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Sequoia-backed Next Trucking is up for sale amidst a trucking slowdown. With revenues and EBITDA below expectations, it may face a steep discount from its last $500M valuation.
Sequoia Capital–backed logistics startup Next Trucking, is looking to sell itself amid a slowing trucking sector. The company's projected revenue for the current year is $176 million, significantly down from its previous forecast, and it expects an EBITDA loss of $12 million. Industry insiders suggest that due to the negative EBITDA and lower net revenues, the company may sell at a considerable discount from its last valuation of $500 million.
Next Trucking is for sale.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) June 5, 2023
Gross revenues are $176 million - no mention of net revenues.
Gross revenues are a meaningless number at freight brokerages - versus net revenues (gross minus purchased transportation), which have real meaning.
Freight brokerages’ values are… pic.twitter.com/Zjb3AuRpU6
Source: The Information
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