SemiCab Secures Four New Contract Wins and Four Contract Expansions, Accelerating Revenue Outlook

Fort Lauderdale, FL, June 03, 2025 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. ("Algorhythm") (NASDAQ: RIME), an AI-driven technology and consumer electronics holding company, today announced that its subsidiary, SMCB Solutions Private Limited ("SemiCab India"), has recently signed four new pilot agreements and four contract expansions with eight enterprise-scale customers in India.

Under the new and expanded contracts, SemiCab India will provide enterprise-level shipping services through its AI-powered, cloud-based Collaborative Transportation Platform. The four new customer acquisitions and four contract expansions greatly add to SemiCab's AI-powered digital freight orchestration platform and strongly reinforce the company's position as the preferred partner for national and multinational high-volume shippers in India.

The expanded contracts are with some of the largest multinational fast moving consumer goods ("FMCG"), industrial and automotive companies in India. A summary of these contracts include:

• Four of SemiCab India's largest clients have successfully completed pilot programs and are expanding lanes and geographies.
  
  
  
  
• The contract expansions reflect increased lanes and volume for SemiCab's services, with the increases expected to range from between 100% to more than 200% over current levels.
  
  
  
  
• The contracts add coverage for over 20 new high-density lanes spanning highly populated regions, improving fleet utilization and reducing empty miles for all shipping partners.
  
  
  
  
• The enhancements increase SemiCab India's annualized revenue run rate by more than 400% compared to Q1 2025 levels.
  
  

The new customer pilot programs are with large conglomerate industrial and consumer products companies and are in various phases of onboarding with the expectation that services will commence during June 2025. A summary of the new pilot contracts include:

• SemiCab India has been awarded four new pilot programs originating from new members to the National Digital Freight Exchange ("NDFE").
  
  
  
  
• These pilot programs expand SemiCab India's geographic footprint in India to include the densely populated South-West-Central corridors in India.
  
  
  
  
• The programs greatly accelerate the company's timeline for achieving its plan to fill all of its available trucks, which currently have the capacity to generate annual revenue of more than $23 million.
  
  

Ajesh Kapoor, CEO of SemiCab Holdings, LLC, commented on the recent new business awards, "We are extremely pleased to reach this important milestone with all four of our largest clients and word of mouth is spreading. As a result of the work of the team and the powerful benefits of our Collaborative Transportation Platform, our four new pilot awards came from new entrants to the NDFE as referrals from existing customers."

SemiCab India currently has an active fleet of more than 140 trucks with rights to expand its fleet by an additional 450 trucks. SemiCab India plans to develop its growing pipeline of contracts with new FTL carriers to grow its fleet to more than 1,000 vehicles by the end of 2025 to keep pace with demand. According to Research and Markets recent market report, Road Freight Transport in India, India's $140 billion freight transportation market is expected to grow to $240 billion by 2029.

"Demand for long-haul truckload transportation in India is surging and is ripe for technology-led efficiency gains," added Gary Atkinson, CEO of Algorhythm Holdings. "Our AI-enabled transportation platform is quickly becoming the platform of choice for multinational companies looking to unlock lower shipping costs, increase operational efficiency, and meet Indian government mandates for infrastructure connectivity and multi-modal efficiency. These new client acquisitions and contract expansions will fill part of this capacity and greatly accelerate our achievement of our projected revenue targets for 2025 and beyond."

About Algorhythm Holdings

Algorhythm Holdings, Inc. is an AI technology and consumer electronics holding company with two primary business units – SemiCab and Singing Machine.

SemiCab is an emerging leader in the global logistics and distribution industry. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform has the scalability necessary to predict and optimize millions of loads and hundreds of thousands of trucks, helping customers reduce shipping costs, improve delivery accuracy, and eliminate empty miles traveled. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. It uses AI/ML predictions and advanced predictive optimization models to enable fully-loaded round trips. With SemiCab's AI platform, shippers pay less and carriers make more without having to change a thing.

For additional information, please go to: http://www.semicab.com

Singing Machine is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, it designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Its product portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world's first globally available, fully integrated in-car karaoke system. Its products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam's Club, Target, and Walmart.

For additional information, please go to www.singingmachine.com.

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