Freight Technologies, Inc. (NASDAQ: FRGT) is engaged as a technology company, which is focused on developing innovative solutions to support the transportation and logistics portion of the supply chain. Shares of the logistics technology company are rallying 25% through afternoon trading on Wednesday, April 5, 2023. Over the past three months, Freight Technologies has seen average daily volume of 656,440 shares. However, volume of 13.86 million shares or dollar volume of around $29.24 million, has already exchanged hands through afternoon trading.
Shares of Freight Technologies are gaining after the company announced securing a record number of new shipping clients through its Fr8App during March 2023. The Fr8App works as a freight-matching platform, which offers B2B cloud-based solutions for cross-border and domestic truck shopping throughout the U.S., Canada and Mexico.
Management noted the company has secured confirmations from existing clients operating in the Mexico domestic market, which are likely to continue growing through the rest of 2023. Furthermore, requests for new services from existing clients in the Mexican market are piling up to the equivalent of the total revenue generated by the Fr8Fleet in 2022.
In early March 2023, Freight Technologies announced that the company had achieved $4.4 million in quarterly revenues during the fourth quarter of 2022. On a full-year basis, total revenue from operations jumped 20.6% year-over-year to $25.9 million. Freight Technologies management has issued full-year 2023 revenue guidance of $36 million, which represents nearly 40% y/y growth.
“We have onboarded new clients in a variety of sectors including automotive, beverage, motorcycles and consumer goods that we had been working on for some time,” said Harry Martin, Sales Director for Freight Technologies. “The new shipper clients represent a potential for significant recurring traffic on our platform and include leading first tier automotive clients, renowned motorcycle brands, and cocktail drinks – most of whom are household names. We expect a recurring monthly stream from new accounts to our platform during the month of March of more than $1 million per month, starting to ramp in April.”
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