Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a tech company on a mission to revolutionize cross-border shipping by offering carriers and shippers flexibility, visibility, and simplicity, just released preliminary financial results for the first quarter of the 2024 financial year (“Q1 2024”). Of note was the 30% revenue growth over the same period in the previous year, totaling $4.3 million. The company also reported a 25% growth in volume for Fr8Fleet from the fourth quarter of the 2023 fiscal year and a 278% year-over-year growth with approximately 3,400 completed shipments (https://ibn.fm/ir97f).
According to the company’s management, this growth and impressive performance was primarily attributed to adding the Fr8Fleet offering, which sought to address specific customer pain points by securing dedicated carrier capacity and providing responsive, high-quality customer service.
“The company’s addition of its Fr8Fleeet offering in 2022 was the right strategic response to the market dynamics of the Mexican domestic Over the Road (“OTR”) freight industry,” noted Don Quinby, Fr8Tech’s Chief Financial Officer (“CFO”).
“It has proven to be a highly valued service for large enterprise customers and is a key differentiator for Fr8Tech,” he added.
Fr8Tech looks to build even stronger relationships with its new and existing customers. Additionally, it is committed to bolstering its carrier capacity while improving its platform’s capabilities and efficiency, which has been a game-changer in the industry. According to its CEO and Director, Javier Selgas, focusing on these aspects will allow the company to realize its 2024 annual revenue projections of between $25 and $30 million.
“Underlying economic activity in both Mexico and the US, coupled with ongoing near-shoring activity of US and foreign multinational companies, suggests continued growing demand for domestic and cross-border freight services,” noted Mr. Selgas.
“We are well positioned to take advantage of this market opportunity, and the Fr8Tech team continues to innovate to make market share gains over the coming year,” he concluded.
If recent events in the region are anything to go by, Fr8Tech anticipates a significant uptick in the demand for its products and services. Earlier in the year, railroad disruptions, owing to a surge in smuggling of migrants through Mexico, saw nearly 10,000 rail cars stranded on both sides of the border (https://ibn.fm/wch92). Such events have forced companies to explore more reliable options, and Fr8Tech offers just that and more. With its market positioning, distinctive freight matching capabilities and easy-to-use features of its platform, the company is confident that it will bring plenty of industry participants together through Fr8App to meet its revenue projections for the year.
For more information, visit the company’s website at www.Fr8Technologies.com and its freight matching platform information site at www.Fr8.App.
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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