Freight Technologies, Inc. (NASDAQ: FRGT) saw its stock price gather steam Friday, as the technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the NAFTA region reported revenue for the second quarter of 2022 for the period ended June 30, 2022.
Fr8Tech reported record quarterly revenue of $8.5 million for Q2 2022, up 60% from $5.3 million in Q1 2022 and up 45% from $5.9 million in Q2 2021. The revenue for the first half of 2022 reached $13.8 million, up 30% from $10.7 million in the first half of 2021. Management adjusted full year 2022 revenue guidance from approximately $40 million to between $32 million and $36 million, up from Fr8App’s 2021 revenue of $21.5 million.
CEO Javier Selgas said, “Second-quarter 2022 revenue, a record, increased 60% on a sequential quarter basis and 45% on a year-over-year basis. The growth reflects greater traction in each of our dedicated capacity product, Fr8Fleet, and our U.S. domestic Fr8App services.
“While the distribution channel capacity scarcity improved and fuel price increases stabilized in the second quarter, we believe it is prudent to modify our full year guidance, and we continue to expect revenue to increase sequentially throughout the year.”
FRGT shares added 11 cents, or 6%, to $1.94
