Freight Technologies Announces Full Year 2024 Results and Outlook for 2025
Freight Technologies (FRGT) reported its full-year 2024 results, showing improvements in key metrics despite revenue challenges. The company achieved a 1.8% increase in gross margin to 9.8%, reduced its net loss by $3.7M to -$5.6M, and improved operating cash flow by $1.6M to -$4.2M.
Notable 2024 achievements include launching Waavely, an ocean freight management platform, and Fleet Rocket, a Transportation Management System. Fr8Fleet service saw 42% year-over-year revenue growth. The company also received ISO 9001:2015 certification and high customer satisfaction scores.
For 2025 outlook, FRGT projects revenue of $20-25M, gross profit of $2-3M, and operating loss between -$4M to -$5.5M as it continues its transition toward becoming a leading logistics technology provider.
Freight Technologies (FRGT) ha riportato i risultati dell'intero anno 2024, evidenziando miglioramenti in metriche chiave nonostante le sfide sui ricavi. L'azienda ha registrato un aumento dell'1,8% del margine lordo al 9,8%, ha ridotto la sua perdita netta di 3,7 milioni di dollari a -5,6 milioni di dollari e ha migliorato il flusso di cassa operativo di 1,6 milioni di dollari a -4,2 milioni di dollari.
Tra i risultati notevoli del 2024 ci sono il lancio di Waavely, una piattaforma di gestione delle spedizioni marittime, e Fleet Rocket, un sistema di gestione dei trasporti. Il servizio Fr8Fleet ha visto un aumento dei ricavi del 42% rispetto all'anno precedente. L'azienda ha anche ricevuto la certificazione ISO 9001:2015 e punteggi elevati di soddisfazione dei clienti.
Per le prospettive del 2025, FRGT prevede ricavi tra 20 e 25 milioni di dollari, un utile lordo tra 2 e 3 milioni di dollari e una perdita operativa compresa tra -4 milioni e -5,5 milioni di dollari mentre continua la sua transizione per diventare un fornitore leader di tecnologia logistica.
Freight Technologies (FRGT) informó sus resultados del año completo 2024, mostrando mejoras en métricas clave a pesar de los desafíos en los ingresos. La compañía logró un aumento del 1.8% en el margen bruto al 9.8%, redujo su pérdida neta en 3.7 millones de dólares a -5.6 millones de dólares y mejoró el flujo de efectivo operativo en 1.6 millones de dólares a -4.2 millones de dólares.
Logros notables de 2024 incluyen el lanzamiento de Waavely, una plataforma de gestión de carga marítima, y Fleet Rocket, un sistema de gestión de transporte. El servicio Fr8Fleet vio un crecimiento de ingresos del 42% interanual. La compañía también recibió la certificación ISO 9001:2015 y altas puntuaciones de satisfacción del cliente.
Para las perspectivas de 2025, FRGT proyecta ingresos de 20 a 25 millones de dólares, una ganancia bruta de 2 a 3 millones de dólares y una pérdida operativa entre -4 millones y -5.5 millones de dólares mientras continúa su transición hacia convertirse en un proveedor líder de tecnología logística.
Freight Technologies (FRGT)는 2024년 전체 연도 결과를 보고하며, 수익의 어려움에도 불구하고 주요 지표에서 개선을 보여주었습니다. 회사는 총 마진 1.8% 증가를 달성하여 9.8%에 이르렀고, 순손실을 370만 달러 줄여 -560만 달러로, 운영 현금 흐름을 160만 달러 개선하여 -420만 달러로 만들었습니다.
2024년의 주목할 만한 성과에는 해양 화물 관리 플랫폼 Waavely와 운송 관리 시스템 Fleet Rocket의 출시가 포함됩니다. Fr8Fleet 서비스는 전년 대비 42%의 수익 성장을 보였습니다. 회사는 또한 ISO 9001:2015 인증을 받았고 고객 만족도 점수가 높았습니다.
2025년 전망에 대해 FRGT는 2000만에서 2500만 달러의 수익, 200만에서 300만 달러의 총 이익, -400만에서 -550만 달러 사이의 운영 손실을 예상하며, 물류 기술 제공업체로서의 전환을 계속하고 있습니다.
Freight Technologies (FRGT) a publié ses résultats de l'année complète 2024, montrant des améliorations dans des indicateurs clés malgré des défis de revenus. L'entreprise a réalisé une augmentation de 1,8 % de la marge brute à 9,8 %, a réduit sa perte nette de 3,7 millions de dollars à -5,6 millions de dollars et a amélioré son flux de trésorerie opérationnel de 1,6 million de dollars à -4,2 millions de dollars.
Les réalisations notables de 2024 incluent le lancement de Waavely, une plateforme de gestion de fret maritime, et Fleet Rocket, un système de gestion des transports. Le service Fr8Fleet a connu une croissance des revenus de 42 % d'une année sur l'autre. L'entreprise a également obtenu la certification ISO 9001:2015 et des scores élevés de satisfaction client.
Pour les perspectives de 2025, FRGT prévoit des revenus de 20 à 25 millions de dollars, un bénéfice brut de 2 à 3 millions de dollars et une perte opérationnelle entre -4 millions et -5,5 millions de dollars alors qu'elle continue sa transition pour devenir un fournisseur de technologie logistique de premier plan.
Freight Technologies (FRGT) hat seine Ergebnisse für das gesamte Jahr 2024 veröffentlicht und zeigt Verbesserungen in wichtigen Kennzahlen trotz Herausforderungen bei den Einnahmen. Das Unternehmen erzielte einen Anstieg der Bruttomarge um 1,8% auf 9,8%, reduzierte seinen Nettoverlust um 3,7 Millionen Dollar auf -5,6 Millionen Dollar und verbesserte den operativen Cashflow um 1,6 Millionen Dollar auf -4,2 Millionen Dollar.
Bemerkenswerte Erfolge im Jahr 2024 sind die Einführung von Waavely, einer Plattform für das Management von Seefracht, und Fleet Rocket, einem Transportmanagementsystem. Der Fr8Fleet-Service verzeichnete ein Umsatzwachstum von 42% im Jahresvergleich. Das Unternehmen erhielt außerdem die ISO 9001:2015-Zertifizierung und hohe Kundenzufriedenheitswerte.
Für den Ausblick auf 2025 prognostiziert FRGT Einnahmen von 20 bis 25 Millionen Dollar, einen Bruttogewinn von 2 bis 3 Millionen Dollar und einen operativen Verlust zwischen -4 Millionen und -5,5 Millionen Dollar, während es weiterhin den Übergang zu einem führenden Anbieter von Logistiktechnologie vollzieht.
- Net loss improved by $3.7M to -$5.6M in 2024
- Gross margin increased 1.8% to 9.8%
- Operating cash flow improved by $1.6M
- Fr8Fleet service achieved 42% YoY revenue growth
- High customer satisfaction with 80%+ response rate
- Still operating at a significant net loss (-$5.6M)
- Negative operating cash flow of -$4.2M
- Lower overall revenue compared to 2023
- Projected operating loss of -$4M to -$5.5M for 2025
Insights
Freight Technologies' 2024 results reveal a company making notable financial improvements while still navigating challenges. The 1.8% gross margin improvement to 9.8% demonstrates better operational efficiency and route selection in their cross-border and spot market operations. Their net loss reduction of $3.7 million to -$5.6 million and cash flow improvement of $1.6 million to -$4.2 million are significant steps toward operational sustainability.
These improvements occurred despite lower revenue, suggesting effective cost controls and more disciplined business practices. The debt extinguishment mentioned likely contributed to the improved bottom line, strengthening the balance sheet. The 42% growth in Fr8Fleet revenue demonstrates that at least one business segment is gaining meaningful traction.
Looking at their 2025 guidance, the $20-25 million revenue and $2-3 million gross profit projections indicate expected continued margin improvements. However, the projected operating loss of $4-5.5 million signals that profitability remains distant as they continue investing in technology development.
The company's strategic shift toward becoming a comprehensive logistics technology provider through new platform launches (Waavely, Fleet Rocket, AI Tendering Bot) represents a logical pivot, potentially enabling higher-margin, more scalable revenue streams compared to traditional logistics operations. The ISO 9001:2015 certification adds credibility to their operational standards, particularly important when serving enterprise clients.
Gross margin % improvement | Lower net loss | Improved cash flow from operations
HOUSTON, April 14, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT; “Fr8Tech” or the “Company”), a logistics management innovation company offering a diverse portfolio of technology-driven solutions, today announced its results for the full year ended December 31, 2024.
“2024 was a transformative year for Fr8Tech, highlighted by improvements across several key metrics including gross margins and cash flow from operations. In July, we launched Waavely, a state-of-the-art platform for ocean freight booking and management which continues to successfully handle ocean freight. The Company also on-boarded many new customers to its platform in 2024, with continued momentum in the first quarter 2025, including new or expanded agreements with several multi-national enterprises. In 2025 we continue to demonstrate our commitment to innovation, with the successful launch of Fleet Rocket, our cost-effective Transportation Management System (TMS) for brokers, shippers and other logistics operators, and the introduction of our advanced AI Tendering Bot, designed to automate and streamline the load tendering process. Cumulatively, these activities and advancements position Fr8Tech as a comprehensive digital freight-logistics technology company. We remain focused on the expansion and adoption of our innovative and cost-effective solutions, and our automation-driven service offerings and lean corporate positioning enable the Company and our customers to best navigate the current macroeconomic trade environment,” said Javier Selgas, CEO of Fr8Tech.
Business Highlights
- The Company released many new features and capabilities to Fr8App including:18 tracking integrations with GPS providers; ETA calculations; automatic status updates; WhatsApp notifications; bespoke integrations with customer platforms; facilities management; and, new reports and analytics.
- The Company made substantial progress with the development and showcasing of Fleet Rocket, which was formally launched in February 2025.
- Waavely, an ocean freight booking and management platform for container shipments, was launched in July 2024.
- Fr8Fleet, the Company’s dedicated capacity service, realized
42% year-over-year revenue growth. - With a more than
80% response rate on a customer satisfaction survey, Fr8Tech received highly positive customer feedback on logistics and customer service with average scores greater than four out of five. - The Company achieved ISO 9001:2015 certification, demonstrating its commitment to quality controls and best-in-class management standards.
Financial Highlights
- Gross margin percentage increased
1.8% year-over-year to9.8% in 2024 from7.9% in 2023 as the Company actively sought more profitable routes in the cross-border and domestic spot markets and made operational efficiency improvements to its dedicated services. - Cash flow from operations improved by
$1.6 million year-over-year to -$4.2 million from -$5.8 million in 2023 primarily due to improved margins, faster collections and better working capital management. - Net loss improved year-over-year by
$3.7 million to -$5.6 million in 2024 from -$9.3 million in 2023, despite lower revenue, due to higher gross margin percentage, lower operating expenses and efficiencies, and extinguishing long-term debt.
2025 Annual Outlook
The Company expects to continue to improve its financial results in 2025, as it transitions further to a leading logistics technology provider with its software offering and AI-powered solutions across the Fr8App platform.
- Revenue:
$20 million to$25 million - Gross Profit:
$2 million to$3 million - Operating Loss: -
$4 million to -$5.5 million
About Freight Technologies Inc.
Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company’s portfolio of solutions includes the Fr8App platform for seamless Over-the-Road (OTR) B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide and Fleet Rocket a nimble, scalable and cost-effective Transportation Management System (TMS) for brokers, shippers, and other logistics operator Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, 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. Fr8Tech’s and Fr8App Inc.’s actual results may differ from their expectations, estimates and projections and, consequently, readers 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 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 inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Fr8Tech other filings with the Securities Exchange Commission.
Fr8Tech 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. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. 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.
Year ended December 31, 2024 as compared to the year ended December 31, 2023
Schedule I
| FREIGHT TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 13,728,922 | $ | 17,060,753 | ||||
| Cost and expenses | ||||||||
| Cost of revenue (exclusive of depreciation and amortization shown separately below) | 12,389,520 | 15,709,673 | ||||||
| Compensation and employee benefits | 5,349,764 | 5,963,713 | ||||||
| General and administrative | 1,983,901 | 3,163,639 | ||||||
| Sales and marketing | 65,574 | 80,328 | ||||||
| Depreciation and amortization | 430,414 | 404,598 | ||||||
| Total cost and expenses | 20,219,173 | 25,321,951 | ||||||
| Operating loss | (6,490,251 | ) | (8,261,198 | ) | ||||
| Other income and expenses | ||||||||
| Interest expense, net | (673,858 | ) | (807,939 | ) | ||||
| Other expense, net | - | (498,917 | ) | |||||
| Gain from extinguishment of debts | 1,607,766 | - | ||||||
| Change in fair value of convertible note | 22,602 | 345,396 | ||||||
| Income (loss) before provision for income taxes | (5,533,741 | ) | (9,222,658 | ) | ||||
| Income tax expense | 67,486 | 104,948 | ||||||
| Net loss | $ | (5,601,227 | ) | $ | (9,327,606 | ) | ||
| Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (6.14 | ) | $ | (194.87 | ) | ||
| Weighted average number of ordinary shares | 912,837 | 47,867 | ||||||
| Net loss | $ | (5,601,227 | ) | $ | (9,327,606 | ) | ||
| Other comprehensive gain (loss) net of tax | ||||||||
| Foreign currency translation gain (loss) | (1,740,552 | ) | 452,917 | |||||
| Comprehensive loss | $ | (7,341,779 | ) | $ | (8,874,689 | ) | ||
The accompanying notes are an integral part of these consolidated financial statements.
Schedule II
| FREIGHT TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 204,032 | $ | 1,560,105 | ||||
| Accounts receivable, net | 3,533,330 | 5,360,493 | ||||||
| Unbilled receivables | 520,037 | 961,747 | ||||||
| Prepaid expenses and other current assets | 792,147 | 1,270,744 | ||||||
| Total current assets | 5,049,546 | 9,153,089 | ||||||
| Capitalized software, net | 574,109 | 771,133 | ||||||
| Property and equipment, net | 13,238 | 18,239 | ||||||
| Other long-term assets | 39,988 | 80,674 | ||||||
| Security deposits | 7,818 | 7,818 | ||||||
| Intangible assets, net | 5,546 | 6,359 | ||||||
| Total assets | $ | 5,690,245 | $ | 10,037,312 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,442,517 | $ | 1,875,727 | ||||
| Accrued expenses | 1,280,563 | 2,239,171 | ||||||
| Short-term borrowings | 3,343,710 | 2,819,620 | ||||||
| Income tax payable | 278,215 | 220,180 | ||||||
| Insurance financing payable | - | 13,191 | ||||||
| Total current liabilities | 6,345,005 | 7,167,889 | ||||||
| Convertible notes payable– long term | - | 242,442 | ||||||
| Total liabilities | 6,345,005 | 7,410,331 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Series A preferred stock, | 182 | 16,274 | ||||||
| Series B preferred stock, | 126 | 126 | ||||||
| Series seed preferred stock, | - | - | ||||||
| Ordinary shares, no par value, (**) unlimited shares authorized; 2,185,074 and 2,191,924 shares ( | - | 2,411,118 | ||||||
| Additional paid-in capital | 45,510,375 | 39,023,126 | ||||||
| Accumulated deficit | (44,916,779 | ) | (39,315,551 | ) | ||||
| Accumulated other comprehensive income (loss) | (1,248,664 | ) | 491,888 | |||||
| Total stockholders’ equity (deficit) | (654,760 | ) | 2,626,981 | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 5,690,245 | $ | 10,037,312 | ||||
(*) List of authorized shares for Series A preferred
a. Series A1A preferred shares: 10,000,000 authorized shares
b. Series A2 preferred shares: 3,000,000 authorized shares
c. Series A4 preferred shares: unlimited authorized shares
(**) Ordinary Share par value was change to no par value in June 2024.
The accompanying notes are an integral part of these consolidated financial statements.
Schedule III
| FREIGHT TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (5,601,227 | ) | $ | (9,327,606 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 430,414 | 404,598 | ||||||
| Share-based compensation | 981,023 | 1,153,787 | ||||||
| Non-cash interest | - | 449,147 | ||||||
| Change in fair market value of convertible note | (22,602 | ) | (345,396 | ) | ||||
| Conversion inducement expense | - | 129,259 | ||||||
| Gain from extinguishment of debt | (1,607,766 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,120,176 | 45,383 | ||||||
| Unbilled receivables | 334,728 | 1,070,440 | ||||||
| Prepaid expense and other assets | 591,263 | 288,272 | ||||||
| Security deposits | - | 11,457 | ||||||
| Accounts payable | (272,319 | ) | (181,880 | ) | ||||
| Accrued expenses | (217,893 | ) | 435,193 | |||||
| Income tax payable | 58,035 | 76,662 | ||||||
| Net cash used in operating activities | (4,206,168 | ) | (5,790,684 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Capitalization of software development costs | (336,153 | ) | (328,645 | ) | ||||
| Purchase of property and equipment | (9,570 | ) | (34,724 | ) | ||||
| Net cash used in investing activities | (345,723 | ) | (363,369 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from convertible notes | - | 7,675,000 | ||||||
| Proceeds from notes payable, net of discounts | 875,000 | - | ||||||
| Repayment of insurance financing payable | (236,082 | ) | (346,524 | ) | ||||
| Proceeds from issuance of common stock from ATM Offering | 3,079,016 | - | ||||||
| Repayment of short-term borrowings | (16,378,757 | ) | (19,385,421 | ) | ||||
| Proceeds from short-term borrowings | 16,902,846 | 18,857,667 | ||||||
| Net cash provided by financing activities | 4,242,023 | 6,800,722 | ||||||
| Net (decrease) increase in cash and cash equivalents | (309,868 | ) | 646,669 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (1,046,205 | ) | (99,564 | ) | ||||
| Cash and cash equivalents at beginning of the period | 1,560,105 | 1,013,000 | ||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | 204,032 | $ | 1,560,105 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ | 675,628 | $ | 816,819 | ||||
| Supplemental disclosure of non-cash activity | ||||||||
| Financing of insurance premiums | $ | 222,891 | $ | 341,653 | ||||
| Conversion of convertible notes to preferred stock | $ | - | $ | 7,054,065 | ||||
| Conversion of convertible notes to ordinary shares | $ | - | $ | 1,040,000 | ||||
| Conversion of preferred stock to ordinary shares | $ | - | $ | 1,368,907 | ||||
| Conversion of warrants to ordinary shares | $ | - | $ | 60,253 | ||||
| Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet | ||||||||
| Cash and cash equivalents | $ | 204,032 | $ | 1,560,105 | ||||
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ | 204,032 | $ | 1,560,105 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
Fr8Tech Contact: Jason Finkelstein IGNITION Investor Relations investors@fr8technologies.com
FAQ
What are FRGT's revenue projections for 2025?
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What new platforms did FRGT launch in 2024-2025?
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