Hudson Capital and Fr8App Increased Preliminary Q1 2022 Revenue 11% over Q1 2021
Reaffirms 2022 Revenue Guidance of Approximately $40 Million.
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Hudson Capital, Inc. (NASDAQ: HUSN) and its wholly owned subsidiary Freight App. Inc. (Fr8App) reported preliminary revenue for the first quarter of 2022 for the period ended March 31, 2022.
Fr8App reported preliminary revenue of $5.3 million for Q1 2022, up from $4.8 million for Q1 2021. With the Q1 year-over-year revenue growth, record monthly sales for April, and positive loads carried trend, management reiterated its 2022 revenue guidance of approximately $40 million.
Javier Selgas, CEO of Hudson Capital and Fr8App, said, “We are proud to grow preliminary revenue 11% year-over-year during a period of macro-economic challenge. Our sales team has successfully broadened our customer base and greater diversity of revenue contribution. Nonetheless, driver shortages and high fuel prices negatively impacted margins during 2022. As gas prices stabilize throughout the year, we expect to improve margins. Also, in 2022, we have been finding more capacity and have been increasingly more selective with loads. We are pleased with our loads carried ramp in April, which gives us confidence in reiterating our 2022 revenue guidance of more than 86% year-over-year growth.”
About Hudson Capital, Inc. and Freight App, Inc.
Freight App, Inc. (Fr8App), North American transportation logistics technology platform company focused on US-Mexico cross-border shipping, is a wholly owned subsidiary of Hudson Capital, Inc. (NASDAQ: HUSN) headquartered in Houston, Texas. Fr8App, focusing on truckload freight for domestic and cross-border markets in Mexico, the US and Canada, makes shipping simple, transparent, and efficient. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation management, fleet management, and committed capacity solutions.