Freight Technologies Reports Strong Preliminary 2024 Mid-Year Results and Announces Exciting Advances in its Product Offerings
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 (FRGT) ha riportato risultati preliminari di metà anno per il 2024 molto positivi, con un aumento del fatturato del 6,6% rispetto all'anno precedente, arrivando a 8,1 milioni di dollari. L'azienda ha registrato una crescita di oltre 100% nel suo business Fr8Fleet, grazie a un incremento del 82% nelle spedizioni. I profitti lordi sono aumentati del 40% arrivando a 1,0 milioni di dollari, con un miglioramento dei margini di 280 punti base, attestandosi all'11,8%. Fr8Tech ha rivisto le sue previsioni di fatturato per l'intero anno 2024 a 15-20 milioni di dollari.
L'azienda ha annunciato la commercializzazione della sua soluzione di Sistema di Gestione dei Trasporti (TMS), un traguardo significativo nella sua evoluzione come innovatore nella gestione della logistica. Il TMS si propone di fornire un centro di comando digitale completo per i team di logistica, offrendo monitoraggio in tempo reale, selezione dei corrieri, gestione dei percorsi e integrazione con i sistemi di inventario e fatturazione.
Freight Technologies (FRGT) informó sobre resultados preliminares sólidos a mitad de año para 2024, con un crecimiento del 6.6% en los ingresos año tras año, alcanzando los 8.1 millones de dólares. El negocio de Fr8Fleet de la empresa vio un crecimiento de más del 100%, impulsado por un aumento del 82% en los envíos. Las ganancias brutas aumentaron un 40% a 1.0 millones de dólares, con márgenes mejorando en 280 puntos base hasta el 11.8%. Fr8Tech revisó su pronóstico de ingresos para todo el año 2024 entre 15 y 20 millones de dólares.
La empresa anunció la comercialización de su solución de Sistema de Gestión de Transporte (TMS), un hito significativo en su evolución como innovador en la gestión logística. El TMS tiene como objetivo proporcionar un centro de comando digital integral para los equipos de logística, ofreciendo seguimiento en tiempo real, selección de transportistas, gestión de rutas e integración con sistemas de inventario y facturación.
화물 기술(Freight Technologies, FRGT)는 2024년 중간연도에 대한 강력한 예비 실적을 보고했으며, 연간 6.6% 증가한 810만 달러의 매출을 기록했습니다. 회사의 Fr8Fleet 사업 부문은 배송 건수의 82% 증가에 힘입어 100% 이상의 성장을 보였습니다. 총 이익은 40% 증가하여 100만 달러에 달했고, 마진은 280bp 개선되어 11.8%에 이릅니다. Fr8Tech는 2024년 전체 매출 예측을 1,500만~2,000만 달러로 수정했습니다.
회사는 물류 관리 혁신자로서의 발전 과정에서 중요한 이정표인 운송 관리 시스템(TMS) 솔루션의 상용화를 발표했습니다. TMS는 물류 팀을 위한 포괄적인 디지털 명령 센터를 제공하며, 실시간 추적, 운송업체 선택, 경로 관리 및 재고 및 청구 시스템과의 통합을 제공합니다.
Freight Technologies (FRGT) a rapporté des résultats préliminaires solides pour le milieu de l'année 2024, avec une augmentation de 6,6 % des revenus par rapport à l'année précédente, atteignant 8,1 millions de dollars. L'activité Fr8Fleet de l'entreprise a connu une croissance de plus de 100%, grâce à une augmentation de 82 % des expéditions. Les bénéfices bruts ont augmenté de 40 % pour atteindre 1,0 million de dollars, avec une amélioration des marges de 280 points de base, atteignant 11,8 %. Fr8Tech a revu son objectif de revenus pour l'année entière 2024 entre 15 et 20 millions de dollars.
L'entreprise a annoncé la commercialisation de sa solution de Système de Gestion du Transport (TMS), une étape importante dans son évolution en tant qu'innovateur dans la gestion logistique. Le TMS vise à fournir un centre de commande numérique complet pour les équipes logistiques, offrant un suivi en temps réel, une sélection de transporteurs, une gestion des itinéraires et une intégration avec les systèmes d'inventaire et de facturation.
Freight Technologies (FRGT) hat starke vorläufige Halbjahresergebnisse für 2024 gemeldet, mit einem Umsatzwachstum von 6,6% im Jahresvergleich auf 8,1 Millionen Dollar. Das Fr8Fleet-Geschäft des Unternehmens verzeichnete ein Wachstum von über 100%, was durch einen Anstieg der Sendungen um 82% unterstützt wurde. Die Bruttogewinne stiegen um 40% auf 1,0 Millionen Dollar, mit einer Verbesserung der Margen um 280 Basispunkte auf 11,8%. Fr8Tech hat seine Umsatzprognose für das gesamte Jahr 2024 auf 15-20 Millionen Dollar überarbeitet.
Das Unternehmen gab die Kommerzialisierung seiner Lösung für Transportmanagementsysteme (TMS) bekannt, einen bedeutenden Meilenstein in seiner Entwicklung als Innovator im Bereich Logistikmanagement. Das TMS zielt darauf ab, ein umfassendes digitales Kommandocenter für Logistikteams bereitzustellen, das Echtzeit-Überwachung, Auswahl von Frachtführern, Routenmanagement und die Integration von Bestands- und Abrechnungssystemen bietet.
- Revenue increased 6.6% year-over-year to $8.1 million in H1 2024
- Fr8Fleet business grew over 100% compared to the previous year
- Gross profits rose 40% year-over-year to $1.0 million
- Gross margin percentage improved by 280 basis points to 11.8%
- Full-year 2024 revenue forecast revised to $15-$20 million range
- Commercialization of Transportation Management System (TMS) solution announced
- TMS expected to have gross margins between 50% and 80% as a SaaS solution
- None.
Fr8Tech's preliminary mid-year results show promising growth and improved profitability. Revenue increased by
The company's focus on high-quality, margin-enhancing customers and investment in software solutions could drive future profitability. The new Transportation Management System (TMS) offering, with potential gross margins of
Fr8Tech's strategic pivot towards software solutions, particularly its new TMS offering, marks a significant evolution in its business model. The TMS, described as a "comprehensive digital command center," integrates real-time tracking, carrier selection, route management and system integration capabilities. This move aligns with industry trends towards digitalization and automation in logistics.
The company's emphasis on AI-driven pricing tools and API integration demonstrates a focus on cutting-edge technology. However, the success of this offering will depend on its ability to differentiate in a competitive market and effectively address the unique challenges of cross-border logistics. The reported interest from enterprise customers is encouraging, but concrete adoption rates and revenue generation will be important metrics to watch in the coming months.
Fr8Tech's performance reflects the robust economic activity in the USMCA region, particularly in cross-border trade. The
The company's diverse portfolio, including Fr8App, Fr8Now, Fr8Fleet and Waavely, positions it well to capture various segments of the logistics market. The introduction of the TMS solution could be a game-changer, potentially opening up new revenue streams and enhancing Fr8Tech's competitive position. However, the logistics software market is highly competitive and Fr8Tech will need to leverage its regional expertise and existing customer relationships to gain significant market share. Investors should closely monitor customer adoption rates and the impact on recurring revenue in future reports.
Revenue Growth, Enhanced Profit Margins, and Strategic Software Innovations Highlight Mid-Year Performance
HOUSTON, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, “Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem, today announced its preliminary financial results for the first half of 2024, which concluded on June 30, 2024, as well as provided an update on the advancement of its software offerings.
Fr8Tech achieved a notable revenue increase of
Looking ahead to the second half of the year, Fr8Tech has revised its full year 2024 revenue forecast, now projected to be in the range of
The Company’s portfolio of solutions includes the Fr8App platform for seamless 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; and Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide.
Each product is interconnected within a unified platform that centralizes and leverages data across these services, continuously improving our AI models to uncover synergies, further automate processes, and drive greater efficiency and innovation across the supply chain. To that same end, the Company is excited to announce the commercialization of its Transportation Management System (TMS) solution to stakeholders across the industry. It is a major milestone in the Company’s progression as a logistics management innovator and buildout of its suite of offerings.
Fr8Tech’s CFO, Don Quinby, commented, “Fr8Fleet remains a key asset, delivering exceptional value to large enterprises in the competitive Mexican over-the-road (OTR) market. Our commitment to automating and refining our processes since 2021 has bolstered customer retention and contributed to the advancement of our TMS solution, which are designed to help businesses plan, execute, and manage their shipping and logistics operations. These solutions are currently being tested and marketed to several major enterprise clients.”
Fr8Tech’s TMS will serve as a comprehensive digital command center, enabling logistics teams to oversee and optimize the movement of goods with enhanced precision. It will allow companies to track shipments in real-time, select the most suitable carriers, administer delivery routes, communicate with drivers, manage documentation, and integrate with both inventory and billing systems. By automating these processes and delivering actionable insights, our TMS can significantly reduce costs and risks, improve decision-making and operational efficiency, and elevate overall supply chain management performance.
Emphasizing the Company’s strategic visions, Selgas commented, “Our TMS offering is set to deliver the same ease and efficiency that defines the Fr8App platform. With real-time data on carrier capacity, cutting-edge AI pricing tools, premier tracking technology, and seamless API integration with existing systems, we are confident that Fr8Tech’s TMS software will become an indispensable tool for logistics professionals and drive industry-wide innovation.”
Selgas added, “Our TMS development leverages seven years of hands-on experience in the USMCA freight market. Our learnings from encountering and resolving countless challenges, has propelled the creation of a tailored solution that addresses the unique needs of cross-border and Mexico-based logistics. Additionally, the gross margin for selling our TMS as a SaaS solution ranges between
About Freight Technologies Inc.
Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary, Freight App, Inc. (Fr8App Inc.), 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 over-the-road (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 and real-time tracking, digital freight marketplace, broker, 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’s 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.
FAQ
What was Freight Technologies' (FRGT) revenue growth in H1 2024?
How much did Fr8Tech's gross profits grow in H1 2024?
What is Freight Technologies' (FRGT) revised full-year 2024 revenue forecast?
What new product did Freight Technologies (FRGT) announce in September 2024?
