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Transfix, a digital freight platform, disclosed its financial achievements for 2021, achieving a 60% revenue growth to $296 million. Gross profit rose 74% to $17.4 million, with a gross profit margin of 5.9%. Q4 revenue increased 37% to $87 million, but gross profit fell 2% to $5.5 million. The company also reported a strong net shipper spend retention rate of 148% and expanded its carrier base by 27% to 28,000. Transfix is set to merge with G Squared Ascend I (NYSE: GSQD) in Q2 2022, enhancing its public profile.
Transfix Inc. announced a partnership with The Trucking Fitness Company (TFC) to promote health and wellness among truck drivers. Beginning March 1, 2022, drivers will have access to discounted memberships and personalized workouts via the TFC app, addressing challenges such as lack of time and resources for fitness on the road. This initiative follows a survey indicating that a majority of drivers feel there are insufficient healthy food options available. Additionally, Transfix is on track to complete a business combination with G Squared Ascend I (NYSE: GSQD), expected to result in Transfix becoming publicly listed.
Transfix Inc., a digital freight platform, has appointed Guy Byars as Senior Vice President of Carrier Growth and Jennifer Mosso as Vice President of Shipper Growth. Byars brings extensive experience, having previously built a $100MM+ brokerage division, while Mosso is known for her expertise in supply chain optimization. CEO Lily Shen emphasized that their experience will enhance customer experiences and drive growth, especially with their ongoing merger with G Squared Ascend I Inc. (NYSE: GSQD), expected to finalize soon.
Transfix Inc. has achieved Great Place to Work® Certification, with 86% of employees deeming it a great workplace—27 points higher than the U.S. average. This accolade reflects the company's focus on employee experience and culture. Transfix has initiated several Employee Resource Groups to foster inclusion and support among employees. The company is also moving forward with a business combination with G Squared Ascend I Inc. (NYSE: GSQD) to become a publicly traded entity, pending customary closing conditions.
Transfix has announced a definitive business combination agreement with G Squared Ascend I (GSQD) to accelerate its growth in the freight logistics sector. The merger, expected to close in Q1 2022, implies a pro forma enterprise value of $1.1 billion. Transfix's revenues surged over 40% from $130 million in 2019 to $184 million in 2020. The transaction provides up to $405 million in gross cash proceeds, with $375 million available post-transaction for growth initiatives. Transfix will be publicly listed under the ticker 'TF' on the NYSE.
G Squared Ascend I Inc. (NYSE: GSQD) received a notice from the NYSE on May 25, 2021, citing non-compliance with Section 802.01E due to the delayed filing of its Quarterly Report on Form 10-Q for Q1 2021. The notice allows the Company six months to file the report to regain compliance. The delay follows a reevaluation of the accounting treatment for warrants based on recent SEC guidance, which requires these warrants to be classified as liabilities. The Company is actively working to complete the Form 10-Q.
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