HOUSTON - Freight Technologies, Inc. (NASDAQ:FRGT), known as Fr8Tech, has announced its preliminary financial outcomes for the fourth quarter of 2023, which ended on December 31, 2023.
The company, which operates the AI and machine-learning-driven freight-matching platform Fr8App, reported a revenue of approximately $5 million for the quarter. This figure represents a 7.5% increase from the previous quarter and a 16% rise from the same period in 2022.
The company's year-to-date gross margin also improved, reaching 9.3%, which is over a 50-basis point increase from the prior year. Fr8Tech's Chief Financial Officer, Don Quinby, commented on the results, noting that the company has experienced its third consecutive quarter of revenue growth, bolstered by strong performance in cross-border shipping and dedicated fleet services.
Quinby also mentioned that the market has rebounded from its lows in late 2022 and early 2023, and Fr8Tech is gaining new customers and building carrier capacity.
Fr8Tech's Fr8App aims to streamline B2B cross-border and domestic shipping within the USMCA region, offering real-time logistics solutions. The company has observed a surge in client engagement with the platform, as users seek to enhance operational efficiency and reduce costs.
Looking ahead, Fr8Tech is optimistic about its prospects for 2024, focusing on innovation, client base expansion, and shareholder value. The company's strategy revolves around its core segments and a commitment to customer satisfaction, positioning Fr8App as a competitive player in the freight technology market.
This announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ materially. Factors that could affect outcomes include potential economic and business conditions, regulatory changes, and other risks outlined in Fr8Tech's filings with the SEC.
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