Freightos reports second quarter 2024 results with record performance across KPIs

Freightos Limited), a leading vendor-neutral digital booking and payment platform for the international freight industry, today reported financial results for the quarter ended June 30, 2024, which report followed the announcement of the acquisition of Shipsta.

“Our robust second quarter performance underscores the growing strength and adoption of our platform in the international freight market. The acquisition of Shipsta, announced earlier today, marks a significant milestone in our journey to digitalize freight booking and procurement, by expanding our footprint in global freight tenders,” said Zvi Schreiber, CEO of Freightos. “Building on our first quarter momentum, we've continued to focus on high-value initiatives and strategic expansion. As we move forward, we remain committed to driving innovation and capturing the vast opportunities in the air and ocean freight markets, positioning us for sustained growth and value creation in this hugely important industry.”

“Our second quarter results highlight robust performance across all key metrics,” said Ran Shalev, CFO of Freightos. “We're adjusting our 2024 guidance within our original range to reflect caution with respect to conditions in Europe and the disruption to shipping patterns in Asia due to the Red Sea crisis. The acquisition of Shipsta is expected to add a small loss, but due to strong execution and tight management of expenses, we are pleased to guide for a lower EBITDA loss than previously expected for the full year. This execution, combined with the strategic acquisition of Shipsta, reinforces our market position and keeps us on track to achieve positive Adjusted EBITDA by the end of 2026, as well as our long-term goals of growth, enhanced profitability, and cash generation.”

Second Quarter 2024 Financial Highlights

● Revenue of $5.7 million for the second quarter of 2024, an increase of 11% compared to $5.1 million in the second quarter of 2023.

● IFRS gross margin of 64.9%, up from 57.3% in the second quarter of 2023.

Non-IFRS gross margin of 72.0%, up from 65.0% for the second quarter of 2023.