Tracx Logis (TRCX) Registration filing summary

Company overview and business model

• Technology-led, asset-light cross-border logistics provider with e-Commerce Logistics and Enterprise Logistics businesses; combines proprietary platforms with carrier, warehouse, customs and delivery partners.

• TLPS supports parcel shipping, fulfillment, warehousing, inventory and delivery management; Smart Cargo serves freight forwarding and supply-chain customers, including SMEs.

• Network at June 30, 2026: 4 fulfillment centers, 6 delivery processing centers, 36 key cross-border routes and ~68,977 sq. m of storage capacity across 5 Asian countries and regions.

• Tmarkets Enabler, relaunched in early 2026, offers AI-based product listing and marketing tools; legacy inventory sales were discontinued after 2025.

Financial performance and metrics

• FY2025 revenue S$167.1M vs S$294.1M in FY2024; net loss S$1.7M vs S$52.3M, following restructuring and lower sales volumes.

• H1 2026 revenue S$85.5M vs S$82.8M H1 2025; net loss S$47.3M vs S$19.2M, with finance costs net of S$34.1M vs S$21.1M.

• H1 2026 gross profit S$5.6M vs S$4.6M; gross margin 6.6% vs 5.5%; Adjusted EBITDA loss S$1.5M vs S$3.8M.

• FY2025 e-Commerce Logistics revenue S$42.0M vs S$89.0M FY2024; Enterprise Logistics S$122.5M vs S$149.2M. H1 2026 segment revenue was S$21.5M and S$63.4M, respectively.

• June 30, 2026 cash S$5.7M, total assets S$133.5M, total liabilities S$337.7M and net current liabilities S$254.2M; all convertible notes converted into shares on September 4, 2026.

Use of proceeds and capital allocation

• At the $20 midpoint, expected net proceeds are $16.4M, or $19.1M with full over-allotment exercise; no proceeds accrue from the resale shares.

• Planned allocation: ~10% to expand and enhance core platforms; ~10% to regional fulfillment-center maintenance capex; ~40% to working capital, including ~25% of that allocation for trade payables.

• Remaining proceeds are for general corporate purposes, potentially strategic investments or acquisitions; no specific targets identified. Management retains discretion to reallocate funds.

• Pending deployment, proceeds are intended for short-term interest-bearing bank deposits or money-market funds.