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BARCELONA - On Monday, Freightos Limited (NASDAQ:CRGO), a digital booking platform for international freight, reported third quarter revenue that climbed 24% YoY to $7.7 million, as the company continues to benefit from the freight industry’s shift toward digital solutions.
The company’s shares rose 2.62% in pre-market trading after the results.
The company reported a loss of $0.10 per share for the quarter, with transactions on its platform increasing 27% YoY to a record 429,000. This marked the 23rd consecutive quarter of record transactions for Freightos. Gross Booking Value (GBV) surged 54% YoY to $336 million, reflecting strong adoption of the company’s digital freight booking services.
"This quarter marks another consecutive period of record revenue and transactions for Freightos as we continue to demonstrate the resilience and growing adoption of our digital freight booking platform," said Zvi Schreiber, CEO of Freightos. "Our results show how freight rate volatility is accelerating the industry’s shift toward digital solutions that provide transparency and agility."
The company’s gross margin improved to 69.1%, up from 65.0% in the third quarter of 2024. Adjusted EBITDA was negative $2.6 million, showing slight improvement from negative $2.8 million in the same period last year.
For the fourth quarter, Freightos expects transactions to grow 29-31% YoY to 438,000-444,000, with revenue projected at $7.4-$7.5 million, representing 20-22% growth compared to the same period last year.
The number of carriers active on the platform increased from 75 in the second quarter to 77 in the third quarter, while unique buyer users reached 20,600. The company maintained a strong cash position with $30.6 million in cash and cash equivalents at the end of September.
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