Acquisition of SemiCab India
Algorhythm Holdings successfully acquired SemiCab India, which is expected to significantly impact the company's growth. SemiCab India is positioned as the exclusive technology provider to the National Digital Freight Exchange (NDFE) in India, handling a total freight spend of over $1.4 billion annually.
Growth in SemiCab Sales
SemiCab's U.S. and India sales have grown nearly five-fold since July of the previous year, with an increase in the number of clients and pilot programs with major companies such as Procter & Gamble and Unilever.
Improvement in Gross Margin
Gross margin improved from 21% to 25% due to a decrease in returns, despite a decrease in sales.
Compliance with NASDAQ Listing Requirements
Algorhythm Holdings achieved stockholders’ equity of $3.3 million, regaining compliance with NASDAQ’s listing requirements.