Tracx Logis (TRCX) Registration filing summary

Company overview and business model

• Technology-driven, integrated cross-border logistics provider with e-Commerce and Enterprise Logistics as core businesses.

• Asset-light model leveraging proprietary platforms (TLPS, Smart Cargo) for scalable, cost-effective operations.

• Services include end-to-end logistics, storage, fulfillment, and supply chain management across Asia and globally.

• Recent focus on AI-driven solutions (Smart AI Studio, tFit) and expansion into value-added services for e-commerce sellers.

• Discontinued inventory trading business in 2025 to focus on logistics and technology-enabled services.

Financial performance and metrics

• 2025 revenue: S$167.1M (US$130.0M), down 43% from S$294.1M in 2024 due to macroeconomic headwinds and loss of key customers.

• 2025 net loss: S$1.7M (US$1.3M), a significant improvement from S$52.3M loss in 2024 after restructuring and cost reductions.

• Gross profit margin improved to 5.9% in 2025 from 5.4% in 2024.

• Adjusted EBITDA loss narrowed to S$4.1M in 2025 from S$9.4M in 2024.

• Net current liabilities of S$211.8M as of December 31, 2025, mainly due to convertible notes classified as current liabilities.

Use of proceeds and capital allocation

• Net proceeds will fund expansion and technological enhancement of logistics platforms, routine maintenance capex, and general corporate purposes, including potential strategic investments or acquisitions.

• No specific acquisitions identified at this time; management retains flexibility in capital allocation.