Welcome to our dedicated page for Freight Technologies news (Ticker: $FRGT), a resource for investors and traders seeking the latest updates and insights on Freight Technologies stock.
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Freight Technologies, Inc. (Nasdaq: FRGT) reported annual revenue of $17.1 million for fiscal year 2023, marking a 34% year-over-year decline from 2022. Despite the revenue decrease, the company managed to increase its cash flow from operations by $2.7 million by enhancing working capital and reducing operating expenses. Fr8Tech saw a 48% growth in its Fr8Fleet dedicated services, reaching $3.6 million for the year. The CEO highlighted the challenges faced by the freight industry due to disruptions caused by the COVID-19 pandemic and emphasized the company's focus on core markets, data-driven solutions, and strategic partnerships. Fr8Tech reaffirmed its revenue guidance for 2024 at $25-30 million, citing positive economic conditions, growing demand for dedicated carrier services, enhancements to Fr8App, and upcoming product offerings as key drivers for future growth.