Freight Technologies, Inc. Increases Revenue by 60% in Q2 2022 vs. Q1
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 the 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 the second quarter of 2022, up 60% from $5.3 million in the first quarter of 2022 and 45% from 5, $9 million from the second quarter of 2021. Revenue for the first half of 2022 was $13.8 million, up 30% from $10.7 million. in the first half of 2021. Management adjusted the full-year 2022 revenue guidance from approximately $40 million to between $32 and $36 million, up from Fr8App’s 2021 revenue of 21, $5 million.
Javier Selgas, CEO of Fr8Tech, said, “Record second quarter 2022 revenue increased 60% on a sequential quarterly basis and 45% on a yearly basis. The growth reflects greater traction in each of our dedicated capacity products, Fr8Fleet, and our domestic Fr8App services in the United States. As channel capacity scarcity improved and fuel price increases stabilized in the second quarter, we believe it is prudent to revise our full year guidance and we continue to expect a sequential increase in revenue throughout the year.
“Fr8App offers many benefits, including time and cost savings that benefit shippers and carriers. Even when macroeconomic challenges persist, goods still need to be delivered in a timely and cost-effective manner, and Fr8App makes the whole process easy. As such, we continue to expand our customer base, which should drive long-term growth, particularly as the market improves,” Selgas concluded.
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 shipping transparency and efficiency, Fr8App offers carriers increased growth opportunities and shippers flexibility, visibility and simplicity for the once complex process of international road shipping (OTR). Fr8App uses its proprietary technology platform to connect carriers and shippers and dramatically improve matching and operational efficiency through innovative technologies such as live pricing and real-time tracking, digital freight marketplace , Broker, Transport Management, Fleet Management and Committed Capacity Solutions. The company is headquartered in Houston, Texas. For more information, please visit en8technologies.com.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results of Freight Technologies and Fr8App may differ from their expectations, estimates and projections. and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “shall” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and similar expressions (or negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, Freight Technologies’ and Fr8App’s expectations regarding future performance and the anticipated financial impacts of the acquisition.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are beyond the control of Freight Technologies and Fr8App and are difficult to predict. Factors that could cause such differences include, but are not limited to: (1) the impact of the COVID-19 pandemic on Fr8App’s business; (2) failure to obtain or maintain the listing of Freight Technologies common stock on Nasdaq; (3) the ability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition, Fr8App’s ability to grow and manage growth profitably, and retain its key employees; (4) merger-related costs; (5) changes in applicable laws or regulations; (6) the possibility that Freight Technologies or Fr8App may be affected by other economic, commercial and/or competitive factors; (7) risks related to the uncertainty of projected financial information regarding Fr8App; (8) risks related to the organic and inorganic growth of Fr8App’s business and the timing of expected commercial milestones; and (9) other identified risks and uncertainties, including those under “Risk Factors,” to be filed by Freight Technologies’ other filings with the SEC. Freight Technologies cautions that the above 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 differ materially from those indicated or anticipated by such forward-looking statements. Freight Technologies and Fr8App caution readers not to place undue reliance on 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 publicly release updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances about which any such statement is based. .
Fr8Tech contact details:
Kirsten Chapman, LHA Investor Relations, [email protected], 415.433.3777