Freight Technologies Inc. (FRGT) Reports Record Capacity Levels from Fr8Fleet
Fr8Fleet capacity up 60.8% year over year in August and 55.7% versus prior YTD levels.
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Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech”), a technology company offering its custom-developed Fr8App, an industry-leading freight-matching platform that offers a B2B cloud-based solution for cross-border and domestic shipping within the USMCA region, reports a record number of active carriers in its Fr8Fleet brand at end of August 2023, an increase of 60.8% versus year-ago levels and an increase of 55.7% versus YTD average capacity levels through August.
“Following a challenging first quarter of the year, we had to cycle through some underperforming carriers during Q1-23 – which hurt our numbers for the first quarter, but we believe we did the right thing to maintain the expected high level of quality of our service, and we are getting back on track,” said Luisa Lopez, COO for Fr8Tech. “The additional carrier capacity is something we are actively working to address – not only during the first quarter but for a number of months to come. An important limitation to our ability to grow the Fr8Fleet brand has been related to securing high-quality carrier capacity, and we have focused on doing just that for some time, and our efforts are starting to bear fruit. We expect to be able to show improvements in recurring monthly revenue from Fr8Fleet through the remainder of the calendar year and into 2024.”
Lopez continued: “In the Mexico domestic market, we have confirmations of existing shipper clients for our Fr8Fleet business to continue growing through the balance of 2023. We have been tirelessly working on getting these key large shipper clients on our platform, and we are pleased to announce the corresponding increase in carrier activity on our platform. We need both sides of the platform to make a marketplace, and we continue working toward creating critical mass on both the demand and supply sides of our platform. Our capacity for this segment is up year over year and we have had steady monthly increases since February 2023 which will start showing up in our results for both this upcoming third quarter and the ones to follow.”