Freight Technologies Clocks Q2 Revenue Growth Of 45%

Freight Technologies Clocks Q2 Revenue Growth Of 45%
  • 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.

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