Freight Technologies (NASDAQ: FRGT) is reporting its preliminary financial results for the fourth quarter of 202, the period ending Dec. 31, 2023. According to the report, Fr8Tech is showing its third consecutive quarter of notable revenue growth with Q4 2023 numbers showing approximately $5 million in quarterly revenue, which is 7.5% increase compared to the previous quarter and more than 16% growth compared to Q4 2022. In addition, the company reported its year-to-date 2023 gross margin percentage rose to 9.3%, reflecting a more than 50-basis point improvement over its 2022 results. The company also noted that it is projecting a healthy 2024 as priorities continue to be advancing innovation, expanding client base and delivering value to shareholders. The company anticipates seeing an upward trajectory in client engagement with its custom-developed Fr8App, an industry-leading freight-matching platform powered by artificial intelligence (“AI”) and machine-learning that offers a real-time portal for business-to-business cross-border shipping and domestic shipping. “The company continued to demonstrate strong execution in its core offerings for cross-border shipping and dedicated fleet services with the third straight quarter of revenue growth,” said Fr8Tech chief financial officer Don Quinby in the press release. “The market has recovered from its lows in late 2022 and early 2023, and we are back on a growth trajectory. The team continues to add customers and build carrier capacity while enhancing the capabilities and efficiency of the platform. We are well positioned for continued growth and margin improvements for 2024.”
To view the full press release, visit https://ibn.fm/HrQVj
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, 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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