Freight Technologies Reports Adding New Customers and Carriers

June 6, 2024

DENVER, Colo., Jun 06, 2024 (247marketnews.com)- Freight Technologies, Inc. (NASDAQ:FRGT) reported on-boarding 26 new customers and 149 new carriers to its platform in 2024

Javier Selgas, CEO of Freight Technologies, commented, “The addition of new customers to our platform further demonstrates the need for greater efficiency and transparency in the freight, over-the-road (OTR) marketplace. More and more companies are coming to expect a certain level of automation, speed, and reliability when securing their freight and logistics needs. Fr8Tech is excited to be a provider of choice to address such demand across participants in the domestic and cross-border markets in North America.

“In addition, reliable carriers are the backbone of any successful logistics operation. At Fr8Tech, we understand that dependable carriers ensure the timely and safe delivery of goods, which is critical for maintaining customer trust and satisfaction. By onboarding 149 new carriers, we are not only expanding our capacity to meet increasing demand but also enhancing our ability to provide consistent and reliable service.

“We are pleased with the Company’s progress so far this year, which has been marked by strong year-over-year revenue growth, new customer wins, and enhanced functionality, capability, and integrations of the Fr8App platform. That said, the market we serve continues to grow and evolve, and we have much more to do to take full advantage of the opportunity ahead of us. We are still in early days of the technology-driven transition of the freight and logistics industry, and we are excited to be at the forefront of this advancement.”

Fr8Tech’s new customers extends its footprint across its core markets and its service offerings in US domestic and US-Mexico cross-border spot services.

“Bringing new customers to our platform not only diversifies our revenue base and broadens our market reach,” said Don Quinby, Fr8Tech’s Chief Financial Officer. “It also strengthens our significance in the US, Mexican, and cross-border OTR space and expands the interactive and networking power of our platform with valuable data points on which all market participants rely. I also want to note that the company has been able to raise additional outside capital on excellent terms through promissory notes this year, and it is exciting to see the team put those funds to good use by growing our customer roster and building out the capabilities and third-party integrations of the platform.”

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