Tianci International, Inc.

What they do

Through its subsidiary Roshing International Co., Limited, Tianci provides global logistics services, primarily ocean freight forwarding, including container and bulk goods shipping. The company charters cargo space from shipping suppliers and sub-charters it to customers, and also arranges bulk shipping via fixture notes. Since fiscal year 2026, it has added resale of chromium and manganese ore. It also generates a small portion of revenue from electronic parts sales and business/technical consulting services.

Revenue drivers

• Global logistics services (container and bulk shipping) — Dominant revenue source, accounting for the vast majority of revenue in fiscal 2024 and 2025. In the quarter ended April 30, 2026, logistics revenue was 53% of total revenue and grew 19% year-over-year, with gross margin improving from 0.81% to 3.73%.
• Mineral ore resale (chrome and manganese) — New segment initiated in fiscal year 2026. Generated $3,239,872 in revenue and a 6.88% gross margin during the nine months ended April 30, 2026, including $1,418,552 in the third quarter.
• Electronic parts and consulting services — Small, non-core business lines that provide supplementary revenue, independent of logistics operations.

Recent performance

For the fiscal quarter ended April 30, 2026, total revenue increased 121% sequentially, driven by a 19% rise in logistics revenue and the new mineral sales. Net income was $91,545, versus a net loss of $959,409 in the year-ago quarter, helped by a 43% decrease in general and administrative expenses. For the nine months ended April 30, 2026, the company reported a net loss of $594,453 and a cash outflow of $1,687,149, with cash at $718,203. Working capital was $2,596,047 at April 30, 2026.

Strategy

Tianci is shifting focus from the Southeast Asian market to long-distance shipping lines, which management says produce higher profit margins. The company is building inventory of bulk chrome and manganese ore to expand in global commodity trade and integrate distribution with its shipping operations for end-to-end supply chain solutions. It continues to operate under an asset-light model, relying on senior management's logistics expertise and supplier/customer relationships. The company completed a $7 million IPO on Nasdaq on April 11, 2025.

Risks

• Geopolitical and trade tensions — Political instability, conflicts, and trade tariffs can reduce global shipping demand and adversely affect operations, as noted in the risk factors.
• Dependence on Hong Kong and Asia-Pacific — Business is concentrated in Hong Kong and the Asia-Pacific region; adverse economic, political, or regulatory conditions in those areas could materially harm results.
• No owned transportation assets — The company depends on third-party suppliers for shipping capacity, exposing it to capacity and pricing risks.
• Cash burn and accounts receivable growth — Operating cash flow was negative in fiscal 2025 ($-3.2M) and the first nine months of fiscal 2026, with accounts receivable increasing by $957,881, straining liquidity.

Outlook

Management plans to continue expanding the mineral trade business, expecting synergies with its logistics operations. The company intends to reorient toward long-distance shipping lines to improve margins. Ongoing geopolitical and trade conditions are cited as key factors affecting future results.