Freight Technologies Clocks Q2 Revenue Growth Of 45% - Freight Technologies (NASDAQ:FRGT)

Transportation logistics company Freight Technologies Inc FRGT (Fr8Tech) reported second-quarter revenue of $8.5 million, an increase of 45% year-over-year.
Revenue for the first half of 2022 reached $13.8 million, up 30% from $10.7 million a year ago.
Fr8Tech, which changed its name from Hudson Capital Inc. in May, continues to do business under the wholly owned subsidiary's commercial name Freight App, Inc. (Fr8App).
The company adjusted its FY22 revenue guidance from approximately $40 million to $32 million - $36 million, up from Fr8App's 2021 revenue of $21.5 million.
"While the distribution channel capacity scarcity improved and fuel price increases stabilized in the second quarter, we believe it is prudent to modify our full-year guidance, and we continue to expect revenue to increase sequentially throughout the year," commented Javier Selgas, CEO of Fr8Tech.
Price Action: FRGT shares are trading higher by 0.55% at $1.84 on the last check Friday.