Freight Technologies (NASDAQ: FRGT), a technology company based on its custom-developed Fr8App platform, which is powered by AI and machine learning and which offers a real-time portal for B2B cross-border shipping and domestic shipping within the United States-Mexico-Canada (“NAFTA”) region, is reporting on its third-quarter 2022 revenue for the period ended Sept. 30, 2022. According to the report, the company showed revenue growth of 38% over the same period last year, reporting revenue of $7.7 million for this quarter compared to $5.6 million for Q3 2021. The company also announced an adjustment in full-year 2022 revenue guidance, increasing it to $29 to $30 30 million, up an estimated 25% to 40% from Fr8App’s 2021 full-year revenue of $21.5 million. “Third-quarter 2022 revenue increased 38% on a year-ago quarter basis and 32% on a year-over-year basis,” said Fr8Tech CEO Javier Selgas in the press release. “The growth reflects greater traction in each of our dedicated capacity product Fr8Fleet and a strong performance from our cross-border group. It is also the first quarter in which we stopped servicing our legacy broker accounts, consistent with our strategy of pursuing key relationship accounts on the shipper end. Fr8App continues to offer many advantages, including improved operational efficiencies, additional security benefits and the possibility of end-to-end paperless shipping, that benefit both shipper and carrier customers. Our strategy of pursuing businesses complementary to our cross-border business for key relationship accounts is also showing positive results. Some of our key accounts in Fr8Fleet are actively pursuing cross-border opportunities with us in addition to expanding their Fr8Fleet requests from the company.”
To view the full press release, visit https://ibn.fm/RgD2q
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 business-to-business, cross-border shipping marketplace in the NAFTA region powered by artificial intelligence (“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. For more information about the company, please visit www.FR8Technologies.com.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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