Freight Technologies, Inc. Announces Strong Q3 Preliminary Earnings
Results include 27% Annualized Revenue Growth and 27% Year-over-Year YTD Margin Increase.
Freight Technologies, Inc. (Nasdaq: FRGT), a technology 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, today unveils its preliminary financial results for Q3 2023.
Key Financial Highlights:
27% Quarter-over-Quarter Annualized Revenue Growth: Based on preliminary numbers, the company achieved strong revenue growth in the third quarter of 2023, with a noteworthy 27.2% annualized increase (6.8% sequential) compared to the previous quarter and 55.4% annualized growth compared to the first quarter of 2023. This growth highlights the company’s strong performance in its target cross-border and Fr8Fleet segments.
27% Year-over-Year Margin Increase: Based on preliminary numbers, the company’s year-to-date margin continued its significant improvement trend, recording a 26.8% increase compared to the year to date third quarter of 2022. This year-over-year improvement reflects the success of the tactical decision to minimize U.S. traffic where competition in the early part of 2023 has been fierce and focusing on its core cross-border and Fr8Fleet segments.
Steadfast Commitment to Innovation: The company remains dedicated to driving innovation within the supply chain technology landscape with a recent focus on improvements with the carrier environment. The company’s relentless pursuit of improvements in its operations has contributed to stickier existing relationships with its shipper clients and improved financial performance.
Rock-Solid Financial Foundation: The company’s financial position continues to provide a solid foundation for future growth initiatives and strategic investments. It continues to focus on generating value for its shareholders.
Paul Freudenthaler, CFO of Fr8Tech, commented on the results, “We had another quarter of strong growth and improved profitability at a time when a number of large players in the freight market are facing severe strain and difficulties. There were a number of large, legacy companies with bankruptcies and or restructurings during the quarter which reinforces what has been a fundamental tenet to our company. That is, that this market is ripe for digitalization and disruption and those that do not adapt will fall aside. These results underscore the dedication and hard work of our exceptional team, as we continue to focus on segments with demonstrated strength and an openness to new technology. As we move forward, we remain committed to being a pioneer in the digitalization of the largest commercial border on the planet.”