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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.
Yahoo
09-04-2025
- Automotive
- Yahoo
Trucking Hub Supercharges Its TMS with Industry-Trained AI
CHICAGO, April 9, 2025 /PRNewswire/ -- Trucking Hub, a leading provider of trucking software and solutions, today announced the launch of its proprietary artificial intelligence (AI) specifically designed for the trucking industry. Seamlessly integrated into its Transportation Management System (TMS), Trucking Hub AI streamlines critical tasks, from instantly converting rate confirmation emails into fully built and dispatched loads, to handling key safety and accounting tasks — enabling teams to do more with less. What sets Trucking Hub apart is its foundation as an asset-based carrier with decades of real-world experience driving and scaling a trucking business. This hands-on industry experience ensures the Trucking Hub TMS effectively addresses the everyday operational challenges faced by small and medium-sized carriers. By embedding deep industry intelligence into Trucking Hub AI, the platform is uniquely positioned to meet the specific demands of trucking operations, driving greater efficiency and profitability. "Our mission has always been to simplify trucking through smart, intuitive software," said Milos Pavlovic, CEO of Trucking Hub. "With our proprietary AI, we're removing manual friction from operations, helping carriers maintain lean operations while significantly increasing their capacity to grow." With this launch, Trucking Hub strengthens its position as the leading TMS for small and medium-sized trucking companies — augmenting an already best-in-class platform with industry-trained AI to unlock new levels of speed, accuracy, and automation. About Trucking Hub Trucking Hub is a Chicago-based technology leader providing advanced transportation management system (TMS) software for trucking companies. Its platform streamlines operations, improves visibility, ensures complete DOT compliance, and minimizes administrative task, enabling carriers to achieve scalable growth efficiently. To get started with a 30-day trial or request a demo, visit or contact our sales team at +1 877 287 8250. Contact Trucking Hubsales@ View original content: SOURCE Trucking Hub Sign in to access your portfolio
Associated Press
09-04-2025
- Automotive
- Associated Press
Trucking Hub Supercharges Its TMS with Industry-Trained AI
CHICAGO, April 9, 2025 /PRNewswire/ -- Trucking Hub, a leading provider of trucking software and solutions, today announced the launch of its proprietary artificial intelligence (AI) specifically designed for the trucking industry. Seamlessly integrated into its Transportation Management System (TMS), Trucking Hub AI streamlines critical tasks, from instantly converting rate confirmation emails into fully built and dispatched loads, to handling key safety and accounting tasks — enabling teams to do more with less. What sets Trucking Hub apart is its foundation as an asset-based carrier with decades of real-world experience driving and scaling a trucking business. This hands-on industry experience ensures the Trucking Hub TMS effectively addresses the everyday operational challenges faced by small and medium-sized carriers. By embedding deep industry intelligence into Trucking Hub AI, the platform is uniquely positioned to meet the specific demands of trucking operations, driving greater efficiency and profitability. 'Our mission has always been to simplify trucking through smart, intuitive software,' said Milos Pavlovic, CEO of Trucking Hub. 'With our proprietary AI, we're removing manual friction from operations, helping carriers maintain lean operations while significantly increasing their capacity to grow.' With this launch, Trucking Hub strengthens its position as the leading TMS for small and medium-sized trucking companies — augmenting an already best-in-class platform with industry-trained AI to unlock new levels of speed, accuracy, and automation. About Trucking Hub Trucking Hub is a Chicago-based technology leader providing advanced transportation management system (TMS) software for trucking companies. Its platform streamlines operations, improves visibility, ensures complete DOT compliance, and minimizes administrative task, enabling carriers to achieve scalable growth efficiently. To get started with a 30-day trial or request a demo, visit or contact our sales team at +1 877 287 8250. Trucking Hub
CBS News
10-03-2025
- CBS News
Woman charged in deadly I-695 work zone crash to request trial postponement
Lisa Lea, the woman accused of crashing into and killing six construction workers on I-695 in March 2023, will be in court on Tuesday as her attorneys request a postponement for April's trial. Police said Lea and Melachi Brown were traveling more than 100 mph when they collided, lost control and crashed into the work zone. A video obtained by WJZ shows the two cars crashing at a high rate of speed. Lea was indicted on six counts of manslaughter, six counts of negligent homicide, six counts of "causing the death of a vulnerable individual while operating a motor vehicle" and other charges. Maryland State Police identified the six contractual workers who were killed as Rolando Ruiz, 46, of Laurel; Carlos Orlando Villatoro Escobar, 43, of Frederick; Jose Armando Escobar, 52, of Frederick; Mahlon Simmons III, 31, of Union Bridge; Mahlon Simmons II, 52, of Union Bridge; and Sybil Lee Dimaggio, 46, of Glen Burnie. The NTSB investigation reveals that Lea tried to change across three lanes at a high speed and clipped Brown's car before crashing into the road workers. Lea also had a "measured concentration of delta-9 THC in her blood," according to the report, and used the medication cyclobenzaprine which may have had some potential to impair her driving ability. Brown pleaded guilty and is serving a home detention sentence after being let out of prison early. Family sues contractor over safety issues The family of one of six construction workers killed in the I-695 work zone crash sued a contracting company and the state of Maryland for failing to create a safe construction zone. The family of Sybil DiMaggio said Concrete General Inc., and the state, "failed on every level." DiMaggio didn't work for Concrete General, but the other construction workers did. The complaint claimed Concrete General developed what's called a "Transportation Management Plan" to ensure safety, but failed to implement it. The gap was also pointed to in the NTSB Factual Report on the crash, which said a truck-mounted attenuator should have been in place to block it. Citing state policies, the complaint said these attenuators are "highly recommended or required on a highway where the speed limit is 55 mph in a long-term stationary work zone where workers are fully exposed." The complaint claims nothing was done about the "extremely high number of strikes" to the work zone by drivers. A sign warning drivers of a closed shoulder also wasn't reinstalled by the time of the crash. Investigators say protocols were met Investigators said the work zone configuration met applicable state and federal standards and the Maryland State Highway Administration and the contractor conducted daily inspections, which showed no discernible safety issues. The report revealed the workers were trained appropriately, while ongoing safety reviews were part of the project process. NTSB's investigation shows that a concrete barrier system prevented Brown's car from entering the work zone during the initial portion of the collision sequence. And, while there was an opening in the concrete barriers that allowed Lea's car to enter the work zone after losing control, her excessive speed was the key factor in determining how far the vehicle traveled into the work zone as it overturned, resulting in the workers' deaths. Call for safety changes Since the crash, the Maryland State Highway Administration planned several changes to the work zone, including closing the adjacent lane when work is taking place and blocking the work zone opening with a protection vehicle. In response to the crash, Maryland Gov. Wes Moore called for the creation of the Work Zone Safety Work Group, which Lt. Gov. Aruna Miller chairs. The workgroup helped create a new state law that gets more automated speed cameras in work zones, as well as increased the fines for drivers.
