Summary by Moomoo AI
Freight Technologies, Inc. (Fr8Tech), a technology company specializing in AI and machine-learning powered freight-matching, has reported a significant 30% year-over-year revenue growth for Q1 2024, with revenues reaching approximately $4.3 million. The company, which operates within the USMCA region, also saw a substantial 278% increase in year-over-year volume growth in its Fr8Fleet business, amounting to around 3,400 completed shipments. Despite Q1 typically being a slow period for freight activity, Fr8Tech experienced a 25% sequential volume growth over Q4 2023. The company's CFO, Don Quinby, highlighted the strategic success of the Fr8Fleet offering, introduced in 2022, and its importance to large enterprise customers. Fr8Tech is also in the process of increasing its primary revolving credit facility from $5M to $6M to support working capital, customer acquisitions, and further enhancements to its Fr8App platform. Looking forward, Fr8Tech forecasts an annual revenue of $25M to $30M for 2024, with CEO Javi Selgas expressing confidence in the company's positioning to capitalize on the growing demand for domestic and cross-border freight services. The company's headquarters are located in Houston, Texas, and more information can be found on their website.