1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
TRCX
Sector
Industrials
Subsector
Ground Transportation
Offer Range
—
Shares Offered
—
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Implied Upside vs Midpoint
Description
We are a technology driven, integrated cross-border logistics services provider and operate two core businesses, our e-Commerce Logistics services and our Enterprise Logistics services. Our vision is to overlay the latest technology and smart systems, including artificial intelligence, to traditional shipping, logistics and fulfillment services to provide efficient, reliable and cost effective cross-border e-commerce and enterprise logistics services. We seek to provide cost efficient and innovative services for large merchants and manufacturers as well as for smaller customers, including e-commerce merchants, smaller manufacturers and individual shippers. Our technology driven solutions bring together our customers, small or large, with our long-standing vendors, including first mile, last mile, middle mile and warehouse and customs partners in Asia and throughout the world. We utilize an asset-light business model to minimize ownership or long-term lease of physical facilities and equipment, and rely on our business process know-how and our technologies to collaborate with our partners and vendors to provide our services seamlessly. Our technology platform allows our customers to receive an integrated and seamless service offering at competitive price points, while allowing us to rapidly expand and grow our business cost effectively, without the need for significant capital expenditures or investment. Our open application programming interface (API) connection to our customers and vendors, including e-commerce and social media platforms, shippers, merchants and delivery partners, is the key to our ability to compete on quality and price across multiple jurisdictions. Our e-Commerce Logistics business provides, directly or through our partner ecosystem, end-to-end cross-border logistics, storage and fulfillment services for customers throughout Asia and globally. Although our core strength in our business is currently primarily focused on shipments and logistics services among countries in Asia, our network of vendors and business know-how and technology infrastructure allow us to rapidly expand to meet customer needs in new markets in Asia as well as in the Americas and Europe. Our in-house developed Tracx Logis Processing System, or TLPS platform, is a comprehensive enterprise level platform that is designed to create efficiencies for cross-border and e-commerce logistics services and is the backbone of our comprehensive suite of integrated, end-to-end cross-border logistics, distribution, storage and fulfillment services we offer to our customers. Our TLPS platform also includes our warehouse management system, which we refer to as Smart Warehouse management system, and a smart inventory management system, or IMS module. Each service can be used along with our shipping services as our customer needs dictate or independently of our shipping services. Our TLPS platform continues to be enhanced and upgraded through technology and software upgrades, including a full implementation of artificial intelligence in all of our modules to make our shipping processes more reliable, timely and cost effective. Our TLPS system incorporates our customer service platform that is driven by our AI chatbots and call routing systems, designed to handle all of our customers’ delivery issues as quickly as possible. As an example of our continued upgrade of our TLPS platform, we have developed over the past six months our AI-driven solutions to include services we refer to as Smart AI Studio and tFit for e-commerce merchants and sellers. Users of Smart AI Studio can migrate existing product pages into our system, where they can modify and generate product page layouts using AI tools and publish product pages directly to e-commerce platforms integrated with our system through APIs. The users may also generate short-form advertising content or promotional banners using the same tools. This solution allows our customers to access new sales platforms and geographies without a sales and marketing team and allows efficient cross-border selling using our network. Included in Smart AI Studio is our new tFit module, which allows buyers to “try-on” or visualize their purchases in the users’ environment, enhancing the selling opportunities for our customers. We currently offer each of these services to our e-commerce sellers and merchants who can choose to subscribe for any of these services based on their needs. Although they are a small part of our current business, we expect Smart AI Studio, tFit, Smart Hub and Smart Post services will serve as significant drivers of our e-Commerce Logistics business for cross border parcel shipments. We had 68,387 active customers for our e-Commerce Logistics business in 2024 and 36,214 active customers in 2025. We recorded 30.4 million and 14.0 million parcels in 2024 and 2025, respectively, while engaging with over 219 delivery and fulfillment partners in 2024 and 193 delivery and fulfillment partners in 2025. Our distribution network, consisting of 4 fulfillment centers, which we refer to as Tracx Logis Fulfillment Centers, or TLFCs, and 6 delivery processing centers, or DPCs, covers our operations in 5 countries and regions across Asia and serves 34 key cross-border routes for e-Commerce Logistics and Enterprise Logistics businesses as of December 31, 2025. These facilities, some of which house both TLFCs and DPCs, comprise approximately 68,977 square meters of storage capacity. Our Enterprise Logistics business provides international freight forwarding services and supply chain management solutions through KCI, our wholly owned subsidiary, which we acquired in 2021. We have a highly integrated logistics network of more than 20 subsidiaries across China, Southeast Asia, Europe, Korea, and Japan, which we believe gives us a competitive advantage in global logistics. We have maintained long-term, recurring relationships with large customers, including Samsung, LG, and Coway. We have also leveraged these relationships to secure logistics business from their vendors and suppliers. Our Enterprise Logistics business is built around our strong relationships with our core customers and leading air, sea and land freight and cargo carriers in Asia. KCI has worked with leading manufacturers, airlines and shipping liners for over 30 years in our core markets and gained a strong reputation for timely delivery at efficient cost for customers while delivering committed volumes to our vendor partners. We believe the future of our Enterprise Logistics business will be driven by our ability to adapt our technology infrastructure to provide integrated and seamless logistics solutions to existing and new customers utilizing our extensive vendor network and by leveraging our know-how and reputation. Our technology platform for our Enterprise Logistics business is referred to as Smart Cargo. Smart Cargo enables our customers to efficiently and cost effectively access freight forwarding and supply chain services and provides shipment services for finished goods seamlessly throughout Asia and beyond. Smart Cargo allows us to expand our coverage quickly with limited additional capital investment as it is designed as an online platform accessible to customers worldwide, ranging from large corporations to small and medium-sized enterprises. It also has the potential to generate sales leads without significant advertising or business development expenses and allows us to connect prospective customers with our existing vendors through the platform, while providing fee quotations on various routes and shipment modalities. Our goal is to facilitate the efficient logistics and delivery needs of our enterprise customers by providing a technology-enabled distribution platform for all shippers, big and small. Smart Cargo also enables small- and medium-sized enterprises to capitalize on the benefits of a technology platform that allows the aggregation of volume to access lower shipping costs. We plan to upgrade Smart Cargo by the end of 2026 to include modules that automate the booking of shipping activities to reduce costs and, based on AI enhanced routing algorithms, allow the use of routes and carriers that create efficiencies for existing and new routes. In addition, by the end of 2026, we expect to provide a transparent and cost-effective platform through Smart Cargo that offers shippers access to trade financing, insurance and customs services online, thereby bringing together shippers and various service providers, without engaging in costly agency arrangements, initially in Asia and, over time, expanding globally. Our Enterprise Logistics business handled freight forwarding volumes by air and sea recording 37,605 tons and 70,264 TEU, respectively, in 2024 and 34,711 tons and 59,967 TEU, respectively, in 2025. While our volume shipped and our active customers count both decreased between 2024 and 2025, we believe that such decreases were driven by our liquidity difficulties in 2024 and the overall macroeconomic conditions, including the increased tariff regime originating in the United States starting in early 2025. As a result, we recorded S$149.2 million and S$122.5 million (US$95.3 million) in revenues in our Enterprise Logistics business in 2024 and 2025, respectively, representing a decrease of 17.9% over the period. In 2024, we faced significant liquidity and going concern issues largely driven by a significant liquidity crisis of our then parent company, Qoo10 Pte. Ltd. and its Korean businesses conducted as Tmon, WeMakePrice and Interpark Commerce, which were Korean companies that Qoo10 acquired in 2022 and 2023. Such liquidity crisis at Qoo10 and its Korean subsidiaries was primarily driven by Qoo10’s acquisitions of e-commerce platforms in Korea that experienced historical operating losses and negative cashflow. Following such acquisitions, these e-commerce platforms experienced continued deterioration in financial performance due to intense market competition in South Korea from larger, well-capitalized e-commerce platforms. The rapid and aggressive expansion of Qoo10’s Korean business in the hyper-competitive Korean e-commerce market and the inability to reverse the continued operating losses and negative cashflow resulted in payment defaults triggering widespread creditor actions and subsequent regulatory and judicial investigations by South Korean authorities. Qoo10 was ultimately placed into court receivership proceedings in Singapore by the Monetary Authority of Singapore, and all of its subsidiaries (other than us), including the three Korean subsidiaries, filed for bankruptcy, or were put in court receivership proceedings in 2025. As a result, we wrote off S$47.0 million of receivables and loans due from Qoo10 and its affiliates in 2024 as we determined that we were highly unlikely to collect from them. In addition, as a result of pledges provided by our then parent and our founding shareholder of our shares held by them, respectively, the pledgees of those shares became our shareholders at various stages in 2024 and 2025 through the exercise of their respective pledge rights. To the Company’s knowledge, no shares of the Company are owned by Qoo10 or its affiliates or the founding shareholder, YB Ku, and we have not conducted any business with our former affiliates since the fourth quarter of 2024. Due to the Qoo10 Liquidity Issue Related Events (as defined below) and the ongoing negative market conditions for the logistics, freight forwarding and supply chain industry in 2025 and 2026, shipment volumes in both our e-Commerce Logistics and Enterprise Logistics services continue to be challenged in the first half of 2026 and we expect such challenges to persist through at least the end of 2026. As a result, we expect to continue to experience declining revenue and incur operating and net losses at least in the near term. --- We were incorporated in Singapore on February 28, 2011 as a private limited company (Company Registration No. 201104738Z) under the Companies Act 1967 of Singapore (the “Singapore Companies Act”) and on February 15, 2013, we changed our name to Qxpress Pte. Ltd. We further changed our name from Qxpress Pte. Ltd. to Tracx Logis Pte. Ltd. on November 18, 2024. Prior to the closing of this offering, we intend to convert Tracx Logis Pte. Ltd. from a Singapore private limited company to Tracx Logis Ltd., a Singapore public limited company. Our registered office is located at 5A Toh Guan Road East, #06-03, CWT Jurong East Logistic Centre, Singapore, 608830. Our telephone number at this location is +65 6255 4151. Our principal executive office is located at 5A Toh Guan Road East, #06-03, CWT Jurong East Logistics Centre, Singapore, 608830. Our telephone number at this location is +65 6661 9122. Our principal website is “https://www.Tracxlogis.com.”