Freight Technologies, Inc. (Fr8Tech), a leading provider of AI-powered freight-matching platforms, reported its annual financial performance for the fiscal year ended December 31, 2023. The company experienced a decrease in revenue to $17.06 million compared to $25.88 million in the previous year, attributed to strategic decisions to limit activity with low-margin customers, loss of a customer due to carrier issues, and reduced spot market activity. Operating expenses totaled $25.32 million, with cost of revenue at $15.71 million. The company reported a net loss of $9.33 million, slightly higher than the $8.19 million loss in 2022. Despite the losses, Fr8Tech's working capital stood at $2 million, with an accumulated deficit of $39.3 million. The company continues to rely on convertible notes, loans, and equity issuance to fund operations, projecting the...Show More

Freight Technologies, Inc. (Fr8Tech), a leading provider of AI-powered freight-matching platforms, reported its annual financial performance for the fiscal year ended December 31, 2023. The company experienced a decrease in revenue to $17.06 million compared to $25.88 million in the previous year, attributed to strategic decisions to limit activity with low-margin customers, loss of a customer due to carrier issues, and reduced spot market activity. Operating expenses totaled $25.32 million, with cost of revenue at $15.71 million. The company reported a net loss of $9.33 million, slightly higher than the $8.19 million loss in 2022. Despite the losses, Fr8Tech's working capital stood at $2 million, with an accumulated deficit of $39.3 million. The company continues to rely on convertible notes, loans, and equity issuance to fund operations, projecting the need for additional capital to reach cash self-sufficiency. The financial statements raise substantial doubt about the company's ability to continue as a going concern, with management exploring options to raise capital and potentially scale back operations or divest assets if necessary. Fr8Tech's stockholders' equity was reported at $2.63 million. The company's future plans include focusing on its core North American transportation and logistics technology platform, divesting non-core businesses, and potentially expanding its product offerings.