Freightera's win-win automated freight shipping platform grows net profit 535% YoY in Q1 2024, with automated division revenue up 47% YoY to mid-June, and operating costs continuing to decline for the 8th consecutive quarter.
VANCOUVER, BC / ACCESSWIRE / June 19, 2024 / Freightera, North America's award-winning freight automation platform offering all-inclusive shipping rates from hundreds of carriers and instant freight booking, celebrated its 10th anniversary in May after posting a 535% increase in net profit YoY in Q1 2024. This profit growth is driven by steadily scaling revenue that accelerated to 47% YoY by mid-June in the automated division, consistent reduction in operating expenses quarter after quarter, and growing delight of carriers and shippers using Freightera's unique win-win platform.
"Freightera offers fixed cost, all-inclusive rates from hundreds of transportation companies, and guarantees these rates," noted CEO and Co-Founder Eric Beckwitt. "Shippers search over 20 billion online rates, loading in 10-15 seconds, and select their preferred options for each lane based on optimal price, transit time, service quality and emissions reduction." Freightera is a recognized thought leader in lower-emission freight shipping, working with the US EPA/Natural Resources Canada SmartWay program and other industry-leading organizations since 2017.
Based on over 900 5-star reviews, freight shippers consistently recommend Freightera for its excellent rates, speed and ease of use of the platform, and outstanding customer support. Freightera has been profitable since Q1 2023.
Freightera revenue growth has accelerated since Q1 2024, with overall revenue of $29.9 million annualized in May 2024, up 48% from the $20.2 million posted for 2023. Revenue has grown consistently every month to date in 2024. The company projects 2024 revenue of over $27 million.
This rapid revenue growth is in sharp contrast to both established logistics industry leaders and other freight digitization platforms. North America's largest logistics company reported continued revenue decline in Q1 2024, with income from operations down 21.1% YoY. In addition, a global logistics platform, which has raised over $2.3 billion in VC funding, experienced a 70% YoY revenue decline based on press coverage in Sept. 2023.
About Freightera
Starting in North America, Freightera is automating freight transportation, making shipping easy, accessible, and green. The Freightera platform allows businesses to search billions of fixed-cost, all-inclusive freight rates, find the best prices and lowest-emission transportation options, and instantly book freight online 24/7. Over 22,500 manufacturers, exporters, distributors, importers, wholesalers, and retailers in Canada and the USA use Freightera. Based in Vancouver, Freightera became British Columbia's third fastest-growing company in 2019, according to BIV.com. In 2020, Freightera won the Deloitte Technology Fast50 Award, placing #28 in Canada, and was ranked #80 among Canada's Top Growing Companies in The Globe and Mail's Report on Business in 2020. In 2022, Freightera's CEO Eric Beckwitt received The Globe and Mail Changemaker Award. Learn more at freightera.com.
Contact Information
Eric Beckwitt
CEO
eric.beckwitt@freightera.com
+1 604 899 4081
SOURCE: Freightera
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