Welcome to our dedicated page for Freightos news (Ticker: CRGO), a resource for investors and traders seeking the latest updates and insights on Freightos stock.
About Freightos Ltd (NASDAQ: CRGO)
Freightos Ltd is a leading vendor-neutral digital booking and payment platform that is transforming the international freight industry. Leveraging advanced technology, Freightos provides a seamless and efficient way for importers, exporters, freight forwarders, and carriers to manage global shipping operations. By digitizing a traditionally fragmented and opaque industry, Freightos enables real-time pricing, booking, and shipment management for air, ocean, and land freight, fostering transparency, efficiency, and agility in the global supply chain.
Core Business Model
Freightos operates as a dual-segment business, comprising its Platform Segment and Solutions Segment. The Platform Segment includes its flagship offerings, such as the Freightos Marketplace and WebCargo by Freightos, which connect buyers and sellers for real-time freight procurement. The Solutions Segment focuses on subscription-based SaaS products that help freight forwarders and carriers automate rate management, procurement, and sales processes. Additionally, Freightos provides actionable analytics and industry benchmarks through tools like the Freightos Baltic Index (FBX) and Freightos Air Index (FAX).
Global Reach and Market Impact
With a presence in key regions including Europe, Hong Kong, and the United States, Freightos facilitates transactions across a vast network of carriers, freight forwarders, and shippers. Its platform supports over 10,000 importers/exporters and connects with more than 50 airlines and ocean carriers, representing a significant share of global freight capacity. By enabling instant eBooking, digital payments, and real-time rate comparisons, Freightos empowers businesses to navigate complex supply chains with greater efficiency and reliability.
Key Offerings
- Freightos Marketplace: A digital marketplace for importers and exporters to compare rates, book shipments, and manage logistics in real-time.
- WebCargo by Freightos: A leading air cargo eBooking platform connecting freight forwarders with carriers for instant bookings and payments.
- Freightos Terminal: Real-time industry data and pricing indices, including the FBX and FAX, offering insights into market trends and benchmarks.
- SaaS Solutions: Automation tools for freight forwarders and carriers to manage contracts, quotations, and sales processes, enhancing operational efficiency.
Competitive Position and Differentiation
In a competitive landscape that includes digital freight platforms and traditional logistics providers, Freightos stands out with its vendor-neutral approach and comprehensive integrations. Its ability to aggregate rates, automate processes, and provide real-time visibility into freight operations positions it as a critical enabler of digital transformation in the logistics industry. By addressing both transactional and operational needs, Freightos enhances supply chain resilience and supports the growing demand for digital logistics solutions.
Industry Significance
The freight industry, valued at over a trillion dollars, is undergoing a significant shift towards digitalization. Freightos plays a pivotal role in this transformation by simplifying complex logistics processes and enabling data-driven decision-making. Its platform not only facilitates smoother global trade but also drives efficiency and transparency, making it a key player in the modernization of international freight.
Freightos (NASDAQ: CRGO) has officially launched its integration with e2open, embedding WebCargo air cargo eBooking into e2open's Transportation Management System (TMS). The integration enables freight forwarders to access real-time air freight rates and make instant bookings directly within the TMS platform, eliminating manual processes and context switching. Crane Worldwide Logistics is among the global logistics providers testing the system, which aims to streamline operations and improve response time to client needs through automated, real-time access to rates and bookings.
Freightos (NASDAQ: CRGO), a leading vendor-neutral booking and payment platform for international freight, has announced its participation in the upcoming Sidoti November Virtual Investor Conference. Zvi Schreiber, Founder and CEO, along with CFO Ran Shalev, will present on November 13th at 9:15AM ET and host one-on-one meetings with investors during the conference on November 13-14, 2024. The presentation will be accessible via a live webinar link, and registration for both the presentation and one-on-one meetings is free and open to all investors and financial professionals through the Sidoti website.
Freightos (NASDAQ: CRGO) announces that Qantas Freight has joined its air cargo booking platform. The integration enables freight forwarders to search, compare and book capacity across Freightos' WebCargo and 7LFreight platforms for Qantas and Jetstar services between the US, Australia, and New Zealand. The network connects major US hubs (LAX, SFO, DFW, JFK) with Australian cities (Sydney, Melbourne, Brisbane). Forwarders can access instant rate quotes and bookings for ground and air providers, including LTL shipments, domestic US air cargo, and international air cargo on a single platform. WebCargo by Freightos now hosts 55 carriers, representing nearly 70% of global air cargo capacity.
Freightos (NASDAQ: CRGO) reported preliminary Q3 2024 results, showcasing strong growth in platform usage and network expansion. Key highlights include:
- 339.1K transactions, up 26% year-over-year, surpassing guidance of 323.5 - 332.5K
- Gross Booking Value (GBV) of $217.5M, a 35% year-over-year increase, exceeding expectations of $198.0 - 203.5M
- Expanded carrier network to 55 carriers, up from 39 in Q3 2023
- 14% year-on-year growth in unique buyer users, reaching approximately 19,700
Freightos CEO Zvi Schreiber emphasized the platform's critical role in the freight industry's digital transformation. The company will report full Q3 2024 financial results on November 25, 2024, before markets open, followed by a webcast and conference call at 8:30 a.m. EST.
Freightos (NASDAQ: CRGO), a leading digital booking and payment platform for international freight, announced its participation in the 17th annual LD Micro Main Event. CEO Dr. Zvi Schreiber will present on Tuesday, October 29th at 01:30 PM PT at the Luxe Sunset Boulevard Hotel in Los Angeles.
Schreiber highlighted Freightos' role in transforming global freight, noting over 1 million transactions on their platform in the last twelve months. The company aims to showcase its scalability and position as a critical player in the logistics ecosystem.
The LD Micro Main Event XVII, running from October 28th to 30th, will feature around 150 companies presenting to investors. Freightos' participation underscores its focus on extending its offering's reach and expanding monetization potential as digital adoption in the freight industry accelerates.
Freightos (NASDAQ: CRGO) has announced the addition of Hainan Airlines (HNA Cargo) to its WebCargo digital air cargo booking and payment platform. This collaboration expands capacity for forwarders in Asia Pacific and Europe. With HNA Cargo's inclusion, 3 out of China's 4 major air cargo carriers are now accessible on WebCargo, representing 65% of global capacity.
HNA Cargo operates over 600 aircraft across 11 airlines, covering more than 2,000 routes and serving over 300 cities worldwide. The integration will provide forwarders with access to HNA Cargo's extensive network, including direct routes into China and across the Asia Pacific region.
WebCargo's digital payment solution now supports transactions with HNA Cargo, allowing forwarders to book and pay for shipments through a single interface. HNA Cargo's capacity will initially launch in key North Asian and Southeast Asian markets, including Japan, Singapore, Vietnam, and Thailand.
Freightos (NASDAQ: CRGO) has announced the addition of Pacific Air Cargo to its WebCargo digital air cargo booking and payment platform. This collaboration expands WebCargo's capacity to include key routes from Los Angeles to Hawaii and the Pacific Islands, complementing recent advancements in domestic US air cargo capacity.
Pacific Air Cargo operates over 600 annual flights, transporting more than 100 million pounds of cargo annually. The airline offers shipping for diverse products and ad hoc charters for critical cargo. This integration will provide Pacific Air Cargo with greater exposure to a global network of forwarders, improved booking efficiency, and enhanced customer service capabilities. For WebCargo, it strengthens its position in the Hawaii and Pacific Islands markets, offering customers more options and better service reliability.
Freightos (NASDAQ: CRGO) reported record performance for Q2 2024, with significant growth across key metrics. The company achieved revenue of $5.7 million, up 11% year-over-year, and a gross margin of 64.9%. Transactions increased by 32% to 316,500, while Gross Booking Value (GBV) grew 31% to $203.4 million. Freightos also announced the acquisition of Shipsta, a freight tender procurement platform, expanding its capabilities and market position.
The company updated its 2024 guidance, projecting revenue between $23.4 - $23.7 million and transactions between 1,280,000 - 1,300,000. Freightos remains on track to achieve positive Adjusted EBITDA by the end of 2026, despite a small expected loss from the Shipsta acquisition.
Freightos (NASDAQ: CRGO) has acquired Shipsta, a leading freight-tender procurement platform, in a strategic move to expand its digital freight-booking capabilities. This acquisition combines Freightos' spot pricing and booking services with Shipsta's tender management platform, advancing Freightos' vision of comprehensive freight digitization and increasing its total addressable market.
The deal, valued at approximately €4.5m in cash and 640,000 Freightos shares, is expected to accelerate revenue growth and help Freightos reach breakeven with existing cash reserves. Shipsta is projected to contribute about $800,000 to Freightos' revenue in the last four months of 2024 and between $4-5 million in 2025. The acquisition aims to provide a unified digital booking platform connecting carriers, freight forwarders, and importers/exporters, addressing the growing need for supply chain efficiency and agility.
Freightos (NASDAQ: CRGO) reported strong preliminary Q2 2024 results, surpassing management expectations. Key highlights include:
- 316,500 transactions, up 32% year-over-year, exceeding the 20-30% long-term growth target
- Gross Booking Value (GBV) of $203.4 million, a 31% increase from Q2 2023
- Expanded carrier network to 51 carriers, up from 37 in Q2 2023
- Unique Buyer Users rose to approximately 19,000, a 16% increase year-over-year
The company's growth underscores the ongoing digitalization of the spot freight market and expanding market reach. Freightos will report full Q2 2024 financial results on August 19, 2024.
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