Unique Logistics International Reports Financial Results for Fiscal 2023 Highlighted by 134% Growth in Net Income.

NEW YORK: Unique Logistics International, Inc. (OTCMKTS: UNQL) ("Unique" or the "Company"), a global logistics and freight forwarding company, today announced results for its fiscal year ended May 31, 2023.

UNIQUE LOGISTICS INTERNATIONAL, INC.

Key Figures

(in millions)

For the Year Ended May 31

2023

2022

Revenue

$ 325.6

$ 1,014.5

Net Income

8.2

3.5

Adjusted EBITDA

$ 12.1

$ 17.3

May 31, 2023

May 31, 2022

Total Assets

$ 111.5

$ 124.9

Total Stockholders' Equity

$ 17.6

$ 5.8

134% Growth in Net Income Year Over Year

Chief Executive Officer Sunandan Ray commented on these results, "Fiscal year 2023 highlights the normalization of the air and ocean freight markets following the post pandemic surge experienced in the second half of 2022 and the early part of 2023. Declining freight rates, as well as shipping volumes throughout the market, had a significant impact on revenue for Unique and throughout the industry, particularly in the last quarter of the fiscal year. On the other hand, at normalized freight rates, Unique substantially increased its gross margin (or net revenue) from 4.2% in fiscal year 2022 to 11.1% in fiscal year 2023. This improvement, together with containment of overhead, resulted in the company achieving adjusted EBITDA of $12.1 million together with an increase in net income of 134%."

The outlook for the first quarter of fiscal year 2024 remains soft. However, through the loyalty of our customer base, including new customers added, business volumes are expected to grow from September 2023 onwards, which we anticipate will positively impact our second quarter.

"The acquisitions we completed in February 2023 are also seeing business growth in the resurgent freight market. We look forward to reporting a full year of consolidated results in fiscal year 2024."

Mr. Ray concluded: "We are excited to be one step closer to listing on Nasdaq through our previously announced business combination with Edify Acquisition Corp., which remains on track. We expect to move quickly towards executing our M&A strategy soon after the business combination is completed."

On February 21, 2023, the Company completed the acquisition of share capital in eight operating subsidiaries from Unique Logistics Holdings Limited, a Hong Kong corporation. The Company's consolidated financial statements prepared under US GAAP include the operations of acquired businesses from the date of the acquisitions. The following unaudited pro forma financial information...