Algorhythm Holdings Reports Second Quarter 2026 Financial Results
https://www.globenewswire.com/news-release/20...sults.html
Revenue Increases 25% Sequentially and 161% YOY to $3.0 Million
Fort Lauderdale, FL, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME) – a leading provider of AI-powered logistics solutions, today announced its financial results for the second quarter ended June 30, 2026.
Q2 2026 Financial Highlights
Revenue increased 25% sequentially to $3.0 million for the second quarter of 2026 compared to $2.4 million in the first quarter of 2026.
Revenue increased $1.8 million, or 161%, from $1.2 million in the second quarter of 2025.
Gross margin percentage improved by 850 basis points or approximately 30% sequentially.
Cash and restricted cash totaled approximately $8.0 million as of June 30, 2026.
Total assets grew 46% to $18.6 million at June 30, 2026 from $12.7 million at December 31, 2025.
Q2 2026 Business Highlights
During the quarter, the Company’s business continued to execute on numerous fronts as follows:
Expanded SemiCab's relationship with Procter & Gamble India through an additional contract expansion, increasing annualized contract value by approximately 32%.
Signed a new Master Services Agreement with Onida Electronics, expanding SemiCab's enterprise customer portfolio in India.
Continued commercial expansion of the SemiCab Apex SaaS platform in North America through investments in business development and the hiring of Jonathan Miller as Vice President of U.S. Sales.
Participated as a Gold Sponsor at Reuters Events: Supply Chain USA 2026, showcasing Apex to enterprise shippers, logistics providers and transportation leaders.
Hosted the inaugural SemiCab Freight Network Forum, bringing together supply chain executives to discuss AI, freight orchestration and transportation network optimization.
CEO Commentary
"We are pleased with our second quarter financial results, highlighted by continued strong sequential and year-over-year revenue growth," said Gary Atkinson, Chief Executive Officer of Algorhythm Holdings. “Revenue was $3.0 million for the quarter, representing an increase of 25% sequentially and 161% year over year. We continue to maintain a strong balance sheet with more than $6 million in cash on the books and almost $3.3 million of stockholders’ equity.”
“During the quarter, we signed a new master services agreement with Onida Electronics and expanded our relationship with Procter & Gamble India, providing us with additional validation for our SemiCab technology platform,” continued Mr. Atkinson. “We also engaged in a variety of public networking events, showcasing our Apex SaaS product offering as a Gold Sponsor at Reuters Events: Supply Chain USA 2026 and hosting our inaugural SemiCab Freight Network Forum.”
“Looking ahead, our focus will be on financial discipline,” added Mr. Atkinson. “We will be focused on controlling our costs and reducing our expenses where we can as we continue to evaluate business and acquisition opportunities that we believe will enhance long-term shareholder value. We are excited about what the future holds for Algorhythm Holdings.”
https://www.globenewswire.com/news-release/20...sults.html
Revenue Increases 25% Sequentially and 161% YOY to $3.0 Million
Fort Lauderdale, FL, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME) – a leading provider of AI-powered logistics solutions, today announced its financial results for the second quarter ended June 30, 2026.
Q2 2026 Financial Highlights
Revenue increased 25% sequentially to $3.0 million for the second quarter of 2026 compared to $2.4 million in the first quarter of 2026.
Revenue increased $1.8 million, or 161%, from $1.2 million in the second quarter of 2025.
Gross margin percentage improved by 850 basis points or approximately 30% sequentially.
Cash and restricted cash totaled approximately $8.0 million as of June 30, 2026.
Total assets grew 46% to $18.6 million at June 30, 2026 from $12.7 million at December 31, 2025.
Q2 2026 Business Highlights
During the quarter, the Company’s business continued to execute on numerous fronts as follows:
Expanded SemiCab's relationship with Procter & Gamble India through an additional contract expansion, increasing annualized contract value by approximately 32%.
Signed a new Master Services Agreement with Onida Electronics, expanding SemiCab's enterprise customer portfolio in India.
Continued commercial expansion of the SemiCab Apex SaaS platform in North America through investments in business development and the hiring of Jonathan Miller as Vice President of U.S. Sales.
Participated as a Gold Sponsor at Reuters Events: Supply Chain USA 2026, showcasing Apex to enterprise shippers, logistics providers and transportation leaders.
Hosted the inaugural SemiCab Freight Network Forum, bringing together supply chain executives to discuss AI, freight orchestration and transportation network optimization.
CEO Commentary
"We are pleased with our second quarter financial results, highlighted by continued strong sequential and year-over-year revenue growth," said Gary Atkinson, Chief Executive Officer of Algorhythm Holdings. “Revenue was $3.0 million for the quarter, representing an increase of 25% sequentially and 161% year over year. We continue to maintain a strong balance sheet with more than $6 million in cash on the books and almost $3.3 million of stockholders’ equity.”
“During the quarter, we signed a new master services agreement with Onida Electronics and expanded our relationship with Procter & Gamble India, providing us with additional validation for our SemiCab technology platform,” continued Mr. Atkinson. “We also engaged in a variety of public networking events, showcasing our Apex SaaS product offering as a Gold Sponsor at Reuters Events: Supply Chain USA 2026 and hosting our inaugural SemiCab Freight Network Forum.”
“Looking ahead, our focus will be on financial discipline,” added Mr. Atkinson. “We will be focused on controlling our costs and reducing our expenses where we can as we continue to evaluate business and acquisition opportunities that we believe will enhance long-term shareholder value. We are excited about what the future holds for Algorhythm Holdings.”
