- Cross-border shipping solutions developer Freight Technologies Inc. is a B2B marketplace builder focused on providing the commercial trucking industry with transparent and efficient automation to simplify necessary communications, coordination and paperwork
- Freight Technologies, also known as Fr8Tech, upgraded its brand and ticker symbol earlier this year following its reverse merger with Hudson Capital Inc.
- Amid the upgrade, the company is reporting new record quarterly revenue that grew by 60 percent over the previous quarter and 45 percent YOY
- The company expects improving market conditions as the nation continues to rebound from COVID’s economic effects to drive long-term growth
At the height of the COVID pandemic two years ago, a large number of people found themselves out of work — many because of economic factors that ravaged day-to-day business cultures and others because they apparently decided it was a good time to choose more satisfying work (https://ibn.fm/gXIpx).
The commercial trucking industry’s personnel shortages were a major factor in generating supply chain bottleneck frustrations that have further impacted the economy with retail product insecurity, but as vaccines have helped to drive a reopening of the labor market a newly diverse cadre of truckers, including minorities, women and family partners, has taken to the roads (https://ibn.fm/JAs21).
The new blood in the trucking industry, as well as the ongoing challenges created by worker shortages, underline the need for using technology to simplify processes and eliminate inefficiencies in the movement along the supply chain.
Over-the-road shipping technology innovator Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) has developed a AI-powered marketplace solution for optimizing and automating the supply chain process to help keep trucks moving with minimal obstacles.
The company’s Fr8app B2B marketplace is its flagship product in a suite of communications products powered by artificial intelligence (“AI”) and machine learning technology that helps connect shippers with qualified carriers as a real-time broker portal.
Freight Technologies is concentrated on cross-border and intra-national shipping within North America’s NAFTA trade area, and its efforts to upgrade its brand and ticker symbol earlier this year have helped establish a new identity that is producing rising revenues.
In the company’s Q2 2022 financial report, Fr8Tech noted that quarterly revenue for the period ended June 30 grew 60 percent over the Q1 report and was up 45 percent for the period YOY, establishing a new record for the company.
“The growth reflects greater traction in each of our dedicated capacity product, Fr8Fleet, and our U.S. domestic Fr8App services,” Fr8Tech CEO Javier Selgas stated in connection with the report (https://ibn.fm/xnjGf). “Fr8App offers many advantages including time and cost savings that benefit shippers and carriers. Even when macro-economic challenges persist, goods still need to be delivered in a timely and costly manner, and Fr8App makes the whole process easier. As such, we continue to broaden our customer reach.”
Selgas stated the company anticipates steady long-term growth, especially as market conditions improve and fuel prices stabilize.
Fr8App’s focus on transparency and efficiency is a significant driver in helping smaller carriers, particularly those working to meet Mexico’s tight CFDI 4.0 freight law deadline for companies registered in Mexico’s Tax Administration Service. The legal standard was set to take effect as early as 2021, but industry concerns led to an extension of the deadline to January 2023 (https://ibn.fm/CSRaD).
For more information, visit the company’s website at www.Fr8Technologies.com.
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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