Freight Technologies Inc. (NASDAQ: FRGT) Reports 30% YOY Revenue Growth for Q1 2024; Projects $25-$30m Annual Revenue for 2024

  • Fr8Tech, a tech company on a mission to revolutionize cross-border shipping, just posted 30% year-over-year (“YOY”) revenue growth and a 278% YOY growth in Fr8Fleet volume for Q1 2024
  • This growth was attributed to the addition of the Fr8Fleet offering in 2022, which sought to address specific customer needs
  • The company looks to build on this success by fostering even stronger relationships with existing customers and adding new customers to its network
  • Its management believes that this approach will be integral in realizing its $25-$30 million annual revenue projection for the 2024 financial year

Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a tech company on a mission to revolutionize cross-border shipping by offering carriers and shippers flexibility, visibility, and simplicity, just released preliminary financial results for the first quarter of the 2024 financial year (“Q1 2024”). Of note was the 30% revenue growth over the same period in the previous year, totaling $4.3 million. The company also reported a 25% growth in volume for Fr8Fleet from the fourth quarter of the 2023 fiscal year and a 278% year-over-year growth with approximately 3,400 completed shipments (

According to the company’s management, this growth and impressive performance was primarily attributed to adding the Fr8Fleet offering, which sought to address specific customer pain points by securing dedicated carrier capacity and providing responsive, high-quality customer service.

“The company’s addition of its Fr8Fleeet offering in 2022 was the right strategic response to the market dynamics of the Mexican domestic Over the Road (“OTR”) freight industry,” noted Don Quinby, Fr8Tech’s Chief Financial Officer (“CFO”).

“It has proven to be a highly valued service for large enterprise customers and is a key differentiator for Fr8Tech,” he added.

Fr8Tech looks to build even stronger relationships with its new and existing customers. Additionally, it is committed to bolstering its carrier capacity while improving its platform’s capabilities and efficiency, which has been a game-changer in the industry. According to its CEO and Director, Javier Selgas, focusing on these aspects will allow the company to realize its 2024 annual revenue projections of between $25 and $30 million.

“Underlying economic activity in both Mexico and the US, coupled with ongoing near-shoring activity of US and foreign multinational companies, suggests continued growing demand for domestic and cross-border freight services,” noted Mr. Selgas.

“We are well positioned to take advantage of this market opportunity, and the Fr8Tech team continues to innovate to make market share gains over the coming year,” he concluded.

If recent events in the region are anything to go by, Fr8Tech anticipates a significant uptick in the demand for its products and services. Earlier in the year, railroad disruptions, owing to a surge in smuggling of migrants through Mexico, saw nearly 10,000 rail cars stranded on both sides of the border ( Such events have forced companies to explore more reliable options, and Fr8Tech offers just that and more. With its market positioning, distinctive freight matching capabilities and easy-to-use features of its platform, the company is confident that it will bring plenty of industry participants together through Fr8App to meet its revenue projections for the year.

For more information, visit the company’s website at and its freight matching platform information site at www.Fr8.App.

NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at

Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
310.299.1717 Office

About TinyGems

TinyGems is a specialized communications platform with a focus on innovative small-cap and mid-cap companies with bright futures and huge potential. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, TinyGems is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, TinyGems brings its clients unparalleled recognition and brand awareness. TinyGems is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from TinyGems, text “Gems” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit

Please see full terms of use and disclaimers on the TinyGems website applicable to all content provided by TinyGems, wherever published or re-published:

Los Angeles, CA
310.299.1717 Office

TinyGems is powered by IBN


Select A Month

Contact us: (310) 299-1717