Reaffirms 2022 Revenue Guidance of Approximately $40 Million

HOUSTON, May 24, 2022 (GLOBE NEWSWIRE) -- Hudson Capital, Inc. (NASDAQ: HUSN) and its wholly owned subsidiary Freight App. Inc. (Fr8App) reported preliminary revenue for the first quarter of 2022 for the period ended March 31, 2022.

Fr8App reported preliminary revenue of $5.3 million for Q1 2022, up from $4.8 million for Q1 2021. With the Q1 year-over-year revenue growth, record monthly sales for April, and positive loads carried trend, management reiterated its 2022 revenue guidance of approximately $40 million.

Javier Selgas, CEO of Hudson Capital and Fr8App, said, “We are proud to grow preliminary revenue 11% year-over-year during a period of macro-economic challenge. Our sales team has successfully broadened our customer base and greater diversity of revenue contribution. Nonetheless, driver shortages and high fuel prices negatively impacted margins during 2022. As gas prices stabilize throughout the year, we expect to improve margins. Also, in 2022, we have been finding more capacity and have been increasingly more selective with loads. We are pleased with our loads carried ramp in April, which gives us confidence in reiterating our 2022 revenue guidance of more than 86% year-over-year growth.”

About Hudson Capital, Inc. and Freight App, Inc.
Freight App, Inc. (Fr8App), a North American transportation logistics technology platform company focused on US-Mexico cross-border shipping, is a wholly owned subsidiary of Hudson Capital, Inc. (NASDAQ: HUSN) headquartered in Houston, Texas. Fr8App, focusing on truckload freight for domestic and cross-border markets in Mexico, the US and Canada, makes shipping simple, transparent, and efficient. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation management, fleet management, and committed capacity solutions.

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Hudson Capital’s and Fr8App’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Hudson Capital’s and Fr8App’s expectations with respect to future performance and anticipated financial impacts of the acquisition.