Business
Freight Technologies, Inc. Reports Strong Revenue Growth: YTD Revenue Reaches $25.9 Million, Up 20.3% from Prior Year; Almost 40% Annual Revenue Growth Projected for 2023
Fr8Tech's Q4 2022 Performance: Strong Fr8Fleet Results Counterbalance Dip in Shipments from Key Account HOUSTON, March 07, 2023 (GLOBE NEWSWIRE) -- Freight
About this update from Freight Technologies, Inc.
[{"type":"text","content":"Fr8Tech's Q4 2022 Performance: Strong Fr8Fleet Results Counterbalance Dip in Shipments from Key Account HOUSTON, March 07, 2023 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech''), 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, today reports fourth quarter 2022 revenue for the period ended Dec. 31, 2022. Fr8Tech reported $4.4 million in quarterly revenue for Q4 2022, and YTD 2022 revenue reached an impressive $25.9 million, up 20.6% from the prior year. With eyes set firmly on the future, Fr8Tech's management announced 2023 revenue guidance of $36 million, representing almost 40% growth from Fr8App's 2022 full-year revenue of $25.9 million. “We are proud to report another successful year of growth in 2022, with YTD revenue up 20.6% from the prior year,\" said Paul Freudenthaler, Fr8Tech’s CFO. \"Despite some challenges in Q4, such as reduced demand from our largest client in 2021, which represents an isolated instance, we are optimistic about our business prospects and are projecting approximately $36 million in revenues for 2023, which represents nearly 40% year-over-year growth relative to 2022.” Javier Selgas, Fr8Tech’s CEO, said \"We remain confident in the future of our business and are excited about expanding opportunities in Mexico and the broader North American market. In addition to the continued growth of the Fr8App brand, Fr8Tech plans to announce the development of its LTL product in the near future. With an optimistic outlook and an increasing source of revenue from complementary brands, Fr8Tech is poised for another successful year in 2023.\" About Freight Technologies Inc. Freight Technologies (Nasdaq: FRGT) (“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”)...