HOUSTON, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (NASDAQ:FRGT, "Fr8Tech" or the "Company")), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem, today announced its preliminary financial results for the first half of 2024, which concluded on June 30, 2024, as well as provided an update on the advancement of its software offerings.
Fr8Tech achieved a notable revenue increase of 6.6% year-over-year, reaching approximately $8.1 million for the first half of 2024. Further, revenue from the Fr8Fleet business grew over 100% compared to the previous year, driven by an 82% jump in shipments. The Company also achieved improved gross profits, which grew 40% year-over-year to $1.0 million, with gross margin percentage climbing 280 basis points to 11.8%.
Looking ahead to the second half of the year, Fr8Tech has revised its full year 2024 revenue forecast, now projected to be in the range of $15 million to $20 million. Javi Selgas, CEO of Fr8Tech, stated, "The strength of economic activity and trade within Mexico, the US, and cross-border regions continues to fuel a dynamic freight market. We are capitalizing on this healthy trading environment by focusing on high-quality, margin-enhancing customers for our core business while also investing heavily in our software solutions. We anticipate these innovations will drive significant value to our customers and improve the Company's short- and long-term profitability."
The Company's portfolio of solutions includes the Fr8App platform for seamless B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; and Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide.
Each product is interconnected within a unified platform that centralizes and leverages data across these services, continuously improving our AI models to uncover synergies, further automate processes, and drive greater efficiency and innovation across the supply chain. To that same end, the Company is excited to announce the commercialization of its Transportation Management System ...
