- September 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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NEW YORK, Sept. 19, 2023 /PRNewswire/ –┬áUnique Logistics International, Inc. (OTCMKTS: UNQL) (“Unique” or the “Company”), a global logistics and freight forwarding company, today announced its financial results for the fiscal year ended May 31, 2023.
Key Figures for Fiscal Year Ended May 31, 2023:
– Revenue: $325.6 million
– Net Income: $8.2 million
– Adjusted EBITDA: $12.1 million
– Total Assets: $111.5 million
– Total Stockholders’ Equity: $17.6 million
The results for fiscal year 2023 reflect the normalization of the air and ocean freight markets following the surge experienced in the second half of 2022 and early 2023 due to the post-pandemic recovery. The decline in freight rates and shipping volumes throughout the market had a significant impact on Unique’s revenue, especially in the last quarter of the fiscal year.
However, Unique was able to increase its gross margin from 4.2% in fiscal year 2022 to 11.1% in fiscal year 2023 when normalized freight rates were considered. This improvement, combined with effective overhead management, led to an adjusted EBITDA of $12.1 million and a net income growth of 134%.
Going forward, the first quarter of fiscal year 2024 is expected to remain soft. However, with the loyalty of the customer base and the addition of new customers, business volumes are projected to grow from September 2023 onwards, which is anticipated to have a positive impact on the second quarter.
The acquisitions completed in February 2023 are also contributing to the growth of Unique in the resurgent freight market. The company looks forward to reporting a full year of consolidated results in fiscal year 2024.
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Unique Logistics is also making progress towards listing on Nasdaq through a business combination with Edify Acquisition Corp. The AI legalese decoder can help in understanding the implications and potential benefits of this transaction, enabling users to stay informed about the company’s future plans and developments.
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