- Fr8Tech’s management recently shared its updated 2023 revenue guidance of $25-30 million, representing as much as nearly 20% growth from the previous year’s full-year revenue
- The growth will be fueled, in part, by the uptake of its services, with the company having posted the highest monthly increase in new client sign-ups since the launch of the Fr8App platform
- Following the recent 10 to 1 reverse share split necessary for Fr8Tech to regain Nasdaq compliance, the company showed that the price would need to show 11x growth on the closing price of March 28, 2023 to meet with third party forecasts for the company
- Fr8Tech remains committed to revolutionizing cross-border shipping, and the recent increase in new client sign-ups is indicative of the building momentum, and potential of its products and services
Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a tech company on a mission to revolutionize cross-border shipping by offering carriers increased growth opportunities and shippers with flexibility, visibility, and simplicity, is working hard to have its best year yet. The company’s management recently updated its 2023 revenue guidance of $25-30 million, representing up to nearly 20% growth from the previous year’s full-year revenue (https://ibn.fm/XvYo4) in a very difficult freight market.
This growth will be fueled, in part, by the uptake of its services, with the company having posted the highest monthly increase in new clients since the launch of its Fr8App platform. According to Fr8Tech’s Sales Director, Harry Martin, the new sign-ups were expected to yield a recurring monthly income of over $1 million a month, with the figure expected to start growing in Q2 and through the rest of the year.
“We have onboarded new clients in a variety of sectors, including automotive, beverage, motorcycles, and consumer goods that we had been working on for some time,” noted Mr. Martin.
“The new shipper clients represent a potential for significant recurring traffic on our platform and include leading first-tier automotive clients,” he added.
On March 7, 2023, Fr8Tech announced quarterly revenue for Q4 2022 amounting to $4.4 million. The company also reported a year-to-date (“YTD”) 2022 revenue of an impressive $25.9, representing a 20.6% growth from the previous year. Its management is optimistic that the current momentum will be maintained, yielding even more significant growth as time progresses and more value for its shareholders.
This performance will be very welcome, particularly following the recent 10 to 1 reverse share split necessary for Fr8Tech to regain Nasdaq compliance. As of the close of market on March 31, 2023, this share split saw the share price stand at $1.560, a 92.2% discount to independent analysts’ target price for the company’s ordinary shares of $20 per share on a split-adjusted basis. On the upside, it implied an over 11x growth on the closing price of March 28, 2023.
Fr8Tech remains committed to revolutionizing cross-border shipping, and the recent increase in new client sign-ups indicates the building momentum and potential of its products and services. As it looks forward to a successful year 2023, Fr8Tech continues to strengthen its brand, bolster its offerings, and increase incentives toward its customers. It is a company committed to its mission, taking on a once-complex process of international over-the-road shipping and simplifying it for the ordinary customer.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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