Freight Technologies, Inc. Announces Q3 2022 Revenue Growth of 38% vs. Q3 2021 and YTD Q3 2022 Revenue Growth of 32% vs. YTD Q3 2021
Increases reflect continuing growth of Fr8Fleet and strong performance in cross-border shipments.
Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech”), a technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the NAFTA region, today reports third quarter 2022 revenue for the period ended Sept. 30, 2022.
Fr8Tech reported strong quarterly revenue of $7.7 million for Q3 2022, which is an increase of 38% from $5.6 million in Q3 2021, and the company reported up to $21.5 million in YTD Q3 revenue, which is an increase of 32% from $16.3 million for YTD Q3 2021. Management adjusted full-year 2022 revenue guidance to $29-30 million,– up nearly 35-40% from Fr8App’s 2021 full-year revenue of $21.5 million.
Javier Selgas, CEO of Fr8Tech, said, “Third quarter 2022 revenue increased 38% on a year-ago quarter basis and 32% on a year-over-year basis. The growth reflects greater traction in each of our dedicated capacity product Fr8Fleet, and a strong performance from our cross-border group. It is also the first quarter in which we stopped servicing our legacy broker accounts, consistent with our strategy of pursuing key relationship accounts on the shipper end.”
“Fr8App continues to offer many advantages, including improved operational efficiencies, additional security benefits and the possibility of end-to-end paperless shipping, that benefit both shipper and carrier customers. Our strategy of pursuing businesses complementary to our cross-border business for key relationship accounts is also showing positive results. Some of our key accounts in Fr8Fleet are actively pursuing cross-border opportunities with us in addition to expanding their Fr8Fleet requests from the company,” concluded Selgas.
