Since its founding in 2015, Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) has been known for developing advanced technological solutions, including AI and machine learning, to optimize and automate the supply chain process, offering a platform for cross-border shipping in the NAFTA region for business-to-business (“B2B”) clients. Beginning in 2019, it refocused its B2B offerings away from freight forwarders and towards business clients directly, without an intermediary and supported by the Company’s staff.
On August 15, 2022, Freight Technologies provided its latest corporate update. Of note was the filing of a Form F-1 with the United States Securities and Exchange Commission (“SEC”) in a move which Javier Selgas, the company’s Chief Executive Officer (“CEO”), sees positioning Fr8Tech for continued growth as a public company (https://ibn.fm/Xk6bE).
The last corporate update formed the backbone for Fr8Tech’s presentation at the H.C. Wainwright 24th Annual Global Investment Conference held from September 12-14, 2022, at the Lotte New York Palace Hotel (https://ibn.fm/ESvoD).
Representing the company was Paul Freudenthaler, the Chief Financial Officer (“CFO”), and Mike Flinker, the President. In addition to the company’s F-1 filing with the SEC, the two talked in-depth about the company’s role in revolutionizing cross-border shipping and the investments made towards the end of 2021 and into 2022 to establish a domestic offering for each of the US and Mexico, to complement the Company’s core cross-border offerings. They also noted the increasingly important role of Artificial Intelligence (“AI”) and machine learning in solving the current problems that players in the logistics industry within the NAFTA region are grappling with. “AI will continue to affect our service offerings which in turn will only improve more as the traffic on our platform increases over time.”
This year’s theme for the Global Investment Conference was life sciences, cryptocurrency, blockchain and fintech, metals and mining, technology, media, and telecommunications growth, as well as cleantech. Fr8Tech presented alongside other key companies within these spaces, with its focus on technology, while also touching on its investment rationale which includes the company’s target market of over $1.2 trillion in freight, its scalable and differentiated technology, its market leadership as a first mover in this space in Mexico, and its successful growth strategy to date.
Just this year, the company has grown its operations with numerous improvements to its cloud-based marketplace that simplifies the once-complex process of international over-the-road (“OTR”) cross-border shipping (https://ibn.fm/sEMFx). Fr8Tech is also constantly exploring new ways to create value for its clients and streamline the region’s cross-border shipping process and carry that over into their respective domestic markets. “We have had some top consumer companies endorse our product by starting with a purely domestic product and then, after familiarizing themselves with our technologies and capabilities, gaining confidence in our reliability and jump into the cross-border offerings on our platform and then perhaps into another country’s domestic requirements. Our efforts to date have yielded six distinctive solutions in our product suite: Fr8App, Fr8Radar, Fr8TMS, Fr8FMS, Fr8Data, and Fr8Fleet. Some of these address specific needs, like 24/7 tracking and tracing through Fr8Radar, while others address needs for purely domestic carriage, such as Fr8Fleet.”
The company’s focus on exploring new areas for revenue and value creation allowed for a 45% year-over-year (YOY”) revenue growth for the second quarter of the 2022 financial year (“Q2 2022”) (https://ibn.fm/VSVjD).
“The growth reflects greater traction in each of our dedicated capacity products, Fr8Fleet, and our U.S. domestic Fr8App services,” noted Mr. Selgas.
Mr. Selgas has noted that the company anticipates steady long-term growth, especially as the market conditions improve and fuel prices stabilize. Technology will continue to play an integral role in this growth, even as the company focuses on its logistical operations’ transparency and overall efficiency.
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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