Latest news with #Fr8Tech
Business Insider
24-05-2025
- Business
- Business Insider
Freight Technologies Announces First Quarter 2025 Results
HOUSTON, May 20, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT; 'Fr8Tech' or the 'Company'), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions, released its results for the first quarter ended March 31, 2025, on May 16, 2025. 'In the first quarter of 2025, the Company continued to build on the transformative progress of 2024. We delivered further improvements across several key metrics including gross margins and cash flow from operations, extended agreements with several multinational enterprises, successfully launched Fleet Rocket, and introduced our advanced AI-powered Tendering Bot. Despite initial headwinds from a challenging and uncertain macroeconomic trade environment, we were able to progress the profitability of the brokerage business and advance our solution set. We remain focused on our mission and commitment to leading digital logistics innovation,' said Javier Selgas, CEO of Fr8Tech. Business Highlights Launched Fleet Rocket, a cost-effective Transportation Management System (TMS) software solution to optimize freight brokerage and shipping operations. Released several new features and capabilities to Fr8App and Fr8Fleet including: AI-powered Tending Bot; mobile app for dispatchers; new tracking integrations with GPS providers and facility locations; attendance control; WhatsApp notifications updates; multi-stop documentation; and additional integrations with customer platforms. Started the Fr8Tech AI Lab in collaboration with the University of Monterrey to sustain ongoing development of AI-based technologies to transform logistics operations. Purchased $5.2 million of FET tokens to initiate a cryptocurrency treasury and to collaborate with the Fetch Foundation to accelerate AI-driven product developments. Financial Highlights Gross margin percentage increased 7.0% year-over-year to 12.4% in Q1 2025 from 5.4% in Q1 2024, as the Company remained focused on profitable routes in the cross-border and domestic spot markets and realized efficiencies in its dedicated services. Cash flow from operations improved by $0.2 million year-over-year to ($3.1) million in Q1 2025 from ($3.3) million in Q1 2024 primarily due to improved margins. Net loss improved year-over-year by $0.7 million to ($1.6) million in Q1 2025 from ($2.3) million in Q1 2024, on higher gross margins percentage and lower operating expenses. 2025 Annual Outlook Primarily as a result of the expected economic impact of higher tariffs on US-Mexico cross border trade, the Company is lowering the high-end of its revenue and margin outlook for 2025. The Company believes it can recover most, if not all, cross-border volume with domestic shipments across Fr8App and Fr8Fleet, but remains cautious given the current uncertainty surrounding official trade policy between the two countries. Revised outlook for 2025 is: About Freight Technologies Inc. Freight Technologies (Nasdaq: FRGT) ('Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company's portfolio of solutions includes the Fr8App platform for seamless Over-the-Road (OTR) B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide and Fleet Rocket a nimble, scalable and cost-effective Transportation Management System (TMS) for brokers, shippers, and other logistics operator Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Fr8Tech's and Fr8App Inc.'s actual results may differ from their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue' and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech's and Fr8App Inc.'s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or maintain the listing of Fr8Tech's ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.'s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under 'Risk Factors,' to be filed in Fr8Tech other filings with the Securities Exchange Commission. Fr8Tech cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based. Quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024 Three Months Ended March 31 2025 2024 Revenue $ 4,100,640 $ 4,287,760 Cost and expenses Cost of revenue (exclusive of depreciation and amortization shown separately below) 3,593,300 4,056,627 Compensation and employee benefits 1,254,789 1,454,341 General and administrative 596,753 731,537 Sales and marketing 16,045 18,794 Depreciation and amortization 103,854 110,207 Total cost and expenses 5,564,741 6,371,506 Operating loss (1,464,101) (2,083,746) Other income and expenses Interest expense, net (134,864) (172,704) Income (loss) before provision for income taxes (1,598,965 ) (2,256,450 ) Income tax expense 3,081 - Net loss $ (1,602,046) $ (2,256,450) Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.73) $ (10.76) Basic and diluted weighted average shares outstanding 2,182,281 209,737 Net loss $ (1,602,046) $ (2,256,450) Other comprehensive gain (loss) net of tax Foreign currency translation gain (loss) 20,820 161,140 Comprehensive loss $ (1,581,226) $ (2,095,310) The accompanying notes are an integral part of these consolidated financial statements. Schedule II March 31, 2025 (unaudited) December 31, 2024 (audited) ASSETS: Current assets: Cash and cash equivalents $ 416,476 $ 204,032 Accounts receivable, net 3,843,152 3,533,330 Unbilled receivables 2,038,500 520,037 Prepaid expenses and other current assets 1,312,075 792,147 Total current assets 7,610,203 5,049,546 Capitalized software, net 556,641 574,109 Property and equipment, net 10,818 13,238 Other long-term assets 29,228 39,988 Security deposits 7,818 7,818 Cryptocurrencies 5,200,000 - Other intangible assets, net 5,342 5,546 Total assets $ 13,420,050 $ 5,690,245 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT): Current liabilities: Accounts payable $ 1,717,688 $ 1,442,517 Accrued expenses 1,286,134 1,280,563 Short-term borrowings 3,812,841 3,343,710 Income tax payable 281,296 278,215 Insurance financing payable 162,993 - Total current liabilities 7,260,952 6,345,005 Total liabilities 7,260,952 6,345,005 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIT) Series A preferred stock, $0.0001 par value, unlimited shares authorized; 5,667,418 and 1,815,438 issued and outstanding at March 31, 2025 and December 31, 2024, respectively 567 182 Series B preferred stock, $0.0001 par value, 21,000,000 shares authorized;1,262,074 issued and outstanding at March 31, 2025 and December 31, 2024 126 126 Series seed preferred stock, $0.0001 par value, 25,000 shares authorized; 7,020 issued and outstanding at March 31, 205 and December 31, 2024 - - Ordinary shares, no par value, (**) unlimited shares authorized; 2,265,074 and 2,185,074 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively - - Additional paid-in capital 53,905,074 45,510,375 Accumulated deficit (46,518,825) (44,916,779) Accumulated other comprehensive loss (1,227,844) (1,248,664) Total stockholders' equity (deficit) 6,159,098 (654,760) Total liabilities and stockholders' equity (deficit) $ 13,420,050 $ 5,690,245 (*) List of authorized shares for Series A preferred a. Series A1A preferred shares: 10,000,000 authorized shares b. Series A2 preferred shares: 3,000,000 authorized shares c. Series A4 preferred shares: unlimited authorized shares (**) Ordinary Share par value was change to no par value in June 2024. The accompanying notes are an integral part of these consolidated financial statements. The accompanying notes are an integral part of these consolidated financial statements.
Business Insider
24-05-2025
- Business
- Business Insider
Freight Technologies reports Q1 EPS (73c) vs ($10.76) last year
Reports Q1 revenue $4.1M vs $4.288M last year. 'In the first quarter of 2025, the Company continued to build on the transformative progress of 2024. We delivered further improvements across several key metrics including gross margins and cash flow from operations, extended agreements with several multinational enterprises, successfully launched Fleet Rocket, and introduced our advanced AI-powered Tendering Bot. Despite initial headwinds from a challenging and uncertain macroeconomic trade environment, we were able to progress the profitability of the brokerage business and advance our solution set. We remain focused on our mission and commitment to leading digital logistics innovation,' said Javier Selgas, CEO of Fr8Tech.
Economist
15-05-2025
- Business
- Economist
The crypto industry is suddenly at the heart of American politics
IN LATE APRIL Fr8Tech, a logistics firm based in Texas with a market capitalisation of about $3m, initiated an unusual investment. It said it was borrowing as much as $20m to buy $TRUMP coins, a cryptocurrency Donald Trump had launched three days before beginning his second term as president. ('Join my very special Trump Community. GET YOUR $TRUMP NOW,' he urged on social media.) The company managing $TRUMP had just announced that the biggest investors in the meme coin would be invited to dine with the president in late May. Javier Selgas, Fr8Tech's CEO, said buying the coin would be 'an effective way to advocate' for the sort of trade policies Fr8Tech wants.
Yahoo
12-05-2025
- Business
- Yahoo
Logistics firm buys $2M in Trump meme coins to boost US-Mexico trade
Houston-based Freight Technologies Inc. (Fr8Tech) recently invested millions in President Donald Trump's official meme coins as a way to push for more technology investment and commerce between the United States and Mexico. Fr8Tech announced on April 30 a $20 million bond agreement earmarked for the purchase of $TRUMP meme coins. Since then, Fr8Tech has made two purchases of $TRUMP totaling $2 million. 'Fr8Tech's continued investment into TRUMP puts us at the intersection of finance and advocacy,' CEO Javier Selgas said in a news release on Monday. 'It reflects our confidence in the long-term value and utility of blockchain-based digital assets and provides a unique opportunity to champion fair and free trade across the U.S.-Mexico border in the interests of our customers.' Fr8Tech (Nasdaq: FRGT) is a digital freight matching technology for shippers and carriers moving loads between the U.S. and Mexico, as well as domestic U.S. and domestic Mexico shipments.'While Mexican President Claudia Sheinbaum's recent comments that the U.S. and Mexico are … 'working in the coming days on options to improve our trade balance and advance outstanding issues for the benefit of both countries' is encouraging, we see no reason why a collaborative and constructive framework for fair and free trade cannot be established now,' Selgas said. 'We believe both countries have the tools and resources to simultaneously resolve current challenges, such as the flow of fentanyl and other narcotics, and maintain legitimate cross-border commerce.' In addition to advocating for more trade between Mexico and the U.S., Fr8Tech aims to make the cryptocurrency the cornerstone of its digital asset strategy, officials said. Fr8Tech's flagship products — Fr8App and Fr8Now — use AI to connect freight transportation with carriers in real time. In addition to $TRUMP, Fr8Tech purchased $5.2 million in FET Tokens from Fetch Compute Inc. on April 1. FET Tokens are the cryptocurrency that powers a decentralized machine learning platform.'For Fr8Tech, cryptocurrencies are not just a treasury strategy; they are part of a broader, long-term vision of how technology can enhance logistics, incentives, and the movement of goods,' a Fr8Tech spokesman told FreightWaves in an email. 'For example, we are evaluating how carriers, shippers, brokers and other participants in the logistics market can transact, invest and grow using crypto on our Fr8App platform.' Trump launched his meme coins on Jan. 17, which 'celebrates a leader who doesn't back down, no matter the odds,' according to its website. A business entity linked to Trump owns a large share of the coins, The New York Times reported. Meme coins are often created out of novelty rather than an investment. However, $TRUMP has generated more than $320 million in fees for its creators, according to CBS News. Trump is raising millions of dollars hosting cryptocurrency-focused dinners, including the $1.5 million-per-plate 'Crypto & AI Innovators Dinner' on May 5. Trump will also attend a dinner on May 22 at his Virginia golf club for the largest investors in the $TRUMP meme coins. Critics of Trump's meme coins said the president seems to be using $TRUMP to allow purchasers to buy access. 'Trump appears to be auctioning off access to the presidency,' Noah Bookbinder, executive director of Citizens for Responsibility and Ethics, wrote in an op-ed on MSNBC. 'The more of his cryptocurrency that people buy, the higher their chances of meeting Trump at his club.' Fr8Tech said it hasn't spoken to Trump or anyone from his administration and does not plan to attend the May 22 for Fr8Tech said they hope the Trump administration keeps commerce with Mexico tariff-free. 'As a North American transportation logistics technology company with a focus on U.S.-Mexico cross-border trade, the Company's primary concerns are on disruptions and barriers to fair, balanced and free trade,' Fr8Tech said. 'Active and productive commerce across the U.S.-Mexico border is essential to the success of our business, as it is to many of our customers and partners. We are naturally concerned about the potential limiting or detrimental impacts that certain trade policies, such as high tariffs, quotas or embargoes, may have on healthy trade and their potential micro and macro-economic repercussions on our customers and partners, and more broadly on economic growth and levels of employment.' The post Logistics firm buys $2M in Trump meme coins to boost US-Mexico trade appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-04-2025
- Business
- Yahoo
Freight Technologies Integrates with Blue Yonder TMS Through Bayer to Optimize Supply Chain Efficiency
HOUSTON, April 25, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, 'Fr8Tech' or the 'Company'), a logistics management innovation company, is pleased to announce its integration with supply chain management company Blue Yonder's Transportation Management System ('TMS') through Bayer Crop Science LP ('Bayer'). This follows Bayer's selection of Fr8Tech as a key logistics provider in September 2024 for the 2025 season, where Fr8Tech was awarded six critical cross-border lanes for truckload services. Fr8Tech has integrated its Fr8App platform with Bayer's instance of Blue Yonder through an Electronic Data Interchange ('EDI') to help optimize Bayer's logistics and supply chain management. This direct integration enables automated data exchanges, eliminates manual processes and ensures faster, more accurate communication. Connecting Fr8Tech's logistics platform with Bayer's TMS through EDI will allow for enhanced shipment visibility, reduced lead times and optimized resource allocation - improving overall supply chain efficiency and advancing Bayer's operational goals. Javier Selgas, CEO of Fr8Tech added, 'This seamless and rapid integration is a testament to Fr8Tech's highly flexible platform solutions, enabling companies like Bayer to achieve greater operational efficiency in their supply chain management. This development also further strengthens Fr8Techs' position as a trusted and leading provider of logistics solutions powered by AI and machine learning.' About Freight Technologies Inc. Freight Technologies (Nasdaq: FRGT) ('Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company's portfolio of solutions includes the Fr8App platform for seamless OTR B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide and Fleet Rocket a nimble, scalable and cost-effective Transportation Management System (TMS) for brokers, shippers, and other logistics operator Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Fr8Tech's and Fr8App Inc.'s actual results may differ from their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue' and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech's and Fr8App Inc.'s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or maintain the listing of Fr8Tech's ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.'s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under 'Risk Factors,' to be filed in Fr8Tech other filings with the Securities Exchange Commission. Fr8Tech cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based. CONTACT: Fr8Tech Contact: Jason Finkelstein IGNITION Investor Relations investors@ in to access your portfolio
