Algorhythm Flags $70M Project Value, $7M Equity Stake in NC Biomass Plant
RIME is trading near its 52-week low of $0.126 (7.2% above the low) on elevated volume (13× avg).
Summary
Algorhythm disclosed details on its 100MW biomass power project in North Carolina, including a potential $70 million project sale value and $7 million equity proceeds for Azure Energy. The company expects $3 million in fee income in 2027 and over $4 million in annual EBITDA from its minority stake if the project is completed. Marketing of the project is set to begin before the end of Q4 2026. This follows the $23 million Azure Energy acquisition completed in September and provides concrete monetization potential for a company with a going concern warning and recent debt defaults. The announcement gives traders a tangible asset value to weigh against the company's distressed balance sheet.
At the time of this announcement, RIME was trading at $0.13 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $2.7M. The 52-week trading range was $0.13 to $4.58. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.