Singing Machine’s SemiCab announces over $9M contracted revenue backlog

The Singing Machine Company announced it has successfully completed the acquisition of SemiCab, a leading artificial intelligence technology company in the global logistics space. Today, the Company provided an update on the integration process for the newly created operations under SemiCab Holdings. The Company currently has key executives in India, completing the final prerequisites for the acquisition of SMCB Solutions Private Limited, the wholly owned Indian subsidiary of SemiCab. SMCB has recently completed its annual audit as a small and medium enterprise under the Indian national regulatory regime. Concluding SMCB’s audit, the Company is now currently underway to complete the acquisition of this subsidiary in the next 45 days. The Indian operations for SemiCab are expected to be the primary driver for near term revenue growth and new client acquisition. This subsidiary is expected to add approximately $1.35 million in last twelve months sales as of March 31, 2024. This subsidiary currently has in excess of $9 million in contracted services in the pipeline from existing client commitments. This sales backlog does not include incremental sales from two of SemiCab’s largest customers, who are currently finalizing their increased renewal commitments, which are expected to add meaningfully to the $9 million backlog.