explained that due to factors such as the normalization of demand for cross-border e-commerce orders and changes in tariff policies, the number of packages has declined, while prices have been raised to cover higher operating costs.

The global customs clearance and distribution business, on the other hand, is closer to a “steady decline in price.” The prospectus mentioned that due to increased market competition and price pressure brought about by the bidding cycle, the company had to optimize routes and prices to maintain the market share of major customers.

What is more noteworthy is that the company directly indicated in the prospectus that revenue may continue to decline in the next 12 months. On the one hand, there is uncertainty about the US tariff policy; on the other hand, the US will abolish the “minimum tax exemption” treatment for low-value packages from China and Hong Kong from May 2, 2025, which may increase the complexity of customs clearance and affect the volume of related cross-border e-commerce packages. The company anticipates that the customs clearance business volume of some large e-commerce platform customers may be further reduced as a result.

For Worldcom, which relies on cross-border e-commerce logistics, this change is not a simple cost issue; it may directly affect the volume of goods.

At the same time, the company's cash flow performance is more noteworthy than the profit statement. The Zhitong Finance App learned that in fiscal year 2026, Worldcom's net cash flow from operating activities was about 38.2 million yuan, while the 2025 fiscal year was a net inflow of 6.14 million yuan. The company explained that the main reasons include increasing advance payments to some suppliers to lock in capacity and obtain more favorable prices, while reducing accounts payable by about 24 million yuan.

In addition, in fiscal year 2026, the company's advance payments to suppliers increased by about 22.4 million yuan, which is also one of the reasons why operating cash flow turned negative. At the same time, the company obtained 60 million yuan of capital through short-term bank loans, repaid 20 million yuan of bank loans, and had short-term financing on a certain scale.

Therefore, for Wardcom, this IPO is not only a capital operation to expand the brand's influence, but also has the practical significance of supplementing working capital and supporting business expansion.

Based on the median issue price range, the company plans to raise approximately US$33 million. According to the prospectus, the capital raised will mainly be used for general corporate purposes and working capital, IT services and data processing capacity building, overseas entity and office construction, and expanding new businesses complementary to existing logistics businesses. The company plans to further expand markets from Asia to the US, Europe and South America, and continue to strengthen overseas logistics networks and IT systems.

However, in addition to the use of capital, customer concentration may be a problem that needs to be solved even more after Worldcom goes public. In fiscal year 2026, the company's top three customers contributed 95.6% of revenue, with the largest customer accounting for 48.1%, the second-largest customer accounting for 39.2%, and the third-largest customer accounting for 8.3%. In other words, the top two customers alone contributed close to 90% of revenue.

This customer structure can help the company quickly grow, but it also means strong customer dependency. Once core customers adjust suppliers, reduce cross-border business, or require further reduction in logistics prices, the company's revenue and profits may be greatly affected. For a company with a gross margin of only 6.2%, the impact of changes in major customer prices on the final profit is particularly noteworthy.

Overall, Worldcom's IPO story has a clear industry background and a clear direction for business transformation. As Chinese enterprises and cross-border e-commerce continue to expand overseas markets, there is still a demand for one-stop logistics services that can cover transportation, customs clearance and terminal delivery, and the company's transformation to integrated logistics solutions is also in line with industry trends.

The core focus of the company after listing is probably not whether revenue can grow rapidly again, but whether the company can expand its customer base and overseas network through IPO capital, reduce its dependence on a small number of customers, and further increase the gross margin of the integrated logistics business.

If these changes can be gradually implemented, then the company's previous business transformation will be further verified by financial data; conversely, if problems such as declining volume, price competition, and customer concentration persist, then simply relying on the growth of the cross-border logistics industry to support valuation may still face quite a few challenges.