Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) is a technology company offering its custom-developed Fr8App, an industry-leading freight-matching platform that offers a B2B cloud-based solution for cross-border and domestic shipping within the USMCA region. The company reported a record number of active carriers in its Fr8Fleet brand at end of August 2023, an increase of 60.8% versus year-ago levels and an increase of 55.7% versus YTD average capacity levels through August. “Following a challenging first quarter of the year, we had to cycle through some underperforming carriers during Q1-23 – which hurt our numbers for the first quarter, but we believe we did the right thing to maintain the expected high level of quality of our service, and we are getting back on track,” said Luisa Lopez, COO for Fr8Tech. “The additional carrier capacity is something we are actively working to address – not only during the first quarter but for a number of months to come. An important limitation to our ability to grow the Fr8Fleet brand has been related to securing high-quality carrier capacity, and we have focused on doing just that for some time, and our efforts are starting to bear fruit. We expect to be able to show improvements in recurring monthly revenue from Fr8Fleet through the remainder of the calendar year and into 2024.”
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About Freight Technologies Inc.
Freight Technologies (“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.
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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