- Fr8Tech has witnessed a rise in carrier capacity, reporting a 60.8% year-over-year increase in August 2023 carrier capacity levels compared to August 2022
- The average capacity levels through August rose 55.7% year-to-date
- Luisa Lopez, Fr8Tech COO, attributed this growth to the company’s commitment to delivering quality services even during periods of downtime and securing high-quality carrier capacity
- Fr8Tech also announced that Fr8App recently completed an integration with Geotab’s open API
- The integration now allows Fr8App users to experience easy and precise tracking and monitoring of shipments
Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) is a North American transportation logistics technology company offering solutions that optimize logistics, reduce transportation costs, and improve experiences and efficiency for shippers and carriers in the U.S.-Mexico-Canada Agreement (“USMCA”) member countries.
The company has developed and is commercializing Fr8App, a custom-built freight-matching platform offering a real-time portal for B2B cross-border shipping and domestic shipping; Fr8Fleet, a digital platform that lets enterprise customers handle dedicated truck services, capacity, and operation; and Fr8Now, a digital freight-matching platform offering less-than-truckload (“LTL”) services in Mexico.
Since launching early last year, Fr8Fleet has secured new and existing Fr8App customers, including leading manufacturers in Mexico, who joined the platform as shippers (https://ibn.fm/jD0kI). Commensurate with the rise in shippers, Fr8Tech has also witnessed a rise in carrier capacity, reporting a record number of active carriers in its Fr8Fleet brand at the end of August, according to a September 5 news release (https://ibn.fm/djeDq).
Fr8Tech announced that its carrier capacity increased by 60.8% in August 2023 compared to August 2022. Moreover, the average capacity through August rose 55.7% year-to-date (“YTD”). This growth is indicative that the company is “getting back on track,” according to Fr8Tech COO Luisa Lopez, especially because it follows a challenging first quarter of the year, a period in which the company “had to cycle through some underperforming carriers.” Still, the company maintained the expected high level of quality of its services, and this commitment, coupled with other interventions, is now paying off in spades.
“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,” said Fr8Tech COO Luisa Lopez. “We expect to be able to show improvements in recurring monthly revenue from Fr8Fleet through the remainder of the calendar year and into 2024.”
Lopez went on to explain that the company has confirmed the existence of shipper clients in the Mexico domestic market that will enable its Fr8Fleet business unit to continue growing through the remainder of 2023.
“We have been tirelessly working on getting these key large shipper clients on our platform, and we are pleased to announce the corresponding increase in carrier activity on our platform,” continued Lopez. “We need both sides of the platform to make a marketplace, and we continue working toward creating critical mass on both the demand and supply sides of our platform. Our capacity for this segment is up year over year, and we have had steady monthly increases since February 2023, which will start showing up in our results for both this upcoming third quarter and the ones to follow.”
Meanwhile, the company announced that Fr8App recently completed an integration with Geotab’s open application programming interface (“API”), which will lead to a substantial improvement in real-time visibility and efficiency for both shippers and carriers (https://ibn.fm/In8td).
A global leader in connected transportation solutions, Geotab provides vehicle and asset tracking solutions – powered by artificial intelligence (“AI”) and data intelligence – that enable client companies to transform their operations and fleet. Geotab connects to more than 3.6 million vehicles – and growing – and processes over 55 billion data points every day, enabling customers to have safer fleets, increase productivity, make better decisions, and achieve their sustainability goals (https://ibn.fm/r8WRS).
Through the completed integration with Geotab’s open API, Fr8App users can now enjoy the additional features and tools. The integration enables Fr8App users to harness the power of Geotab’s advanced tracking capabilities to experience easy and precise tracking and monitoring of shipments.
“Continuing our journey to become the ultimate connectivity hub, we’re seamlessly integrating with the industry’s foremost players across our platform. This strategic integration equips our business partners with the tools needed to optimize their logistics operations in ways they had previously not been able to,” Javier Selgas, CEO of Fr8Tech, said of the integration.
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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