Freight Technologies Reports Q1 Revenue $4.3M; Co Says Q1 Is Typically The Slowest Quarter Of The Year For Freight Activity, Yet The Company Was Able To Secure Fr8Fleet Volume Growth Of 25% Sequentially Over Q4 2023
Portfolio Pulse from Benzinga Newsdesk
Freight Technologies, Inc. (FRGT) reported Q1 2024 revenue of $4.3M, a 30% increase over the previous year, with Fr8Fleet volume growing 25% sequentially over Q4 2023. The company is expanding its credit facility from $5M to $6M to support working capital and further development of its Fr8App platform. FRGT is forecasting 2024 annual revenue of $25M to $30M, driven by strong demand for domestic and cross-border freight services within the USMCA region.
April 22, 2024 | 1:06 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
FRGT reported a 30% increase in Q1 2024 revenue, significant Fr8Fleet volume growth, and is expanding its credit facility to support further growth. The company forecasts 2024 revenue of $25M to $30M.
The reported revenue growth and positive outlook for 2024, along with strategic investments in its platform and expansion of credit facilities, indicate a strong growth trajectory for FRGT. These factors are likely to positively influence investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100