Unique Logistics International Reports 31.1% Revenue Growth and Net Income Turnaround

Unique Logistics International, Inc. reported significant financial improvements in its latest 10-Q filing for the three and nine months ended February 28, 2025. The company generated total revenues of $88.96 million for the third quarter, a 31.1% increase from $67.83 million in the same period last year. For the nine months, revenues reached $316.38 million, up 64.4% from $192.54 million in the prior year. The company also reported a net income of $5.19 million for the third quarter, compared to a net loss of $5.85 million in the same quarter of the previous year. For the nine-month period, net income was $748,361, a substantial recovery from a loss of $11.03 million in the prior year.

The financial performance reflects a notable turnaround, particularly in airfreight services, which saw revenues increase to $50.98 million from $31.67 million year-over-year. Ocean freight services also contributed significantly, with revenues rising to $29.44 million from $27.54 million. The company attributed these improvements to increased demand for logistics services and effective management of operational costs, which allowed it to achieve an operating income of $467,661 for the third quarter, compared to an operating loss of $539,303 in the same period last year.

Operationally, Unique Logistics has expanded its customer base and geographic reach. The company reported a notable increase in accounts receivable, which rose to $46.95 million from $38.60 million, indicating higher sales volume. The company’s total assets increased to $111.35 million, up from $103.32 million, while total liabilities also rose to $99.90 million from $92.90 million, primarily due to increased accounts payable and a revolving credit facility. The company’s employee headcount remained stable, with no significant changes reported.

Looking ahead, Unique Logistics is navigating challenges related to liquidity and working capital, as indicated by its negative working capital of $23 million. The company has entered into a new factoring agreement to enhance its cash flow and has plans to secure additional financing. Furthermore, on March 11, 2025, Unique Logistics announced a merger agreement with DP World Logistics US Holdings, which could provide additional resources and support for its operations. However, the company cautioned that its ability to continue as a going concern is contingent on successfully raising capital and completing the merger, as it faces substantial doubt regarding its financial stability in the near term.