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Freight Technologies Advances Transformation to Accelerate Innovation, Reduce Costs, and Drive Growth
FRGTFr8Tech(FRGT) GlobeNewswire·2025-02-07 14:05

Core Insights - Fr8Tech is set to launch its Transportation Management System (TMS) in February 2025, aimed at enhancing logistics operations through technology [1][2] - The company is undergoing a workforce reduction of 20% to streamline operations and align resources with its technology-driven objectives [3] - Fr8Tech has completed a 3millionprivateplacementofferingtosupportongoingsoftwaredevelopmentandhasrenewedlogisticsagreementswithmajorclients[3]CompanyDevelopments−TheTMSwillfunctionasadigitalcommandcenterforlogisticsteams,enablingreal−timeshipmenttracking,carrierselection,routemanagement,anddocumentationintegration[2]−TheCEOemphasizedtheimportanceofautomationinimprovingserviceofferingsandachievingsustainableprofitability[3]−ThecompanyaimstoreachprofitabilityonanadjustedEBITDAbasisbytheendof2025[3]FinancialPosition−Therecent3 million private placement offering to support ongoing software development and has renewed logistics agreements with major clients [3] Company Developments - The TMS will function as a digital command center for logistics teams, enabling real-time shipment tracking, carrier selection, route management, and documentation integration [2] - The CEO emphasized the importance of automation in improving service offerings and achieving sustainable profitability [3] - The company aims to reach profitability on an adjusted EBITDA basis by the end of 2025 [3] Financial Position - The recent 3 million private placement offering of convertible preferred stock strengthens Fr8Tech's financial position [3] - The workforce reduction is expected to enhance financial results over 2025 [3] - Renewed agreements with large enterprise customers indicate continued expansion and adoption of Fr8Tech's solutions [3][4]