Freightos Ltd Stock Price, News & Analysis

Freightos Limited (Nasdaq: CRGO), a prominent vendor-neutral booking platform for the freight industry, reported record Q1 2023 performance metrics. The platform registered 229,211 transactions, surpassing expectations and achieving a year-over-year growth of 100%. Gross Booking Value (GBV) reached $168.7 million, exceeding management's projected range of $162-$165.3 million with a 34% year-over-year growth. Unique buyer users surged by 29% to 16,226, while the number of carriers rose by 19% to 37. This impressive growth was recorded despite seasonal industry weaknesses and overall market softness. Freightos plans to disclose full financial results and Q2 guidance at the end of May 2023.

Freightos’ WebCargo platform has partnered with three leading Chinese master loaders—Sinoair, CIMC Anda Shun, and Sinotech—to enhance air cargo export capabilities. This partnership allows forwarders in Europe and North America to access real-time pricing, booking, and payment options, eliminating the need for IATA cargo agent requirements. With China accounting for a significant portion of global air cargo, representing 7.3 million metric tons out of 65.7 million, this move aims to streamline operations and reduce costs. The collaboration is expected to boost global trade efficiency and foster direct relationships between forwarders and Chinese logistics providers.

Freightos Limited (NASDAQ: CRGO) reported a significant revenue increase of 72% for FY 2022, reaching $19.1 million, with Q4 revenue up 54% year-over-year. The company achieved a record 668,185 transactions and a Gross Booking Value (GBV) of $611 million, growing 102%. Despite an IFRS operating loss of $24.3 million, the gross margin improved, indicating strong buyer retention and successful strategic acquisitions. The company raised $82 million, exceeding cash flow expectations. For FY 2023, management forecasts revenue growth between 15% and 21%, highlighting a positive outlook despite market challenges.

Freightos (Nasdaq: CRGO), a key player in the international freight industry, is set to release its financial results for the fiscal year 2022 on March 13, 2023. Management will hold a webcast and conference call at 8:30am ET to discuss these results, followed by the filing of the annual report on form 20-F by March 31, 2023. The company operates a vendor-neutral platform enhancing shipping efficiency, connecting thousands of importers and exporters with logistics providers globally.

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JetBlue Cargo, through AeroNex Cargo, will implement real-time pricing, booking, and payment solutions for freight forwarders in the US via WebCargo by Freightos (Nasdaq: CRGO). This initiative aims to enhance air cargo efficiency, leveraging JetBlue's A320 and A321 fleet to provide 1 to 3-day service across over ten North American airports. The collaboration will enable seamless booking and payment, boosting competitive service offerings for forwarders. With air cargo being the fastest-growing aviation segment, both companies are poised to streamline operations for over 10,000 forwarding offices globally, enhancing customer service efficiency.

Freightos Limited (Nasdaq: CRGO) recently closed its business combination with Gesher I Acquisition Corp., raising over $80 million to enhance its freight booking and payment platform. In 2022, Freightos achieved a remarkable 54% growth in digital booking transactions, totaling almost $600 million in Gross Booking Value (GBV). The company is positioning itself as a leader in digitizing the global freight industry, aiming to modernize traditional shipping practices. Trading under the ticker symbols "CRGO" and "CRGOW", Freightos plans to use the capital raised to scale operations, enhance technology, and improve customer offerings.