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.
Overview
Freightos Ltd (CRGO) is an innovative digital freight marketplace that transforms the international freight industry by providing a vendor-neutral platform for booking and payment solutions. Leveraging advanced SaaS technology, Freightos digitalizes the complex world of global logistics, offering transparent, efficient, and automated freight management across air, ocean, and multimodal shipping.
Comprehensive Freight Solutions
The company addresses critical inefficiencies in global trade by combining freight rates, fees, and surcharges into a unified, web-based operating system. Freightos' platform facilitates real-time procurement and booking of freight services, enabling importers, exporters, and freight forwarders to instantly compare, book, and manage shipments with ease. By integrating major carrier contracts directly, the platform ensures accurate and up-to-date pricing, thereby reducing administrative overhead and streamlining the entire logistics chain.
Technology and Innovation
At the core of Freightos' operations is a state-of-the-art SaaS solution that automates key processes such as contract management, rate quoting, and shipment tracking. The integration of advanced data analytics and AI-powered features further facilitates dynamic rate management and enhanced operational efficiency. This technology-driven approach not only empowers users to make informed decisions but also reinforces the company's commitment to digital transformation in the freight industry.
Market Position and Competitive Landscape
Freightos operates in a competitive global market dominated by the traditional freight brokerage and logistics management systems. However, its vendor-neutral stance and comprehensive digital platform distinguish it from legacy systems. By serving a diverse clientele that includes thousands of freight forwarders, carriers, and importers/exporters, the company has established itself as a critical node in the digitalization of the freight supply chain. Its ability to harness network effects—where increased participation by buyers attracts more sellers—positions Freightos as a pivotal player in the transformation of international trade mechanisms.
Business Model and Revenue Streams
The company generates revenue primarily through transaction fees on freight bookings processed via its digital platform. Additionally, it offers subscription-based SaaS solutions and data services that provide freight forwarders and carriers with tools for automation, pricing, and sales management. These dual revenue streams enable Freightos to capture value from both the volume of transactions and the underlying software solutions that facilitate these transactions, making its business model resilient and adaptable to market dynamics.
Operational Excellence and Global Reach
Freightos’ robust network extends across multiple geographies including North America, Europe, Hong Kong, and beyond. Its extensive carrier partnerships—spanning airlines, ocean carriers, and logistics providers—ensure a broad service offering and increased operational efficiency. The platform not only caters to standardized shipping routes but also supports niche and specialized freight services, thereby addressing a wide array of logistical needs in an ever-evolving global market.
Expertise and Industry Impact
Demonstrating a deep understanding of the freight industry, Freightos continuously refines its offerings to align with the trends of digitalization and automation. The platform’s ability to provide real-time industry data, including spot pricing indexes and freight rate benchmarks, reinforces its commitment to transparency and operational excellence. This expertise is critical in an industry that is historically slow to adopt digital innovations, yet faces increasing pressure to improve efficiency and resilience in the face of global trade complexities.
Summary
In summary, Freightos Ltd (CRGO) stands as a transformative force in the international freight industry, merging technology with deep industry insights to streamline global logistics. Its comprehensive digital marketplace, bolstered by cutting-edge SaaS solutions and real-time data analytics, offers a differentiated and efficient approach to freight management. The company’s emphasis on network effects, operational automation, and transparent pricing marks a significant evolution in how global supply chains are managed and optimized.
Swiss WorldCargo, SWISS's air freight division, has partnered with Freightos (NASDAQ: CRGO) to enhance digital booking capabilities. The collaboration enables booking of Swiss WorldCargo's products and services through WebCargo by Freightos in selected markets across Europe, Asia, and Americas.
Swiss WorldCargo operates across over 170 global destinations, specializing in high-value, care-intensive, and temperature-sensitive shipments. Through WebCargo's platform, which connects with more than 55 airlines and 370 air cargo carriers, forwarders can access real-time rates and capacity for services including SWISS General Cargo and SWISS Pharma and Healthcare, along with Celsius Passive temperature-sensitive shipping and X-Presso expedited transportation options.
Freightos (NASDAQ: CRGO) reported strong Q3 2024 results with revenue reaching $6.2 million, up 21% year-over-year. The company achieved record transactions of 339,100, a 26% increase, and Gross Booking Value of $217.5 million, up 35%. IFRS Gross Margin improved to 65.0% from 54.9%, while operating loss decreased to $4.9 million from $9.3 million. The company successfully integrated Shipsta, expanded carrier network to 55, and grew unique buyer users by 14% to 19,700. Management raised full-year guidance, expecting revenue at the higher end of previous range and improved Adjusted EBITDA, targeting positive figures by end of 2026.
Freightos (NASDAQ: CRGO) announced that CFO Ran Shalev will step down effective December 31, 2024, to pursue another role. Shalev, who served as CFO since 2016, will assist with operations and handover throughout Q1. During his tenure, he oversaw the company's financial operations, including its Nasdaq listing, strategic acquisitions, and growth in revenue and transaction volumes. The company is currently searching for a successor, with Shalev confirming he will remain a shareholder and support a smooth transition.
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.
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