Freight Technologies Inc. shares surged 12% in early trading on Tuesday after the company reported quarterly results that exceeded market expectations.
The logistics software provider posted a net profit of $15.2 million for the three months ended March 31, compared with a loss of $2.1 million in the same period last year. Revenue rose 23% to $118.7 million, driven by increased demand for its freight management and optimization tools.
Analysts had forecast earnings of $0.35 per share on revenue of $112.4 million, according to a Refinitiv consensus. The company’s adjusted EBITDA also climbed 31% year-over-year to $28.5 million.
Chief Executive Officer Mark Reynolds attributed the strong performance to expanded client adoption and efficiency gains from its AI-driven platform. "Our technology continues to deliver measurable cost savings for customers while improving operational reliability," Reynolds said in a statement.
The stock, which had been trading near $42 ahead of the results, jumped to $47.05 in pre-market activity before paring gains to $46.20 at the open. The surge follows a 5% gain over the past month, bringing year-to-date gains to 28%.
Freight Technologies has not provided updated guidance for the full year, but executives noted that demand remains robust across its core markets in North America and Europe.
The company’s shares have outperformed the S&P 500’s 8% gain year-to-date, reflecting investor confidence in its growth trajectory amid broader economic uncertainty.
