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Algorhythm Holdings Announces Record First Quarter 2026 Financial Results
Revenue Increases 71% Sequentially as Cash Balance Grows to Almost $11 Million Fort Lauderdale, FL, May 14, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc.
About this update from Algorhythm Holdings, Inc.
[{"type":"text","content":"Revenue Increases 71% Sequentially as Cash Balance Grows to Almost $11 Million Fort Lauderdale, FL, May 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 first quarter ended March 31, 2026, including the achievement of a record amount of revenue since becoming a pure-play AI technology company. First Quarter 2026 Financial Highlights Revenue increased $1.0 million, or 71%, sequentially to $2.4 million for the three months ended March 31, 2026 compared to $1.4 million for the three months ended December 31, 2025.Revenue increased $2.3 million, or 1,851%, year-over-year to $2.4 million for the three months ended March 31, 2026 from $123,000 for the three months ended March 31, 2025.Cash and restricted cash totaled $10.9 million at March 31, 2026, an increase of 78% compared to $6.1 million at December 31, 2025.Net loss decreased $3.9 million, or 42%, to $5.4 million (of which $1.8 million consisted of non-cash expenses) for the three months ended March 31, 2026 from $9.3 million for the three months ended March 31, 2025.Total assets grew 45% to $18.5 million at March 31, 2026 compared to $12.7 million at December 31, 2025. “We are off to a strong start in 2026, with first quarter revenue growing more than 71% sequentially and more than 1,800% year-over-year as we continue to scale our SemiCab business,” stated Gary Atkinson, Chief Executive Officer of Algorhythm Holdings. “Our SMCB acquisition in May 2025 continues to deliver meaningful results, and our customer base in India is broadening as existing customers expand their lane coverage and new enterprise shippers come on board. With our Apex SaaS platform opening the door to the U.S. and European markets, we believe we are well-positioned to sustain strong revenue growth throughout the remainder of 2026.” “Our balance sheet strengthened significantly during the first quarter,” added Alex Andre, Chief Financial Officer of Algorhythm Holdings. “We ended the quarter with $10.9 million in cash and restricted cash, up from $6.1 million at year-end 2025, providing us with substantially greater liquidity to support the growth of our SemiCab business. As of May 12, 2026, we had a cash and restricted cash balance of almost $9.4 million. “We also reduce...