Algorhythm Highlights Potential $70 Million Project Cash Value as Azure Energy Advances Renewable Power Development
Company Identifies Potential $7 Million Equity Proceeds from Strategic Sale of North Carolina 100 MW Project
Fort Lauderdale, FL, Oct. 13, 2026 (GLOBE NEWSWIRE) — Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME) – a diversified holding company and owner of Azure Energy, a renewable power plant developer (“Azure”), and SemiCab Holdings, an AI-enabled logistics provider, today provided details of one of its significant sources of revenue and value creation, a 100MW biomass renewable power plant project in North Carolina.
The project is a 100 MW pyrolysis-to-power generation facility currently under development in western North Carolina. The facility will convert regional woody biomass into firm, dispatchable electricity and water. It will be able to produce baseload capacity around the clock, which makes it suitable for industrial and advanced manufacturing users that cannot tolerate intermittency or curtailment. The project is divided into two separate timelines and deliverables. The first phase is expected to generate 50MW of power and is expected to be fully operational in approximately 24 months. The second phase would double the production capacity to 100MW and would require an additional 12 months to come online thereafter.
Based on existing contracts, Azure is forecast to earn approximately $3 million in fee income in 2027. Azure also has two clearly defined paths to unlock additional value from the project in the future. First, if the project is completed as scheduled, the Company expects to earn in excess of $4 million in EBITDA annually through its minority equity stake once the facility is operational in late 2028. Alternatively, the project could be sold upon completion of final permitting, with an estimated value of up to $70 million, based on an assumed valuation of approximately $1 million per powered acre, consistent with Colliers’ 2026 U.S. Data Center Marketplace Report. If sold, Azure would receive approximately $7 million for its equity stake, plus additional fee income for managing the transaction. Azure expects to begin marketing the project and fully evaluate offers before the end of Q4 2026.
“Our North Carolina project is one of three active, highly attractive projects our team is helping advance today,” commented Andrew Thompson, CEO of Algorhythm Holdings. “It is in the most advance stage of all of the projects, and we view its near-term value as central to enhancing our balance sheet, clearing legacy financings, and positioning the Azure to accelerate growth in 2027. We are quickly progressing towards fully monetizing the value we stand to generate from this project in the coming months.”
About Algorhythm Holdings
Algorhythm Holdings, Inc. (NASDAQ: RIME) is a diversified holding company focused on identifying, acquiring, and scaling innovative businesses in high-growth markets. The Company’s two primary operating businesses are Azure Energy and SemiCab Holdings. Azure Energy provides strategic and technical advisory services for renewable biomass power generation infrastructure. Since launching in 2025, Azure has secured equity interests in multiple U.S. power projects currently under development, with an estimated aggregate net present value exceeding $220 million, while establishing multi-year consulting contracts that provide recurring fee revenue. For additional information about Azure Energy, please visit www.azure-energy.co.
Algorhythm Holdings, Inc. also owns and operates SemiCab, an AI-enabled logistics software provider. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform is designed to provide the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML predictions and advanced predictive optimization models to enable fully loaded round trips. With SemiCab’s AI platform, shippers pay less and carriers make more without having to change a thing. For additional information, please go to: http://www.semicab.com.
Investor Relations Contact
Brendan Hopkins
407-645-5295
investors@algoholdings.com
www.algoholdings.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports filed with the SEC, including, without limitation the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.
