UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For
the month of February 2025
Commission File Number: 001-41604
Freightos Limited
(Translation of registrant's name into English)
Planta 10, Avda. Diagonal,
211
Barcelona, Spain 08018
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F
¨ Form 40-F
CONTENTS
Quarterly Results of Operations
On February 24, 2025, the Company announced its financial results
for the fourth quarter of, and full year, 2024 and provided information concerning its expectations for certain key performance indicators
for the first quarter of, and full year, 2025. A copy of the press release containing that announcement is furnished as Exhibit 99.1
to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”).
Exhibits
Incorporation by Reference
The information in this Form 6-K (including, in Exhibit 99.1
hereto, the data presented in conformity with International Financial Reporting Standards (“IFRS”) and related analysis, but
not the non-IFRS data or quotes of members of the Company’s management in Exhibit 99.1 hereto) is hereby incorporated by reference
into the Company’s registration statements on Form S-8 (File No. 333-270303) and Form F-3 (File No. 333-280302),
to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently
filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
FREIGHTOS LIMITED |
| Date: February 24, 2025 |
|
| |
/s/ Michael Oberlander |
| |
Name: |
Michael Oberlander |
| |
Title: |
General Counsel |
Exhibit 99.1
Freightos Reports
Fourth Quarter and Full Year 2024 Results:
· Fourth
Quarter Revenue Increase of 25% year-on-year, Highest Growth Rate Since Going Public, Full Year Revenue Increase of 17%
· 20th
Consecutive Quarter of Record Transactions, Strengthening Digital Freight Leadership
February 24, 2025 - Barcelona /PRNewswire/
- Freightos Limited (NASDAQ: CRGO), the leading vendor-neutral digital booking and payment platform for the international freight industry,
today reported financial results for the quarter and year ended December 31, 2024.
“Freightos continues to lead the
digital transformation of global freight, delivering in the fourth quarter our highest revenue growth rate since going public, our strongest
carrier expansion ever, and record gross profit margin,” said Zvi Schreiber, CEO of Freightos. “In an industry that is still
in the early stages of digital adoption, our platform is proving vitally important - connecting more carriers, freight forwarders, and
importers/exporters than ever before. We have ambitious plans for product launches, and aggressive adoption of AI this year, setting
the stage for growth to breakeven by the end of 2026. I’m excited to welcome Pablo Pinillos as our new CFO starting next week,
bringing fresh leadership as we advance our vision for a more connected and digital global freight industry, supporting smoother global
trade.”
Fourth Quarter 2024 Financial Highlights
| · | Revenue of $6.6 million for the
fourth quarter of 2024, an increase of 25% compared to $5.3 million in the fourth quarter
of 2023. |
| | | |
| · | IFRS Gross Margin of 67.6%, up
from 62.2% in the fourth quarter of 2023. Non-IFRS Gross Margin of 74.3%, up from 70.0% for
the fourth quarter of 2023. |
| | | |
| · | IFRS loss of $9.8 million, (which
includes a one-time, non-cash $3.0 million accounting impairment of goodwill related to an
acquisition from 2022), compared to a loss of $3.3 million for the fourth quarter of 2023. |
| | | |
| · | Adjusted EBITDA of negative $3.1
million, compared to negative $3.8 million for the fourth quarter of 2023. |
Full Year 2024 Financial Highlights
| · | Revenue of $23.8 million for the
full year 2024, an increase of 17% compared to $20.3 million in 2023. |
| | | |
| · | IFRS Gross Margin of 65.2% in
2024, compared with 58.2% in 2023. Non-IFRS Gross Margin of 72.4%, up from 67.4% in 2023. |
| | | |
| · | IFRS loss of $22.5 million (which
includes a one-time, non-cash $3.0 million impairment of goodwill related to an acquisition
from 2022), compared to a loss of $65.5 million in 2023 (which included a one-time, non-cash
$46.7 million share listing expense). |
| | | |
| · | Adjusted EBITDA of negative $12.6
million, compared to negative $19.0 million for 2023. |
| | | |
| · | Cash and cash equivalents and
a short term bank deposit balance at the end of December 2024 of $37.3 million. |
Recent Business Highlights
| · | Transactions Growth: Freightos
achieved a record 350.4 thousand Transactions in the fourth quarter of 2024, up 22% year
over year. For the full year of 2024, Freightos facilitated approximately 1.3 million Transactions,
up 27% from 2023. The fourth quarter of 2024 was the 20th consecutive quarter of record Transactions. |
| | | |
| · | Carrier Growth: The number
of carriers selling on the platform increased from 55 in the third quarter to 67 in the fourth
quarter of 2024. Among the recent carrier additions is CMA CGM AIR CARGO. After the end of
the quarter, Freightos announced the addition of Norwegian Cargo and WestJet Cargo to the
platform. |
| | | |
| · | Unique Buyer Users: The
number of Unique buyer users digitally booking freight services across the platform grew
by 14% compared to the fourth quarter of 2023, reaching 20.1 thousand. |
| | | |
| · | Gross Booking Value Growth:
Gross Booking Value (GBV) was $280.7 million in the fourth quarter, up 50% compared to
the fourth quarter of 2023, significantly exceeding management’s expectations and reflecting
a run rate of over $1 billion. GBV in the full year 2024 was $894.0 million, up 33% from
2023. This growth was buoyed by airline portals and early adoption of ground transportation
transactions. |
| | | |
| · | Revenue Growth: Fourth
quarter revenue of $6.6 million reflected continued strong growth from the WebCargo by Freightos
platform and from customs clearance services. In addition, SaaS Solutions, including Shipsta,
generated its highest quarterly revenue ever in the fourth quarter of 2024. Total Platform
revenue in the fourth quarter was $2.3 million, up 21% from the fourth quarter of 2023, and
Solutions revenue was $4.3 million, up 28% year over year. Total Platform revenue in the
full year was $8.4 million, up 18% from 2023, and Solutions revenue was $15.4 million, up
17% from 2023. |
Financial Outlook
| | |
Management Expectations |
| | |
Q1 2025 | |
FY 2025 |
| Transactions (k) | |
362 - 370 | |
1,562 - 1,637 |
| Year over Year Growth | |
22% - 25% | |
20% - 26% |
| GBV ($m) | |
272 - 280 | |
1,142 - 1,195 |
| Year over Year Growth | |
41% - 45% | |
28% - 34% |
| Revenue ($m) | |
6.7 - 6.8 | |
29.0 - 30.6 |
| Year over Year Growth | |
25% - 27% | |
22% - 29% |
| Adjusted EBITDA ($m) | |
(3.2) - (3.0) | |
(10.9) - (10.2) |
This outlook assumes freight price
levels and market freight volumes as of February 2025
Further financial details are included
as an appendix below.
Earnings Webcast
Freightos’ management will host
a webcast and conference call to discuss the results today, February 24, 2025, at 8:30 a.m. EST. To participate in the call,
please pre-register at the following link:
https://freightos.zoom.us/webinar/register/5017367615534/WN_vgcHjqxVQheZLIIOa4eb2Q#/registration
Following registration, you will be
sent the link to the conference call which is accessible either via the Zoom app, or alternatively from a dial-in telephone number.
Questions may be submitted in advance
to ir@freightos.com or via Zoom during the call.
A replay of the webcast, as well as
the conference call transcript, will be available on Freightos’ Investor Relations website following the call.
Forward-Looking Statements
This
press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such
as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions
that predict or indicate future events or trends or that are not statements of historical matters. These statements, which include the
financial outlook of Freightos, are based on various assumptions, whether or not identified in this press release, and on the current
expectations of Freightos, and are not predictions of actual performance. These forward-looking statements are not intended to serve
as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances
are beyond the control of Freightos. These forward-looking statements are subject to a number of risks and uncertainties, including:
Freightos’ ability to successfully integrate the Shipsta business without disruption to its business; the ongoing military conflict
in the Middle East; Freightos’ ability to effectively execute its previously announced operational efficiency and cost reduction
plan without undue disruption to its business; competition; the ability of Freightos to build and maintain relationships with carriers,
freight forwarders and importers/exporters; Freightos’ ability to retain its management and key employees; changes in applicable
laws or regulations; whether increased tariffs and protectionist trade policies being implemented by the United States and other countries
will reduce shipping volume and, hence, number of Transactions, GBV and Platform revenue; any
downturn or volatility in economic conditions whether related to inflation, armed conflict or otherwise; changes in the competitive environment
affecting Freightos or its users, including Freightos’ ability to introduce new products or technologies; risks to Freightos’
ability to protect its intellectual property and avoid infringement by others, or claims of infringement against Freightos; and those
additional factors discussed under the heading “Risk Factors” in Freightos’ annual report on Form 20-F filed with
the SEC on March 21, 2024, and any other risk factors Freightos includes in any subsequent reports of foreign private issuer on
Form 6-K furnished to the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking statements. There may be additional risks of which Freightos is not aware
presently or that Freightos currently believes are immaterial that could also cause actual results to differ from those contained in
the forward-looking statements. In addition, forward-looking statements reflect Freightos’ expectations, plans or forecasts of
future events and views as of the date of this press release. Freightos anticipates that subsequent events and developments will cause
Freightos’ assessments to change. However, while Freightos may elect to update these forward-looking statements at some point in
the future, Freightos specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing
Freightos’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed
upon the forward-looking statements.
Financial Information; Non-IFRS Financial
Measures
While certain financial figures included
in this press release have been computed in accordance with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board, this press release does not contain sufficient information to constitute an interim
financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement
as defined by International Accounting Standards 1 “Presentation of Financial Statements”.
This press release includes certain
financial measures not presented in accordance with generally accepted accounting principles of the IFRS including, but not limited to,
Adjusted EBITDA. These non-IFRS measures differ from the most directly comparable measures determined under IFRS. For the historical
non-IFRS results included herein, we have provided tables at the end of this press release providing a reconciliation of those results
to our results achieved under the most directly comparable IFRS measures. For the forward-looking, non-IFRS data included under “Financial
outlook”, we have not included such a reconciliation, because the reconciliation of forward-looking data cannot be prepared without
unreasonable effort. Our results and forecasts expressed as non-IFRS measures should not be considered in isolation or as an alternative
to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should
be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Freightos
believes that Adjusted EBITDA and other non-IFRS measures provide useful information to investors and others in understanding and evaluating
Freightos’ operating results because they provide supplemental measures of our core operating performance and offer consistency
and comparability with both our own past financial performance and with corresponding financial information provided by peer companies.
These non-IFRS measures are presented to permit investors and others to more fully understand how management assesses our performance
for internal planning and forecasting purposes.
Certain monetary amounts, percentages
and other figures included in this press release have been subject to rounding adjustments, and therefore may not sum due to rounding.
Glossary
We have provided below a glossary of
certain terms used in this press release:
| · | Transactions: Number of
bookings for freight services, and related services, placed by Buyers across the Freightos
platform with third-party sellers and with Clearit. Sellers of Transactions include Carriers
(that is, airlines, ocean liners and LCL consolidators) and also other providers of freight
services such as trucking companies, freight forwarders, general sales agents, and air master
loaders. The number of transactions booked on the Freightos platform in any given time period
is net of transactions that were canceled prior to the end of the period. Transactions booked
on white label portals hosted by Freightos are included if there is a transactional fee associated
with them. |
| · | Carriers: Number of unique
air and ocean carriers, mostly airlines, that have been sellers of transactions. For airlines,
we count booking carriers, which include separate airlines within the same carrier group.
We do not count dozens of other airlines that operate individual segments of air cargo transactions,
as we do not have a direct booking relationship with them. Carriers include ocean less-than-container
load (LCL) consolidators. In addition, we only count carriers when more than five bookings
were placed with them over the course of a quarter. |
| · | Unique buyer users: Number
of individual users placing bookings, typically counted based on unique email logins. The
number of buyers, which counts unique customer businesses, does not reflect the fact that
some buyers are large multinational organizations while others are small or midsize businesses.
Therefore, we find it more useful to monitor the number of unique buyer users than the number
of buyer businesses. |
| · | GBV: Total value of transactions
on the Freightos platform, which is the monetary value of freight and related services contracted
between buyers and sellers on the Freightos platform, plus related fees charged to buyers
and sellers, and pass-through payments such as duties. GBV is converted to U.S. dollars at
the time of each transaction on the Freightos platform. This metric may be similar to what
others call gross merchandise value (GMV) or gross services volume (GSV). We believe that
this metric reflects the scale of the Freightos platform and our opportunities to generate
platform revenue. |
| · | Adjusted EBITDA: Loss before
income taxes, finance income, finance expense, share-based compensation expense, depreciation
and amortization,impairment of goodwill, changes in the fair value of contingent consideration,
operating expense settled by issuance of shares, share listing expense, change in fair value
of warrants, transaction-related costs, non-recurring expenses associated with the business
combination with Gesher I Acquisition Corp, acquisition-related costs and reorganization
expenses. |
| · | Platform revenue: Fees
charged to buyers and sellers in relation to transactions executed on the Freightos platform.
For bookings conducted by importers/exporters, our fees are typically structured as a percentage
of booking value, depending on the mode and nature of the service. When freight forwarders
book with carriers, the sellers often pay a pre-negotiated flat fee per transaction. When
sellers transact with a buyer who is a new customer to the seller, we may charge a percentage
of the booking value as a fee. |
| · | Solutions revenue: Primarily
subscription-based SaaS and data. It is typically priced per user or per site, per time period,
with larger customers such as multinational freight forwarders or enterprise shippers often
negotiating fixed, all-inclusive subscriptions. Revenue from our Solutions segment includes
certain non-recurring revenue from services ancillary to our SaaS products, such as engineering,
customization, configuration and go-live fees, and data services for digitizing offline data. |
About Freightos
Freightos® (NASDAQ: CRGO) is the
leading vendor-neutral global freight booking platform. Airlines, ocean carriers, thousands of freight forwarders, and well over ten
thousand importers and exporters connect on Freightos, making world trade faster, more efficient and more resilient.
The Freightos platform digitizes the
trillion dollar international freight industry, supported by a suite of software solutions that span pricing, quoting, booking, shipment
management, and payments for global businesses of all shapes and sizes. Products include the Freightos Marketplace, WebCargo, WebCargo
for Airlines, Shipsta by Freightos, 7LFreight by WebCargo, and Clearit.
Freightos is a leading provider of real-time
industry data via Freightos Terminal, which includes the world’s leading spot pricing indexes, Freightos Air Index (FAX) for air
cargo and Freightos Baltic Index (FBX) for container shipping.
More information is available at freightos.com/investors.
Contacts
Media:
Tali Aronsky
press@freightos.com
Investors:
Anat Earon-Heilborn
ir@freightos.com
CONSOLIDATED BALANCE
SHEETS
(in thousands)
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
(unaudited) |
|
|
| |
| Assets | |
| | |
| |
| Current Assets: | |
| | |
| |
| Cash and cash equivalents | |
$ | 10,118 | | |
$ | 20,165 | |
| User funds | |
| 4,494 | | |
| 3,553 | |
| Trade receivables, net | |
| 3,057 | | |
| 1,880 | |
| Short-term bank deposit | |
| 27,153 | | |
| 20,000 | |
| Short-term investments | |
| - | | |
| 11,520 | |
| Other receivables and prepaid expenses | |
| 1,281 | | |
| 2,598 | |
| | |
| 46,103 | | |
| 59,716 | |
| | |
| | | |
| | |
| Non-current Assets: | |
| | | |
| | |
| Property and equipment, net | |
| 420 | | |
| 583 | |
| Right-of-use assets, net | |
| 1,191 | | |
| 1,577 | |
| Intangible assets, net | |
| 8,852 | | |
| 7,607 | |
| Goodwill | |
| 15,040 | | |
| 15,628 | |
| Deferred taxes | |
| 536 | | |
| 969 | |
| Other long-term assets | |
| 1,637 | | |
| 1,605 | |
| | |
| 27,676 | | |
| 27,969 | |
| | |
| | | |
| | |
| Total assets | |
$ | 73,779 | | |
$ | 87,685 | |
| | |
| | | |
| | |
| Liabilities and Equity | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Current maturity of lease liabilities | |
| 615 | | |
| 587 | |
| Trade payables | |
| 2,731 | | |
| 3,113 | |
| User accounts | |
| 4,494 | | |
| 3,553 | |
| Warrants liabilities | |
| 2,450 | | |
| 1,485 | |
| Accrued expenses and other payables | |
| 7,023 | | |
| 4,931 | |
| | |
| 17,313 | | |
| 13,669 | |
| | |
| | | |
| | |
| Long Term Liabilities: | |
| | | |
| | |
| Lease liabilities | |
| 339 | | |
| 712 | |
| Employee benefit liabilities, net | |
| 1,239 | | |
| 1,256 | |
| Other long-term liabilities | |
| - | | |
| 6 | |
| | |
| 1,578 | | |
| 1,974 | |
| | |
| | | |
| | |
| Equity: | |
| | | |
| | |
| Share capital | |
| *) | | |
| *) | |
| Share premium | |
| 261,769 | | |
| 256,194 | |
| Foreign currency translation reserve | |
| (307 | ) | |
| - | |
| Reserve from remeasurement of defined benefit plans | |
| 96 | | |
| 27 | |
| Accumulated deficit | |
| (206,670 | ) | |
| (184,179 | ) |
| Total equity | |
| 54,888 | | |
| 72,042 | |
| | |
| | | |
| | |
| Total liabilities and equity | |
$ | 73,779 | | |
$ | 87,685 | |
*) Represents an amount lower than $1.
CONSOLIDATED STATEMENTS
OF OPERATIONS
(in thousands, except share and per
share data)
| | |
Three Months Ended | | |
Twelve months | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| | |
(unaudited) | | |
(unaudited) | | |
| |
| Revenue | |
$ | 6,587 | | |
$ | 5,258 | | |
$ | 23,785 | | |
$ | 20,281 | |
| Cost of revenue | |
| 2,134 | | |
| 1,986 | | |
| 8,285 | | |
| 8,479 | |
| Gross profit | |
| 4,453 | | |
| 3,272 | | |
| 15,500 | | |
| 11,802 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Research and development | |
| 2,817 | | |
| 2,501 | | |
| 10,275 | | |
| 11,507 | |
| Selling and marketing | |
| 3,688 | | |
| 3,359 | | |
| 13,880 | | |
| 14,384 | |
| General and administrative | |
| 5,985 | | |
| 2,054 | | |
| 14,292 | | |
| 12,407 | |
| Reorganization | |
| - | | |
| - | | |
| - | | |
| 884 | |
| Share listing expense (1) | |
| - | | |
| - | | |
| - | | |
| 46,717 | |
| Transaction-related costs | |
| - | | |
| - | | |
| - | | |
| 3,703 | |
| Total operating expenses | |
| 12,490 | | |
| 7,914 | | |
| 38,447 | | |
| 89,602 | |
| Operating loss | |
| (8,037 | )(2) | |
| (4,642 | ) | |
| (22,947 | )(2) | |
| (77,800 | ) |
| Change in fair value of warrants | |
| (1,410 | ) | |
| 459 | | |
| (965 | ) | |
| 9,440 | |
| Finance income | |
| 282 | | |
| 822 | | |
| 2,211 | | |
| 3,189 | |
| Finance expenses | |
| (23 | ) | |
| (100 | ) | |
| (178 | ) | |
| (387 | ) |
| Financing income, net | |
| 259 | | |
| 722 | | |
| 2,033 | | |
| 2,802 | |
| Loss before taxes on income | |
| (9,188 | ) | |
| (3,461 | ) | |
| (21,879 | ) | |
| (65,558 | ) |
| Income taxes (tax benefit), net | |
| 649 | | |
| (146 | ) | |
| 612 | | |
| (85 | ) |
| Loss | |
$ | (9,837 | ) | |
$ | (3,315 | ) | |
$ | (22,491 | ) | |
$ | (65,473 | ) |
| Other comprehensive loss (net of tax effect): | |
| | | |
| | | |
| | | |
| | |
| Amounts that will not be reclassified subsequently to profit or loss: | |
| | | |
| | | |
| | | |
| | |
| Remeasurement gain (loss) from defined benefit plans | |
| 69 | | |
| (110 | ) | |
| 69 | | |
| (110 | ) |
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met: | |
| | | |
| | | |
| | | |
| | |
| Adjustments arising from translating financial statements of foreign operations | |
| (396 | ) | |
| - | | |
| (307 | ) | |
| - | |
| Total comprehensive loss | |
$ | (10,164 | ) | |
$ | (3,425 | ) | |
$ | (22,729 | ) | |
$ | (65,583 | ) |
| Basic and diluted loss per Ordinary share | |
$ | (0.20 | ) | |
$ | (0.07 | ) | |
$ | (0.46 | ) | |
$ | (1.47 | ) |
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | |
| 49,344,367 | | |
| 47,787,112 | | |
| 48,579,804 | | |
| 44,907,105 | |
| (1) | Represents
non-recurring, non-cash $46.7 million share-based listing expense incurred in connection
with the business combination with Gesher I Acquisition Corp. |
| (2) | Includes
a non-recurring, non-cash $3.0 million accounting impairment of goodwill related to the acquisition
of Clearit in 2022; this amount was more than covered by earn-out payments that were not
made. |
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(in thousands)
| | |
Three Months Ended | | |
Twelve months | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| | |
(unaudited) | | |
(unaudited) | | |
| |
| Cash flows from operating activities: | |
| | | |
| | | |
| | | |
| | |
| Loss | |
$ | (9,837 | ) | |
$ | (3,315 | ) | |
$ | (22,491 | ) | |
$ | (65,473 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | | |
| | | |
| | |
| Adjustments to profit or loss items: | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization | |
| 870 | | |
| 710 | | |
| 3,083 | | |
| 2,791 | |
| Impairment of goodwill | |
| 3,000 | | |
| - | | |
| 3,000 | | |
| - | |
| Share listing expense | |
| - | | |
| - | | |
| - | | |
| 46,717 | |
| Change in fair value of warrants | |
| 1,410 | | |
| (459 | ) | |
| 965 | | |
| (9,440 | ) |
| Changes in the fair value of contingent consideration | |
| - | | |
| (924 | ) | |
| (6 | ) | |
| (1,718 | ) |
| Share-based compensation | |
| 1,049 | | |
| 923 | | |
| 3,625 | | |
| 5,426 | |
| Operating expense settled by issuance of shares | |
| - | | |
| 136 | | |
| 351 | | |
| 320 | |
| Finance income, net | |
| (259 | ) | |
| (739 | ) | |
| (2,027 | ) | |
| (2,667 | ) |
| Income taxes (tax benefit), net | |
| 649 | | |
| (146 | ) | |
| 612 | | |
| (85 | ) |
| | |
| 6,719 | | |
| (499 | ) | |
| 9,603 | | |
| 41,344 | |
| Changes in asset and liability items: | |
| | | |
| | | |
| | | |
| | |
| Decrease (increase) in user funds | |
| (74 | ) | |
| 1,187 | | |
| (968 | ) | |
| (209 | ) |
| Increase (decrease) in user accounts | |
| 74 | | |
| (1,187 | ) | |
| 968 | | |
| 209 | |
| Decrease in other receivables and prepaid expenses | |
| 391 | | |
| 427 | | |
| 37 | | |
| 91 | |
| Decrease (increase) in trade receivables | |
| (184 | ) | |
| 480 | | |
| (920 | ) | |
| 143 | |
| Decrease in trade payables | |
| (1,375 | ) | |
| (240 | ) | |
| (957 | ) | |
| (176 | ) |
| Increase (decrease) in accrued severance pay, net | |
| (18 | ) | |
| 76 | | |
| (7 | ) | |
| (140 | ) |
| Increase (decrease) in accrued expenses and other payables | |
| (187 | ) | |
| (315 | ) | |
| 336 | | |
| (3,711 | ) |
| | |
| (1,373 | ) | |
| 428 | | |
| (1,511 | ) | |
| (3,793 | ) |
| Cash received (paid) during the year for: | |
| | | |
| | | |
| | | |
| | |
| Interest received, net | |
| 99 | | |
| 733 | | |
| 2,642 | | |
| 1,256 | |
| Taxes paid, net | |
| (137 | ) | |
| (339 | ) | |
| (343 | ) | |
| (430 | ) |
| | |
| (38 | ) | |
| 394 | | |
| 2,299 | | |
| 826 | |
| Net cash used in operating activities | |
| (4,529 | ) | |
| (2,992 | ) | |
| (12,100 | ) | |
| (27,096 | ) |
| Cash flows from investing activities: | |
| | | |
| | | |
| | | |
| | |
| Purchase of property and equipment | |
| (16 | ) | |
| (6 | ) | |
| (48 | ) | |
| (80 | ) |
| Proceeds from sale of property and equipment | |
| - | | |
| - | | |
| 2 | | |
| 8 | |
| Acquisition of a subsidiary, net of cash acquired (a) | |
| - | | |
| - | | |
| (3,350 | ) | |
| - | |
| Payment of payables for previous acquisition of a subsidiary | |
| - | | |
| (75 | ) | |
| - | | |
| (211 | ) |
| Investment in long-term assets | |
| (52 | ) | |
| - | | |
| (70 | ) | |
| (374 | ) |
| Withdrawal of deposits | |
| - | | |
| 15 | | |
| 24 | | |
| 16 | |
| Withdrawal of (investment in) short term investments, net | |
| - | | |
| 18,150 | | |
| 11,520 | | |
| (11,520 | ) |
| Investment in short-term bank deposit, net | |
| - | | |
| | | |
| (6,000 | ) | |
| (20,000 | ) |
| Net cash provided by (used in) investing activities | |
| (68 | ) | |
| 18,084 | | |
| 2,078 | | |
| (32,161 | ) |
| Cash flows from financing activities: | |
| | | |
| | | |
| | | |
| | |
| Proceeds from the issuance of share capital and warrants net of transaction costs | |
| - | | |
| - | | |
| - | | |
| 76,044 | |
| Repayment of lease liabilities | |
| (208 | ) | |
| (176 | ) | |
| (629 | ) | |
| (549 | ) |
| Repayment of short-term bank loan and credit | |
| - | | |
| - | | |
| - | | |
| (2,504 | ) |
| Exercise of options | |
| 411 | | |
| 135 | | |
| 714 | | |
| 186 | |
| Net cash provided by (used in) financing activities | |
| 203 | | |
| (41 | ) | |
| 85 | | |
| 73,177 | |
| Exchange differences on balances of cash and cash equivalents | |
| (19 | ) | |
| 38 | | |
| (91 | ) | |
| (247 | ) |
| Losses from translation of cash and cash equivalents of foreign activity | |
| (19 | ) | |
| - | | |
| (19 | ) | |
| - | |
| Increase (decrease) in cash and cash equivalents | |
| (4,432 | ) | |
| 15,089 | | |
| (10,047 | ) | |
| 13,673 | |
| Cash and cash equivalents at the beginning of the period | |
| 14,550 | | |
| 5,076 | | |
| 20,165 | | |
| 6,492 | |
| Cash and cash equivalents at the end of the period | |
$ | 10,118 | | |
$ | 20,165 | | |
$ | 10,118 | | |
$ | 20,165 | |
| (a) Acquisition of an initially consolidated subsidiary: | |
| | | |
| | | |
| | | |
| | |
| Working capital (excluding cash and cash equivalents) | |
$ | - | | |
$ | - | | |
$ | (1,271 | ) | |
$ | - | |
| Property and equipment | |
| - | | |
| - | | |
| 51 | | |
| - | |
| Right-of-use assets | |
| - | | |
| - | | |
| 350 | | |
| - | |
| Intangible assets | |
| - | | |
| - | | |
| 3,538 | | |
| - | |
| Goodwill | |
| - | | |
| - | | |
| 2,546 | | |
| - | |
| Shares issued | |
| - | | |
| - | | |
| (885 | ) | |
| - | |
| Payable for acquisition of subsidiary | |
| - | | |
| - | | |
| (629 | ) | |
| - | |
| Lease liabilities | |
| - | | |
| - | | |
| (350 | ) | |
| - | |
| Acquisition of a subsidiary, net of cash acquired | |
$ | - | | |
$ | - | | |
$ | 3,350 | | |
$ | - | |
| (b) Significant non-cash transactions: | |
| | | |
| | | |
| | | |
| | |
| Right-of-use asset recognized with corresponding lease liability | |
$ | 2 | | |
$ | 613 | | |
$ | 2 | | |
$ | 852 | |
| Issuance of shares for previous acquisition of a subsidiary | |
$ | - | | |
$ | 58 | | |
$ | - | | |
$ | 171 | |
RECONCILIATION OF IFRS TO NON-IFRS GROSS
PROFIT AND GROSS MARGIN
(in thousands, except gross margin data)
| | |
Three Months Ended | | |
Twelve months | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| | |
(unaudited) | | |
(unaudited) | |
| IFRS gross profit | |
$ | 4,453 | | |
$ | 3,272 | | |
$ | 15,500 | | |
$ | 11,802 | |
| Add: | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation | |
| 65 | | |
| 101 | | |
| 378 | | |
| 692 | |
| Depreciation and amortization | |
| 373 | | |
| 309 | | |
| 1,345 | | |
| 1,180 | |
| Non-IFRS gross profit | |
$ | 4,891 | | |
$ | 3,682 | | |
$ | 17,223 | | |
$ | 13,674 | |
| IFRS gross margin | |
| 67.6 | % | |
| 62.2 | % | |
| 65.2 | % | |
| 58.2 | % |
| Non-IFRS gross margin | |
| 74.3 | % | |
| 70.0 | % | |
| 72.4 | % | |
| 67.4 | % |
RECONCILIATION OF IFRS LOSS TO ADJUSTED
EBITDA
(in thousands ,
except adjusted EBITDA margin data)
| | |
Three Months Ended | | |
Twelve months | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| | |
(unaudited) | | |
(unaudited) | |
| IFRS loss | |
$ | (9,837 | ) | |
$ | (3,315 | ) | |
$ | (22,491 | ) | |
$ | (65,473 | ) |
| Add: | |
| | | |
| | | |
| | | |
| | |
| Change in fair value of warrants | |
| 1,410 | | |
| (459 | ) | |
| 965 | | |
| (9,440 | ) |
| Financing income, net | |
| (259 | ) | |
| (722 | ) | |
| (2,033 | ) | |
| (2,802 | ) |
| Income taxes (tax benefit), net | |
| 649 | | |
| (146 | ) | |
| 612 | | |
| (85 | ) |
| Share-based compensation | |
| 1,049 | | |
| 923 | | |
| 3,625 | | |
| 5,426 | |
| Depreciation and amortization | |
| 870 | | |
| 710 | | |
| 3,083 | | |
| 2,791 | |
| Impairment of goodwill | |
| 3,000 | | |
| - | | |
| 3,000 | | |
| - | |
| Share listing expense | |
| - | | |
| - | | |
| - | | |
| 46,717 | |
| Non-recurring expenses | |
| - | | |
| - | | |
| - | | |
| 499 | |
| Transaction-related costs | |
| - | | |
| - | | |
| - | | |
| 3,703 | |
| Changes in the fair value of contingent consideration | |
| - | | |
| (941 | ) | |
| - | | |
| (1,583 | ) |
| Acquisition-related costs | |
| - | | |
| - | | |
| 283 | | |
| - | |
| Reorganization | |
| - | | |
| - | | |
| - | | |
| 884 | |
| Operating expense settled by issuance of shares | |
| - | | |
| 136 | | |
| 351 | | |
| 320 | |
| Adjusted EBITDA | |
$ | (3,118 | ) | |
$ | (3,814 | ) | |
$ | (12,605 | ) | |
$ | (19,043 | ) |
| Adjusted EBITDA margins | |
| -47 | % | |
| -73 | % | |
| -53 | % | |
| -94 | % |
RECONCILIATION OF IFRS LOSS TO NON-IFRS
LOSS AND LOSS PER SHARE
(in thousands, except share and per
share data)
| | |
Three Months Ended | | |
Twelve months | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| | |
(unaudited) | | |
(unaudited) | |
| IFRS loss | |
$ | (9,837 | ) | |
$ | (3,315 | ) | |
$ | (22,491 | ) | |
$ | (65,473 | ) |
| Add: | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation | |
| 1,049 | | |
| 923 | | |
| 3,625 | | |
| 5,426 | |
| Depreciation and amortization | |
| 870 | | |
| 710 | | |
| 3,083 | | |
| 2,791 | |
| Impairment of goodwill | |
| 3,000 | | |
| - | | |
| 3,000 | | |
| - | |
| Share listing expense | |
| - | | |
| - | | |
| - | | |
| 46,717 | |
| Non-recurring expenses | |
| - | | |
| - | | |
| - | | |
| 499 | |
| Transaction-related costs | |
| - | | |
| - | | |
| - | | |
| 3,703 | |
| Changes in the fair value of contingent consideration | |
| - | | |
| (924 | ) | |
| (6 | ) | |
| (1,718 | ) |
| Acquisition-related costs | |
| - | | |
| - | | |
| 283 | | |
| - | |
| Reorganization | |
| - | | |
| - | | |
| - | | |
| 884 | |
| Operating expense settled by issuance of shares | |
| - | | |
| 136 | | |
| 351 | | |
| 320 | |
| Change in fair value of warrants | |
| 1,410 | | |
| (459 | ) | |
| 965 | | |
| (9,440 | ) |
| Non IFRS loss | |
$ | (3,508 | ) | |
$ | (2,929 | ) | |
$ | (11,190 | ) | |
$ | (16,291 | ) |
| Non IFRS basic and diluted loss per Ordinary share | |
$ | (0.07 | ) | |
$ | (0.06 | ) | |
$ | (0.23 | ) | |
$ | (0.38 | ) |
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | |
| 49,344,367 | | |
| 47,787,112 | | |
| 48,579,804 | | |
| 44,907,105 | |
Grafico Azioni Freightos (NASDAQ:CRGOW)
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