Comment Comment by WisNorCan They got caught in the same thing that happened to Flexport and others in the freight industry.Price per shipment cratered -> Revenue cratered. (They make a % of each shipment) -> Losses spiked up. (Because they had fixed cost)Flexport had a burn run rate of $600M a year. Convoy had less burn but also less in the bank. https://www.theinformation.com/briefings/flexport-revenue-dr... parent WisNorCan 3 years ago
Price per shipment cratered -> Revenue cratered. (They make a % of each shipment) -> Losses spiked up. (Because they had fixed cost)
Flexport had a burn run rate of $600M a year. Convoy had less burn but also less in the bank.
https://www.theinformation.com/briefings/flexport-revenue-dr...