HOUSTON - Freight Technologies, Inc. (NASDAQ:FRGT), known as Fr8Tech, a leader in freight-matching technology, has been appointed by Solave as its logistics solutions provider for cross-border operations. This partnership aims to leverage Fr8Tech's advanced platform, Fr8App, to enhance supply chain efficiency for Solave, a key player in the Blue Agave market.
Solave, which has made a name for itself as a global leader in Agave Syrup production and a major cultivator of Blue Agave plants in Mexico, also produces Tequila for well-known brands. With the spirit's sales projected to grow about 6% annually over the next decade, Fr8Tech's CEO Javier Selgas expressed excitement about supporting Solave's logistics needs in this growing market.
Fr8Tech's proprietary technology, which includes AI and machine learning, connects carriers and shippers to streamline the international shipping process. Their services aim to provide transparency and efficiency in the shipping industry, offering features such as live pricing and real-time tracking.
The partnership aligns with Solave's commitment to quality and sustainability, resonating with Fr8App's mission to deliver reliable and innovative logistics solutions. Solave's parent company, OLEOMEX, brings over 44 years of industry experience to the collaboration.
Freight Technologies, headquartered in Houston, Texas, focuses on optimizing and automating the supply chain process. Its Fr8App is a B2B cross-border shipping marketplace within the USMCA region, designed to simplify the complex process of international over-the-road shipping.
The information in this article is based on a press release statement from Freight Technologies, Inc.
InvestingPro Insights
As Freight Technologies, Inc. (FRGT) embarks on its strategic partnership with Solave, investors are keenly observing the company's financial health and stock performance. The advanced freight-matching technology of Fr8Tech is set to play a pivotal role in enhancing the efficiency of Solave's supply chain, a crucial factor given the anticipated growth in the Tequila market. However, it's important to consider the company's market position and financial metrics to understand its potential.
InvestingPro Data points to a challenging financial landscape for FRGT. With a market capitalization of $53.87M and a negative revenue growth of -20.12% over the last twelve months as of Q2 2023, the company's financial performance raises concerns. The gross profit margin stands at a concerning -17.61%, indicating struggles in maintaining profitability in operations. Additionally, the stock's price has seen a significant decrease, with a -95.13% one-year price total return as of the latest data.
Two InvestingPro Tips that stand out for FRGT are its high price volatility and weak gross profit margins. These factors suggest that investors should brace for potential fluctuations in stock price and consider the company's ability to turn a profit. Moreover, the company does not pay a dividend, which may influence the investment decisions of those seeking income-generating stocks.
For investors looking to delve deeper into FRGT's financials and stock performance, additional insights are available on InvestingPro. There are 14 more InvestingPro Tips that can help investors make informed decisions about FRGT's potential. To access these insights, visit https://www.investing.com/pro/FRGT and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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