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Freightos Limited Ordinary shares - CRGO STOCK NEWS

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Freightos Limited Ordinary shares (symbol: CRGO) trade on the Nasdaq, representing a global leader in the international freight industry. Freightos offers a vendor-neutral, comprehensive booking and payment platform designed to streamline international shipping. By leveraging its software-as-a-service (SaaS) technology, Freightos enables freight forwarders and carriers to manage contracts, automate quotations, and handle the sales process directly through their own websites.

The company's flagship platform, WebCargo by Freightos, connects carriers and forwarders through an air cargo eBooking system, featuring partnerships with over 30 airlines and 3,500+ forwarders across 10,000 offices. This includes major airlines such as China Southern, American Airlines, and Lufthansa, which collectively represent a significant portion of global air cargo capacity.

Freightos also operates Freightos.com, an international freight marketplace offering instant pricing, booking, and shipment management. This platform supports the supply chain efficiency of over ten thousand importers, exporters, and forwarders, providing real-time procurement options for both ocean and air shipping.

In recent developments, Freightos has announced a series of strategic partnerships to enhance its service offering:

  • Partnership with JALCARGO: This collaboration allows freight forwarders using WebCargo to eBook air cargo capacity with Japan Airlines, enhancing trade routes between Europe, Japan, and other Asian countries.
  • Integration with Fits Cargo: Fits Cargo's air freight capacity is now available on WebCargo, extending its reach across global markets including Dubai, India, and Hong Kong.
  • Collaboration with Singapore Airlines: This enables digital bookings for Asia-Pacific destinations, further strengthening Freightos' presence in the region.
  • Expansion with United Cargo: United Cargo has joined WebCargo's digital booking platform, expanding service offerings in Europe, with plans to roll out to the U.S. and Canada.
  • Partnership with Thai Airways: Thai Airways will offer real-time booking, pricing, and payments through WebCargo, enhancing digital access to its extensive air cargo network.

Financially, Freightos has reported strong performance in Q1 2024, with a 29% year-over-year growth in transactions and a 14% increase in Gross Booking Value. The platform's broad acceptance is evident through the rise in unique buyer users and the expanding carrier network.

Led by CEO Zvi Schreiber, Freightos is dedicated to digitalizing the freight industry, fostering greater efficiency, transparency, and cost-effectiveness in global shipping. The company's ongoing initiatives aim to sustain its growth trajectory and expand its market footprint, making international trade smoother and more reliable for businesses worldwide.

Rhea-AI Summary

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.

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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.

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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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WebCargo by Freightos (NASDAQ: CRGO) has announced a new partnership with Coyne Airways, expanding its reach in Africa, the Gulf, and the Caspian regions. Coyne Airways becomes the first carrier to offer dangerous goods booking on the WebCargo platform, providing seamless access to real-time rates, booking, interline, and payment solutions for forwarders and airline partners. This collaboration aims to enhance customer experience and optimize logistics operations.

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Freightos' WebCargo (NASDAQ: CRGO) has announced a partnership with Thai Airways to enhance digital air cargo services. This partnership will integrate Thai Airways' cargo capacities into WebCargo's platform, providing real-time booking, pricing, and payment options. The collaboration will initially benefit freight forwarders in Australia, Japan, Thailand, and the UK. WebCargo Pay, the integrated payment solution, aims to offer seamless payments and reconciliations. This move supports Thai Airways' digital transformation and expands its audience, empowering more freight forwarders to grow their businesses efficiently.

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Freightos (CRGO) reported robust financial results for Q1 2024, including a 11% increase in revenue to $5.4 million, and an IFRS gross margin rise to 62.6%. The company achieved record transactions, with a 29% year-over-year growth, totaling 295.6 thousand transactions. Gross Booking Value (GBV) rose by 14% to $192.4 million. The company reduced its IFRS operating loss from $58 million to $5.5 million, despite a one-time expense in Q1 2023. Adjusted EBITDA improved from negative $5.8 million to negative $3.6 million. Freightos holds $49.8 million in cash and equivalents. The outlook for Q2 2024 includes projected revenue of $5.5-$5.6 million and continued strong transaction and GBV growth.

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Freightos (NASDAQ: CRGO) has expanded its collaboration with United Cargo (NASDAQ: UAL) by integrating United Cargo's services into the WebCargo digital booking platform. This partnership enables United Cargo to offer an additional online booking option, complementing its existing website capabilities. Initially available in Belgium, France, Germany, the Netherlands, Switzerland, and the UK, the service is set to expand to U.S. and Canadian customers later in May. United Cargo President Jan Krems emphasized the importance of this advancement in enhancing customer experience. Freightos' Chief Revenue Officer, Manuel Galindo, highlighted the growing trend of eBookings in Europe and the Americas and expressed enthusiasm for the partnership's role in United Cargo's digital transformation.

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WebCargo by Freightos, a leading booking and payment platform for the international freight industry, announces a new partnership with Singapore Airlines. This collaboration will provide users with an end-to-end booking experience and expand reach in the Asia-Pacific region. The platform saw a significant increase in digital bookings from Asia origins, showing a growing trend towards digitalization. Singapore Airlines' cargo capacity on WebCargo will give users access to more destinations in Asia, enhancing the booking experience for freight forwarders.

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Freightos (NASDAQ: CRGO) exceeded management expectations in the first quarter of 2024, reporting a 29% year-over-year growth in transactions and a 14% growth in Gross Booking Value (GBV). The company plans to release full earnings on May 20, 2024.
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WebCargo by Freightos (NASDAQ: CRGO) collaborates with Delta Cargo to enhance real-time digital pricing and booking options, expanding access to U.S. export and domestic air cargo capacity. The partnership aims to improve global trade efficiency by offering transparent booking of air cargo across Delta Air Lines' global network.
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FAQ

What is the current stock price of Freightos Ordinary shares (CRGO)?

The current stock price of Freightos Ordinary shares (CRGO) is $3.13 as of January 7, 2025.

What is the market cap of Freightos Ordinary shares (CRGO)?

The market cap of Freightos Ordinary shares (CRGO) is approximately 158.9M.

What does Freightos Limited do?

Freightos Ltd provides a vendor-neutral booking and payment platform for international freight, enhancing efficiency and transparency in global shipping.

What services does WebCargo by Freightos offer?

WebCargo by Freightos offers live air cargo rate distribution and eBooking services, connecting hundreds of airlines with thousands of freight forwarders.

Who are some of Freightos' key partners?

Freightos partners with major airlines like China Southern, American Airlines, Turkish Airlines, and Lufthansa for air cargo eBooking services.

What recent partnerships has Freightos announced?

Recent partnerships include collaborations with JALCARGO, Fits Cargo, Singapore Airlines, United Cargo, and Thai Airways to expand digital booking options.

How has Freightos performed financially in recent times?

In Q1 2024, Freightos reported a 29% year-over-year growth in transactions and a 14% increase in Gross Booking Value, highlighting its robust platform acceptance.

What is Freightos.com?

Freightos.com is an international freight marketplace offering instant pricing, booking, and shipment management for importers and exporters.

Where is Freightos Limited based?

Freightos Limited is incorporated in the Cayman Islands, with a worldwide presence including offices in Europe, Hong Kong, and the United States.

Who is the CEO of Freightos?

The CEO of Freightos is Zvi Schreiber.

How does Freightos support the supply chain?

Freightos supports the supply chain by providing real-time procurement options for ocean and air shipping, enhancing efficiency and agility for importers, exporters, and forwarders.

What is the focus of Freightos' future initiatives?

Freightos aims to sustain growth, improve profitability, and expand its market footprint by continuing to digitalize the freight industry and enhance service offerings.
Freightos Limited Ordinary shares

Nasdaq:CRGO

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158.93M
27.06M
45.95%
4.27%
0.2%
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