Radiant Logistics Reports 31.5% Revenue Growth to $264.5 Million in Latest Quarter

Radiant Logistics, Inc. reported significant financial growth in its latest quarterly results, with revenues reaching $264.5 million for the three months ended December 31, 2024, a 31.5% increase from $201.1 million in the same period last year. The company’s net income also saw a substantial rise, climbing to $6.5 million compared to $1.1 million in the prior year, reflecting a notable improvement in profitability. For the six-month period, revenues totaled $468.1 million, up from $411.9 million, while net income increased to $9.9 million from $4.0 million.

The company attributed its revenue growth to increased project charter revenues and contributions from recent acquisitions. Operating expenses for the quarter were $255.8 million, up from $199.4 million a year earlier, primarily driven by higher costs associated with transportation services. The adjusted gross profit for the quarter was $63.3 million, compared to $62.0 million in the previous year, indicating a slight increase in operational efficiency despite rising costs. The adjusted gross profit margin decreased to 23.9% from 30.8%, largely due to lower margins from project charter revenues.

In terms of strategic developments, Radiant Logistics completed several acquisitions during the fiscal year, including Foundation Logistics & Services, Focus Logistics, and TCB Transportation, which are expected to enhance its service offerings and geographic reach. The company operates over 100 locations across North America and continues to expand its network of strategic operating partners. As of December 31, 2024, the company reported a total of 47,008,523 shares outstanding.

Operationally, Radiant Logistics reported a decrease in operating partner commissions, which fell to $19.3 million from $25.8 million, reflecting a shift towards more company-owned locations. Personnel costs remained stable at $19.6 million, while selling, general, and administrative expenses increased slightly due to higher technology and facility costs. The company’s cash position decreased to $19.9 million from $24.9 million, primarily due to cash used for acquisitions and investments in property and equipment.

Looking ahead, Radiant Logistics remains focused on organic growth and further acquisitions to enhance its market position. The company is also addressing a material weakness in its internal controls over financial reporting, particularly related to revenue recognition, and is implementing measures to strengthen its processes. Management anticipates that these efforts will improve operational efficiency and financial reporting accuracy in the future.