Latest news with #JavierSelgas
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.
Gizmodo
06-05-2025
- Business
- Gizmodo
Freight Company Tells SEC It Needs Millions in $TRUMP to Get Access to the President
The transactional nature of the Trump presidency, now on the blockchain. Donald Trump has promised to have dinner with the top holders of his cryptocurrency memecoin $TRUMP, creating a pretty clear-cut opportunity for buying access to the leader of the free world. Freight Technologies Inc., a North American-based shipping company, wants to take advantage. The firm's CEO Javier Selgas recently announced—publicly, on purpose, with zero consequence—that it intends to purchase as much as $20 million worth of $TRUMP so that he can try to influence the president's policies on tariffs. According to a Securities and Exchange Commission filing made by the company, it has tapped an institutional investor to provide financing for an initial purchase of $1 million worth of $TRUMP, with the possibility of an additional $19 million. Basically, it's borrowing up to $20 million to get a seat at the table with Trump. The company isn't shy about that goal, either. In a press release, Selgas said the purchase is part of the company's 'promotion of productive and active commerce between the United States and Mexico.' The Trump Coin team recently announced that the top 220 holders of the $TRUMP token would be invited to participate in a private dinner with Trump on May 22, with a VIP reception and tour for the top 25 holders—a prospect that immediately set off alarm bells for any reasonable person who believes that you shouldn't be able to get a trip to the White House for lining the pockets of the president. It wasn't hard to imagine that someone—a CEO, crypto insider, foreign actor—would buy up some $TRUMP in order to get a seat at the table with him for a night. It probably was a little less expected for a company to issue a press release about enacting that strategy. Per the leaderboard on the Trump Coin website, the $1 million investment should be enough to get Selgas and Freight Technologies in the door for dinner. The current top holder of $TRUMP is Justin Sun, the founder of crypto platform TRON, which was investigated by the SEC for allegedly manipulating the price of the cryptocurrency. He holds approximately $1.2 million worth of $TRUMP, and is one of only two people who currently have more than $400,000 worth of the token. Trump, for his part, is acting like he doesn't know anything. During an appearance on NBC News' Meet the Press over the weekend, Trump said 'I haven't even looked' when asked if he had profited off his cryptocurrency, which launched shortly before he took office for the second time. 'If I own stock in something, and I do a good job, and the market goes up, I guess I'm profiting,' he said, which is a pretty good encapsulation of just how deep his understanding of the crypto space. He doesn't have to look to profit, of course. Around 80% of all $TRUMP coins are owned by two entities: CIC Digital, an affiliate of the Trump organization, and Fight Fight Fight LLC, which is co-owned by CIC Digital. So the vast majority of the tokens are already in Trump's pockets. When people buy the token, like, for instance, when there is an announcement that holding the coin could get you a private dinner with the president, the price goes up, and so does the value of Trump company holdings. They also 'receive trading revenue derived from trading activities,' per the Trump Coin site, so they're cashing in on each transaction, too. Trump has always been a transactional person. Now it just happens to be logged to the blockchain.
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
Globe and Mail
01-04-2025
- Business
- Globe and Mail
Freight Technologies Enters into Securities Purchase Agreement with Fetch Compute to Acquire Tokens in One of the Largest Decentralized Artificial Intelligence Computing Networks
- Creates asset diversification in addition to a crypto treasury and platform for Freight Technologies to introduce crypto to the Over-the-Road (OTR) carrier and logistics markets - - Freight Technologies and to collaborate on a development partnership to further blockchain and AI technologies in the logistics space - HOUSTON, April 01, 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, announced today it has entered into a Securities Purchase Agreement (the 'Agreement') for the acquisition of $5.2 million of FET Tokens from Fetch Compute, Inc. ('Fetch Compute'), in exchange for 2,311,248 Series A4 preferred shares of the Company, par value $0.0001 per share ('Preferred Shares'). The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Company's current report on Form 8-K dated April 1, 2025, announcing the execution of the Agreement. FET Tokens are the cryptocurrency that power a decentralized machine learning platform that aligns with Fr8Tech's vision for scalable and secure AI solutions in the OTR carrier and logistics markets. Acquiring FET Tokens allows Fr8Tech to begin actively participating in decentralized AI ecosystem, expanding its competitive advantage in the logistics industry. 'On the heels of the launch of our AI Tendering Bot, an innovative solution designed to automate and streamline the load tendering process for shippers and freight brokers, today's token acquisition announcement brings further breadth and depth to Fr8Tech's commitment to logistics innovation, while simultaneously strengthening and diversifying our balance sheet,' said Javier Selgas, the Chief Executive Officer of Fr8Tech. 'With a FET Token treasury in place and by leveraging empowered decentralized digital economy, our ultimate goal is to empower clients with real-time visibility and greater supply chain transparency to handle different activities inside the decentralized economy, whether it's improving supply chain logistics, maintaining solid record-keeping systems, executing computational tasks, or enabling transactional interactions.' 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.
