Freight Technologies, Inc. Reports Strong Q2 Earnings with 29% Revenue Growth and 93% Margin Increase
14 Agosto 2023 - 7:30AM
Freight Technologies, Inc. (Nasdaq: FRGT), 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 its financial
results for the second quarter of 2023, concluding on June 30,
2023.
The company has demonstrated steady growth, achieving a 29%
increase in revenue compared to the previous quarter and a 93% rise
in margin compared to the same year-to-date period last year.
Key Financial Highlights:
29% Quarter-over-Quarter Revenue Growth: The
company achieved strong revenue growth in the second quarter of
2023, with a noteworthy 29% increase compared to the previous
quarter. This growth highlights the company's strong market
positioning and effective execution of its business strategy.
93% Year-over-Year Margin Increase: The
company's margin saw a significant improvement, recording a 93%
increase compared to the second quarter of 2022. This
year-over-year improvement reflects the successful implementation
of operational efficiencies and prudent cost management
strategies.
Steadfast Commitment to Innovation: The company
remains dedicated to driving innovation within the supply chain
technology landscape. The company's relentless pursuit of novel
solutions has contributed to new growth opportunities and improved
financial performance.
Rock-Solid Financial Foundation: The company's
financial position continues to provide a solid foundation for
future growth initiatives and strategic investments. It continues
to focus on generating value for its shareholders.
Paul Freudenthaler, CFO of Fr8Tech, commented on the results,
"We are excited to report another quarter of strong growth and
improved profitability at a time when various players in the
freight market are facing severe strain and difficulties. These
results underscore the dedication and hard work of our exceptional
team, as well as the effectiveness of our strategic initiatives. As
we move forward, we remain committed to further enhancing value for
our shareholders while continuing to innovate and drive excellence
in our industry."
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.
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 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.
Fr8Tech Contact:
investors@fr8technologies.com
Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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