Why Freight Technologies Stock Is Soaring Thursday

Freight Technologies, Inc. FRGT shares are trading higher Thursday after the company said it added new customers and carriers to its app.

What Happened: Supply chain optimization company Freight Technologies has announced the addition of 26 customers and 149 carriers to its Fr8App, the company’s AI-powered freight matching platform.

Through the addition of new customers, the company has broadened its reach in key markets and improved its service offerings, especially in US domestic, US-Mexico cross-border spot services and the company’s Fr8Fleet dedicated capacity services.

By adding new carriers, Freight Technologies is expanding its capacity to meet increasing demand and increasing its ability to provide reliable service.

In 2024, new customers such as Grupo Solave, Argos Electrica, Aqua-Aid Inc and AR Brokers LLC have joined the platform, reflecting the growing demand for the company’s specialized services.

“Bringing new customers to our platform not only diversifies our revenue base and broadens our market reach,” said Freight Technologies CFO Don Quinby.

“It also strengthens our significance in the US, Mexican, and cross-border OTR [over the road] space and expands the interactive and networking power of our platform with valuable data points on which all market participants rely. I also want to note that the company has been able to raise additional outside capital on excellent terms through promissory notes this year, and it is exciting to see the team put those funds to good use by growing our customer roster and building out the capabilities and third-party integrations of the platform.”

Related Link: 12 Industrials Stocks Moving In Thursday’s Pre-Market Session

FRGT Price Action: Freight Technologies shares were halted for volatility multiple times in early trading Thursday. At the time of publication, Freight Technologies stock was up 85.6% at $1.16, according to data from Benzinga Pro.

Image: 1446078 from Pixabay.