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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, Inc. (Nasdaq: FRGT), known as Fr8Tech, announced its first analyst coverage since going public with a 'buy' recommendation from Chardan. CFO Paul Freudenthaler expressed optimism about the company's potential, highlighting the challenges ahead but emphasizing increasing revenues and a strong application adoption. CEO Javier Selgas noted the vast market potential and inefficiencies in logistics that Fr8Tech aims to disrupt. The company utilizes AI and machine learning to optimize supply chain solutions, enhancing transparency and cost-efficiency for customers.
Freight Technologies (Nasdaq: FRGT) announced it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement as its shares traded below $1.00 for 30 consecutive days. The company has until April 24, 2023, to regain compliance, which may include options like a reverse stock split. If the stock price reaches $1.00 for ten consecutive days during the compliance period, it will resolve the issue. Failure to comply could lead to delisting unless the company meets other requirements.
Freight Technologies, Inc. (Nasdaq: FRGT) has secured a two-year contract with Kimberly Clark de Mexico to expand its Fr8Private Fleet product. This commitment is expected to triple the company's capacity in this service within three months. Fr8Private Fleet, which operates on the company's B2B platform, enables predetermined load capacity agreements. COO Luisa Lopez emphasized the significance of this long-term commitment for steady business, while Javier Selgas noted ongoing investments to enhance their domestic offerings in the U.S. and Mexico.
Fr8Tech, operating under the brand Fr8App, has announced an expanded partnership with a Fortune 500 glass container manufacturer, enhancing logistics services across the US/Canada border. This development builds on their existing collaboration since 2021 focused on US/Mexico logistics. The CEO emphasized that recurring business validates the platform's efficacy, aiming to deepen customer relationships and drive future growth. With a focus on AI-driven solutions, Fr8App enhances operational efficiency, transparency, and revenue potential.
Freight Technologies, Inc. (Nasdaq: FRGT) presented key updates during the H.C. Wainwright 24th Annual Global Investment Conference on September 14, 2022, in New York City. The presentation was led by CFO Paul Freudenthaler and President Mike Flinker. Freight Technologies focuses on optimizing supply chain processes through technology, including a B2B cross-border shipping platform in the USMC region. Attendees can view the presentation by requesting access through the conference.
Freight Technologies, Inc. (FRGT) has expanded its logistics partnership with Kimberly Clark de Mexico (KCM) to facilitate cross-border shipping from Mexico to the U.S. This follows the successful implementation of the Fr8Fleet and domestic spot services. KCM's management expressed satisfaction with Fr8Tech's offerings, confirming the platform's capability to meet their logistics needs. This development signifies Fr8Tech's increasing business potential and validates its Fr8App platform in the competitive logistics market.
Fr8Tech Reports Record Revenue Growth
Freight Technologies (Nasdaq: FRGT) announced a record revenue of $8.5 million for Q2 2022, reflecting a 60% sequential increase and a 45% year-over-year growth. The first half of 2022 revenue reached $13.8 million, up 30% from $10.7 million in H1 2021. Full-year revenue guidance was adjusted to $32-$36 million, down from $40 million. CEO Javier Selgas noted improvement in distribution capacity and fuel price stabilization, anticipating further sequential revenue growth throughout the year.
Freight Technologies, Inc. (FRGT) filed a Form F-1 with the SEC on August 15, 2022, aiming to enhance its growth prospects in the U.S. and Mexican markets. CEO Javier Selgas highlighted that their Fr8App platform is gaining traction, with ongoing investments in product development to strengthen their cross-border shipping services. The registration positions the company to leverage capital markets for further expansion. Fr8Tech is focused on optimizing supply chain processes and aims to capture greater market share, benefiting shareholders.
Freight Technologies, Inc. (Nasdaq: FRGT) has been awarded the Samsung Mexico SDS business to enhance cross-border shipping from Mexico to the U.S. using its Fr8App platform. Samsung's representative highlighted the app's reliability and paper-free tracking capabilities, which align with their sustainability goals. CEO Javier Selgas stated this partnership validates the Fr8App platform, indicating potential growth opportunities. This collaboration comes amidst a challenging logistics market, as Fr8App facilitates over 100 trucks per week for Samsung's shipments.
Freight Technologies, Inc. (Nasdaq: FRGT) has upgraded its electronic data interchange (EDI) system to enhance location sharing and shipment status updates, aimed at improving efficiency for large shippers. This enhancement allows real-time tracking and faster notifications, reducing operational costs. CEO Javier Selgas highlighted that these features were positively received by key clients. The company continues to focus on technology innovation within the supply chain and cross-border shipping sectors.
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