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 today announced its preliminary financial results for Q1 2024, which concluded on March 31, 2024. Among the highlights, the company reported healthy revenue growth of 30% in Q1 2024 over the prior year with approximately $4.3 million in quarterly revenue. “The company’s addition of its Fr8Fleet offering in 2022 was the right strategic response to the market dynamics of the Mexican domestic OTR freight industry,” said Don Quinby, CFO of Fr8Tech. “It has proven to be a highly valued service for large enterprise customers and is a key differentiator for Fr8Tech. The company’s growth trajectory continues, not just with Fr8Fleet, but also with spot and cross-border shipments. We continue to deepen relationships with existing customers, add new customers, and build carrier capacity while enhancing the capabilities and efficiency of the platform. We are excited for the year ahead.”
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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.
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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