Welcome to our dedicated page for Freightos news (Ticker: CRGO), a resource for investors and traders seeking the latest updates and insights on Freightos stock.
Freightos Limited (NASDAQ: CRGO) generates frequent news as a vendor-neutral global freight booking and payment platform serving the international freight industry. This news page aggregates announcements, press releases, and market updates related to Freightos, providing context for investors and logistics professionals who follow the company’s progress in digitizing freight.
Readers can expect coverage of quarterly and annual results, where Freightos reports revenue trends, transaction volumes, gross booking value (GBV), and other key performance indicators such as the number of carriers and unique buyer users on its platform. The company often highlights consecutive quarters of record transactions and updates on its multimodal strategy across air and ocean freight.
News items also include product and platform developments, such as the launch of WebCargo Rate & Quote Ocean, which extends digital pricing, quoting, and booking from air into ocean freight, and enhancements to WebCargo and 7LFreight for freight forwarders. Partnership announcements with airlines, regional carriers, and general sales agents illustrate how the network of carriers and routes available through WebCargo by Freightos continues to evolve.
Corporate governance and leadership updates are another recurring theme, including board appointments, executive hires such as the Chief Revenue Officer, and CEO succession developments. These items provide insight into how Freightos is shaping its leadership to support its platform and solutions strategy.
By monitoring this page, users can follow how Freightos expands its carrier network, deepens relationships with freight forwarders and shippers, and advances its data offerings like Freightos Terminal, the Freightos Air Index (FAX), and the Freightos Baltic Index (FBX). Bookmark this feed to review historical announcements and stay aware of new disclosures as they are released.
Freightos (NASDAQ: CRGO) reported preliminary Q3 2024 results, showcasing strong growth in platform usage and network expansion. Key highlights include:
- 339.1K transactions, up 26% year-over-year, surpassing guidance of 323.5 - 332.5K
- Gross Booking Value (GBV) of $217.5M, a 35% year-over-year increase, exceeding expectations of $198.0 - 203.5M
- Expanded carrier network to 55 carriers, up from 39 in Q3 2023
- 14% year-on-year growth in unique buyer users, reaching approximately 19,700
Freightos CEO Zvi Schreiber emphasized the platform's critical role in the freight industry's digital transformation. The company will report full Q3 2024 financial results on November 25, 2024, before markets open, followed by a webcast and conference call at 8:30 a.m. EST.
Freightos (NASDAQ: CRGO), a leading digital booking and payment platform for international freight, announced its participation in the 17th annual LD Micro Main Event. CEO Dr. Zvi Schreiber will present on Tuesday, October 29th at 01:30 PM PT at the Luxe Sunset Boulevard Hotel in Los Angeles.
Schreiber highlighted Freightos' role in transforming global freight, noting over 1 million transactions on their platform in the last twelve months. The company aims to showcase its scalability and position as a critical player in the logistics ecosystem.
The LD Micro Main Event XVII, running from October 28th to 30th, will feature around 150 companies presenting to investors. Freightos' participation underscores its focus on extending its offering's reach and expanding monetization potential as digital adoption in the freight industry accelerates.
Freightos (NASDAQ: CRGO) has announced the addition of Hainan Airlines (HNA Cargo) to its WebCargo digital air cargo booking and payment platform. This collaboration expands capacity for forwarders in Asia Pacific and Europe. With HNA Cargo's inclusion, 3 out of China's 4 major air cargo carriers are now accessible on WebCargo, representing 65% of global capacity.
HNA Cargo operates over 600 aircraft across 11 airlines, covering more than 2,000 routes and serving over 300 cities worldwide. The integration will provide forwarders with access to HNA Cargo's extensive network, including direct routes into China and across the Asia Pacific region.
WebCargo's digital payment solution now supports transactions with HNA Cargo, allowing forwarders to book and pay for shipments through a single interface. HNA Cargo's capacity will initially launch in key North Asian and Southeast Asian markets, including Japan, Singapore, Vietnam, and Thailand.
Freightos (NASDAQ: CRGO) has announced the addition of Pacific Air Cargo to its WebCargo digital air cargo booking and payment platform. This collaboration expands WebCargo's capacity to include key routes from Los Angeles to Hawaii and the Pacific Islands, complementing recent advancements in domestic US air cargo capacity.
Pacific Air Cargo operates over 600 annual flights, transporting more than 100 million pounds of cargo annually. The airline offers shipping for diverse products and ad hoc charters for critical cargo. This integration will provide Pacific Air Cargo with greater exposure to a global network of forwarders, improved booking efficiency, and enhanced customer service capabilities. For WebCargo, it strengthens its position in the Hawaii and Pacific Islands markets, offering customers more options and better service reliability.
Freightos (NASDAQ: CRGO) reported record performance for Q2 2024, with significant growth across key metrics. The company achieved revenue of $5.7 million, up 11% year-over-year, and a gross margin of 64.9%. Transactions increased by 32% to 316,500, while Gross Booking Value (GBV) grew 31% to $203.4 million. Freightos also announced the acquisition of Shipsta, a freight tender procurement platform, expanding its capabilities and market position.
The company updated its 2024 guidance, projecting revenue between $23.4 - $23.7 million and transactions between 1,280,000 - 1,300,000. Freightos remains on track to achieve positive Adjusted EBITDA by the end of 2026, despite a small expected loss from the Shipsta acquisition.
Freightos (NASDAQ: CRGO) has acquired Shipsta, a leading freight-tender procurement platform, in a strategic move to expand its digital freight-booking capabilities. This acquisition combines Freightos' spot pricing and booking services with Shipsta's tender management platform, advancing Freightos' vision of comprehensive freight digitization and increasing its total addressable market.
The deal, valued at approximately €4.5m in cash and 640,000 Freightos shares, is expected to accelerate revenue growth and help Freightos reach breakeven with existing cash reserves. Shipsta is projected to contribute about $800,000 to Freightos' revenue in the last four months of 2024 and between $4-5 million in 2025. The acquisition aims to provide a unified digital booking platform connecting carriers, freight forwarders, and importers/exporters, addressing the growing need for supply chain efficiency and agility.
Freightos (NASDAQ: CRGO) reported strong preliminary Q2 2024 results, surpassing management expectations. Key highlights include:
- 316,500 transactions, up 32% year-over-year, exceeding the 20-30% long-term growth target
- Gross Booking Value (GBV) of $203.4 million, a 31% increase from Q2 2023
- Expanded carrier network to 51 carriers, up from 37 in Q2 2023
- Unique Buyer Users rose to approximately 19,000, a 16% increase year-over-year
The company's growth underscores the ongoing digitalization of the spot freight market and expanding market reach. Freightos will report full Q2 2024 financial results on August 19, 2024.
WebCargo by Freightos (NASDAQ: CRGO) has announced a new partnership with Coyne Airways, expanding its reach in Africa, the Gulf, and the Caspian regions. Coyne Airways becomes the first carrier to offer dangerous goods booking on the WebCargo platform, providing seamless access to real-time rates, booking, interline, and payment solutions for forwarders and airline partners. This collaboration aims to enhance customer experience and optimize logistics operations.
Freightos' WebCargo (NASDAQ: CRGO) has announced a partnership with Thai Airways to enhance digital air cargo services. This partnership will integrate Thai Airways' cargo capacities into WebCargo's platform, providing real-time booking, pricing, and payment options. The collaboration will initially benefit freight forwarders in Australia, Japan, Thailand, and the UK. WebCargo Pay, the integrated payment solution, aims to offer seamless payments and reconciliations. This move supports Thai Airways' digital transformation and expands its audience, empowering more freight forwarders to grow their businesses efficiently.
Freightos (CRGO) reported robust financial results for Q1 2024, including a 11% increase in revenue to $5.4 million, and an IFRS gross margin rise to 62.6%. The company achieved record transactions, with a 29% year-over-year growth, totaling 295.6 thousand transactions. Gross Booking Value (GBV) rose by 14% to $192.4 million. The company reduced its IFRS operating loss from $58 million to $5.5 million, despite a one-time expense in Q1 2023. Adjusted EBITDA improved from negative $5.8 million to negative $3.6 million. Freightos holds $49.8 million in cash and equivalents. The outlook for Q2 2024 includes projected revenue of $5.5-$5.6 million and continued strong transaction and GBV growth.