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Algorhythm Holdings (NASDAQ: RIME) reported its 2024 financial results, showing revenue of $23.5 million compared to $29.2 million in the nine-month period of 2023. The company experienced increased losses, with net loss rising to $24.4 million in 2024 from $6.1 million in 2023.
The company is transforming from a consumer electronics company to an AI-driven logistics company following the acquisition of SemiCab’s US business. Key developments include raising over $10 million in capital, reducing inventory by 68%, and maintaining $7.6 million cash on hand. The decrease in revenue was primarily due to reduced karaoke product sales.
Of the 2024 net loss, $16.7 million was attributed to non-cash expenses, including a $3.6 million goodwill impairment charge and an $8.9 million warrant-related charge. The company plans to complete the acquisition of SemiCab India and is evaluating strategic alternatives for its Singing Machine business, including a potential sale.
Algorhythm Holdings (NASDAQ: RIME) ha riportato i risultati finanziari del 2024, con un fatturato di 23,5 milioni di dollari rispetto ai 29,2 milioni di dollari registrati nei primi nove mesi del 2023. L’azienda ha registrato perdite maggiori, con una perdita netta salita a 24,4 milioni di dollari nel 2024 rispetto ai 6,1 milioni del 2023.
La società sta passando da un’azienda di elettronica di consumo a una compagnia logistica guidata dall’intelligenza artificiale dopo l’acquisizione del business statunitense di SemiCab. Tra gli sviluppi principali vi sono la raccolta di oltre 10 milioni di dollari di capitale, la riduzione dell’inventario del 68% e il mantenimento di 7,6 milioni di dollari di liquidità disponibile. Il calo dei ricavi è dovuto principalmente alla diminuzione delle vendite di prodotti karaoke.
Del totale della perdita netta del 2024, 16,7 milioni di dollari sono attribuibili a spese non monetarie, tra cui una svalutazione dell’avviamento di 3,6 milioni di dollari e un onere di 8,9 milioni legato ai warrant. L’azienda prevede di completare l’acquisizione di SemiCab India e sta valutando opzioni strategiche per il suo business Singing Machine, inclusa una possibile vendita.
Algorhythm Holdings (NASDAQ: RIME) informó sus resultados financieros de 2024, mostrando ingresos de 23,5 millones de dólares en comparación con 29,2 millones en el período de nueve meses de 2023. La compañía experimentó mayores pérdidas, con una pérdida neta que aumentó a 24,4 millones de dólares en 2024 desde 6,1 millones en 2023.
La empresa se está transformando de una compañía de electrónica de consumo a una empresa logística impulsada por IA tras la adquisición del negocio estadounidense de SemiCab. Los desarrollos clave incluyen la recaudación de más de 10 millones en capital, la reducción del inventario en un 68% y mantener 7,6 millones en efectivo disponible. La disminución de ingresos se debió principalmente a la reducción en las ventas de productos de karaoke.
De la pérdida neta de 2024, 16,7 millones de dólares se atribuyeron a gastos no monetarios, incluyendo un cargo por deterioro de goodwill de 3,6 millones y un cargo relacionado con warrants de 8,9 millones. La compañía planea completar la adquisición de SemiCab India y está evaluando alternativas estratégicas para su negocio Singing Machine, incluida una posible venta.
Algorhythm Holdings (NASDAQ: RIME)은 2024년 재무 결과를 발표하며, 2023년 9개월 기간 동안 2,920만 달러와 비교해 2,350만 달러의 매출을 기록했습니다. 회사는 순손실이 증가하여 2024년 2,440만 달러로, 2023년 610만 달러에서 크게 늘어났습니다.
이 회사는 SemiCab의 미국 사업 인수 이후 소비자 전자제품 회사에서 AI 기반 물류 회사로 전환하고 있습니다. 주요 성과로는 1,000만 달러 이상의 자본 조달, 재고 68% 감소, 760만 달러의 현금 보유가 포함됩니다. 매출 감소는 주로 노래방 제품 판매 감소 때문입니다.
2024년 순손실 중 1,670만 달러는 현금 유출이 없는 비용으로, 360만 달러의 영업권 손상차손과 890만 달러의 워런트 관련 비용이 포함되어 있습니다. 회사는 SemiCab India 인수를 완료할 계획이며, Singing Machine 사업에 대해 잠재적 매각을 포함한 전략적 대안을 검토 중입니다.
Algorhythm Holdings (NASDAQ : RIME) a annoncé ses résultats financiers pour 2024, affichant un chiffre d’affaires de 23,5 millions de dollars contre 29,2 millions sur la période de neuf mois en 2023. L’entreprise a enregistré des pertes accrues, avec une perte nette passant à 24,4 millions de dollars en 2024 contre 6,1 millions en 2023.
L’entreprise se transforme d’une société d’électronique grand public en une entreprise logistique pilotée par l’IA suite à l’acquisition de l’activité américaine de SemiCab. Les développements clés incluent une levée de fonds de plus de 10 millions de dollars, une réduction des stocks de 68 % et la conservation de 7,6 millions de dollars en liquidités. La baisse du chiffre d’affaires est principalement due à la diminution des ventes de produits de karaoké.
Sur la perte nette de 2024, 16,7 millions de dollars sont attribués à des charges non monétaires, comprenant une dépréciation du goodwill de 3,6 millions et une charge liée aux warrants de 8,9 millions. La société prévoit de finaliser l’acquisition de SemiCab India et évalue des alternatives stratégiques pour son activité Singing Machine, y compris une éventuelle vente.
Algorhythm Holdings (NASDAQ: RIME) meldete seine Finanzergebnisse für 2024 mit einem Umsatz von 23,5 Millionen US-Dollar im Vergleich zu 29,2 Millionen US-Dollar im neunmonatigen Zeitraum 2023. Das Unternehmen verzeichnete höhere Verluste, wobei der Nettoverlust 2024 auf 24,4 Millionen US-Dollar anstieg, verglichen mit 6,1 Millionen US-Dollar im Jahr 2023.
Das Unternehmen wandelt sich von einem Unterhaltungselektronikunternehmen zu einem KI-gesteuerten Logistikunternehmen, nachdem es das US-Geschäft von SemiCab übernommen hat. Wichtige Entwicklungen umfassen die Beschaffung von über 10 Millionen US-Dollar Kapital, eine Bestandsreduzierung um 68 % und die Aufrechterhaltung von 7,6 Millionen US-Dollar an liquiden Mitteln. Der Umsatzrückgang ist hauptsächlich auf geringere Karaoke-Produktverkäufe zurückzuführen.
Von dem Nettoverlust 2024 entfielen 16,7 Millionen US-Dollar auf nicht zahlungswirksame Aufwendungen, darunter eine Goodwill-Abschreibung von 3,6 Millionen US-Dollar und ein 8,9 Millionen US-Dollar hoher Aufwand im Zusammenhang mit Warrants. Das Unternehmen plant den Abschluss der Übernahme von SemiCab India und prüft strategische Alternativen für sein Singing Machine-Geschäft, einschließlich eines möglichen Verkaufs.
Algorhythm Holdings’ 2024 financial results reveal a company in transition with significantly deteriorating performance. Revenue decreased to
While management attributes
The strategic pivot from karaoke products to AI-driven logistics represents a complete business transformation with substantial execution risk. Management explicitly acknowledges declining karaoke sales due to tariffs on Chinese-manufactured products and loss of retail shelf space, while the newly acquired SemiCab business had “negligible revenue” at acquisition time despite the goodwill recorded.
The balance sheet shows some positive developments with inventory reduction of
Algorhythm’s strategic pivot from consumer electronics to AI-powered logistics represents a dramatic business model transformation that carries significant challenges. The company has essentially abandoned its core competency in karaoke products to enter the highly competitive freight technology sector dominated by well-established players.
The acquisition of SemiCab’s US operations, with “negligible revenue” at purchase time, suggests the company bought primarily for technology and potential rather than established market position. This aligns with the
The pilot contracts with Apollo Tyres and two CPG manufacturers provide some validation, but SemiCab appears to be in very early commercial stages. Management’s claims about “substantial growth in week-over-week revenue” lack specific metrics and start from an extremely low base.
The technology value proposition remains vague in the announcement. While “AI-enabled freight tech logistics” sounds promising, the company provides no details on technological differentiation, competitive advantages, or specific AI applications that would allow investors to evaluate potential success against established logistics platforms.
With the legacy business declining due to tariffs and retail challenges, and the new AI logistics venture pre-revenue or early-revenue, Algorhythm faces a precarious transition period where it must fund the development of a new business line while managing the controlled decline of its original revenue source. The company’s ability to execute this transition with
Fort Lauderdale, FL, April 16, 2025 (GLOBE NEWSWIRE) — Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME) – an AI technology and consumer electronics holding company, announced today its results of operations for the twelve months period ended December 31, 2024.
2024 Financial Highlights*
A reconciliation of adjusted loss from operations and adjusted net loss on a GAAP and non-GAAP basis is included in the table below entitled “Reconciliation of GAAP to non-GAAP Financial Measures”.
*During 2023, the Company changed fiscal year end from March 31 to December 31. In accordance with SEC regulations, the Company’s consolidated financial statements consisted of balance sheets at December 31, 2024 and 2023 and its statements of operations, stockholders’ deficit and cash flows for the year ended December 31, 2024 and the nine-month period ended December 31, 2023. All numbers presented in this press release reflect these periods.
2024 Overview
“This past year marked a pivotal and exciting time for Algorhythm Holdings,” stated Gary Atkinson, Chief Executive Officer of the Company. “During the year, we began the process of transforming the company from a consumer electronics company offering karaoke products to an artificial intelligence (AI) company offering freight technology services to the transportation industry.”
“Let me briefly recap the several noteworthy achievements and organizational changes that we made during the past 12 months to support the long-term profitability of Algorhythm Holdings:
Additionally, through service agreements, we have been investing in the growth and development of SemiCab, Inc.’s India business (SemiCab India). SemiCab India onboarded a number of notable pilot contracts onto SemiCab, Inc.’s AI logistics platform during the past year, including Apollo Tyres, a top ten global tire manufacturer based in India and two multinational consumer packaged goods manufacturers. These contracts, among others, have resulted in substantial growth in its week-over-week revenue. We plan to complete the acquisition of SemiCab India later this month.”
Financial Summary
“We generated
“Our net loss was
The impairment of goodwill charge was associated with the Company’s acquisition of SemiCab, Inc.’s US business. The partial write-off of goodwill was expected as the Company’s SemiCab business is a nascent, emerging business that the Company purchased for its technology, management team and customer contracts, but that had negligible revenue at the time it was acquired. The warrants that the Company issued in December 2024 were subject to certain contingencies that resulted in the Company having to record a warrant liability of
Outlook
“We are very excited for what 2025 has in store for us, notwithstanding the precarious economic environment that world is maneuvering through,” added Mr. Atkinson. “The foundation of our strategy moving forward will be the continued growth and development of SemiCab, our AI-enabled freight tech logistics and distribution business. The opportunity in this segment of the AI space is very large, and SemiCab, with its cutting-edge technology, is receiving a lot of interest from multinational, Fortune 500 customers as a result. In furtherance of this strategy, we are also evaluating strategic alternatives for our Singing Machine business, including a potential sale of the business. The continued investment in our legacy karaoke and consumer electronics products no longer aligns with our shift to the AI logistics and distribution industry.”
“Our future is brighter than it has ever been. The decisions we’ve made have been bold and decisive to try to turn around the Company. We believe we are making the right investments in the people, assets and companies to allow us to grow quickly and efficiently during 2025. When I reflect upon how far we’ve come during the past year, I could not be more motivated and optimistic about what we will achieve in the future.”
Non-GAAP Financial Measures
The Company prepares it’s consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial information prepared in accordance with GAAP, this release also includes non-GAAP operating income, non-GAAP net income and non-GAAP net income per share data for the periods presented. Management uses non-GAAP financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company’s management believes that these non-GAAP financial measures provide useful supplemental information to management and investors regarding the performance of the Company’s core business operations, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.
These non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings. Accordingly, they may be different from similar non-GAAP financial measures presented by other companies. These non-GAAP financial measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP financial measures. Investors should consider these non-GAAP financial measures as a supplement to, and not as a substitute for, corresponding financial measures calculated in accordance with GAAP.
For the purposes of this press release, the following non-GAAP financial measures have the following meanings:
“Adjusted net loss” means net loss plus depreciation, amortization of intangible assets, impairment of goodwill from purchase of SemiCab, Inc., impairment on note receivable – SMCB, reduction in SMCB loan in exchange for services, provision for estimated cost of returns, change in fair value of warrant liability, loss on issuance of warrants, amortization of debt discount and issuance costs, provision for inventory obsolescence, reserve for sales returns, credit losses, non-cash effect on termination of operating lease, net gain from disposal of property and equipment, stock-based compensation and amortization of right of use assets.
For further information, please refer to the Company’s Annual Report on Form 10-K filed with the SEC on April 15, 2025 and available online at www.sec.gov.
For a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please see the table below entitled “Reconciliation of GAAP to Non-GAAP Financial Measures”.
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
For additional information about SemiCab: http://www.semicab.com
The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry’s widest assortment of at-home and in-car karaoke entertainment products. Their 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. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart.
For additional information about Singing Machine: www.singingmachine.com.
Investor Relations Contact
investors@algoholdings.com
www.algoholdings.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation the Company’s Annual Report on Form 10- for the year ended December 31, 2024.
You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.
Algorhythm Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Table 1: Adjusted Net Loss
Algorhythm Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
Algorhythm Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
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Algorhythm Holdings Pivots to AI Logistics as Losses Mount: 2024 Earnings Deep Dive – Stock Titan
