Freight Technologies, Inc. Preliminary Results for Q4 2023 Show Strong
Results include 16% Year-over-Year Revenue Growth and Year-over-Year YTD Margin Improvement
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Freight Technologies, Inc. (Nasdaq: FRGT or “Fr8Tech”), 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 announces its preliminary financial results for Q4 2023 which concluded on Dec. 31, 2023.
Fr8Tech marks its third consecutive quarter of notable revenue growth in Q4 2023 achieving approximately $5 million in quarterly revenue, reflecting 7.5% growth compared to the previous quarter and more than 16% growth compared to the fourth quarter of 2022. The YTD gross margin percentage rose to 9.3%, showcasing a more than 50-basis point improvement over the prior year-to-date results in 2022.
Fr8Tech is excited to witness an upward trajectory in client engagement with Fr8App. Clients increasingly leverage the platform’s real-time, all-in-one portal, streamlining their operations for enhanced efficiency and cost-effectiveness.
Don Quinby, CFO of Fr8Tech, said: “The company continued to demonstrate strong execution in its core offerings for cross-border shipping and dedicated fleet services with the third straight quarter of revenue growth. The market has recovered from its lows in late 2022 and early 2023, and we are back on a growth trajectory. The team continues to add customers and build carrier capacity while enhancing the capabilities and efficiency of the platform. We are well positioned for continued growth and margin improvements for 2024.”
Fr8Tech anticipates a healthy 2024 and remains dedicated to advancing innovation, expanding its client base, and delivering value to shareholders. The strategic focus on core segments and the commitment to client satisfaction position Fr8App as a market leader in the evolving landscape of freight technology.