Freight Technologies Announces Full Year 2024 Results and Outlook for 2025

Freight Technologies, Inc. (Nasdaq: FRGT; “Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions, today announced its results for the full year ended December 31, 2024.

“2024 was a transformative year for Fr8Tech, highlighted by improvements across several key metrics including gross margins and cash flow from operations. In July, we launched Waavely, a state-of-the-art platform for ocean freight booking and management which continues to successfully handle ocean freight. The Company also on-boarded many new customers to its platform in 2024, with continued momentum in the first quarter 2025, including new or expanded agreements with several multi-national enterprises. In 2025 we continue to demonstrate our commitment to innovation, with the successful launch of Fleet Rocket, our cost-effective Transportation Management System (TMS) for brokers, shippers and other logistics operators, and the introduction of our advanced AI Tendering Bot, designed to automate and streamline the load tendering process. Cumulatively, these activities and advancements position Fr8Tech as a comprehensive digital freight-logistics technology company. We remain focused on the expansion and adoption of our innovative and cost-effective solutions, and our automation-driven service offerings and lean corporate positioning enable the Company and our customers to best navigate the current macroeconomic trade environment,” said Javier Selgas, CEO of Fr8Tech.

Business Highlights

The Company released many new features and capabilities to Fr8App including:18 tracking integrations with GPS providers; ETA calculations; automatic status updates; WhatsApp notifications; bespoke integrations with customer platforms; facilities management; and, new reports and analytics.

The Company made substantial progress with the development and showcasing of Fleet Rocket, which was formally launched in February 2025.

Waavely, an ocean freight booking and management platform for container shipments, was launched in July 2024.

Fr8Fleet, the Company’s dedicated capacity service, realized 42% year-over-year revenue growth.

With a more than 80% response rate on a customer satisfaction survey, Fr8Tech received highly positive customer feedback on logistics and customer service with average scores greater than four out of five.

The Company achieved ISO 9001:2015 certification, demonstrating its commitment to quality controls and best-in-class management standards.

Financial Highlights

Gross margin percentage increased 1.8% year-over-year to 9.8% in 2024 from 7.9% in 2023 as the Company actively sought more profitable routes in the cross-border and domestic spot markets and made operational efficiency improvements to its dedicated services.

Cash flow from operations improved by $1.6 million year-over-year to -$4.2 million from -$5.8 million in 2023 primarily due to improved margins, faster collections and better working capital management.

Net loss improved year-over-year by $3.7 million to -$5.6 million in 2024 from -$9.3 million in 2023, despite lower revenue, due to higher gross margin percentage, lower operating expenses and efficiencies, and extinguishing long-term debt.

2025 Annual Outlook

The Company expects to continue to improve its financial results in 2025, as it transitions further to a leading logistics technology provider with its software offering and AI-powered solutions across the Fr8App platform.

Revenue: $20 million to $25 million

Gross Profit: $2 million to $3 million

Operating Loss: -$4 million to -$5.5 million