Freight Technologies Adds 26 New Customers and 149 New Carriers in 2024
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.
- New customers added: 26 in the first five months of 2024.
- New carriers added: 149, expanding service capacity.
- Increased market reach in US, Mexico, and cross-border OTR space.
- Successful capital raising through promissory notes on favorable terms.
- Strong year-over-year revenue growth reported.
- Enhanced functionality and integrations of the Fr8App platform.
- No specific financial figures provided for the increased revenue or new customer contributions.
- Potential risk of over-reliance on new customer and carrier acquisitions for growth.
Insights
Freight Technologies' addition of 26 new customers and 149 new carriers is a significant move indicating continued growth and robust business development. For investors, this signals a potential increase in revenue streams and an expanded market footprint, particularly in the US-Mexico corridor. A larger customer and carrier base improves network effects, making the platform more valuable as it attracts more users, a classic positive cycle often seen in tech businesses.
Raising additional capital on excellent terms via promissory notes shows investor confidence and a solid financial strategy, which may help fund further expansion and technological enhancements. The emphasis on data points and network power is crucial. In logistics, data-driven insights can lead to better decision-making and efficiency, critical in an industry where margins are often thin.
In the short term, this growth can positively impact stock performance as it demonstrates strong business momentum. Long term, the commitment to expanding platform capabilities and integrations could position Fr8Tech as a leader in a transforming logistics industry.
Onboarding 149 new carriers is a notable achievement for Freight Technologies. In logistics, reliable carrier networks are essential for timely deliveries and customer satisfaction. This growth indicates that Fr8Tech is strengthening its operational capacity and reliability, which can help in maintaining service quality and expanding reach.
The focus on cross-border logistics between the US and Mexico is particularly strategic. This region has unique challenges and effective solutions here can lead to significant market advantages. The ability to offer dedicated capacity services through Fr8Fleet is a valuable proposition, especially for large enterprises that require consistent and reliable freight solutions.
In the short term, these improvements can enhance operational efficiency and customer retention. Long term, a robust and dependable carrier network can solidify Fr8Tech's reputation and competitive edge in the logistics market.
Fr8Tech's emphasis on AI and machine learning-powered freight-matching is an essential aspect of modern logistics. These technologies can optimize load matching, reduce empty miles and enhance route efficiency, which translates into cost savings and better service levels. The continued enhancements and integrations of the Fr8App platform show a commitment to innovation.
The freight and logistics industry is in the early stages of technology-driven transformation. Companies that can leverage advanced technologies effectively often gain a competitive edge. Fr8Tech's platform improvements and expanded capabilities suggest it is well-positioned to benefit from these industry changes. This also has potential long-term benefits as the industry increasingly moves towards digital solutions.
The company continues its growth trajectory with new customer wins and carrier additions in the first five months of 2024
HOUSTON, June 06, 2024 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (“Freight Technologies”, “Fr8Tech” or the “Company”) (NASDAQ: FRGT), an innovative logistics technology solutions company offering its custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region, is proud to announce it has on-boarded 26 new customers and 149 new carriers to its platform year-to-date.
Javier Selgas, Chief Executive Officer of Freight Technologies, commented, “The addition of new customers to our platform further demonstrates the need for greater efficiency and transparency in the freight, over-the-road (OTR) marketplace. More and more companies are coming to expect a certain level of automation, speed, and reliability when securing their freight and logistics needs. Fr8Tech is excited to be a provider of choice to address such demand across participants in the domestic and cross-border markets in North America.”
“In addition, reliable carriers are the backbone of any successful logistics operation. At Fr8Tech, we understand that dependable carriers ensure the timely and safe delivery of goods, which is critical for maintaining customer trust and satisfaction. By onboarding 149 new carriers, we are not only expanding our capacity to meet increasing demand but also enhancing our ability to provide consistent and reliable service,” concluded Mr. Selgas.
The roster of new customers extends Fr8Tech’s footprint across its core markets and its service offerings, especially its US domestic and US-Mexico cross-border spot services and the Company’s Fr8Fleet dedicated capacity services, a highly valued offering for large enterprise customers primarily in the Mexican domestic market. A few such companies that Fr8Tech has added in 2024 thus far are Grupo Solave, Argos Electrica, Aqua-Aid Inc, and AR Brokers LLC.
“Bringing new customers to our platform not only diversifies our revenue base and broadens our market reach,” noted Fr8Tech Chief Financial Officer Don Quinby, “it also strengthens our significance in the US, Mexican, and cross-border OTR space and expands the interactive and networking power of our platform with valuable data points on which all market participants rely. I also want to note that the company has been able to raise additional outside capital on excellent terms through promissory notes this year, and it is exciting to see the team put those funds to good use by growing our customer roster and building out the capabilities and third-party integrations of the platform.”
Mr. Selgas further added, “We are pleased with the Company’s progress so far this year, which has been marked by strong year-over-year revenue growth, new customer wins, and enhanced functionality, capability, and integrations of the Fr8App platform. That said, the market we serve continues to grow and evolve, and we have much more to do to take full advantage of the opportunity ahead of us. We are still in early days of the technology-driven transition of the freight and logistics industry, and we are excited to be at the forefront of this advancement.”
About Freight Technologies Inc.
Freight Technologies is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary, Freight App, Inc. (“Fr8App”), is a B2B cross-border shipping marketplace in the USMCA region powered by AI and machine learning. Focused on making shipping transparent and efficient, Fr8App provides carriers with increased growth opportunities and shippers with flexibility, visibility and simplicity for the once complex process of international OTR shipping. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing, real-time tracking, digital freight marketplace dashboards, brokerage matching, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit fr8technologies.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Freight Technologies' and Fr8App’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Freight Technologies’ and Fr8App’s expectations with respect to future performance and anticipated financial impacts of its acquisition of Fr8App.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech’s and Fr8App Inc.’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of the COVID-19 pandemic on Fr8App Inc.’s business, if it should recur; (2) the inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (3) changes in applicable laws or regulations; (4) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (5) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (6) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (7) other risks and uncertainties identified, including those under “Risk Factors,” to be filed by Freight Technologies in its other filings with the U.S. Securities and Exchange Commission. Freight Technologies cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Freight Technologies and Fr8App caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Freight Technologies and Fr8App do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.
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