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Xiaomi targets entry into European EV market in 2027
China's Xiaomi Corporation has revealed ambitions to break into the European electric vehicle (EV) market by 2027. This announcement comes on the heels of the company's foray into the EV sector within China, which has seen significant growth over the past year. Xiaomi provided insights into the company's expansion strategy following a notable 30.5% increase in overall quarterly revenue during the June quarter, reaching 116bn yuan ($16.2bn). Its financial report indicated that the company's smart EV, AI, and other initiatives produced 21.3bn yuan in revenue in the second quarter (Q2) 2025. Xiaomi's vehicle deliveries for Q2 2025 stood at 81,302 units, representing a 197.7% year-on-year (YoY) growth compared to the same period in the previous year. The company's network of EV sales centres has also expanded, with 335 locations now spread across 92 cities, and a net addition of 100 sales centres quarter over quarter. The EV division's losses have narrowed to approximately 300m yuan during the quarter. Additionally, the gross margin for Xiaomi's businesses, which includes smart EVs and AI, improved to 26.4% in Q2, up from 15.4% in the previous year period. According to data from the China Association of Automobile Manufacturers (CAAM), sales of Chinese-made vehicles, including exports, experienced a near 15% YoY increase to 2.593 million units in July 2025. This comes after a 5% decline to 2.262 million units the year before. Domestic sales saw a 13% rise to 2.018 million units, while exports surged by 23% to 575,000 units. In June, Xiaomi launched the YU7, its first battery-powered SUV model. The launch was a significant event for Xiaomi's automotive business, with local reports indicating that the automaker received over 200,000 confirmed orders for the new model within an hour of its unveiling. Furthermore, in the same month, Xiaomi secured a 50-year lease for a 485,134m2 plot of land in Beijing, China, for smart connected car and components projects. The Beijing municipal planning and natural resources commission announced the deal, valued at 635m yuan ($88m). In March, Xiaomi agreed to raise $5.5bn through a placement and subscription agreement involving the sale and issuance of 800 million shares. "Xiaomi targets entry into European EV market in 2027" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Roamly introduces AI-powered Carshare insurance platform
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Algorhythm Holdings Reports Second Quarter 2025 Financial Results
Fort Lauderdale, FL, Aug. 20, 2025 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. ('Algorhythm') (NASDAQ: RIME) – an AI technology holding company, announced today its results of operations for the second quarter ended June 30, 2025. Second Quarter Financial Highlights: Revenues increased to $2.7 million in the second quarter of 2025 compared to $2.4 million in the same period last year. Gross profit margin increased to 35.1% in the second quarter of 2025 from 13.3% in the same period of the prior year. Gross profit was approximately $1.0 million for the second quarter 2025. Total operating expenses decreased by $4.8 million to $1.7 million in the second quarter of 2025, compared to $6.5 million in the same period last year. Net loss decreased by $5.3 million to $0.8 million for the second quarter of 2025 compared to $6.1 million in the same period last year. Cash on hand was $1.1 million as of June 30, 2025. Second Quarter Business Highlights: Algorhythm had a breakthrough quarter, marked by several major accomplishments since the beginning of the quarter. Most notable were the following: Algorhythm completed the acquisition of SMCB Solutions Private Ltd. ('SemiCab India'), the Indian managed services provider of SemiCab's AI logistics platform. Algorhythm completed the sale of its consumer karaoke subsidiary, Singing Machine, for $4.5 million, trimming approximately $4.0 million in liabilities and strengthening its balance sheet. SemiCab won five new contracts with leading multinational fast moving consumer goods ('FMCG') companies in India, expanding its footprint in the country's high-growth logistics market. Four existing contracts were expanded, with lanes and volumes increasing by 100%–200%, driving significant revenue growth potential. Fleet size increased from 140 to 450 trucks, positioning SemiCab to raise its annualized revenue run rate to $23 million. 'Our second quarter was marked by the achievement of several milestones that built upon the momentum that we gathered during our first quarter,' stated Gary Atkinson, Chief Executive Officer of Algorhythm. 'With the acquisition of SemiCab India and the sale of our Singing Machine business, we transformed Algorhythm Holdings into a high-growth, technology-focused AI distribution and logistics company while significantly reducing our cash burn and strengthening our balance sheet.' Mr. Atkinson continued, 'We are now a people-light, asset-light, nimble and a cutting-edge technology company serving some of the largest consumer packaged goods companies in the world. Our SemiCab business has grown almost 300% from an annualized revenue run rate (ARR) of approximately $2 million in January to more than $7 million today, and is still quickly growing. We plan to develop our pipeline of pending contracts with new transporters to grow our fleet to over 1,000 vehicles by the end of 2025 to keep pace with demand. As more shippers and carriers join our platform, the flywheel begins to spin—network effects grow, and opportunities to optimize truck utilization multiply, unlocking significant value.' Q2 2025 Financial Summary 'Revenue for Q2 increased to $2.7 million, up from $2.4 million in the same period last year, driven primarily by the contribution from our SemiCab India acquisition, even for a partial quarter,' said Alex Andre, Chief Financial Officer of Algorhythm. 'Net loss improved dramatically to $0.8 million, compared to a net loss of $6.1 million last year, reflecting a $3.9 million reduction in operating lease impairment and lower general and administrative expenses,' Mr. Andre continued. 'We expect net loss to continue trending lower over the next 12 months, primarily due to the sale of Singing Machine and the corresponding reduction in operating expenses which will be partially offset by strategic investments to accelerate growth in our SemiCab business.' Conference Call Details: Date: Wednesday, August 20, 2025Time: 10:00 a.m. EDT Dial-in number: 888-999-3182Conference ID: RIME An audio rebroadcast of the call will be available later in the day at: About Algorhythm Holdings Algorhythm Holdings, Inc. is an 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 these 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: Investor Relations Contact:Brendan Hopkins407-645-5295investors@ Forward Looking StatementsThis 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. Algorhythm Holdings, Inc. and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2025 December 31, 2024 (unaudited) Assets Current Assets Cash $ 1,134,000 $ 7,550,000 Accounts receivable, net of allowances of $101,000 and $274,000, respectively 2,317,000 4,373,000 Accounts receivable, related party 124,000 212,000 Note receivable - related party - 701,000 Inventory 2,733,000 2,186,000 Returns asset 93,000 1,621,000 Prepaid expenses and other current assets 1,219,000 120,000 Total Current Assets 7,620,000 16,763,000 Property and equipment, net 252,000 284,000 Other non-current assets 90,000 124,000 Intangible assets, net 315,000 345,000 Goodwill 4,418,000 786,000 Total Assets $ 12,695,000 $ 18,302,000 Liabilities and Shareholders' Equity Current Liabilities Accounts payable $ 1,996,000 $ 3,808,000 Accrued expenses 3,295,000 4,224,000 Refund due to customer 1,232,000 38,000 Reserve for sales returns 521,000 3,355,000 Warrant liability - 16,603,000 Promissory notes payable,net 379,000 - Current portion of promissory note payable - SemiCab, Inc. 1,500,000 - Current portion of notes payable to related parties 265,000 265,000 Other current liabilities 62,000 145,000 Total Current Liabilities 9,250,000 28,438,000 Notes payable to related parties, net of current portion 385,000 385,000 Promoissory note payable - SemiCab, Inc., net of current portion 250,000 - Total Liabilities 9,885,000 28,823,000 Commitments and Contingencies Shareholders' Equity (Deficit) Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding at June 30, 2025 and December 31, 2024 - - Common stock, $0.01 par value; 800,000,000 and 100,000,000 shares authorized; 2,514,571 and 470,825 shares issued and outstanding at June 30, 2025 and December 31, 2024 25,000 5,000 Additional paid-in capital 63,854,000 39,682,000 Accumulated deficit (58,948,000 ) (49,172,000 ) Non-controlling interest (1,363,000 ) (1,036,000 ) Treasury stock, 10,990 and 0 shares reserved at June 30, 2025 and December 31, 2024 (758,000 ) - Total Algorhythm Holdings Shareholders' Equity (Deficit) 2,810,000 (10,521,000 ) Total Liabilities and Shareholders' Equity (Deficit) $ 12,695,000 $ 18,302,000 Algorhythm Holdings, Inc. and SubsidiariesCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Sales $ 2,716,000 $ 2,440,000 $ 4,709,000 $ 4,866,000 Cost of Goods Sold 1,762,000 2,116,000 3,255,000 4,040,000 Gross Profit 954,000 324,000 1,454,000 826,000 Operating Expenses Selling expenses 234,000 547,000 998,000 1,177,000 General and administrative expenses 1,502,000 2,053,000 4,048,000 4,212,000 Operating lease impairment expense - 3,878,000 - 3,878,000 Total Operating Expenses 1,736,000 6,478,000 5,046,000 9,267,000 Loss from Operations (782,000 ) (6,154,000 ) (3,592,000 ) (8,441,000 ) Other Expenses Change in fair value of warrant liability - - (6,468,000 ) - Interest expense (27,000 ) (17,000 ) (43,000 ) (45,000 ) Total Other Expenses (27,000 ) (17,000 ) (6,511,000 ) (45,000 ) Loss Before Income Tax Benefit (809,000 ) (6,171,000 ) (10,103,000 ) (8,486,000 ) Income Tax Benefit - 52,000 - - Net Loss (809,000 ) (6,119,000 ) (10,103,000 ) (8,486,000 ) Net loss attributable to non-controlling interest 224,000 - 327,000 - Net Loss Available to Common Shareholders $ (585,000 ) $ (6,119,000 ) $ (9,776,000 ) $ (8,486,000 ) Income (Loss) Per Common Share Basic and diluted $ (0.24 ) $ (190.68 ) $ (4.40 ) $ (264.44 ) Weighted Average Common and Common Equivalent Shares: Basic and diluted 2,472,464 32,090 2,224,047 32,090 Algorhythm Holdings, Inc. and SubsidiariesCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) For the Six Months Ended June 30, 2025 June 30, 2024 Cash flows from operating activities Net loss $ (10,103,000 ) $ (8,486,000 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 96,000 125,000 Reduction in SMCB loan in exchange for services 304,000 - Gain on allowance for credit loss (439,000 ) - Change in fair value of warrant liability 6,468,000 - Provision for estimated cost of returns 1,528,000 1,301,000 Provision for inventory obsolescence 4,000 - Credit losses 3,000 14,000 Impairment expense - 3,878,000 Reserve for sales returns (2,834,000 ) (1,217,000 ) Stock-based compensation 47,000 36,000 Changes in operating assets and liabilities: Accounts receivable 2,372,000 4,945,000 Due from banks - (187,000 ) Accounts receivable - related parties 88,000 (145,000 ) Inventories (551,000 ) (38,000 ) Prepaid expenses and other current assets (722,000 ) 69,000 Other non-current assets 523,000 (64,000 ) Accounts payable (2,184,000 ) (3,940,000 ) Accrued expenses (1,147,000 ) (771,000 ) Refunds due to customers 1,194,000 (649,000 ) Other liabilities (83,000 ) (281,000 ) Net cash used in operating activities (5,436,000 ) (5,410,000 ) Cash flows from investing activities Purchase of property and equipment (22,000 ) (6,000 ) Repurchase of shares of common stock (758,000 ) - Cash received from acquisition of SMCB 593,000 - Advances to SMCB (1,172,000 ) - Net cash used in investing activities (1,359,000 ) (6,000 ) Cash flows from financing activities Proceeds from issuance of promissory notes, net 379,000 - Other - (42,000 ) Net cash provided by (used in) financing activities 379,000 (42,000 ) Net change in cash (6,416,000 ) (5,458,000 ) Cash at beginning of year 7,550,000 6,703,000 Cash at end of period $ 1,134,000 $ 1,245,000 Supplemental disclosures of cash flow information: Cash paid for interest $ 43,000 $ 40,000 Non-Cash investing and financing cash flow information: Reclassification of Series A warrants to equity $ 7,857,000 $ - Common stock issued for exercise of Series B warrants $ 15,214,000 $ - Common stock issued for acquisition of SMCB $ 316,000 $ - Promissory note issued for acquisition of SMCB $ 1,750,000 $ - Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
