Tracx Logis (TRCX) Registration filing summary

Company overview and business model

• Technology-led, asset-light provider of cross-border e-commerce logistics and enterprise freight forwarding, using partners and APIs to scale with limited incremental capital.

• E-commerce services span pickup, storage, fulfillment, air/sea/land transport, customs and last-mile delivery; TLPS integrates warehouse, inventory and delivery management.

• At June 30, 2026, network included 4 fulfillment centers, 6 processing centers, 36 cross-border routes and ~68,977 sq. m. of storage; services connected to 30 commerce platforms.

• Enterprise logistics operates through KCI, with 20+ subsidiaries and long-standing customer relationships including Samsung, LG and Coway.

• Plans include AI and Smart Cargo upgrades by end-2026, a North American technology subsidiary within 12 months after the offering, and expansion of India services.

Financial performance and metrics

• Revenue fell 43.2% to S$167.1M in FY2025 from S$294.1M in FY2024; H1 2026 revenue rose 3.2% YoY to S$85.5M.

• FY2025 e-commerce logistics revenue was S$42.0M vs. S$89.0M in FY2024; enterprise logistics was S$122.5M vs. S$149.2M. H1 2026 segment revenue rose to S$21.5M and S$63.4M, respectively.

• Net loss was S$52.3M in FY2024, S$1.7M in FY2025 and S$47.3M in H1 2026; Adjusted EBITDA losses were S$9.4M, S$5.4M and S$1.5M, respectively.

• H1 2026 gross margin was 6.6% vs. 5.5% in H1 2025; net finance costs rose to S$34.1M from S$21.1M, including convertible-note interest and derivative valuation losses.

• Cash was S$5.7M at June 30, 2026; operating cash outflow was S$6.4M in H1 2026. Net current liabilities were S$254.2M; all outstanding notes converted into 11,819,032 shares on September 4, 2026.

Use of proceeds and capital allocation

• Estimated net proceeds: ~$25.3M at a $20.00 assumed price, or ~$29.4M with full over-allotment exercise.

• Planned allocation: 10% for platform expansion and technology, 10% for fulfillment-center maintenance capex, 40% for working capital, including 25% of that allocation for trade payables; remainder for general corporate purposes.

• Remaining proceeds may support opportunistic investments or acquisitions; no specific targets were identified. Pending use, proceeds are intended for short-term interest-bearing deposits or money market funds.