Freight Technologies, Inc. projects for 2023 Revenue to grow over 40% vs. 2022 – Yahoo Finance
HOUSTON, Jan. 05, 2023 (GLOBE NEWSWIRE) — Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech), a technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the USMCA region, announces guidance for revenue for 2023.
The company projects 2023 revenue to be between $36 to $42 million, compared to preliminary 2022 revenue of approximately $26 to $27 million.
Javier Selgas, CEO of Fr8Tech, said, “We look forward to continued growth in our cross-border and domestic FTL offerings over the course of the next 12 to 24 months and come into 2023 with a strong pipeline of existing customers and new prospects and growing lines of business. We are revising our guidance for 2023 revenues to be in the $36 to $42 million range as we continue to invest in our technology and are capturing early returns from our new product offerings. We are excited about our future prospects to continue to drive shareholder value.” concluded Selgas.
About Freight Technologies Inc.
Freight Technologies (Fr8Tech, Nasdaq: FRGT) a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary Freight App, Inc. (Fr8App) 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. Freight Technologies’ and Fr8App’s actual results may differ from their expectations, estimates, and projections and, consequently, you 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 include, without limitation, Freight Technologies’ and Fr8App’s expectations with respect to future performance and anticipated financial impacts of the acquisition.
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 Freight Technologies’ and Fr8App’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of COVID-19 pandemic on Fr8App’s business; (2) the inability to obtain or maintain the listing of Freight Technologies’ ordinary shares on Nasdaq; (3) the ability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition, the ability of Fr8App to grow and manage growth profitably, and retain its key employees; (4) costs related to the merger; (5) changes in applicable laws or regulations; (6) the possibility that Freight Technologies or Fr8App may be adversely affected by other economic, business, and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information with respect to Fr8App; (8) risks related to the organic and inorganic growth of Fr8App’s business and the timing of expected business milestones; and (9) other risks and uncertainties identified, including those under “Risk Factors”, to be filed by in Freight Technologies’ other filings with the SEC. Freight Technologies 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. Freight Technologies and Fr8App caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Freight Technologies and Fr8App 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.
Related Quotes
“The idea in your head that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy,” Cameron Winklevoss wrote to former friend Barry Silbert.
Within the tech sector, shares of Shopify (NYSE: SHOP), Palantir Technologies (NYSE: PLTR), and CrowdStrike (NASDAQ: CRWD) are suffering worse than most, falling 3.3%, 3.9%, and 8%, respectively, through 12:05 p.m. ET. You can blame investment bank Jefferies for that — and Piper Sandler, too. Jefferies started off the new year with a series of downgrades, reversing its buy ratings and lowering Shopify, Palantir, and CrowdStrike to neutral, as ratings-watcher The Fly reports today.
The software giant Salesforce's recent revamp confirms the struggles in Silicon Valley and tech more broadly are widespread. The details: Salesforce will close some offices and eliminate around 10% of its estimated 56,600 employees as it looks to reduce operating costs, widen operating margins and "continue advancing the company's ongoing commitment to profitable growth." Salesforce said the job cuts, as well as the broader restructuring plans, will cost between $1.4 billion and $2.1 billion, with a hit of around $1 billion expected in its fiscal fourth quarter.
Growth stocks led on the downside in 2022, but it's still not the time to buy them, say UBS strategists.
Analysts say minutes of the Federal Reserve's December meeting delivered an important message to investors: big stock market rallies are unwelcome.
The U.S.-listed shares of AMTD Digital surged on Thursday, recently up some 200% on heavy volume. The Asia-focused company's operations include financial services, marketing, media and digital investments. It didn't appear to issue any press releases or Securities and Exchange Commission filings on Thursday. The stock has posted several large daily moves since its July initial public offering, which priced at $7.80. Wednesday's intraday low of $9.31 marked its lowest-ever trading price, while it
Owning the "Dogs Of The Dow" stocks paid off in 2022. And they could be even more lucrative this year.
On Wednesday, Microsoft shares gave up more than $10, or 4.37%. Amazon had a better day than Microsoft, surrendering just 0.79% for the session after having confirmed that it would be taking on some more debt, under somewhat shaky circumstances. Amazon confirmed in an SEC filing that it had reached an agreement with certain lenders to provide it with an unsecured $8B loan to be used for general corporate purposes.
These are some of the stocks moving in after hours on Jan. 5, 2023.
If you've ever wondered why Wall Street pays so much attention to billionaire investor Warren Buffett, look no further than his track record as CEO of Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B). Since becoming CEO in 1965, the Oracle of Omaha has nearly doubled the average annual total return of the broad-based S&P 500, including dividends (20.1% versus 10.5%). Despite a 19% decline in the S&P 500 last year, Berkshire Hathaway's stock gained 4%.
The bear run of 2022 was brutal on stock investors, in fact, it was the worst market year since the Great Recession of 2008. But – some of the Street’s strategists are predicting that this year has a recovery, or at least a partial rebound, in store. Even though the S&P 500 lost nearly 20% last year, inflation is still running at more than 7% annualized, and the Federal Reserve has bumped interest rates up to 4.25% in response, John Stoltzfus, Oppenheimer Asset Management chief investment strate
Early-stage companies like Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Canoo (NASDAQ: GOEV) took some of the biggest hits, dropping by between about 5% and 8% at their lows of the morning. As of 1 p.m. ET, those three stocks were lower by 6.1%, 3.4%, and 6.9%, respectively. As fourth-quarter EV delivery data has begun trickling out this week, investors are growing more and more concerned about the pace of expected growth in the industry.
The stock is up just 14.4% in the last four years and is down 54% from its all-time high, heavily underperforming the Nasdaq Composite and S&P 500. Despite that risk, Amazon is simply too good of a company with too attractive of an investment thesis to pass up. Amazon is famous for taking whatever cash flow from operations (CFO) it generates and pouring it back into its core business and new ventures.
Dave Bujnowski, a portfolio manager for a century-old Scottish investment firm, says the key to stock market success is to patiently bet on companies exploiting significant technological or other change.
An expansion into reduced-risk products will keep Philip Morris International’s profits healthy for years to come.
Shares of Bed Bath & Beyond tumble as the struggling retailer warns about its ability to continue; Vince McMahon plans to return to World Wrestling Entertainment and pursue a sale of the business, The Wall Street Journal reports.
Yahoo Finance Live anchors discuss the decline in stock for Walgreens following first-quarter earnings.
Two stocks that have led the rally in Chinese equities on U.S. stock exchanges are Alibaba (BABA) and Baidu (BAIDU). Let's see if there is indeed more upside left in these two Chinese tech giants.
Bank of America might be an overnight success story — three decades in the making. Mayo, along with his fellow analysts Christopher Spahr and Robert Rutschow, issued a report Jan. 3 in which they project that BofA’s shares could rise more than 50% this year. BofA and other banks are benefiting from the widening margin between what they pay on deposits and what’s earned from interest on loans.
MARKET PULSE CytomX Therapeutics Inc. (CTMX) shares soared more than 50% in the extended session Thursday after the small biotech company announced a partnership with Moderna Inc. (MRNA) CytomX shares were last up 57% after hours, following a 7.