Freight Technologies, Inc. (NASDAQ: FRGT) saw its stock price surge on Friday, as the technology company develops solutions to optimize and automate the supply chain process and provides 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 the second quarter of 2022, up 60% from $5.3 million in the first quarter of 2022 and 45% from 5, $9 million from the second quarter of 2021. Revenue for the first half of 2022 was $13.8 million, up 30% from $10.7 million. in the first half of 2021. Management adjusted the full-year 2022 revenue forecast from approximately $40 million to between $32 and $36 million, up from Fr8App’s 2021 revenue of 21 .5 million dollars.
CEO Javier Selgas said, “Record second quarter 2022 revenue increased 60% on a sequential quarterly basis and 45% on a yearly basis. The growth reflects greater traction in each of our dedicated capacity products, Fr8Fleet, and our domestic Fr8App services in the United States.
“As channel capacity scarcity improved and fuel price increases stabilized in the second quarter, we believe it is prudent to revise our full-year guidance. , and we continue to expect revenue to grow sequentially throughout the year.”
FRGT shares added 11 cents, or 6%, to $1.94