By Kelly Cloonan
Shares of Algorhythm climbed after the company said its subsidiary SemiCab India had signed four new agreements and four contract expansions with customers in India.
The stock rose 25% to $4.12 in after-hours trading on Tuesday. Shares have declined 99% in the past year through the close of market trading.
Under the new and expanded contracts, SemiCab India will provide shipping services through its artificial intelligence-powered transportation platform, the company said.
The expanded contracts are with large, multinational consumer goods, industrial and automotive companies in India who have successfully completed pilot programs. The expansions will increase SemiCab India's annual revenue run rate by more than five times the levels seen in the first quarter of the year, the company said.
SemiCab India's new pilot programs are with large conglomerate industrial and consumer products companies, and expand its geographic footprint in the country. The new clients will also accelerate SemiCab India's timeline to fill all of its available trucks, the company said. Services under the new contracts are expected to start this month.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
June 03, 2025 18:51 ET (22:51 GMT)
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