Freight Technologies Adds 22 New Customers in 2024

Freight Technologies, Inc. (“Freight Technologies”, “Fr8Tech” or the “Company”) (NASDAQ: FRGT), an innovative logistics technology solutions company offering its custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region, is proud to announce it has on-boarded 22 new customers to its platform year-to-date.

Javier Selgas, Chief Executive Officer of Freight Technologies, commented, “The addition of new customers to our platform further demonstrates the need for greater efficiency and transparency in the freight, over-the-road (OTR) marketplace. More and more companies are coming to expect a certain level of automation, speed and reliability when securing their freight and logistics needs. Fr8Tech is excited to be a provider of choice to address such demand across participants in the domestic and cross-border markets in North America.”

The roster of new customers extends Fr8Tech’s footprint across its core markets and its service offerings, especially its US domestic and US-Mexico cross border spot services and the Company’s Fr8Fleet dedicated capacity services, a highly valued offering for large enterprise customers primarily in the Mexican domestic market. A few such companies that Fr8Tech has added in 2024 thus far are Grupo Solave, Argos Electrica, Aqua-Aid Inc, and AR Brokers LLC.

“Bringing new customers to our platform not only diversifies our revenue base and broadens our market reach,” noted Fr8Tech Chief Financial Officer Don Quinby, “it also strengthens our significance in the US, Mexican and cross-border OTR space and expands the interactive and networking power of our platform with valuable data points on which all market participants rely. I also want to note that the company has been able to raise additional outside capital on excellent terms through promissory notes this year, and it is exciting to see the team put those funds to good use by growing our customer roster and building out the capabilities and third-party integrations of the platform.”

Mr. Selgas further added, “We are pleased with the Company’s progress so far this year, which has been marked by strong year-over-year revenue growth, new customer wins, and enhanced functionality, capability and integrations of the Fr8App platform. That said, the market we serve continues to grow and evolve, and we have much more to do to take full advantage of the opportunity ahead of us. We are still in early days of the technology-driven transition of the freight and logistics industry, and we are excited to be at the forefront of this advancement.”