Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) is a technology company offering its custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region. The company has released its preliminary financial results for the third quarter of 2023. Among the highlights, the company reported annualized revenue growth of 27% quarter over quarter and a margin increase of 27% year over year. “We had another quarter of strong growth and improved profitability at a time when a number of large players in the freight market are facing severe strain and difficulties. There were a number of large, legacy companies with bankruptcies and or restructurings during the quarter which reinforces what has been a fundamental tenet to our company,” Paul Freudenthaler, CFO of Fr8Tech, said of the results. “That is, that this market is ripe for digitalization and disruption and those that do not adapt will fall aside. These results underscore the dedication and hard work of our exceptional team, as we continue to focus on segments with demonstrated strength and an openness to new technology. As we move forward, we remain committed to being a pioneer in the digitalization of the largest commercial border on the planet.”
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About Freight Technologies Inc.
Freight Technologies (“Fr8Tech”) 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 USMCA 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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