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.
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