tw0122
1 day ago
Business Highlights and Key EventsAlgorhythm achieved several milestones during the third quarter, marked by strategic realignment and growth initiatives across its two key operating subsidiaries:July 3rd: The Company closed the acquisition of SemiCab, an emerging AI-driven logistics transportation company.September 5th: The Company rebranded as Algorhythm Holdings, Inc. to fully reflect the shift to a holding company model. SemiCab and Singing Machine will continue to operate under their own distinct brands.October 7th: SemiCab secured a multimillion-dollar pilot contract with a $200 billion consumer packaged goods client for multiple US metropolitan markets.October 9th: SemiCab won a multimillion-dollar pilot contract with a $10 billion Indian multinational consumer packaged goods manufacturer.October 17th: SemiCab was awarded a multimillion-dollar pilot contract with Apollo Tyres, a top ten global tire manufacturer based in India.November 13th: The Company filed an 8-K announcing it believes to be back in compliance with Nasdaq’s Minimum Equity Rule. As of the date of this report, the Company reported shareholders’ equity of $2.9 million.November 14th: Singing Machine announced a formal partnership with BYD to integrate Singing Machine microphone technology into BYD’s vehicles globally. The agreement also includes technology partnerships between Stingray Group, Inc., a global leader in digital music content, and manufacturing collaboration with BYD for mass production of the Company’s karaoke automotive microphone.
Additionally, the Company anticipates completing the acquisition of SMCB Solutions Private Limited (“SemiCab India”) during Q4 2024. SemiCab India continues to serve Fortune 500 clients under both pilot and scalable long-term contracts. In the karaoke division, Singing Machine is actively focusing on OEM partnerships across automotive, television, and set-top-box markets, aligning with its broader strategy to prioritize technology-driven solutions while reducing reliance on traditional retail relationships.Third Quarter Operational ResultsThird quarter operational highlights were as follows: Revenues: Sales for Q3 2024 totaled $10.6 million, compared to $15.9 million in Q3 2023, a decline of $5.3 million (33%). The decrease reflects a strategic focus on higher-margin products, reducing promotional pricing strategies with two top-five customers. Sales were also impacted by general inflationary pressures and softened demand for audio and in-home entertainment.Operating Expenses: Operating expenses for Q3 2024 were $1.1 million, down from $3.6 million in Q3 2023. This includes a $3.9 million non-cash gain from early termination of an operating lease. Excluding non-cash items, the Company incurred $1.3 million in additional operating expenses related to SemiCab’s acquisition and increased legal and professional fees.Balance Sheet: Shareholders’ equity improved significantly, increasing from a deficit of $(0.9) million as of June 30, 2024, to $2.7 million as of September 30, 2024.Net Income: The Company reported net income of $1.2 million for Q3 2024, compared to $0.1 million for the same period in 2023.Conference Call Details:Management will host a conference call at 10:00 am Eastern time to discuss the financial results and provide a business update.Date: Wednesday, November 20, 2024
Time: 10:00 a.m. ET
Dial-in number: (888)-800-3146
Conference ID: RIMEAn audio rebroadcast of the call will be available later in the day at: https://ir.algoholdings.com/
tw0122
1 month ago
Trying to hold .70 for now.. the Company raised approximately $1.4 million in gross proceeds, selling approximately 2.16 million shares of common stock at an average share price of $0.65 per share.
Gary Atkinson, the Company’s CEO commented, “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital. The Company successfully met its goal of bolstering its balance sheet without issuing warrants or providing a discount to market. The proceeds from the ATM will provide the Company with access to working capital while we continue to execute on the respective business objectives for our global karaoke brand, the Singing Machine, and our rapidly emerging AI logistics business, SemiCab.”
“Our two holdings are positioned for an exciting fourth quarter. Our karaoke consumer electronics division is ramping up for peak sales during the holiday shopping season, with our automotive karaoke microphone business on track to secure its first OEM partnership by the end of Q4 2024. As announced yesterday, our U.S.-based AI logistics business continues to gain momentum, winning new clients and expanding existing relationships. Meanwhile, our Indian AI logistics business is in the final stages of acquisition integration and is set to onboard several key clients in the coming quarter.”
“With this positive momentum, we are pleased to strengthen our liquidity, strategically reduce leverage on the balance sheet, and accelerate operations across all areas,” concluded Mr. Atkinson.
tw0122
1 month ago
You back out in .70s now or hold for a chance of .90 one more time..
Under the agreement, Algorhythm’s subsidiary, SemiCab Holdings, LLC (“SemiCab”), will provide enterprise-level shipping services through its AI-powered software platform, focusing on reducing empty truck miles. The contract, commencing mid-October 2024, will initially cover multiple large metropolitan markets, with the potential to rebid for additional lanes after six months.
“This is a major milestone for SemiCab,” commented Gary Atkinson, CEO of Algorhythm, the parent company of SemiCab. “This new award represents the first major new business won by SemiCab in the US since our acquisition of the company in July. It also represents the largest customer in the US that has awarded lanes to SemiCab, reinforcing our belief in our ability to disrupt the traditional shipper-carrier model within the transportation sector.”
Ajesh Kapoor, Founder and President of SemiCab added, “We’re thrilled at this new major opportunity. This contract provides us the ability to prove our model with a customer that spends over $1 billion annually on freight. Further, it provides us the leverage to bid on additional shipping opportunities in late Q1 2025 and immediately builds on our network, providing more density of shipping volume within key geographic markets. This new client should serve as a major catalyst to enable our team to pursue additional enterprise level-US clients in the coming months.”
Kapoor further emphasized the long-term potential of the collaboration: “If we successfully deliver on the projected cost savings and efficiency gains, this U.S. contract could expand significantly. Moreover, this global client is already part of the National Digital Freight Exchange in India, where we are actively involved. We also anticipate opportunities in other geographies as we expand in 2025 and beyond. This agreement could serve as a gateway to a broader, multi-faceted relationship with a world-class leader in the food and beverage industry.”
About Algorhythm Holdings
Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.
SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.
Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. SemiCab's Orchestrated Collaboration™ AI model has proven to increase transportation capacity, improve asset utilization, reduce empty miles, lower logistics costs, and provide visibility into the entire transportation network. Models show the technology has the capability of saving shippers tens of billions of dollars annually through optimization. Further, SemiCab’s technology also has the potential to play a key role in the improved sustainability model globally. Based on its proven ability to improve truck utilization rates from 65% to over 90%, this results in a dramatic reduction in the carbon footprint of the industry. The optimization of existing truck utilization can add approximately 30% more trucking capacity without adding more trucks, drivers or driven miles which addresses common problems plaguing the industry like severe driver shortage and road congestion. Trucking optimization could also eliminate approximately 25% of CO2 emissions attributable to road freight.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Ask ADVFN Intelligence (AI)
TrendTrade2016
1 month ago
glenn1919
1 month ago
Surfacetite
1 month ago
Hot Features
Premium
