Funding Positions Company to Execute Global Growth Strategy for SemiCab Platform
Fort Lauderdale, FL, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. ("Algorhythm") (NASDAQ: RIME) - a leading AI technology company, today announced it has received an additional $9.5 million under its existing $20 million financing facility, bringing total capital raised under the facility to $19.5 million.
At completion of this new funding, Algorhythm reported approximately $12.5 million in cash on hand, providing ample capital to support the continued expansion of its SemiCab platform in India, the U.S., and other international markets.
"We are now fully funded to execute our business plan in the US and India through 2026," said Gary Atkinson, CEO of Algorhythm Holdings. "Our focus is singular: scaling SemiCab globally to transform truckload freight into an intelligent, optimized network."
The Company intends to deploy the proceeds to:
- Accelerate U.S. go-to-market efforts for the newly launched SemiCab Apex SaaS platform;
- Grow its customer base and contract footprint in India;
- Expand geographically into new freight logistics markets; and
- Develop complementary products and services to strengthen the SemiCab platform.
In addition, the Company has already repaid approximately $7 million of the initial $10 million under the financing facility, further reinforcing its balance sheet and increasing stockholders' equity.
"We've now received almost all of the funds available under this facility, which added significant stockholders' equity onto our balance sheet, and are in the strongest financial position we've ever been in as a company," Atkinson added.
About Algorhythm Holdings
Algorhythm Holdings, Inc. is a leading AI technology company focused on the growth and development of SemiCab, an emerging leader in the global logistics and distribution industry. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML predictions and advanced predictive optimization models to enable fully loaded round trips. With SemiCab's AI platform, shippers pay less and carriers make more without having to change a thing. For additional information, please go to: http://www.semicab.com
Investor Relations Contact
Brendan Hopkins
407-645-5295
investors@algoholdings.com
www.algoholdings.com
Media Contact
FischTank PR
Algorhythm@fischtankpr.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 Algorhythm's reports to the SEC, including, without limitation Algorhythm's Annual Report on Form 10-K 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.
