Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the NAFTA region, today announced its revenue for the second quarter of 2022 for the period ended June 30, 2022. Among the highlights, Fr8Tech reported record quarterly revenue of $8.5 million for Q2 2022, up 60% from $5.3 million in Q1 2022 and up 45% from $5.9 million in Q2 2021. “Second quarter 2022 revenue, a record, increased 60% on a sequential quarter basis and 45% on a year-over-year basis,” said Fr8Tech CEO Javier Selgas. “The growth reflects greater traction in each of our dedicated capacity product, Fr8Fleet, and our U.S. domestic Fr8App services. While the distribution channel capacity scarcity improved and fuel price increases stabilized in the second quarter, we believe it is prudent to modify our full year guidance, and we continue to expect revenue to increase sequentially throughout the year.”
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About Freight Technologies Inc.
Freight Technologies is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary Freight App Inc. (“Fr8App”) is a B2B cross-border shipping marketplace in the NAFTA 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.
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