Significant Revenue Growth
Revenue increased approximately 1,300% year-over-year, reaching an annualized run rate of about $7 million. The company added 4 new Fortune 500 clients in India and converted 5 pilot programs into multimillion dollar contract expansions, tracking toward approximately $10 million in annual contractual run rate.
Launch of SemiCab Apex
Introduction of a new high-margin SaaS platform, SemiCab Apex, aimed at the U.S. and global markets. Apex offers rapid scalability, with an expected improvement in company margins and profitability due to its cloud-based, easily integrable nature.
Operational Efficiency in India
Real-world case studies in India showed truck utilization rates improving to approximately 85%, outperforming industry average by more than 20 percentage points.
Decrease in Net Loss
Net loss for the quarter decreased to $1.8 million from $2.1 million last year, largely due to cost reduction measures.