SemiCab Awarded $6 Million Contract Expansion, Accelerating Projected ARR to Over $13 Million

Largest Contract Expansion in Company’s History, 10X Increase Over Initial Pilot Program

Fort Lauderdale, FL, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME) – a leading AI technology company, announced today that SemiCab has secured a major expansion of its Master Services Agreement with one of India’s largest paint manufacturers and retailers. The customer, one of the 10 largest global shippers in the paints industry with over $4 billion in annual sales, operates across 60 countries in Asia-Pacific, Africa, and the Middle East.

Under the newly expanded agreement, the number of committed lanes has grown more than seven-fold to 183 lanes, representing up to an additional $5.5 million in annual service revenue for SemiCab. SemiCab initially launched a commercial pilot program with the customer in early 2023, managing 25 lanes and generating approximately $0.5 million in annual revenue.

This $6 million expansion marks the largest single contract award in SemiCab’s history and is expected to increase its annualized revenue run rate (ARR) to more than $13 million once the expansion is complete. Powered by its AI-enabled, cloud-based Collaborative Transportation Platform, SemiCab’s logistics and distribution solutions are designed to reduce logistics costs, improve delivery accuracy, and eliminate empty miles – key drivers of efficiency and sustainability in the global freight industry.

Ajesh Kapoor, CEO of SemiCab Holdings, LLC, commented, "We’re thrilled to expand one of our largest customer relationships to date. This award is a strong validation of the results our AI-powered platform delivers. By increasing freight volume across this network, we can unlock even greater efficiencies, reduce empty miles, and provide even greater cost savings for our customers."

“As our network grows and more freight flows through our platform, we unlock powerful network effects that create new opportunities for optimization and efficiency,” added Mr. Kapoor. “Each new customer and expanded contract not only increases the volume of shipments we manage but also strengthens the density and reach of our network. This creates a self-reinforcing cycle – higher utilization, lower empty miles, and improved economics – that allows us to scale rapidly and capture additional growth opportunities across India.”