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olivLaw · US equity research

Freight Technologies, Inc. FRGT

Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)

0.99USD−6.19% · 1 dayClose 04 Nov 2026

Freight Technologies, also known as Fr8Tech, is a technology logistics company connecting shippers and carriers mainly on the United States, Mexico and Canada corridor. In 2025 it pivoted its model toward software and artificial intelligence, while revenue fell to 13.1 million USD and the net loss deepened.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Freight Technologies, Inc. (FRGT) stock was 0.99 USD (−6.19% on the day), with market capitalisation 1.6 m USD, beta 1.98, 52-week range 0.15–22.50 USD. Latest reported quarter (Q2 2025): revenue of 3.0 m USD (−22.1% YoY), net income of 649.2 k USD, diluted EPS 0.02 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.6 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -13.95 · TTM to 31 Dec 2025
E/P (TTM)
-1,416.24%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.98
Volatility (1y) 282%
52-week range
0.1522.50

Price history

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Technical reading

RSI (14)
52.6
neutral
Bollinger (20, 2)
-0.08 – 1.73
in the upper half of the band · %B 0.59 · band width 219.4%
SMA 50 / 200
0.81 / 3.56
mixed trend
MACD (12, 26, 9)
0.08 / 0.05
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+302.0%−1.1%+303.1 pp—
3 months−71.2%−0.5%−70.7 pp—
6 months−74.1%+4.4%−78.5 pp—
Year to date−88.3%+12.3%−100.6 pp—
1 year−95.3%+13.5%−108.8 pp−40.0%
3 years−100.0%+76.4%−176.4 pp−49.3%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−99.3%
19 Nov 2025 → 16 Oct 2026
Max drawdown (5y)
−100.0%
14 Dec 2021 → 16 Oct 2026
Compound annual growth (5y)
−94.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2025 · 30 Jun 2025

Revenue
3.0 m USD
−22.1% YoY
Net income
649.2 k USD
unavailable YoY
Diluted EPS
0.02
unavailable YoY
net / operating
21.7% / -49.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '24Q2 '24Q1 '25Q2 '25
Revenue4.3 m3.8 m4.1 m3.0 m
Operating income-2.1 m-1.7 m-1.5 m-1.5 m
Depreciation & amortisation110.2 k110.0 k103.9 k106.9 k
Interest expense172.7 k231.8 k134.9 k208.2 k
Pre-tax income-2.3 m-1.9 m-1.6 m668.5 k
Income tax—40.4 k3.1 k19.2 k
Net income-2.3 m-2.0 m-1.6 m649.2 k
Diluted EPS-10.76-24.66-0.730.02
Operating cash flow-3.3 m-1.6 m ≈-3.1 m-1.9 m ≈
Capex1.9 k1 ≈——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue14.4 m1.4 m61821.5 m25.9 m17.1 m13.7 m13.1 m
Revenue YoY−42.7%−90.5%−100.0%—+20.6%−34.1%−19.5%−4.9%
Net income-3.8 m-62.0 m-9.1 m-8.2 m-8.2 m-9.3 m-5.6 m-7.9 m
Net income YoY−115.9%unavailableunavailable—unavailableunavailableunavailableunavailable
Diluted EPSunavailable-14.02-1.42-105.35-20.96-3,897.87-122.72-13.95
Diluted EPS YoYunavailableunavailableunavailable—unavailableunavailableunavailableunavailable
net %-26.5%-4,537.1%-1,468,503.7%-38.2%-31.6%-54.7%-40.8%-60.5%
Free cash flow-17.4 munavailable-3.9 m-5.9 m-8.5 m-5.8 m-4.2 m-4.5 m

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
346.7 k USD
Financial debt
2.9 m USD
Net debt
2.5 m USD
Equity
5.3 m USD
Total assets
12.6 m USD
Debt / equity
0.54x
Current ratio
1.00x
ROE
unavailable
ROA
-86.5%
FCF margin
-34.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
17.1 m
2024
13.7 m
2025
13.1 m

SEC (XBRL)· 14 May 2026verified

Gross profit
2023
—
2024
—
2025
—

SEC (XBRL)· 05 May 2021verified

Research & development
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Apr 2022verified

Operating income
2023
-8.3 m
2024
-6.5 m
2025
-5.9 m

SEC (XBRL)· 14 May 2026verified

Depreciation & amortisation
2023
404.6 k
2024
430.4 k
2025
449.4 k

SEC (XBRL)· 14 May 2026verified

EBITDA
2023
-7.9 m ≈
2024
-6.1 m ≈
2025
-5.4 m ≈

SEC (XBRL)· 14 May 2026derived

Interest expense
2023
807.9 k
2024
673.9 k
2025
762.4 k

SEC (XBRL)· 14 May 2026verified

Pre-tax income
2023
-9.2 m
2024
-5.5 m
2025
-7.8 m

SEC (XBRL)· 14 May 2026verified

Income tax
2023
104.9 k
2024
67.5 k
2025
52.4 k

SEC (XBRL)· 14 May 2026verified

Net income
2023
-9.3 m
2024
-5.6 m
2025
-7.9 m

SEC (XBRL)· 14 May 2026verified

Diluted EPS
2023
-3,897.87
2024
-122.72
2025
-13.95

SEC (XBRL)· 14 May 2026verified

Weighted average diluted shares
2023
2.4 k
2024
45.6 k
2025
566.3 k

SEC (XBRL)· 14 May 2026verified

Balance sheet · USD

Cash
2023
1.6 m
2024
204.0 k
2025
346.7 k

SEC (XBRL)· 14 May 2026verified

Receivables
2023
5.4 m
2024
3.5 m
2025
2.4 m

SEC (XBRL)· 14 May 2026verified

Current assets
2023
9.2 m
2024
5.0 m
2025
6.3 m

SEC (XBRL)· 14 May 2026verified

Property, plant & equipment, net
2023
18.2 k
2024
13.2 k
2025
12.3 k

SEC (XBRL)· 14 May 2026verified

Goodwill
2023
—
2024
—
2025
4.5 m

SEC (XBRL)· 14 May 2026verified

Intangibles (excl. goodwill)
2023
6.4 k
2024
5.5 k
2025
4.7 k

SEC (XBRL)· 14 May 2026verified

Total assets
2023
10.0 m
2024
5.7 m
2025
12.6 m

SEC (XBRL)· 14 May 2026verified

Accounts payable
2023
1.9 m
2024
1.4 m
2025
1.6 m

SEC (XBRL)· 14 May 2026verified

Short-term debt
2023
2.8 m
2024
3.3 m
2025
2.9 m

SEC (XBRL)· 14 May 2026verified

Current liabilities
2023
7.2 m
2024
6.3 m
2025
6.3 m

SEC (XBRL)· 14 May 2026verified

Total liabilities
2023
7.4 m
2024
6.3 m
2025
7.3 m

SEC (XBRL)· 14 May 2026verified

Equity
2023
2.6 m †
2024
-654.8 k †
2025
5.3 m †

SEC (XBRL)· 14 May 2026verified

Shares outstanding at year end
2023
21.9 m
2024
—
2025
1.7 m

SEC (XBRL)· 14 May 2026verified

Cash flow · USD

Operating cash flow
2023
-5.8 m
2024
-4.2 m
2025
-4.5 m

SEC (XBRL)· 14 May 2026verified

Capex
2023
34.7 k
2024
9.6 k
2025
6.1 k

SEC (XBRL)· 14 May 2026verified

Free cash flow
2023
-5.8 m ≈
2024
-4.2 m ≈
2025
-4.5 m ≈

SEC (XBRL)· 14 May 2026derived

Investing cash flow
2023
-363.4 k
2024
-345.7 k
2025
-302.3 k

SEC (XBRL)· 14 May 2026verified

Financing cash flow
2023
6.8 m
2024
4.2 m
2025
4.8 m

SEC (XBRL)· 14 May 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-4.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
-20.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
632.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-41.7%
computed by olivLawFY 2025
EBIT margin
-45.1%
computed by olivLawFY 2025
Net margin
-60.5%
computed by olivLawFY 2025
FCF margin
-34.7%
computed by olivLawFY 2025

Returns

ROE
-338.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-86.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-95.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-93.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
-7.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-4.5 m USD
computed by olivLawFY 2025
Capital expenditure
6.1 k USD
computed by olivLawFY 2025
Free cash flow
-4.5 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
83 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.6 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
4.2 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1,416.2%
computed by olivLawFY 2025
P/B
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-277.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.99 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.6 m USD

Key indicators

Market capitalisation
1.6 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
insufficient data
ROE
-338.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-60.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-4.9%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 14 May 2026
verified 391

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-95.7%0 (vs peers)24%
Net margin · Quality-60.5%19 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-20.4%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-7.7x0 (on a fixed band)14%
Current ratio · Balance sheet1.0x17 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-277.4%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet7/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality7/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Freight Technologies, Inc. (FRGT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 13.1 m USD in 2025; YoY growth -4.9%; net margin -60.5%; ROE -338.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -95.7%
  • Net margin: -60.5%
  • Revenue CAGR 3Y: -20.4%
  • Interest coverage: -7.7x
  • Current ratio: 1.0x
  • FCF yield: -277.4%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies

Multiples and returns vs the median

P/E
—
vertical median 24.3x
EV/EBITDA
—
vertical median —
P/S
0.1x
vertical median 0.9x
below median (−85.3%)
P/B
0.3x
vertical median 1.6x
below median (−81.0%)
ROE
-338.3%
vertical median -22.2%
below median
Net margin
-60.5%
vertical median -6.7%
below median
EBIT margin
-45.1%
vertical median -3.8%
below median
Revenue YoY
-4.9%
vertical median 0.8%
below median (−675.8%)
Net debt/EBITDA
—
vertical median 1.7x
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
EXPDExpeditors International Of Washington, Inc.25.5 bn25.145.0%7.9%+4.4%+35% / +64%
CHRWC.h. Robinson Worldwide, Inc.15.5 bn24.038.9%3.7%−8.4%−16% / +63%
BCOBrink’s Co4.7 bn29.656.0%2.9%+5.0%+1% / +43%
FWRDForward Air Corporation644.5 m—-1,574.1%-11.4%+0.8%−17% / −70%
RLGTRadiant Logistics, Inc.450.2 m24.68.0%2.0%+3.5%+54% / +60%
NCEWNew Century Logistics (bvi) Limited422.8 m—-185.6%-24.2%−15.5%+311% / unavailable
PSIGPS International Group Ltd.80.1 m—-440.7%-28.6%−39.0%+28% / unavailable
CRGOFreightos Ltd32.8 m—-35.8%-59.5%+23.9%−79% / −79%
VNTGVantage Corp14.3 m—-31.1%-7.4%−4.4%−50% / unavailable
QNMEQuanome Technologies, Inc.13.4 m—-192.5%-162.1%+111.8%−55% / unavailable
SLGBSmart Logistics Global Limited9.5 m—-13.4%-2.9%unavailable−87% / unavailable
ELOGEastern International Ltd.9.2 m—-8.6%-454.0%−24.4%−65% / unavailable
JYDJayud Global Logistics Limited9.0 m—-36.8%-5.9%+8.7%−65% / −99%
SGLYSingularity Future Technology Ltd.2.6 m—-55.6%-347.5%−6.6%−95% / −99%
FRGTFreight Technologies, Inc.1.6 m—-338.3%-60.5%−4.9%−95% / −100%
GVHGlobavend Holdings Limited1.4 m0.69.0%2.9%+42.5%−76% / −100%
HUBGHub Group, Inc.—0.16.3%2.8%−6.1%−30% / −29%

1- and 3-year price returns: for FRGT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 14 May 2026; since then the company filed 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (15 Jul 2026), 6-K (23 Jun 2026).

    In brief

    Freight Technologies, also known as Fr8Tech, is a technology logistics company connecting shippers and carriers mainly on the United States, Mexico and Canada corridor. In 2025 it pivoted its model toward software and artificial intelligence, while revenue fell to 13.1 million USD and the net loss deepened.

    SWOT

    Strengths

    • The company has long experience on the cross-border corridor and an operational data set that is considered hard to replicate.
    • The digital product portfolio covers several transport modes, from road trucking to ocean freight.
    • Cost reduction through automation allowed margin improvement in the second quarter of 2025.

    Weaknesses

    • The net loss deepened in 2025 and revenue fell, adding pressure on liquidity.
    • Software revenue is still negligible compared with the brokerage business.
    • The company has relied on equity and debt financing, and its cryptocurrency holdings produced significant realised losses.

    Opportunities

    • If sales of Fleet Rocket and Zayren grow, recurring revenue could reduce dependence on volatile brokerage.
    • Growth in trade between the United States and Mexico could support volumes on the targeted corridor.
    • The solar loan portfolio could bring cash flows independent of the freight cycle.

    Threats

    • Tariffs and trade policy uncertainty can reduce cross-border volumes and margins.
    • Larger competitors with substantial resources could cut rates or copy software features.
    • Dilution of shareholders through share issuances, including under the equity line facility, could weigh on the share value.

    Risks

    • Liquidity and operational continuityhigh

      The company reported a low cash balance at the end of 2025 and relies on external financing to continue operations. If financing does not materialise, plans could be affected.

    • Dilution through share issuanceshigh

      The equity line facility and preferred share issuances can increase the number of shares outstanding and reduce the participation of existing shareholders.

    • Dependence on a main customermedium

      The dedicated segment depends heavily on a single customer, whose change in demand reduced revenue.

    • Trade policy riskmedium

      Tariffs and regulatory changes in U.S.-Mexico trade can directly affect volumes and demand on the core corridor.

    • Volatility of crypto assetsmedium

      The cryptocurrency treasury produced large realised losses in 2025 and can reintroduce volatility into financial results.

    Investment thesis

    What would need to be true (bull case)

    • If software products gain traction, the company could reduce its dependence on low-margin brokerage.
    • Specialisation on the cross-border corridor and proprietary data could give an advantage that is hard to replicate.
    • Cost reduction and margin improvement seen in the second quarter could continue if automation expands.

    What would break the thesis

    • Revenue fell in 2025 and the net loss deepened, which could indicate difficulty returning to growth.
    • If financing through dilution remains necessary, existing shareholders could bear significant costs.
    • The software segment is still very small, and the strategy depends on its wide adoption, which remains uncertain.

    What to watch

    • Quarterly results and the trajectory of software revenueQ1 2027
    • Use of the equity line facility and effects on the share count2027
    • Evolution of tariffs and volumes on the U.S.-Mexico corridornext 10-K
    • Result of the cryptocurrency activity and exposure to volatile assetsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 14 May 2026; since then the company filed 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (15 Jul 2026), 6-K (23 Jun 2026).

    The business

    The strategy concentrates on the cross-border corridor between the United States and Mexico, where the company argues that bilingual operations and knowledge of two regulatory frameworks create a barrier to entry for non-specialist competitors 1. It says operational data gathered over more than a decade as a freight forwarder underpins its proprietary artificial intelligence model 1.

    During 2025 the company launched Fleet Rocket, a transportation management system sold as a subscription, and Zayren, an artificial intelligence sales co-pilot, while reducing headcount by about 34% 1. In December 2025 it acquired a portfolio of U.S. residential solar loans, aiming to diversify revenue with contractual cash flows 1.

    Segments

    Software (Fleet Rocket and Zayren)

    The software segment is new and still small, with initial Fleet Rocket sales of 17.7 thousand USD in 2025 1. The company treats it as its main strategic direction for growth, but its contribution to revenue remains immaterial for now 1.

    Market context

    The company operates in the North American road freight market, especially on flows between the United States and Mexico. The U.S. Bureau of Transportation Statistics reported that truck freight value between the U.S. and Mexico reached roughly 51.5 billion USD in December 2025 alone, and Mexico became the largest U.S. trading partner in 2024 1.

    The market is sensitive to tariffs and trade policy uncertainty, which weighed on brokerage in the second quarter of 2025 2. The company lowered its 2025 revenue outlook to a range of 13 to 16 million USD, citing among other factors the potential impact of tariffs on cross-border trade 2.

    Trends

    • United States-Mexico cross-border tradetailwind

      Mexico has become the largest trading partner of the U.S., which could support volumes on the corridor the company focuses on 1. The company believes the growing weight of this flow in American trade raises demand for bilingual operators 1.

    • Tariffs and trade uncertaintyheadwind

      Higher tariffs and uncertain trade policy affected brokerage in 2025 and were cited in the lowered outlook 2. If the instability persists, volumes and margins on the cross-border corridor could be affected 2.

    • Artificial intelligence automationmixed

      Automation and transportation management software can reduce operating costs and open recurring revenue, as the headcount reduction and SaaS launches suggest 1. The actual results of this strategy remain uncertain, since software revenue is very small 1.

    • Pressure on dedicated capacity revenueheadwind

      The main customer in the dedicated segment moved to shorter routes with lower rates, which eroded revenue from this service 1. If the pattern continues, the segment could remain under pressure 1.

    Competitive position

    Freight Technologies does not seek head-to-head competition with global asset-light brokers such as C.H. Robinson Worldwide, Inc. or asset-based carriers such as J.B. Hunt Transport Services, Inc. across the whole North American market 1. It positions itself in the U.S.-Mexico cross-border niche, where it says non-specialist operators struggle 1.

    Competition includes both large logistics companies and smaller digital operators, and the company's differentiation depends on corridor knowledge and its own data 1. The sources provided do not give a market share figure, so its relative position remains unclear 1.

    • C.H. Robinson Worldwide, Inc.CHRW

      Global asset-light freight broker, cited in the filing as a comparison point for the brokerage model.

    • J.B. Hunt Transport Services, Inc.JBHT

      Asset-based carrier, cited as an example of a fleet operator in the North American market.

    • Fetch.ai (Fetch Compute, Inc.)

      AI partner of the company under a prepaid services agreement; not a direct competitor.

    • Local cross-border transport operators

      Smaller firms serving the U.S.-Mexico corridor that can compete on rates or customer relationships.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Freight Technologies, Inc. · 14 May 2026
    2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Freight Technologies, Inc. · 21 Aug 2025

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.