Freight Technologies reports strong preliminary half-year 2024 results and announces exciting advances in its product offering Page 1

Sales growth, improved profit margins and strategic software innovations characterize the mid-year performance

HOUSTON, Sept. 5, 2024 (GLOBE NEWSWIRE) — Freight Technologies, Inc. (Nasdaq: FRGT, “Fr8Tech” or the “Company”), a logistics management innovation company offering a diverse portfolio of technology-based solutions that address distinct challenges within the supply chain ecosystem, today announced its preliminary financial results for the first half of 2024 ended June 30, 2024, and provided an update on the advancement of its software offerings.

Fr8Tech achieved a notable 6.6% year-on-year increase in revenue, reaching approximately $8.1 million in the first half of 2024. In addition, revenue from the Fr8Fleet business increased by over 100% year-on-year, driven by an 82% increase in deliveries. The company also achieved improved gross profit, increasing 40% year-on-year to $1.0 million, with gross profit margin increasing 280 basis points to 11.8%.