Why has the Yojee (ASX:YOJ) share price surged 6% today?

The Yojee (ASX: YOJ) share price has jumped 6.6% today after the company released its quarterly activity report.

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The Yojee Ltd (ASX: YOJ) share price is rising today after the company released its quarterly activity report.

The Yojee share price is up 6.67% at the time of writing, trading at 16 cents per share.

Yojee delivers logistics and supply-chain management capabilities via its blockchain and artificial intelligence (AI) software to Southeast Asia and Australia.

The company is a cloud-based Software-as-a-Service (SaaS) logistics platform that manages, tracks and optimises freight movements throughout the logistics chain, from sender to end customer. It crosses borders and between logistics providers (land, sea, air), with subcontractors for multi-leg journeys.

In essence, it's a software company that brings the management of trucking fleets into the digital age.

Inside Yojee's quarterly report

Yojee's March-quarter FY2021 activity report is focused on the company's record growth and the expansion of its regional network. 

The company has achieved record growth in revenues from ordinary activities of 36% and cash receipts of 42% for the March-ended third quarter of FY2021.

The company's recent expansion of its global logistics pipeline is beginning to bring in revenue. Yojee noted that its six Enterprise Client Logistics Hubs (with global top 10 freight forwarders) across five different countries are now generating revenue.

Two further hubs are currently undergoing platform implementation across two countries. 

87 trucking companies across the Asia Pacific region have adopted Yojee's software during the quarter, which the company says creates "huge potential for further buildout". 

Yojee reports a strong cash runway with AU$19.8 million in its bank at 31 March 2021. It's currently in discussions with existing and new enterprise clients for Yojee to expand its presence across the supply chain in the Asia Pacific region and beyond.

It says that significant progress has been made laying the foundations for its future growth, and it expects another record quarter looking forward.

Yojee share price snapshot

Yojee's strong revenue increases quarter-on-quarter in FY21, combined with its bullish expectations for future growth, have been pushing its share price higher in the past week. Broker recommendations have also assisted these gains.

The Yojee share price is up 6.9% this month but is down 22% in 2021 so far. Overall, it's up 355% over the past 12 months.

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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