Freight Technologies (NASDAQ: FRGT), a logistics-management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem, is reporting its preliminary financial results for the first half of 2024, the period ended June 30, 2024; the report also included a status update on the advancement of FRGT software offerings.
According to the report, Fr8Tech saw a revenue increase of 6.6% year-over-year, totaling an estimated $8.1 million for the first half of 2024. In addition, revenue from the Fr8Fleet business more than doubled compared to the previous year, driven in large part by an 82% increase in shipments. The company also reported an increase in gross profits, which grew 40% year-over-year to $1 million, with gross margin percentage climbing 280 basis points to 11.8%.
“The strength of economic activity and trade within Mexico, the U.S. and cross-border regions continues to fuel a dynamic freight market,” said Fr8Tech CEO Javi Selgas in the press release. “We are capitalizing on this healthy trading environment by focusing on high-quality, margin-enhancing customers for our core business while also investing heavily in our software solutions. We anticipate these innovations will drive significant value to our customers and improve the company’s short- and long-term profitability.”
To view the full press release, visit https://ibn.fm/7phli
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 United States-Mexico-Canada Agreement (“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, brokerage, transportation management, fleet management and committed capacity solutions. The company is headquartered in Houston, Texas. 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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