Freight Technologies Announces Full Year 2024 Results and Outlook for 2025

Core Insights - Freight Technologies, Inc. (Fr8Tech) reported a transformative year in 2024, with improvements in gross margins and operational cash flow, alongside the launch of innovative platforms like Waavely and Fleet Rocket [2][5]. Business Highlights - The company successfully onboarded new customers and expanded agreements with multinational enterprises in 2024, continuing this momentum into Q1 2025 [2]. - Fr8Tech launched Waavely, an ocean freight booking and management platform, in July 2024, and Fleet Rocket, a cost-effective Transportation Management System (TMS), in February 2025 [2][6]. - The company received positive customer feedback, achieving over 80% satisfaction in a survey [6]. Financial Highlights - Revenue for 2024 was $13.73 million, down from$17.06 million in 2023 [11]. - Gross margin increased to 9.8% in 2024 from 7.9% in 2023, reflecting operational efficiency improvements [6][11]. - Cash flow from operations improved by $1.6 million year-over-year, reaching -$4.2 million in 2024 [6][11]. - The net loss for 2024 was $5.6 million, an improvement of$3.7 million compared to a net loss of $9.3 million in 2023 [6][11]. 2025 Annual Outlook - The company anticipates continued financial improvement in 2025 as it enhances its logistics technology offerings and AI-powered solutions [5].