- Fr8Tech demonstrated steady growth in Q2 2023 reporting a 29% increase in revenue and a 93% rise in margin compared to 2022 reporting
- The company projects that it will hit revenues up to $42 million in 2023 – an increase over the previous year at approximately $27 million
- Fr8Tech offers technology solutions that include a freight matching platform for OTR shipping internationally, a dedicated truck services and operations platform, and an LTL freight matching platform in Mexico
- Fr8Tech continues to dedicate its offering to innovative solutions that enhance and innovate the transportation industry and simplify and optimize supply chain processes while facilitating shareholder value
Freight Technologies (NASDAQ: FRGT) (“FR8Tech”), a technology company developing solutions to optimize and automate the supply chain process, providing a platform for B2B cross-border shipping in the USMCA region, recently reported 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 (https://ibn.fm/TJmrV).
Fr8Tech projects that during 2023, it will hit revenues between $36 million and $42 million – compared to preliminary 2022 revenues of approximately $26 to $27 million. The company’s freight platform was designed to provide carriers with increased growth opportunities while affording shippers flexibility, visibility, and simplicity for a once complex process of international over-the-road (“OTR”) shipping. Fr8App replaces complex and inefficient brokerage systems with a unified automated process making transportation more efficient and driving growth in the transportation industry through its technological advances.
In addition to its freight matching platform, Fr8App, Fr8Tech also offers a dedicated truck platform, Fr8Fleet, which is a digital platform for enterprise customers to handle dedicated truck services and operations. Fr8Tech also now offers a digital freight matching platform for less-than-truckload (“LTL”) services in Mexico through its Fr8Now platform.
According to the company, the second quarter results included these key financial highlights:
- 29% Quarter-over-Quarter Revenue Growth – Strong revenue growth included a noteworthy 29% increase compared to the previous quarter. This growth highlights Fr8Tech’s strong market positioning and effective execution of its business strategy.
- 93% Year-over-Year Margin Increase – Fr8Tech’s margin saw a significant improvement, recording a 93% increase compared to the second quarter of 2022. The increase in 2023 reflects upon the company’s successful implementation of operational efficiencies and prudent cost management strategies.
- Commitment to Innovation – Fr8Tech remains dedicated to driving innovation within supply chain technology landscapes. The relentless pursuit of novel solutions has contributed to new growth opportunities and improved financial performance for the company.
- Solid Financial Foundation – The company’s financial position continues to provide a foundation to build its future growth initiatives and investment strategies. Fr8Tech continues to focus on generating shareholder value.
“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,” Paul Freudenthaler, CFO of Fr8Tech, commented on the company’s reported results. “As we move forward, we remain committed to further enhancing value for our shareholders while continuing to innovate and drive excellence in our industry.”
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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