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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, trading under NASDAQ: FRGT, has significantly expanded its Fr8Radar module within the Fr8App platform.
In the first half of 2024, Fr8Radar integrated with 15 new GPS providers, totaling 28 integrations.
This integration enhances real-time truck and trailer tracking across Mexico and the US, streamlining operations and bolstering security against cargo theft.
CEO Javier Selgas highlighted the importance of this development for the Mexican OTR transport industry and cross-border logistics, emphasizing improved security and efficiency.
Freight Technologies aims to provide the most advanced logistics solutions, with Fr8Radar becoming one of the most integrated platforms for truck monitoring in Mexico.
Freight Technologies (Nasdaq: FRGT) announced on May 24, 2024, that it received a notification from Nasdaq on May 22, 2024, regarding non-compliance with the minimum bid price requirement. The company's stock closed below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). FRGT has until November 18, 2024, to regain compliance, potentially through a reverse stock split. If the stock price remains above $1.00 for 10 consecutive business days within this period, compliance will be restored. If FRGT fails to comply, it may seek an additional 180-day extension, subject to meeting specific criteria. The company is evaluating its options but has not yet made a decision.
Freight Technologies, Inc. (Nasdaq: FRGT) reported annual revenue of $17.1 million for fiscal year 2023, marking a 34% year-over-year decline from 2022. Despite the revenue decrease, the company managed to increase its cash flow from operations by $2.7 million by enhancing working capital and reducing operating expenses. Fr8Tech saw a 48% growth in its Fr8Fleet dedicated services, reaching $3.6 million for the year. The CEO highlighted the challenges faced by the freight industry due to disruptions caused by the COVID-19 pandemic and emphasized the company's focus on core markets, data-driven solutions, and strategic partnerships. Fr8Tech reaffirmed its revenue guidance for 2024 at $25-30 million, citing positive economic conditions, growing demand for dedicated carrier services, enhancements to Fr8App, and upcoming product offerings as key drivers for future growth.
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