Tracx Logis (TRCX) Registration filing summary

Company overview and business model

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

• Asset-light model leveraging proprietary platforms (TLPS, Smart Cargo) and partner networks across Asia, Europe, and the Americas.

• Offers end-to-end logistics, storage, fulfillment, and supply chain management, with AI-driven enhancements and value-added services.

• Discontinued direct product sales, relaunching as Tmarkets Enabler to provide digital sales tools and marketing support.

• Operates through wholly-owned subsidiaries and associates in multiple jurisdictions, with no material VIE exposure.

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 restructuring.

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

• Adjusted EBITDA loss narrowed to S$5.4M in 2025 from S$9.4M in 2024.

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

• Cash and cash equivalents at year-end 2025: S$12.3M; net current liabilities: S$211.8M, mainly due to convertible notes.

• Significant working capital deficiency and going concern risk highlighted by auditors.

Use of proceeds and capital allocation

• Net proceeds of ~$25.4M (or ~$29.6M if over-allotment exercised) expected, assuming $20/share IPO price.

• Planned allocation: 11% to technology/platform expansion, 10% to maintenance capex, 41% to working capital, remainder to general corporate purposes and potential strategic investments or acquisitions.

• No specific acquisition targets identified at this time.