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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.
Fr8Tech announced an increase in its convertible note facility from $6.6 million to $9.9 million, raising an additional $3.3 million. The company also renewed its secured lending facility of $5.0 million, which has been extended through 2025.
These financial measures aim to enhance liquidity and support Fr8Tech's growth ambitions amid a challenging market environment. Capital Foundry expressed confidence in Fr8Tech's growth trajectory, indicating strong collaboration since 2019. The funds will facilitate the company's operations in the USMCA region and assist in expanding its Fr8App platform, a freight-matching technology powered by AI.
Fr8Tech is committed to optimizing supply chain processes and enhancing efficiency for carriers and shippers.
Fr8Tech has been named the top carrier for BeatBox Beverages in cross-border shipments, owing to its efficient communication and tracking capabilities. The collaboration is already yielding positive results, with BeatBox reporting significant improvements in logistics. Rita Garza, BeatBox Operations Manager, praised Fr8App’s tools, like Fr8Radar, for enhancing their shipping process. CEO Javier Selgas highlighted the importance of this partnership as a testament to their innovative technology. However, Fr8Tech recently executed a 10-to-1 reverse stock split due to compliance issues with Nasdaq, bringing the outstanding shares to 3,277,513 and a market cap of approximately $7.8 million, which is significantly below analysts’ target price of $20 per share. This market capitalization is about 30.1% of the company's total revenue for 2022.
Freight Technologies, Inc. (Nasdaq: FRGT) announced on April 11, 2023, that it has regained compliance with Nasdaq's minimum bid price requirement after a temporary non-compliance notification received on October 26, 2022, when shares fell below $1.00 for 30 consecutive business days. The company executed a 10:1 reverse stock split on March 24, 2023, resulting in the ordinary shares trading above the compliance threshold for the last 11 business days. With this improvement, Nasdaq has confirmed that Freight Technologies meets the listing requirements, thus closing this compliance issue.
Freight Technologies specializes in supply chain solutions and operates the Fr8App platform, enhancing efficiency in B2B cross-border shipping within the USMCA region.
Freight Technologies (Nasdaq: FRGT) reported significant growth in March 2023, onboarding new shipper clients across diverse sectors, including automotive and beverage, with expected recurring revenue exceeding $1 million monthly. The company anticipates significant enhancements to its Fr8App platform, driven by a multi-year contract with Kimberly Clark de Mexico and additional client confirmations. For Q4 2022, Freight Technologies achieved $4.4 million in revenue, marking a 20.6% year-over-year increase. The company’s guidance for 2023 is $36 million, showing nearly 40% growth potential. Following a 10-to-1 reverse share split, the adjusted capital value stands at $5.1 million, creating an upside of over 11X on recent closing prices.
Freight Technologies Inc. (Nasdaq: FRGT) has secured a logistics service contract with Whirlpool Mexico. This partnership utilizes Fr8Tech's Fr8App, an AI-powered freight-matching platform, for domestic shipping services. The collaboration aligns with Whirlpool's commitment to sustainability by eliminating paper tracking. Following a 10:1 reverse stock split on March 24, 2023, the company's market cap stood at approximately $4.8 million, significantly below independent analysts' target price of $20 per share. This reflects a potential upside of over 12X based on closing prices.
Freight Technologies (FRGT) announced a 10:1 reverse share split effective March 24, 2023, to meet Nasdaq’s minimum bid price requirement. Following the split, the outstanding shares will be reduced to 3,271,386, with a market capitalization of approximately $5.5MM, reflecting a 91.6% discount to the target price of $20. CEO Javier Selgas emphasized the importance of maintaining the Nasdaq listing as the company continues to improve its AI-driven freight-matching platform. This move aims to enhance compliance and support operational growth within the USMCA region.
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