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 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”) 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.
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, readers 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 its acquisition of Fr8App.
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 the 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 and the ability of Fr8App to grow, 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 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.
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