Freight Technologies (NASDAQ: FRGT), a technology company offering its custom-developed Fr8App, an industry-leading freight-matching platform that offers a B2B cloud-based solution for cross-border and domestic shipping within the USMCA region, saw a record increase in the number of new shipper clients added during March 2023. The company reported that the increase comes after a “challenging first quarter” and include clients from an array of sectors, including automotive, beverage, motorcycles and consumer goods. According to the announcement, the company is reporting $4.4 million in quarterly revenue for Q4 2022 with YTD 2022 revenue totaling $25.9 million, an increase of 20.6% from the prior year. Management also shared its 2023 revenue guidance of $36 million, representing a nearly 40% growth from Fr8App’s 2022 full-year revenue. “The new shipper clients represent a potential for significant recurring traffic on our platform and include leading first-tier automotive clients, renowned motorcycle brands and cocktail drinks — most of whom are household names,” said Freight Technologies sales director Harry Martin in the press release. “We expect a recurring monthly stream from new accounts to our platform during the month of March of more than $1 million per month, starting to ramp in April. . . . On the Mexico domestic market, we had confirmations of existing clients for our Fr8fleet business to continue growing through the rest of 2023, and requests for new services from existing shipper clients in the domestic Mexican markets equivalent to almost the entire Fr8fleet 2022 revenue. We have been tirelessly working on getting these key large shipper clients on our platform, and we are pleased to announce the signing of a number of key accounts, which will help attract carrier activity onto our platform as well.”
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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 business-to-business, cross-border shipping marketplace in the USMCA 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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