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Unique Logistics International Inc (UNQL-3.23%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $112,226,717 from $61,842,253 in the same quarter the previous year. This increase is primarily due to higher ocean freight and airfreight services revenue.
Ocean freight and ocean services revenue increased significantly due to both price and volume increases. A price increase of approximately 111.0% contributed to a 17.3% rise in revenue, while a volume increase of approximately 30.2% resulted in an 82.7% revenue increase.
Airfreight services revenue rose due to a 69.7% increase in spot market pricing, leading to a 117.6% increase in revenue, despite a 9.4% decrease in volume.
Total costs and operating expenses for the quarter were $111,405,407, up from $63,826,552 in the previous year. This increase was largely due to a rise in direct product costs, which corresponded with increased sales revenue.
The company reported a net loss of $2,338,094 for the quarter, compared to a net loss of $2,870,683 in the previous year. The loss was impacted by increased interest expenses and a loss in fair value of derivative liabilities.
Interest expense for the quarter was $1,666,144, up from $1,026,165 in the previous year, due to higher debt balances and restructuring of promissory notes.
The company recorded a provision for income tax expense of $535,561, reflecting an effective tax rate of 29.7%.
Unique Logistics International Inc. is evaluating strategies to enhance its liquidity position, including seeking additional financing and extending the term of outstanding debt.
The company acknowledges substantial doubt about its ability to continue as a going concern within one year after the date of the financial statements, due to negative working capital, net losses, and cash used in operations.
Management believes that current cash and cash availability under the TBK facility, along with potential external financing, would be sufficient to support operations for at least the next 12 months.
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 March 7, 2025. To report an error, please email earnings@qz.com.