Freight Technologies (NASDAQ: FRGT) stock jumped during intraday trading after the company reported substantial growth with a surge in new customers and carrier integrations.
Freight Technologies recently reported a significant growth in its customer base and carrier network for its flagship platform, Fr8App. Since the beginning of 2024, the company has welcomed 26 new customers and onboarded 149 additional carriers, signaling a significant expansion in its operations.
The influx of new customers has enabled the company to strengthen its foothold in key markets, particularly in US domestic and US-Mexico cross-border spot services and its Fr8Fleet dedicated capacity services. Notable additions to the platform in 2024 include Grupo Solave, Argos Electrica, Aqua-Aid Inc., and AR Brokers LLC, underscoring the increasing demand for the company’s specialized freight services.
By onboarding new carriers, Freight Technologies has significantly increased its capacity to accommodate the growing need for its offerings. The company’s expansion enhances its capacity for handling increased shipment volumes and boosts the reliability and efficiency of its customer service.
Don Quinby, the Chief Financial Officer of Freight Technologies, emphasized the strategic significance of expanding the customer base, stating,
“Bringing new customers to our platform not only diversifies our revenue base and broadens our market reach, it also strengthens our significance in the US, Mexican, and cross-border OTR space and expands the interactive and networking power of our platform with valuable data points on which all market participants rely.”
He also highlighted the company’s success in raising additional outside capital through promissory notes this year. The funds have driven customer roster growth and enhanced platform capabilities and third-party integrations.
Freight Technologies (NASDAQ: FRGT) Stock Reaction
On Thursday, FRGT stock surged 10.38%, closing at $0.6899, marking a 5.01% increase for the week. The trading volume was 221,750,592 shares, significantly higher than the average daily volume of 4.24 million.
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