Freight Technologies, known as Fr8Tech, has taken further steps in its shift from an online freight broker to a pure-play software and AI logistics company, including additional workforce reductions, scaling back certain brokerage operations, and raising $1.2 million through the issuance of Series C Preferred Shares. The workforce cuts, concentrated in brokerage operations, are expected to materially lower operating expenses, with restructuring costs estimated at about $0.4 million, of which $0.2 million was incurred in the second quarter of 2026. The company is exploring strategic alternatives for its brokerage operations, including a potential sale, and has already transitioned certain Fr8Fleet dedicated capacity operations to other operators. Fr8Tech also recently secured a $2.5 million loan bearing 10.0% annual interest and maturing on June 17, 2027, using the proceeds to fully repay its prior credit facility. As of June 30, 2026, the company held cash and cash equivalents of approximately $285 thousand, billed and unbilled accounts receivable of about $3.5 million, accounts payable and accrued expenses of about $2.5 million, and short-term debt of about $2.5 million, all unaudited.
Freight Technologies IncCompany cuts workforce, raises $1.2M, and secures $2.5M loan; restructuring costs and cash position indicate financial strain but pivot to AI may be positive long-term.