Radiant Logistics (RLGT) is a non-asset-based freight brokerage and third-party logistics provider. Under the liquidation lens, the company shows a deeply negative equity recovery position, consistent with the MFFAIS-reported cash liquidation value of approximately negative $137M. The asset base is dominated by goodwill ($121.1M) and finite-lived intangibles ($48.3M net, $173.1M gross with $124.8M accumulated amortization), both of which receive zero recovery under liquidation haircuts. Accounts receivable of $140.0M gross ($3.5M allowance) is the primary recoverable asset, yielding approximately $123-133M at a 90-95% haircut. Cash of $31.9M recovers at par. PP&E gross is $72.3M with $50.3M accumulated depreciation, leaving $21.9M net; at a 50-70% haircut, this contributes $11-15M. Against these assets, total liabilities are $208.2M at face value, including $30.0M on the revolving credit facility (ASC 840/842 revolver drawn as of December 31, 2025), $61.0M operating lease liability (ASC 842), $16.3M combined current and noncurrent contingent consideration, $74.1M accounts payable, and $11.0M accrued liabilities. The operating lease stack of $73.0M undiscounted future payments ($61.0M present value) does not extinguish on windup and represents a structurally embedded liability. Intangibles at $48.3M net represent 11% of total assets but return nothing in liquidation, directly creating the gap between book equity ($229.8M) and recoverable value. Compared to the prior filing (September 30, 2025, Q1 FY2026), the revolving credit facility balance remained unchanged at $30.0M outstanding. Cash increased from $28.1M to $31.9M. Receivables balance and payables are consistent with seasonal/operational patterns and not materially directionally changed from Q1. The contingent consideration liability ($9.2M current, $7.1M noncurrent, total $16.3M) is a recurring face-value claim that does not extinguish in liquidation. Goodwill increased modestly from $121.1M attributable to $3.6M in acquisitions during the period, partially offset by FX translation. Operating lease right-of-use assets ($54.7M) and liabilities ($61.0M) are fully mirrored; on liquidation the lease liability stays at face while the ROU asset is likely to recover well below book. The filing discusses contingent consideration on the Weport acquisition with FX sensitivity in MD&A but does not separately break out Weport contingent consideration in XBRL. Net recovery to equity is negative under all reasonable haircut scenarios, consistent with reported MFFAIS liquidation values.
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