Exhibit 99.1

RADIANT LOGISTICS ANNOUNCES RESULTS FOR

THE THIRD fiscal quarter ENDED March 31, 2023

Results impacted by macro-economic trends in transportation industry

but show improvement over comparable pre-pandemic period

RENTON, WA May 10, 2023 – Radiant Logistics, Inc. (NYSE American: RLGT), a technology-enabled global transportation and value-added logistics services company, today reported financial results for the three and nine months ended March 31, 2023.

Financial Highlights – Three Months Ended March 31, 2023

Stock Buy-back

We purchased 839,864 shares of our common stock at an average cost of $5.95 per share for an aggregate cost of $5.0 million during the nine months ended March 31, 2023. Under the terms of our outstanding Rule 10b5-1 Repurchase Plan, we have purchased an additional 651,917 shares of common stock subsequent to March 31, 2023 and through May 5, 2023 for a total cost of $4.2 million inclusive of transaction costs, bringing the total common stock repurchased under the plan to 2,243,840 shares.

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As of March 31, 2023, the Company had 48,181,256 shares outstanding.

CEO Bohn Crain Comments on Results

“Our results for the March quarter were heavily impacted by the rapid softening of the freight markets that has occurred in recent months. These quickly evolving market conditions have negatively impacted not only our results, but also the year-over-year comparison to our record results for prior year period.” said Bohn Crain, Founder and CEO of Radiant Logistics.

“The volatility that we have seen in the market as we have come through the pandemic is unprecedented. While our core domestic forwarding services has been relatively durable, our ocean imports and intermodal/truck brokerage operations have been particularly hard hit as a result of the dramatic fall-off from the robust operating environment that was experienced last year. The confluence of shippers continuing to manage through elevated inventories, reduced imports and slowing economic growth, is having a cascading effect across virtually every mode of transportation where the balance of supply and demand has shifted from a tight market a year ago to one that is now oversupplied. We believe we are at or near the bottom of this cycle and would expect markets to begin to find their way to more sustainable and normalized levels over the balance of calendar year 2023.”

Mr. Crain continued, “While our comparative year-over-year numbers are down significantly from the historically strong freight market created by the pandemic and associated supply chain disruptions, our results for the quarter ended March continued to trend meaningfully ahead of our historical financial results from the pre-pandemic era. Our disciplined approach to capital allocation and low leverage continues to serve us well and we believe we are well positioned to navigate through this slower period as shippers work through their remaining excess inventories and we find our way back to more normalized market conditions. We are in the strongest financial position in the history of the Company and having generated over $76.1 million in cash from operations through the nine months ended March 31, 2023, we remain virtually debt free (negative net debt of $17.0 million as of March 31, 2023), while continuing to make good progress with our stock buy-back acquiring $5.0 million of our stock through the nine months ended March 31, 2023, and $4.2 million subsequent to March 31, 2023 and through May 5, 2023. Looking ahead, we expect to continue our balanced approach to capital allocation through a combination of agent station conversions, synergistic tuck‑in acquisitions, and stock buy‑backs. Through this approach we will continue to scale our business, leveraging our best‑in‑class technology and extensive global network, which we believe, over time, will deliver meaningful value for our shareholders, operating partners, and the end customers that we serve.”

Third Fiscal Quarter Ended March 31, 2023 – Financial Results

For the three months ended March 31, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $4.2 million on $244.2 million of revenues, or $0.09 per basic and $0.08 per fully diluted share. For the three months ended March 31, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of $13.6 million on $441.3 million of revenues, or $0.27 per basic and fully diluted share.

For the three months ended March 31, 2023, Radiant reported adjusted net income, a non-GAAP financial measure, of $8.2 million, or $0.17 per basic and fully diluted share. For the three months ended March 31, 2022, Radiant reported adjusted net income of $16.1 million, or $0.32 per basic and fully diluted share.

For the three months ended March 31, 2023, Radiant reported Adjusted EBITDA, a non-GAAP financial measure, of $11.6 million, compared to $22.6 million for the comparable prior year period.

Nine Months Ended March 31, 2023 – Financial Results

For the nine months ended March 31, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $17.5 million on $853.3 million of revenues, or $0.36 per basic and $0.35 per fully diluted share. For the nine months ended March 31, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of $27.7 million on $1,076.5 million of revenues, or $0.55 per basic and fully diluted share.

For the nine months ended March 31, 2023, Radiant reported adjusted net income, a non-GAAP financial measure, of $32.8 million, or $0.68 per basic and $0.66 per fully diluted share. For the nine months ended March 31, 2022, Radiant reported adjusted net income of $39.1 million, or $0.79 per basic and $0.77 per fully diluted share.

For the nine months ended March 31, 2023, Radiant reported Adjusted EBITDA, a non-GAAP financial measure, of $46.4 million, compared to $54.5 million for the comparable prior year period.

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Earnings Call and Webcast Access Information

Radiant Logistics, Inc. will host a conference call on Wednesday, May 10, 2023 at 4:30 PM Eastern to discuss the contents of this release. The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Founder and CEO will host the call.

Conference Call Details

Webcast Details

This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com or at https://www.webcaster4.com/Webcast/Page/2191/48355

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About Radiant Logistics (NYSE American: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) operates as a third party logistics company, providing technology-enabled global transportation and value-added logistics services primarily to customers in the United States and Canada. Through its comprehensive service offerings, Radiant provides domestic and international freight forwarding along with truck and rail brokerage services to a diversified account base including manufacturers, distributors and retailers, which it supports from an extensive network of Radiant and agent-owned offices throughout North America and other key markets around the world. Radiant’s value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.

This report contains “forward-looking statements” within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “estimates,” “expect,” “future,” “intend,” “may,” “plan,” “see,” “seek,” “strategy,” or “will” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management’s beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this report. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in-line with recent levels and expected trends; our ability to mitigate, to the best extent possible: our dependence on current management and certain larger strategic operating partners; our compliance with financial and other covenants under our senior indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; the impact of COVID-19 or any other health pandemic or environmental event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel; potential adverse legal, reputational and financial effects on the Company resulting from the ransomware incident or future cyber incidents and the effectiveness of the Company’s business continuity plans in response to cyber incidents, like the ransomware incident; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our need to restate our financial statements; our longer-term relationship with our senior lenders as a consequence of our need to restate our financial statements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during 2023 certain material weaknesses in our internal controls over financial reporting, and such other factors that may be identified from time to time in our Securities and Exchange Commission (“SEC”) filings and other public announcements including those set forth under the caption “Risk Factors” in Part 1 Item 1A of this report. In addition, the global economic climate and additional or unforeseen effects from the COVID-19 pandemic amplify many of these risks. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

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RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

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Reconciliation of Non-GAAP Measures

RADIANT LOGISTICS, INC.

Reconciliation of Gross Profit to Adjusted Gross Profit, Net Income Attributable to Radiant Logistics, Inc.
to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

(unaudited)

As used in this report adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles (“GAAP”). Adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant’s business. For adjusted net income, management uses a 24.5% tax rate to calculate the provision for income taxes to normalize Radiant’s tax rate to that of its competitors and to compare Radiant’s reporting periods with different effective tax rates. In addition, in arriving at adjusted net income, the Company adjusts for certain non-cash charges and significant items that are not part of regular operating activities. These adjustments include income taxes, depreciation and amortization, net interest expense, share-based compensation, change in fair value of contingent consideration, transition costs, lease termination costs, acquisition related costs, ransomware related costs, litigation costs, change in fair value of interest rate swap contracts, and gain on foreign currency transaction.

We commonly refer to the term “adjusted gross profit” when commenting about our Company and the results of operations. Adjusted gross profit is a non-GAAP measure calculated as revenues less directly related operations and expenses attributed to the Company’s services. Adjusted gross profit is calculated as GAAP gross profit exclusive of depreciation and amortization, which are reported separately. We believe adjusted gross profit is a better measurement than are total revenues when analyzing and discussing the effectiveness of our business and is used as a portion of a key metric the Company uses to discuss its progress.

EBITDA is a non-GAAP measure of income and does not include the effects of interest, taxes, and the “non-cash” effects of depreciation and amortization on long-term assets. Companies have some discretion as to which elements of depreciation and amortization are excluded in the EBITDA calculation. We exclude all depreciation charges related to property, technology and equipment, and all amortization charges (including amortization of leasehold improvements). We then further adjust EBITDA to exclude changes in fair value of contingent consideration, expenses specifically attributable to acquisitions, transition and lease termination costs, foreign currency transaction gains and losses, extraordinary items, share-based compensation expense, litigation expenses unrelated to our core operations, and other non-cash charges. While management considers EBITDA, and adjusted EBITDA useful in analyzing our results, it is not intended to replace any presentation included in our consolidated financial statements.

We believe that these non-GAAP financial measures, as presented, represent a useful method of assessing the performance of our operating activities, as they reflect our earnings trends without the impact of certain non-cash charges and other non-recurring charges. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding results of operations to allow a comparison to other companies, many of whom use similar non-GAAP financial measures to supplement their GAAP results. However, these non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. Adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin should not be considered in isolation or as a substitute for any of the consolidated statements of comprehensive income prepared in accordance with GAAP, or as an indication of Radiant’s operating performance or liquidity.

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