Freightos Limited ( (CRGO) ) has released its Q3 earnings. Here is a breakdown of the information Freightos Limited presented to its investors.
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Freightos Limited, a prominent vendor-neutral digital platform for booking and payments in the international freight industry, has reported its financial results for the third quarter of 2024, highlighting a significant revenue increase and operational improvements.
Freightos Limited announced a 21% increase in revenue for the third quarter of 2024, reaching $6.2 million, the highest since the company went public. The quarter marked a milestone with record transactions and the highest revenue growth rate to date. The company attributes its success to the integration of Shipsta, a procurement platform, and the introduction of AI-powered features, which have enhanced the platform’s capabilities.
Key financial results include a reduction in operating loss to $4.9 million, down from $9.3 million in the same period last year, and an improvement in adjusted EBITDA from negative $4.1 million to negative $2.8 million. Gross Booking Value (GBV) rose to $217.5 million, a 35% increase year-over-year, driven by a 26% uplift in transaction volumes. The company’s gross margin also improved significantly, with an IFRS Gross Margin of 65% and a Non-IFRS Gross Margin of 72.7%.
Strategically, Freightos’ acquisition and integration of Shipsta has fortified its market position, enhancing its service offerings and expanding its customer base. Additionally, the company has seen growth in its carrier and unique buyer user base, with notable additions such as Qantas and Air India, and a 14% increase in unique buyer users year-over-year.
Looking forward, Freightos’ management is optimistic about achieving positive adjusted EBITDA by the end of 2026, as they continue to focus on growth and efficiency. The company anticipates revenue towards the upper end of its guidance range for the full year, reflecting its strong performance and commitment to scaling its digital freight platform.
