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Freight Technologies, Inc. (Nasdaq: FRGT) is a leading technology company dedicated to revolutionizing the supply chain and logistics industry. Through its wholly-owned subsidiary, Freight App, Inc. (Fr8App), the company has developed an advanced platform powered by AI and machine learning to streamline and automate the complex process of cross-border shipping. Headquartered in Houston, Texas, Freight Technologies focuses on making shipping transparent, efficient, and cost-effective.
The company’s flagship product, Fr8App, serves as a B2B cross-border shipping marketplace within the USMCA region. This platform offers a range of services, including live pricing, real-time tracking, digital freight marketplace, brokerage, transportation management, fleet management, and committed capacity solutions. By connecting carriers and shippers, Fr8App aims to improve matching and operational efficiency, providing shippers with flexibility, visibility, and simplicity while offering carriers increased growth opportunities.
Recent achievements underscore Freight Technologies’ commitment to innovation and efficiency. The company reported a 16% year-over-year revenue growth and significant enhancements to its platform. Noteworthy developments include the integration of Fr8Radar, a module that consolidates GPS data from various providers into a single control center, enhancing real-time tracking, security, and operational efficiency. This integration is particularly beneficial for cross-border logistics involving Mexico, where cargo security is a crucial concern.
Fr8Tech has also expanded its Fr8Fleet services, which experienced a 278% year-over-year volume growth, demonstrating the company’s ability to secure dedicated carrier capacity for large enterprise customers. In 2024, Freight Technologies aims to continue this upward trajectory by further enhancing its platform’s capabilities and securing additional credit facilities to support growth and new functionalities.
Strategic partnerships and customer wins are a testament to the platform's growing influence. Companies like Riisa and Solave have benefited from Fr8App’s cutting-edge solutions, significantly optimizing their logistics operations. These partnerships highlight Fr8Tech’s role in providing tailored logistics solutions that meet the specific needs of diverse industries, from metal processing to agave syrup production.
Despite challenges such as the COVID-19 pandemic and market fluctuations, Freight Technologies has demonstrated resilience and adaptability. The company's strategic focus on core markets, efficient capital management, and continuous investment in technology have positioned it well for future growth. With projected revenues of $25 million to $30 million for 2024, Freight Technologies is poised to capitalize on increasing demand for reliable and efficient logistics solutions.
Overall, Freight Technologies, Inc. represents a forward-thinking company that is reshaping the logistics landscape with its innovative platform and commitment to excellence. Investors and stakeholders can look forward to continued growth and significant contributions to the supply chain industry.
Freight Technologies (Nasdaq: FRGT) has announced a 1-for-25 reverse stock split of its ordinary shares, effective September 25, 2024. This move will reduce the number of outstanding shares from 35,844,999 to 1,433,800. The company's shares will continue trading on Nasdaq under the symbol 'FRGT' but with a new CUSIP number.
The reverse split aims to increase the per-share trading price to meet Nasdaq's $1.00 minimum bid price requirement for continued listing. Shareholders will receive one new share for every 25 pre-split shares, with fractional shares rounded up or cancelled based on specific criteria. The total number of authorized shares remains unchanged.
Freight Technologies, Inc. (Nasdaq: FRGT) has secured a significant contract with Bayer CropScience LP for the 2025 season. Fr8App, a subsidiary of Fr8Tech, has been awarded six essential cross-border lanes to provide truckload services for Bayer's various business units in the United States. This strategic win comes after a competitive Request for Proposal process and marks a major advancement in Fr8Tech's cross-border over-the-road (OTR) offering.
The selection aligns with Bayer's goals of supplier consolidation, cost optimization, cross-divisional synergies, and enhanced carrier performance. Fr8App will focus on facilitating seamless and secure transportation across the US-Mexico border, ensuring timely and reliable delivery of Bayer's agricultural products.
Freight Technologies (FRGT) reported strong preliminary mid-year results for 2024, with revenue growing 6.6% year-over-year to $8.1 million. The company's Fr8Fleet business saw over 100% growth, driven by an 82% increase in shipments. Gross profits rose 40% to $1.0 million, with margins improving by 280 basis points to 11.8%. Fr8Tech revised its full-year 2024 revenue forecast to $15-$20 million.
The company announced the commercialization of its Transportation Management System (TMS) solution, a significant milestone in its evolution as a logistics management innovator. The TMS aims to provide a comprehensive digital command center for logistics teams, offering real-time tracking, carrier selection, route management, and integration with inventory and billing systems.
Freight Technologies (Nasdaq: FRGT) has reached an agreement with Freight Opportunities to extinguish $1.1 million of outstanding debt. This includes $906,000 in promissory notes and accumulated interest, plus $220,000 in Convertible Notes. The move is seen as a vote of confidence in the company's long-term prospects and management's ability to drive innovation in the USMCA logistics market.
CEO Javier Selgas and CFO Don Quinby both expressed positive sentiments about the development. Quinby noted that the transaction strengthens the company's balance sheet, improves shareholders' equity, and frees up cash for business investment. Freight Opportunities remains committed as an equity investor in Fr8Tech, believing in the company's long-term potential, technology, and management team.
Freight Technologies (Nasdaq: FRGT), developer of the AI-powered freight-matching platform Fr8App, has engaged IGNITION Investor Relations to enhance its strategic investor relations program. This partnership aims to improve Fr8Tech's visibility within the institutional and retail investment community.
Donald Quinby, CFO of Fr8Tech, expressed excitement about the collaboration, highlighting Ignition's seasoned professionalism and relevant IR experience. The company believes Ignition's extensive investment community network will complement Fr8Tech's leadership in communicating its value proposition to investors.
Fr8App, Fr8Tech's custom-developed platform, offers real-time B2B cross-border and domestic shipping solutions within the USMCA region, leveraging AI and machine-learning technologies.
Freight Technologies (Nasdaq: FRGT) has announced the integration of its Fr8App platform with Tecnomotum, a leading data transmission company for haulage in Mexico. This integration aims to enhance fleet connectivity and efficiency for cross-border shipping within the USMCA region. The collaboration will provide Fr8App users with access to real-time data, including current position, position history, messages, and operational status.
This integration builds upon Fr8App's earlier expansion of Fr8Radar, which unifies various GPS providers into a single control center. By partnering with industry leaders like Tecnomotum, Fr8App continues to streamline logistics operations and solidify its position as a highly connected and integrable platform for cross-border shipping in the USMCA region.
Freight Technologies (Nasdaq: FRGT) has launched Waavely, a digital platform aimed at revolutionizing ocean freight management. This platform offers features like instant quotes, automated logistics, 24/7 real-time tracking, and full shipment transparency. Waavely integrates with Fr8App, enabling seamless management of both over-the-road and ocean freight within a single platform. This development meets the growing demand from existing clients for efficient ocean freight solutions and leverages the success of Fr8App to expand Freight Technologies' market reach.
Freight Technologies (Nasdaq: FRGT) has expanded its partnership with Amazon Mexico to include cross-border logistics between the U.S. and Mexico. Originally selected in December 2023 to manage Amazon Mexico's high-demand season logistics, Fr8App's role has now broadened to cover international shipping operations. The company leverages advanced AI and machine learning through its Fr8App platform to provide real-time B2B shipping solutions. CEO Javier Selgas emphasized that this expansion aligns with Fr8Tech's goal to be a leading logistics partner in North America, underscoring the trust in Fr8App's capabilities. This move highlights Fr8App's growing presence in the logistics sector and its ability to meet international shipping demands efficiently.
Freight Technologies (Nasdaq: FRGT) participated in Chardan's Transport Platform Tech Series, showcasing their Fr8App platform. The platform, powered by AI and machine learning, aims to streamline cross-border and domestic shipping within the USMCA region. CEO Javier Selgas and CFO Don Quinby emphasized the platform’s efficiency, transparency, and flexibility in over-the-road (OTR) shipping. They also addressed industry challenges, such as those stemming from global events like COVID-19, and highlighted the increasing investments in Mexico by multinational companies. The event underscored the importance of resilient and agile shipping solutions.
Freight Technologies (NASDAQ: FRGT) has onboarded 26 new customers and 149 new carriers in the first five months of 2024, expanding its footprint in the USMCA region. CEO Javier Selgas highlighted the importance of efficiency and transparency in the OTR freight market. CFO Don Quinby emphasized the company's diversified revenue base and market reach, noting successful capital raising through promissory notes. The company continues to enhance its Fr8App platform with new functionalities and integrations, signaling strong year-over-year revenue growth and a proactive approach to the evolving logistics sector.
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