UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16
under
the Securities Exchange Act of 1934
For
the month of, September 2024
Commission
File Number 001-38172
FREIGHT
TECHNOLOGIES, INC.
(Translation
of registrant’s name into English)
Mr.
Javier Selgas, Chief Executive Officer
2001
Timberloch Place, Suite 500
The
Woodlands, TX 77380
Telephone:
(773) 905-5076
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form
40-F
Financial
Statements and Exhibits
Exhibits
A
copy of the Freight Technologies, Inc.’s press release titled “Freight Technologies Reports Strong Preliminary 2024 Mid-Year
Results and Announces Exciting Advances in its Product Offerings” is being furnished on Exhibit 99.1 with this Report on Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
| Date:
September 5, 2024 |
FREIGHT
TECHNOLOGIES, INC. |
| |
|
|
| |
By: |
/s/
Javier Selgas |
| |
Name: |
Javier
Selgas |
| |
Title: |
Chief
Financial Officer |
Exhibit
99.1
Freight
Technologies Reports Strong Preliminary 2024 Mid-Year Results and Announces Exciting Advances in its Product Offerings
Revenue
Growth, Enhanced Profit Margins, and Strategic Software Innovations Highlight Mid-Year Performance
HOUSTON
- Sept. 5, 2024 — Freight Technologies, Inc. (Nasdaq: FRGT, “Fr8Tech” or the “Company”), a logistics management
innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain
ecosystem, today announced its preliminary financial results for the first half of 2024, which concluded on June 30, 2024, as well as
provided an update on the advancement of its software offerings.
Fr8Tech
achieved a notable revenue increase of 6.6% year-over-year, reaching approximately $8.1 million for the first half of 2024. Further,
revenue from the Fr8Fleet business grew over 100% compared to the previous year, driven by an 82% jump in shipments. The Company also
achieved improved gross profits, which grew 40% year-over-year to $1.0 million, with gross margin percentage climbing 280 basis points
to 11.8%.
Looking
ahead to the second half of the year, Fr8Tech has revised its full year 2024 revenue forecast, now projected to be in the range of $15
million to $20 million. Javi Selgas, CEO of Fr8Tech, stated, “The strength of economic activity and trade within Mexico, the US,
and cross-border regions continues to fuel a dynamic freight market. We are capitalizing on this healthy trading environment by focusing
on high-quality, margin-enhancing customers for our core business while also investing heavily in our software solutions. We anticipate
these innovations will drive significant value to our customers and improve the Company’s short- and long-term profitability.”
The
Company’s portfolio of solutions includes the Fr8App platform for seamless B2B cross-border shipping across the USMCA region; Fr8Now,
a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico;
and Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports
worldwide.
Each
product is interconnected within a unified platform that centralizes and leverages data across these services, continuously improving
our AI models to uncover synergies, further automate processes, and drive greater efficiency and innovation across the supply chain.
To that same end, the Company is excited to announce the commercialization of its Transportation Management System (TMS) solution to
stakeholders across the industry. It is a major milestone in the Company’s progression as a logistics management innovator and
buildout of its suite of offerings.
Fr8Tech’s
CFO, Don Quinby, commented, “Fr8Fleet remains a key asset, delivering exceptional value to large enterprises in the competitive
Mexican over-the-road (OTR) market. Our commitment to automating and refining our processes since 2021 has bolstered customer retention
and contributed to the advancement of our TMS solution, which are designed to help businesses plan, execute, and manage their shipping
and logistics operations. These solutions are currently being tested and marketed to several major enterprise clients.”
Fr8Tech’s
TMS will serve as a comprehensive digital command center, enabling logistics teams to oversee and optimize the movement of goods with
enhanced precision. It will allow companies to track shipments in real-time, select the most suitable carriers, administer delivery routes,
communicate with drivers, manage documentation, and integrate with both inventory and billing systems. By automating these processes
and delivering actionable insights, our TMS can significantly reduce costs and risks, improve decision-making and operational efficiency,
and elevate overall supply chain management performance.
Emphasizing
the Company’s strategic visions, Selgas commented, “Our TMS offering is set to deliver the same ease and efficiency that
defines the Fr8App platform. With real-time data on carrier capacity, cutting-edge AI pricing tools, premier tracking technology, and
seamless API integration with existing systems, we are confident that Fr8Tech’s TMS software will become an indispensable tool
for logistics professionals and drive industry-wide innovation.”
Selgas
added, “Our TMS development leverages seven years of hands-on experience in the USMCA freight market. Our learnings from encountering
and resolving countless challenges, has propelled the creation of a tailored solution that addresses the unique needs of cross-border
and Mexico-based logistics. Additionally, the gross margin for selling our TMS as a SaaS solution ranges between 50% and 80%, reflecting
the high-value and cost-efficiency of our technology. We are thrilled to have several enterprise customers actively interested in our
software, underscoring the growing demand and confidence in our innovative solutions. We look forward to providing further details and
ongoing updates on the commercial success of our TMS software in the weeks and months ahead.”
About
Freight Technologies Inc.
Freight
Technologies (Nasdaq: FRGT) (“Fr8Tech”) is a technology company developing solutions to optimize and automate the supply
chain process. Its wholly owned subsidiary, Freight App, Inc. (Fr8App Inc.), is a B2B cross-border shipping marketplace in the USMCA
region powered by AI and machine learning. Focused on making shipping transparent and efficient, Fr8App provides carriers with increased
growth opportunities and shippers with flexibility, visibility and simplicity for the once-complex process of international over-the-road
(OTR) shipping. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and
operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation
management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information,
please visit fr8technologies.com.
Forward-Looking
Statements
This
press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995. Fr8Tech’s and Fr8App Inc.’s actual results may differ from
their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue” and similar expressions (or the negative
versions of such words or expressions) are intended to identify such forward-looking statements.
These
forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from
those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech’s and Fr8App Inc.’s control
and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or
maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility
that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the
uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth
of Fr8App Inc.’s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including
those under “Risk Factors,” to be filed in ‘Fr8Tech other filings with the Securities Exchange Commission.
Fr8Tech
cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking
statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only
as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances
on which any such statement is based.
Fr8Tech
Contact:
Jason
Finkelstein
Ignition
Investor Relations
investors@fr8technologies.com
Freight Technologies (NASDAQ:FRGT)
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부터 10월(10) 2024 으로 11월(11) 2024
Freight Technologies (NASDAQ:FRGT)
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부터 11월(11) 2023 으로 11월(11) 2024
