Freight Technologies (NASDAQ:FRGT)
On Friday, Freight Technologies (NASDAQ:FRGT) reduced its forecast for revenue for the entire 2022 fiscal year. The business stated, “We feel it is prudent to alter our full-year projection, and we continue to expect revenue to expand sequentially throughout the year, despite the distribution channel capacity scarcity improving and fuel price increases stabilizing in the second quarter. The revised full-year revenue expectation for 2022 is now between $32M and $36M, down from over $40M.
Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech) creates solutions that automate and optimize the supply chain process while offering B2B cross-border shipping through its Fr8App platform within the NAFTA region. The company recently reported its revenue for the second quarter of 2022 for the period ending June 30, 2022.
Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech) Quarterly Revenues
Fr8Tech announced record quarterly revenue of $8.5 million for Q2 2022, an increase of 45% over Q2 2021 and a 60% increase from the $5.3 million recorded for Q1 2022. From $10.7 million in the first half of 2021, revenue for the first half of 2022 increased by 30% to $13.8 million. With an increase from Fr8App’s 2021 sales of $21.5 million, management revised its full-year 2022 revenue projection from around $40 million to between $32 million and $36 million.
The second quarter of 2022 saw record revenue, up 60% from the previous quarter and 45% from the previous year, according to Javier Selgas, CEO of Fr8Tech. Increased demand for our specialized capacity offering, Fr8Fleet, and our domestic Fr8App services can be seen in the growth. Although the second quarter saw an improvement in the scarcity of distribution channel capacity and stabilization of gasoline price rises, we still feel it reasonable to change our full-year projection and continue to anticipate sequential revenue growth throughout the year.
“Fr8App offers several benefits, such as time and money savings that are advantageous to carriers and shippers. Fr8App makes the process simpler even when macroeconomic difficulties continue to exist because things must still be supplied in a timely and expensive manner. So, as the market recovers, we anticipate seeing long-term growth as we continue to expand our customer base,” said Selgas.
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Author Jowi Kwasu 
