Fri, Mar 7, 9:02 PM (51 days ago)
For the quarter ending November 30, 2024, Unique Logistics International, Inc. (OTC: UNQL) reported significant financial performance improvements, with total revenues reaching $112.2 million, an 81.5% increase year-over-year. This surge was driven by a 174.7% rise in ocean freight services and a 53.7% increase in airfreight services. However, costs also escalated, totaling $111.4 million, primarily due to increased product costs associated with higher sales volumes and prices. The company recorded a net loss of $2.34 million for the quarter, slightly improved from a loss of $2.87 million in Q4 2023. Cash flow remains a concern, with negative working capital of $2.8 million and $3.65 million in cash as of November 30, 2024. The company has increased its revolving credit facility to $30 million through March 2025 but continues to face liquidity challenges. Unique Logistics is exploring various strategies to bolster liquidity, including potential equity financing. The company’s future operations could be impacted by ongoing geopolitical tensions and fluctuating shipping costs, particularly as it navigates significant customer concentration risks and regulatory challenges. The management emphasizes that without sufficient capital, the company may face severe operational constraints moving forward.