JERUSALEM, July 24,
2023 /PRNewswire/ -- Freightos Limited (NASDAQ:
CRGO), a leading, vendor-neutral booking and payment platform for
the international freight industry, today reported Q2 2023 Key
Performance Indicators.
|
Actuals
|
Management's
Expectations
|
|
2Q
2023
|
2Q
2023
|
|
|
|
# Transactions
('000)
|
239.4
|
239.5 -
244.5
|
Year over Year
Growth
|
59 %
|
|
GBV ($m)
|
$
154.8
|
$ 159.1 - $
162.4
|
Year over Year
Growth
|
0 %
|
|
A record 239 thousand transactions were booked on the platform
in Q2 2023, up 59% from Q2 2022, continuing Freightos' streak of
record transactions. This strong growth, against the backdrop of an
ongoing freight market downturn, demonstrates the momentum of
Freightos' mission to digitalize international freight. As a result
of reduced market freight rates, Gross Booking Value (GBV) was
below management expectations. Transactions growth was supported by
a 10% year on year growth in Unique buyer users, reaching 16,438.
Carriers selling on the platform remained stable at 37 in Q2
2023.
In early July, in response to the international freight market
downturn, the Company announced an operational efficiency plan,
which is expected to improve Adjusted EBITDA by about $5.6 million dollars per year, with the aim of
ensuring the Company's ability to reach break-even on existing cash
reserves despite the softer market.
Financial results for the second quarter of 2023 and Q3 2023
guidance will be announced on August
21 2023. Freightos' management will host a webcast and
conference call to discuss the results that morning at 8:30 a.m. EDT.
Information about Freightos' financial results, including a link
to the live webcast, will be available on Freightos' investor
relations website at freightos.com/investors. The call may be
accessed via Zoom or a dial-in number. An archived webcast will be
available on Freightos' Investor Relations website following the
call. Questions submitted in advance to ir@freightos.com will be
prioritized during the call, but questions may also be submitted
via Zoom during the call. Please note that registration is required
to attend. To register for this conference call, please use this
link
(https://freightos.zoom.us/webinar/register/6616900934415/WN_D2RwdhgpRkG-R1lw05ixRw).
Registrants will receive confirmation with dial-in details.
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 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 provided for illustrative purposes
only and 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 effectively execute the previously announced
operational efficiency and cost reduction plan without undue
disruption to its business; competition and the ability of
Freightos to build and maintain relationships with carriers,
freight forwarders and importers/exporters and retain its
management and key employees; changes in applicable laws or
regulations; any downturn or volatility in economic conditions
whether related to inflation, armed conflict or otherwise; the
effects of COVID-19 or other pandemics or epidemics; changes in the
competitive environment affecting Freightos or its users, including
Freightos' inability 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; the possibility that Freightos may be adversely affected
by other economic, business and/or competitive factors; risks
related to the fact that Freightos is incorporated in the
Cayman Islands and governed by the
laws of the Cayman Islands; and
those factors discussed in Freightos' annual report on Form 20-F
filed with the SEC on March 30, 2023,
under the heading "Risk Factors," and any other risk factors
Freightos includes in any subsequent reports on Form 6-K furnished
to the SEC. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that Freightos does not presently know 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". Not all of the financial information in this press
release has been audited.
This press release includes certain financial measures not
presented in accordance with generally accepted accounting
principles ("IFRS") including, but not limited to, Adjusted EBITDA.
These non-IFRS measures differ from the most directly comparable
measures determined under IFRS, but we have not presented a
reconciliation to the most directly comparable IFRS measures,
because the non-IFRS measures are forward-looking and a
reconciliation cannot be prepared without unreasonable effort.
These 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 offers consistency and comparability with both past
financial performance and with financial information of peer
companies. Certain monetary amounts, percentages and other figures
included in this press release have been subject to rounding
adjustments. Certain other amounts that appear in this press
release may not sum due to rounding.
Definitions
Carriers: Number of unique air and ocean carriers
who have been sellers of transactions. For airlines, we count the
booking carrier, which includes 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 carries when more than five bookings were placed with
them over the course of a quarter.
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.
Unique buyer users: Unique buyer users represent the
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.
#Transactions: Number of bookings for freight
services, and related services, placed by buyers across the
Freightos platform with third-party sellers and with Clearit.
Beginning in the third quarter of 2022, #Transactions include
trucking bookings, which were added to the Freightos platform
following the acquisition of 7LFreight. The number of transactions
booked on the Freightos platform in any given time period is net of
transactions canceled during the same time period.
Adjusted EBITDA: Adjusted EBITDA represents net loss
before income taxes, finance income, finance expense, share-based
compensation expense, depreciation and amortization, changes in the
fair value of contingent consideration, operating expense settled
by issuance of shares, redomicile costs, share listing expense,
change in fair value of warrants and transaction-related
costs, non-recurring expenses associated with the business
combination with Gesher I Acquisition Corp and reorganization
expenses.
Certain amounts, percentages and other figures included in
this press release have been subject to rounding adjustments and
therefore may not sum.
About Freightos Limited
Freightos® operates a
leading, vendor-neutral booking and payment platform for
international freight. Freightos' platform supports supply chain
efficiency and agility by enabling real-time procurement of ocean
and air shipping across more than ten thousand importers/exporters,
thousands of forwarders, and dozens of airlines and ocean
carriers.
Freightos.com is a premier digital international freight
marketplace for importers and exporters for instant pricing,
booking, and shipment management. Thousands of SMBs and enterprises
have sourced shipping services via Freightos across dozens of
logistics service providers.
WebCargo® by Freightos is a leading global freight platform
connecting carriers and forwarders. In particular, it is the
largest air cargo eBooking platform, enabling simple and efficient
freight pricing and booking between thousands of freight
forwarders, including the top twenty global freight forwarders, and
hundreds of airlines, ocean liners and trucking carriers. Airlines
on the platform represent over a third of global air cargo
capacity. WebCargo also offers software as a service for forwarders
to facilitate digital freight rate management, quoting, and online
sales.
Freightos Data calculates the Freightos Baltic Index, the
industry's key daily benchmark of container shipping prices, the
Freightos Air Index, as well as other market intelligence products
that improve supply chain decision-making, planning, and pricing
transparency.
Freightos is a widely recognized logistics technology leader
with a worldwide presence and a broad customer network.
Incorporated in the Cayman Islands
with offices around the world, Freightos is a Nasdaq-listed company
trading under Nasdaq:CRGO. More information is available at
freightos.com/investors.
Contacts
Media:
Tali Aronsky
press@freightos.com
Investors:
ir@freightos.com
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SOURCE Freightos