Logistics Technology Company Secures New Customers & Carriers
Freight Technologies Adds 26 New Customers and 149 New Carriers in 2024: A Detailed Overview.
Disclaimer: The following article is based on the information provided by Freight Technologies, Inc. regarding their recent accomplishments in 2024. The content herein is intended for informational purposes only and should not be construed as financial or investment advice.
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Freight Technologies, Inc. ("Freight Technologies", "Fr8Tech" or the "Company") (NASDAQ: FRGT) has made strides in the logistics technology industry in 2024. Known for its innovative solutions and its custom-developed Fr8App platform, Fr8Tech has successfully onboarded 26 new customers and 149 new carriers this year. This article dives into the details of these achievements and their implications for the company's future.
New Customer Onboarding
Freight Technologies is a leading logistics technology solutions company. It offers Fr8App, an advanced freight-matching platform leveraging Artificial Intelligence (AI) and machine learning. The platform provides a real-time portal for B2B cross-border and domestic shipping within the US-Mexico-Canada Agreement (USMCA) region. With a focus on efficiency, transparency, and reliability, Fr8Tech aims to revolutionize the logistics industry.
As of mid-2024, Fr8Tech has added 26 new customers to its platform. This milestone underscores the growing demand for more efficient and transparent freight services. Javier Selgas, the Chief Executive Officer of Freight Technologies, emphasized that the addition of new customers highlights the industry's need for automation, speed, and reliability. Companies increasingly expect these qualities when securing their freight and logistics needs. Some notable companies that have joined Fr8Tech's platform in 2024 include:
Grupo Solave
Argos Electrica
Aqua-Aid Inc.
AR Brokers LLC
These additions not only enhance Fr8Tech's market presence but also diversify its revenue base and broaden its reach within the US and Mexican markets. In tandem with customer growth, Fr8Tech has also expanded its carrier network by onboarding 149 new carriers. Reliable carriers are crucial for any successful logistics operation as they ensure the timely and safe delivery of goods, thereby maintaining customer trust and satisfaction.
Javier Selgas highlighted that expanding the carrier network not only meets increasing demand but also enhances the company's ability to provide consistent and reliable service.
Broadening Market Reach
The addition of new customers and carriers extends Fr8Tech's footprint across its core markets. These developments are particularly impactful in the US domestic and US-Mexico cross-border spot services. Furthermore, the company's Fr8Fleet dedicated capacity services cater to large enterprise customers primarily in the Mexican domestic market. Don Quinby, Chief Financial Officer of Freight Technologies, pointed out that bringing new customers to the platform strengthens the company's significance in the US, Mexican, and cross-border over-the-road (OTR) space. Additionally, it enhances the interactive and networking power of the platform with valuable data points on which all market participants rely.
Fr8Tech has also successfully raised additional outside capital this year through promissory notes. Quinby expressed his enthusiasm about the team's effective utilization of these funds to grow the customer roster and enhance the platform's capabilities and third-party integrations. Freight Technologies leverages AI and machine learning to optimize its logistics operations. The Fr8App platform uses these technologies to provide real-time freight matching, which increases efficiency and reduces costs for businesses.
In 2024, Fr8Tech has focused on enhancing the functionality, capability, and integrations of the Fr8App platform. These improvements aim to provide a seamless user experience and meet the evolving demands of the logistics industry.
Future Outlook
Freight Technologies is optimistic about the future. Javier Selgas indicated that the company is pleased with its progress so far, marked by strong year-over-year revenue growth, new customer wins, and enhanced platform functionality. However, he acknowledged that there is still much to be done to fully capitalize on the opportunities ahead.
The freight and logistics market continues to grow and evolve, presenting numerous opportunities for technology-driven advancements. Fr8Tech is committed to being at the forefront of this transition, driving innovation and setting new standards in the industry. Freight Technologies plans to continue expanding its customer and carrier base, further solidifying its position as a leader in the logistics technology sector. The company aims to leverage its technological capabilities to offer superior freight services and maintain its competitive edge.
Freight Technologies' achievements in 2024, including the addition of 26 new customers and 149 new carriers, mark significant milestones in the company's journey. With a strong focus on leveraging AI and machine learning, Fr8Tech is well-positioned to lead the technology-driven transformation of the logistics industry.
Disclaimer: The information provided in this article is intended for informational purposes only and should not be considered as financial or investment advice. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
As an investor it's important to stay updated with major news. Get real-time stock market alerts, news, and research by creating an account here.