Increases reflect growth Fr8Fleet and U.S. Domestic Services
HOUSTON, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech), a technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the NAFTA region, reported revenue for the second quarter of 2022 for the period ended June 30, 2022.
Fr8Tech reported record quarterly revenue of $8.5 million for Q2 2022, up 60% from $5.3 million in Q1 2022 and up 45% from $5.9 million in Q2 2021. The revenue for the first half of 2022 reached $13.8 million, up 30% from $10.7 million in the first half of 2021. Management adjusted full year 2022 revenue guidance from approximately $40 million to between $32 million and $36 million, up from Fr8App’s 2021 revenue of $21.5 million.
Javier Selgas, CEO of Fr8Tech, said, “Second quarter 2022 revenue, a record, increased 60% on a sequential quarter basis and 45% on a year-over-year basis. The growth reflects greater traction in each of our dedicated capacity product, Fr8Fleet, and our U.S. domestic Fr8App services. While the distribution channel capacity scarcity improved and fuel price increases stabilized in the second quarter, we believe it is prudent to modify our full year guidance, and we continue to expect revenue to increase sequentially throughout the year.
“Fr8App offers many advantages including time and cost savings that benefit shippers and carriers. Even when macro-economic challenges persist, goods still need to be delivered in a timely and costly manner, and Fr8App makes the whole process easier. As such, we continue to broaden our customer reach, which we expect to drive long-term growth, especially as the market improves,” concluded Selgas.
About Freight Technologies Inc.
Freight Technologies (Fr8Tech, Nasdaq: FRGT) 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 NAFTA 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) 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, broker, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit fr8technologies.com.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Freight Technologies' and Fr8App’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Freight Technologies’ and Fr8App’s expectations with respect to future performance and anticipated financial impacts of the acquisition.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Freight Technologies’ and Fr8App’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of COVID-19 pandemic on Fr8App’s business; (2) the inability to obtain or maintain the listing of Freight Technologies’ ordinary shares on Nasdaq; (3) the ability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition, the ability of Fr8App to grow and manage growth profitably, and retain its key employees; (4) costs related to the merger; (5) changes in applicable laws or regulations; (6) the possibility that Freight Technologies or Fr8App may be adversely affected by other economic, business, and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information with respect to Fr8App; (8) risks related to the organic and inorganic growth of Fr8App’s business and the timing of expected business milestones; and (9) other risks and uncertainties identified, including those under “Risk Factors”, to be filed by in Freight Technologies' other filings with the SEC. Freight Technologies cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Freight Technologies and Fr8App caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Freight Technologies and Fr8App do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.
Kirsten Chapman, LHA Investor Relations, email@example.com, 415.433.3777