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 first quarter 2023 revenue for the quarter ended March 31, 2023. Fr8Tech reported preliminary revenue of $3.3 million for Q1 2023, down from a strong $5.3 million for Q1 2022. “We had a very good Q1 a year ago. In contrast, this last quarter we had difficulty with securing capacity in a very tight carrier market during Q1 of this year and also suffered from some one-time client losses, which makes year-over-year comparisons difficult,” said Javier Selgas, CEO of Fr8Tech. “We also discontinued efforts to pursue some of our U.S. domestic business in favor of focusing on higher margin and higher growth opportunities in other segments in which we operate, which we are convinced is the appropriate tactical move for us at this stage. A selection of our routes in the U.S. showed that rates were on average 25% lower than a year ago whereas our rates in Mexico and cross-border are faring much better. Our sales team has focused on successfully broadening our shipper base and we continue to work to increase our carrier base on Fr8App. Our Fr8Now project is only now starting to show some results, and we are confident it will continue to grow throughout the year and into next. As previously announced, in spite of a challenging market so far this year, we are pleased with our record rate of signing up of new shippers in March, which gives us confidence in adjusting our 2023 revenue guidance for the year to $25-$30 million.”
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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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