RIME India Traction Gets Discounted, Even When Customer Scale And Expansion Dollars Look Real

One reason I think RIME stays mispriced is a simple geographic bias. A lot of SemiCab's traction has been in India, and many U.S. market participants discount overseas execution even when the customers are large and the contracts expand. I see this all the time with microcaps: international wins get treated like "nice, but does it work in the U.S.?" even when the economics are already meaningful. The Dec 22, 2025 recap laid out specific examples that look hard to dismiss. The company reported five new contract wins in 2025 with large FMCG customers in India and six contract expansions with lane and trip volume increases ranging from 100% to 600% (source type: company press release). The biggest datapoint was an Asian Paints expansion cited at $6M, described as the largest in SemiCab history, and it increased active lanes from 25 to 183. The release also notes Asian Paints has over $4B in annual sales, which gives context on customer size (source type: company press release). Management also stated SemiCab ARR increased 220% from $2.5M in January to over $8M by December and cited a forward-looking ARR of $15M based on current contracts and expansions (source type: company press release). If that run-rate is being built on expansion behavior in one geography, the question becomes whether the same playbook transfers to the U.S. through Apex. Do your own research.