- B2B marketplace builder Freight Technologies Inc. is an innovator in resources for strengthening commercial supply chain transports between the United States, Canada and Mexico
- Freight Technologies, also known as Fr8Tech, has developed its AI-powered Fr8App resource to provide shippers and carriers with the tools they need for monitoring shipments and vehicle performance, and improving efficiency
- In this month’s State of the Union address, President Joe Biden restated his administration’s commitment to boosting manufacturing close to home through policies that sustain price competitiveness and respect for quality employment
- Amid optimism for U.S. trade and labor policies, Fr8Tech recently announced revenue projections for 2023, boosting its anticipated sales by 40 percent to between $36 million and $42 million
Over-the-road shipping technology innovator Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) is dedicated to keeping freight moving around the country and between the United States’ primary land-based trading partners in an efficiently designed and successful manner, using the company’s flagship AI-powered Fr8App B2B marketplace as a powerful tool.
Freight Technologies (also stylized as Fr8Tech) recently announced its market guidance data for the coming year, projecting revenues of between $36 million and $42 million for 2023, which will be an increase over 2022’s preliminary revenue figures of approximately $26 million to $27 million (https://ibn.fm/jUZxK).
The company’s projections for revenue growth are underscored by the comments President Joe Biden made during the White House’s annual State of the Union address earlier this month, restating the administration’s goals of promoting made-in-America projects despite continued strong impetus in the business sector for trading with foreign economies, particularly market-dominant imports ($537 billion in 2022) from China (https://ibn.fm/lmq0G).
While much of the U.S. trade policy focus has been on tensions with China and Russia, Canada and Mexico remain the America’s largest two-way trading partners — with $794 billion and $779 billion transacted last year between the countries, respectively, reflecting the lengthy land borders the nations share with the United States and a recently updated three-way free trade agreement, according to new U.S. Commerce Department data (https://ibn.fm/jQ7yl).
Commercial truck transport is a key element of the land-based trade closest to home undergirding administration shipping policies both for domestic manufacture and partners in the United States-Mexico-Canada Agreement (“USMCA”), which replaced the North America Free Trade Agreement (“NAFTA”) in 2020 as a mutually beneficial trade strategy for North American workers, farmers, ranchers, and businesses (https://ibn.fm/IE4xe).
Freight Technologies’ Fr8App fleet tracking solution helps smaller carriers compete with big retailers by enabling business owners and fleet managers to monitor and manage transport vehicles, identifying the progress of shipments, reducing fuel costs, ensuring greater driver safety, and helping drivers fulfill maintenance needs (https://ibn.fm/2ARNC).
“We look forward to continued growth in our cross-border and domestic FTL offerings over the course of the next 12 to 24 months and come into 2023 with a strong pipeline of existing customers and new prospects and growing lines of business,” Fr8Tech CEO Javier Selgas stated in the company’s revenue announcement. “We are revising our guidance for 2023 revenues to be in the $36 to $42 million range as we continue to invest in our technology and are capturing early returns from our new product offerings.”
For more information, visit the company’s website at 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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