- The multi-billion dollar commerce in B2B international exports within the USMCA (formerly NAFTA) North American trading compact as well as likewise valuable domestic shipments represents a massive market
- Freight Technologies, also known as Fr8Tech, is innovating tech solutions for shipping efficiency within the USMCA territory
- The company’s flagship offering under its suite of technology-based solutions is branded Freight App, Inc. (or Fr8App) — a cloud-based freight matching platform that connects producers and carriers and helps them track shipments in real time
- Investment and research firm Chardan Capital Research recently issued a buy rating for Fr8Tech that highlights the company’s value and promise for the coming months
Over-the-road shipping technology innovator Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) has earned a positive reception in market analysis as the company works to move businesses’ merchandise more efficiently between producers and consumers throughout the United States-Mexico-Canada Agreement (USMCA, formerly NAFTA) trade area.
Freight Technologies (aFr8Tech) recently acknowledged an endorsement by leading investment and research firm Chardan Capital Research that included a buy rating for the company at a price target of $2.00.
“We are pleased to be able to share the results of Chardan’s independent analysis of our company’s growth and potential. Our focus on technology-driven solutions and outstanding customer service has allowed us to differentiate ourselves in the market, and we will continue to build on that success,” Freight Technologies CEO Javier Selgas stated in a Feb. 28 news release (https://ibn.fm/NjEwf). “We thank Chardan for their continued review of our company and look forward to delivering strong results for our shareholders.”
Fr8Tech has built a suite of technology-based solutions to help automate elements of the supply chain in B2B cross-border and domestic shipping between the United States’ primary land-based trading partners with the aim of delivering optimal economic performance for the participants.
That includes a freight matching platform that is the company’s flagship offering, a cloud-based innovation known as Freight App, Inc. (or Fr8App) that enables business owners and fleet managers to monitor and manage the progress of shipments, reduce fuel costs, ensure greater driver safety and help drivers identify vehicle maintenance needs in a productive manner.
Fr8App’s freight matching promise is demonstrated in its mechanism that lets shippers post their loads and destinations, as well as the desired price, while quickly providing a match with a secure carrier. And, similarly, allowing carriers to match load and route preferences at a desired rate.
Then, the system’s real-time tracking kicks in with 24/7 coverage, reducing the amount of time carriers will have to dedicate to providing updates on truck locations.
Fr8Tech announced a new brand under its suite umbrella March 16 — Fr8Now, a digital freight-matching platform that offers less-than-truckload (“LTL”) services in Mexico. The LTL market in Mexico is still at a nascent stage, unlike its counterpart in the United States, and it is forecast to grow significantly to bring it up to par.
“We believe we are one of the first companies in Mexico to offer LTL digital solutions. We are confident that Fr8Now will be a game-changer for businesses looking to ship goods both in-country in Mexico and from Mexico to the exterior,” Selgas stated (https://ibn.fm/7pSTn).
The UN Comtrade Database reported last year that Mexico exported $330.43 billion in goods to the United States during 2020, while the United States exported $212.67 billion in goods to Mexico. Canada exported $284.56 billion in goods to the United States, while the United States exported $255.02 billion to Canada. Mexico exported $11.13 billion in goods to Canada, while Canada exported $4.58 billion in goods to Mexico. The values show the value potential of keeping market goods flowing as efficiently as possible (https://ibn.fm/7RpdI).
The company’s revenue guidance for 2023 includes a forecast of $36 million, representing almost 40 percent growth from Fr8App’s full-year revenue of $25.9 million in 2022 (https://ibn.fm/iqZiA).
For more information, visit the company’s website at www.Fr8Technologies.com, and its freight matching platform information website at www.Fr8.app.
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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