share_log

Freight Technologies | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC ·  Sep 5 21:52

Summary by Moomoo AI

Freight Technologies, Inc. (Fr8Tech), a logistics management innovation company, has reported strong preliminary financial results for the first half of 2024, ending June 30, with a revenue increase of 6.6% year-over-year to approximately $8.1 million. The company's Fr8Fleet business saw over 100% growth in revenue and an 82% increase in shipments. Gross profits rose by 40% to $1.0 million, and the gross margin percentage improved by 280 basis points to 11.8%. CEO Javi Selgas highlighted the dynamic freight market fueled by economic activity and trade within Mexico, the US, and cross-border regions. Fr8Tech has updated its full-year 2024 revenue forecast to be between $15 million and $20 million. The company also announced advancements in its software offerings, including the commercialization of its Transportation Management System (TMS) solution, which is expected to...Show More
Freight Technologies, Inc. (Fr8Tech), a logistics management innovation company, has reported strong preliminary financial results for the first half of 2024, ending June 30, with a revenue increase of 6.6% year-over-year to approximately $8.1 million. The company's Fr8Fleet business saw over 100% growth in revenue and an 82% increase in shipments. Gross profits rose by 40% to $1.0 million, and the gross margin percentage improved by 280 basis points to 11.8%. CEO Javi Selgas highlighted the dynamic freight market fueled by economic activity and trade within Mexico, the US, and cross-border regions. Fr8Tech has updated its full-year 2024 revenue forecast to be between $15 million and $20 million. The company also announced advancements in its software offerings, including the commercialization of its Transportation Management System (TMS) solution, which is expected to drive significant value to customers and improve the company's profitability. The TMS will serve as a digital command center for logistics teams, offering real-time tracking, carrier selection, route administration, communication with drivers, and integration with inventory and billing systems. Fr8Tech's CFO, Don Quinby, emphasized the value delivered by Fr8Fleet and the company's commitment to automating processes and refining its TMS solution. The company's suite of solutions includes the Fr8App platform, Fr8Now, Fr8Fleet, and Waavely, all designed to optimize and automate the supply chain process. Fr8Tech is headquartered in Houston, Texas, and its technology is aimed at improving efficiency and innovation across the supply chain.

This announcement is a separate document:

Doc 1

Doc 2

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Heat List
    US
    SymbolLatest Price% Chg

    No Data

    Hot News
    Updated