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 reports developments tied to its vendor-neutral digital pricing, booking, procurement and payment platform for international freight. The company connects airlines, ocean carriers, freight forwarders, importers and exporters through products including Freightos Enterprise, Freightos Marketplace, WebCargo, 7LFreight by WebCargo, WebCargo for Airlines and Clearit.
Recurring news covers platform transaction KPIs, quarterly and annual results, airline network additions, digital payments adoption, software and solutions strategy, and cost-structure actions. Company updates also address governance changes and annual reporting, along with data products such as Freightos Terminal, the Freightos Air Index and the Freightos Baltic Index.
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.
Freightos (NASDAQ: CRGO) has expanded its collaboration with United Cargo (NASDAQ: UAL) by integrating United Cargo's services into the WebCargo digital booking platform. This partnership enables United Cargo to offer an additional online booking option, complementing its existing website capabilities. Initially available in Belgium, France, Germany, the Netherlands, Switzerland, and the UK, the service is set to expand to U.S. and Canadian customers later in May. United Cargo President Jan Krems emphasized the importance of this advancement in enhancing customer experience. Freightos' Chief Revenue Officer, Manuel Galindo, highlighted the growing trend of eBookings in Europe and the Americas and expressed enthusiasm for the partnership's role in United Cargo's digital transformation.
WebCargo by Freightos, a leading booking and payment platform for the international freight industry, announces a new partnership with Singapore Airlines. This collaboration will provide users with an end-to-end booking experience and expand reach in the Asia-Pacific region. The platform saw a significant increase in digital bookings from Asia origins, showing a growing trend towards digitalization. Singapore Airlines' cargo capacity on WebCargo will give users access to more destinations in Asia, enhancing the booking experience for freight forwarders.
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