Freightos Reports Fourth Quarter and Full Year 2024 Results
Freightos (NASDAQ: CRGO) reported strong Q4 2024 results with revenue reaching $6.6 million, up 25% year-over-year, marking the highest growth rate since going public. Full-year 2024 revenue increased 17% to $23.8 million.
The company achieved its 20th consecutive quarter of record transactions, with Q4 transactions up 22% to 350,400. The number of carriers on the platform grew from 55 to 67 in Q4. Gross Booking Value surged 50% to $280.7 million in Q4, with full-year GBV reaching $894.0 million, up 33%.
Despite growth, Freightos reported an IFRS loss of $9.8 million in Q4 (including a one-time $3.0 million goodwill impairment) and full-year loss of $22.5 million. The company maintains $37.3 million in cash and expects to reach breakeven by end of 2026.
Freightos (NASDAQ: CRGO) ha riportato risultati solidi per il Q4 2024, con ricavi che hanno raggiunto 6,6 milioni di dollari, in aumento del 25% rispetto all'anno precedente, segnando il tasso di crescita più alto dalla sua quotazione in borsa. I ricavi dell'intero anno 2024 sono aumentati del 17%, raggiungendo 23,8 milioni di dollari.
L'azienda ha raggiunto il 20° trimestre consecutivo di transazioni record, con transazioni nel Q4 in aumento del 22%, arrivando a 350.400. Il numero di vettori sulla piattaforma è cresciuto da 55 a 67 nel Q4. Il valore lordo delle prenotazioni è aumentato del 50%, raggiungendo 280,7 milioni di dollari nel Q4, con un valore lordo delle prenotazioni annuale di 894,0 milioni di dollari, in aumento del 33%.
Nonostante la crescita, Freightos ha riportato una perdita IFRS di 9,8 milioni di dollari nel Q4 (inclusa una svalutazione una tantum di 3,0 milioni di dollari) e una perdita annuale di 22,5 milioni di dollari. L'azienda mantiene 37,3 milioni di dollari in contante e prevede di raggiungere il pareggio entro la fine del 2026.
Freightos (NASDAQ: CRGO) reportó resultados sólidos para el Q4 2024, con ingresos alcanzando 6,6 millones de dólares, un aumento del 25% en comparación con el año anterior, marcando la tasa de crecimiento más alta desde que salió a bolsa. Los ingresos del año completo 2024 aumentaron un 17%, alcanzando 23,8 millones de dólares.
La compañía logró su 20º trimestre consecutivo de transacciones récord, con transacciones en el Q4 aumentando un 22% hasta 350,400. El número de transportistas en la plataforma creció de 55 a 67 en el Q4. El Valor Bruto de Reservas se disparó un 50%, alcanzando 280,7 millones de dólares en el Q4, con un GBV anual de 894,0 millones de dólares, un incremento del 33%.
A pesar del crecimiento, Freightos reportó una pérdida IFRS de 9,8 millones de dólares en el Q4 (incluyendo una pérdida por deterioro de goodwill de 3,0 millones de dólares) y una pérdida anual de 22,5 millones de dólares. La empresa mantiene 37,3 millones de dólares en efectivo y espera alcanzar el punto de equilibrio para finales de 2026.
Freightos (NASDAQ: CRGO)는 2024년 4분기 강력한 실적을 보고했으며, 수익은 660만 달러에 도달하여 전년 대비 25% 증가하여 상장 이후 가장 높은 성장률을 기록했습니다. 2024년 전체 연간 수익은 17% 증가하여 2380만 달러에 도달했습니다.
회사는 기록적인 거래의 20번째 연속 분기를 달성했으며, 4분기 거래는 22% 증가하여 350,400건에 달했습니다. 플랫폼의 운송업체 수는 4분기 동안 55개에서 67개로 증가했습니다. 4분기 총 예약 가치는 50% 증가하여 2억 8070만 달러에 달했으며, 연간 GBV는 8억 9400만 달러로 33% 증가했습니다.
성장에도 불구하고 Freightos는 4분기에 980만 달러의 IFRS 손실을 보고했으며(일회성 300만 달러의 goodwill 손상 포함) 연간 손실은 2250만 달러에 달했습니다. 회사는 3730만 달러의 현금을 보유하고 있으며 2026년 말까지 손익 분기점을 도달할 것으로 예상하고 있습니다.
Freightos (NASDAQ: CRGO) a annoncé de solides résultats pour le Q4 2024, avec des revenus atteignant 6,6 millions de dollars, en hausse de 25% par rapport à l'année précédente, marquant le taux de croissance le plus élevé depuis son introduction en bourse. Les revenus de l'année entière 2024 ont augmenté de 17% pour atteindre 23,8 millions de dollars.
L'entreprise a réalisé son 20e trimestre consécutif de transactions record, avec des transactions au Q4 en hausse de 22% pour atteindre 350 400. Le nombre de transporteurs sur la plateforme est passé de 55 à 67 au Q4. La valeur brute des réservations a explosé de 50% pour atteindre 280,7 millions de dollars au Q4, avec un GBV annuel atteignant 894,0 millions de dollars, en hausse de 33%.
Malgré cette croissance, Freightos a enregistré une perte IFRS de 9,8 millions de dollars au Q4 (y compris une dépréciation unique de goodwill de 3,0 millions de dollars) et une perte annuelle de 22,5 millions de dollars. L'entreprise dispose de 37,3 millions de dollars en liquidités et s'attend à atteindre l'équilibre d'ici la fin de 2026.
Freightos (NASDAQ: CRGO) berichtete über starke Ergebnisse im Q4 2024, wobei die Einnahmen 6,6 Millionen Dollar erreichten, was einem Anstieg von 25% im Vergleich zum Vorjahr entspricht und die höchste Wachstumsrate seit dem Börsengang darstellt. Die Einnahmen für das gesamte Jahr 2024 stiegen um 17% auf 23,8 Millionen Dollar.
Das Unternehmen erzielte sein 20. aufeinanderfolgendes Quartal mit Rekordtransaktionen, wobei die Transaktionen im Q4 um 22% auf 350.400 stiegen. Die Anzahl der Anbieter auf der Plattform wuchs im Q4 von 55 auf 67. Der Bruttobuchungswert stieg im Q4 um 50% auf 280,7 Millionen Dollar, während der jährliche GBV 894,0 Millionen Dollar erreichte, was einem Anstieg von 33% entspricht.
Trotz des Wachstums berichtete Freightos von einem IFRS-Verlust von 9,8 Millionen Dollar im Q4 (einschließlich einer einmaligen Wertminderung von 3,0 Millionen Dollar) und einem Jahresverlust von 22,5 Millionen Dollar. Das Unternehmen hält 37,3 Millionen Dollar in bar und erwartet, bis Ende 2026 die Gewinnschwelle zu erreichen.
- Q4 revenue growth of 25% YoY to $6.6M, highest since public listing
- Record 350.4K transactions in Q4, up 22% YoY
- Gross Booking Value increased 50% YoY to $280.7M in Q4
- Carrier network expanded from 55 to 67 in Q4
- Improved IFRS Gross Margin to 67.6% from 62.2% YoY in Q4
- Reduced full-year Adjusted EBITDA loss to -$12.6M from -$19.0M in 2023
- Q4 IFRS loss of $9.8M, increased from $3.3M loss in Q4 2023
- Full-year IFRS loss of $22.5M
- Negative Adjusted EBITDA of $3.1M in Q4
- One-time goodwill impairment charge of $3.0M
Insights
The Q4 2024 results demonstrate Freightos' strengthening market position in digital freight booking, with several encouraging metrics pointing to accelerating platform adoption. The 25% revenue growth to
The improvement in IFRS gross margins to
However, the negative adjusted EBITDA of
The platform's expanding network effect is evident in key metrics:
- Record 350,400 transactions processed
- 20,100 unique buyer users, up
14% YoY - Annual GBV run rate exceeding
$1 billion
The strategic focus on AI implementation and product launches in 2025 could accelerate digital adoption, though execution will be critical. The improving unit economics and growing scale suggest Freightos is progressing toward sustainable profitability, provided they maintain disciplined cost management while driving continued platform adoption.
- Fourth Quarter Revenue Increase of
25% year-on-year, Highest Growth Rate Since Going Public, Full Year Revenue Increase of17% - 20th Consecutive Quarter of Record Transactions, Strengthening Digital Freight Leadership
"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 25% compared to$5.3 million - IFRS Gross Margin of
67.6% , up from62.2% in the fourth quarter of 2023. Non-IFRS Gross Margin of74.3% , up from70.0% for the fourth quarter of 2023. - IFRS loss of
$9.8 million $3.0 million $3.3 million - Adjusted EBITDA of negative
$3.1 million $3.8 million
Full Year 2024 Financial Highlights
- Revenue of
$23.8 million 17% compared to$20.3 million - IFRS Gross Margin of
65.2% in 2024, compared with58.2% in 2023. Non-IFRS Gross Margin of72.4% , up from67.4% in 2023. - IFRS loss of
$22.5 million $3.0 million $65.5 million $46.7 million - Adjusted EBITDA of negative
$12.6 million $19.0 million - 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, up27% 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 50% compared to the fourth quarter of 2023, significantly exceeding management's expectations and reflecting a run rate of over$1 billion $894.0 million 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 $2.3 million 21% from the fourth quarter of 2023, and Solutions revenue was$4.3 million 28% year over year. Total Platform revenue in the full year was$8.4 million 18% from 2023, and Solutions revenue was$15.4 million 17% from 2023.
Financial Outlook | ||
Management Expectations | ||
Q1 2025 | FY 2025 | |
Transactions (k) | 362 - 370 | 1,562 - 1,637 |
Year over Year Growth | ||
GBV ($m) | 272 - 280 | 1,142 - 1,195 |
Year over Year Growth | ||
Revenue ($m) | 6.7 - 6.8 | 29.0 - 30.6 |
Year over Year Growth | ||
Adjusted EBITDA ($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
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 | ||
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 | ||
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 | ||
*) Represents an amount lower than | ||
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 | ||||
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 | ||||
Other comprehensive loss (net of tax effect): | ||||
Amounts that will not be reclassified subsequently to | ||||
Remeasurement gain (loss) from defined benefit | 69 | (110) | 69 | (110) |
Amounts that will be or that have been reclassified to | ||||
Adjustments arising from translating financial | (396) | - | (307) | - |
Total comprehensive loss | ||||
Basic and diluted loss per Ordinary share | ||||
Weighted average number of shares outstanding | 49,344,367 | 47,787,112 | 48,579,804 | 44,907,105 |
(1) Represents non-recurring, non-cash | ||||
(2) Includes a non-recurring, non-cash | ||||
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 | ||||
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 | ||||
(a) Acquisition of an initially consolidated subsidiary: | ||||
Working capital (excluding cash and cash equivalents) | $ - | $ - | $ - | |
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 | $ - | $ - | $ - | |
(b) Significant non-cash transactions: | ||||
Right-of-use asset recognized with corresponding lease liability | ||||
Issuance of shares for previous acquisition of a subsidiary | $ - | $ - | ||
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 | ||||
Add: | ||||
Share-based compensation | 65 | 101 | 378 | 692 |
Depreciation and amortization | 373 | 309 | 1,345 | 1,180 |
Non-IFRS gross profit | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
Non IFRS basic and diluted loss per Ordinary share | ||||
Weighted average number of shares outstanding used to | 49,344,367 | 47,787,112 | 48,579,804 | 44,907,105 |
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SOURCE Freightos
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