SemiCab India Adds Additional Truck Capacity with Expansion to Generate Up to $23 Million in Annual Revenue

Fort Lauderdale, FL, May  13, 2025  (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME) – an AI technology and consumer electronics holding company, today provided an operational update for its SemiCab AI logistics and distribution business (“SemiCab”).

SMCB Solutions Private Limited (“SemiCab India”), Algorhythm’s subsidiary that operates SemiCab’s cloud-based Collaborative Transportation Platform in the Indian market, entered into a series of freight services agreements with several full truckload (FTL) carriers during Q1 2025. These transactions expanded SemiCab India’s active fleet to over 140 trucks, with rights to expand its fleet by an additional 450 trucks through current contracts. An additional 1,000 trucks are in the pipeline from contractual relationships with new FTL carriers that are expected to close during the second half of 2025 as demand continues to rise.

This expansion is aimed at securing reliable truck access to meet growing demand from fast-moving consumer packaged goods (FMCG) customers. The dedicated fleet is expected to significantly enhance the Company’s ability to service future volume from its large, scaling contracts with multinational shippers across India.

“We’re seeing meaningful traction in India as pilot customers transition to full-scale commercial contracts,” said Ajesh Kapoor, CEO of SemiCab. “Expanding the active fleet to 140 trucks with immediate access to an additional 450 trucks provides SemiCab India with the ability to quadruple its annualized revenue run rate from approximately $4.6 million to over $23 million in the second half of 2025, as demand dictates. This capacity boost is expected to drive accelerated sales growth, enhance the benefits that can be achieved by carriers through the use of our network, and provide greater efficiency on key transport lanes.”

Each long-haul FTL truck in India generates approximately $40,000 in annual freight revenue. With the current supplier contracts, SemiCab India currently has the capacity to expand its fleet to 590 trucks, representing up to $23 million in annual freight services on an as-needed basis. The Company plans to develop its growing pipeline of pending contracts with new FTL carriers to grow its fleet to over 1,000 vehicles by the end of 2025 to keep pace with demand.

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 these common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. 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. SemiCab 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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