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Unique Logistics International Inc (UNQL+40.00%). has submitted its 10-Q filing for the quarterly period ended August 31, 2024.
The filing reports total revenues of $115,198,237 for the quarter, an increase from $62,868,284 in the same period of the previous year. This growth was primarily driven by a rise in airfreight and ocean freight services.
Airfreight services revenue increased to $47,248,102 from $19,147,970, while ocean freight and ocean services revenue rose to $57,064,403 from $30,728,501. These increases were attributed to heightened demand and increased pricing.
Customs brokerage and other services revenue decreased to $9,910,153 from $12,419,101, as customers opted to pay their own duties.
The cost of sales for airfreight services was $44,845,501, and for ocean freight and ocean services, it was $51,117,718, reflecting the increased revenue in these segments.
Total operating expenses for the quarter were $114,017,143, up from $64,436,943 in the previous year, primarily due to increased costs in airfreight and ocean freight services.
The company reported a net loss of $2,107,614, compared to a net loss of $2,311,128 in the previous year. The loss was impacted by a $3.3 million income tax expense due to a deferred tax asset valuation allowance.
Cash used in operating activities was $10,242,998, while cash provided by financing activities was $9,426,666. The company had $3,520,910 in cash and cash equivalents at the end of the period.
Unique Logistics highlighted its ongoing evaluation of liquidity requirements and mentioned a temporary increase in its credit facility with TBK Bank to $30 million.
The filing also noted the acquisition of Unique Logistics International (Sin) Pte Ltd. from Unique Logistics Holdings Limited, with a purchase price of $2,169,652.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Unique Logistics International Inc quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.