NetworkNewsBreaks – Freight Technologies Inc. (N
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Posted On: 03/26/2024 4:14:25 PM
NetworkNewsBreaks – Freight Technologies Inc. (NASDAQ: FRGT) Announces Fourth-Quarter 2023 Preliminary Results Continue Revenue Growth Trend
Freight Technologies (NASDAQ: FRGT) is reporting its preliminary financial results for the fourth quarter of 202, the period ending Dec. 31, 2023. According to the report, Fr8Tech is showing its third consecutive quarter of notable revenue growth with Q4 2023 numbers showing approximately $5 million in quarterly revenue, which is 7.5% increase compared to the previous quarter and more than 16% growth compared to Q4 2022. In addition, the company reported its year-to-date 2023 gross margin percentage rose to 9.3%, reflecting a more than 50-basis point improvement over its 2022 results. The company also noted that it is projecting a healthy 2024 as priorities continue to be advancing innovation, expanding client base and delivering value to shareholders. The company anticipates seeing an upward trajectory in client engagement with its custom-developed Fr8App, an industry-leading freight-matching platform powered by artificial intelligence (“AI”) and machine-learning that offers a real-time portal for business-to-business cross-border shipping and domestic shipping. “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,” said Fr8Tech chief financial officer Don Quinby in the press release. “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.”
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://nnw.fm/FRGT
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Freight Technologies (NASDAQ: FRGT) is reporting its preliminary financial results for the fourth quarter of 202, the period ending Dec. 31, 2023. According to the report, Fr8Tech is showing its third consecutive quarter of notable revenue growth with Q4 2023 numbers showing approximately $5 million in quarterly revenue, which is 7.5% increase compared to the previous quarter and more than 16% growth compared to Q4 2022. In addition, the company reported its year-to-date 2023 gross margin percentage rose to 9.3%, reflecting a more than 50-basis point improvement over its 2022 results. The company also noted that it is projecting a healthy 2024 as priorities continue to be advancing innovation, expanding client base and delivering value to shareholders. The company anticipates seeing an upward trajectory in client engagement with its custom-developed Fr8App, an industry-leading freight-matching platform powered by artificial intelligence (“AI”) and machine-learning that offers a real-time portal for business-to-business cross-border shipping and domestic shipping. “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,” said Fr8Tech chief financial officer Don Quinby in the press release. “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.”
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://nnw.fm/FRGT
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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