Corvid Logistics At risk No new money
Regional trucking and logistics · Loan + revenue share · $9.0M deployed · Last report Oct 8
Performance
Last 12 months’ revenue, monthly.
$24.0M
−9.0% vs budget
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
18.5%
−2.6 pts vs budget
Last 12 months’ EBITDA after approved adjustments, monthly.
$1.9M
−27.0% vs budget
Adj. EBITDA ÷ revenue.
7.9%
Budget 9.9%
Results vs budget and last year
As of Sep 30 · monthly
| Last 12 months | Actual | Budget | vs budget | Last year |
|---|---|---|---|---|
| Revenue | $24.0M | $26.4M | −9.0% | $24.8M |
| Gross margin | 18.5% | 21.1% | −2.6 pts | 19.3% |
| Operating costs | $2.5M | $2.4M | +5.1% | $2.6M |
| Adj. EBITDA | $1.9M | $2.6M | −27.0% | $2.3M |
From reported to adjusted EBITDA
What was added back, and why
Last 12 months · $M
- Reported EBITDA$1.1M
- + Restructuring costs$0.4M
- + Lease termination (one-time)$0.2M
- + Owner pay normalized to market$0.1M
- + Non-cash stock pay$0.1M
- Adjusted EBITDA$1.9M
Reported and adjustedAdded back
| Step | Amount | Running total |
|---|---|---|
| Reported EBITDA | $1.1M | $1.1M |
| Restructuring costs | +$0.4M | $1.5M |
| Lease termination (one-time) | +$0.2M | $1.7M |
| Owner pay normalized to market | +$0.1M | $1.8M |
| Non-cash stock pay | +$0.1M | $1.9M |
| Adjusted EBITDA | $1.9M | $1.9M |
Adjustments are 30% of the total. The lease termination stops after this year.
Stabilization plan
Progress on the plan agreed with Thorne
Cost savings achieved$0.4M of $1.8M
- Sell 14 idle trucks5 sold
- Re-price the two weakest lanes2 weeks late
- Cut driver overtime by a third15% done
- Daily cash call with ThorneOn track
- Board approval of a sale processNot started
New marks a measure Your Cohort adds to Thorne’s reporting · fictional companies and figures · thresholds are placeholders · select or hover any dotted label for its definition