Freightos Limited, the vendor-neutral digital booking and payment platform for the international freight industry, today reported financial results for the quarter and year ended December 31, 2024.
Zvi Schreiber, CEO of Freightos said: “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.
“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 Highlights:
Freightos generated $6.6 million in revenue, a 25% increase from the same period in 2023. Gross margins improved, with an IFRS margin of 67.6% (up from 62.2%) and a non-IFRS margin of 74.3% (up from 70.0%).
The company reported an IFRS loss of $9.8 million, which included a one-time, non-cash goodwill impairment of $3 million related to a 2022 acquisition. Adjusted EBITDA improved to negative $3.1 million, compared to negative $3.8 million in the fourth quarter of 2023.
The number of freight transactions on the Freightos platform hit a record 350,400, up 22% year over year, marking the 20th consecutive quarter of record transactions. Carrier participation grew significantly, with the number of carriers selling on the platform rising from 55 to 67, including the addition of CMA CGM AIR CARGO.
Full Year 2024 Performance:
For the full year, Freightos reported $23.8 million in revenue, a 17% increase from 2023. Gross margins improved to 65.2% (IFRS) and 72.4% (non-IFRS).
The company posted a $22.5 million IFRS loss, a significant improvement from $65.5 million in 2023, which included a $46.7 million share listing expense. Adjusted EBITDA improved to negative $12.6 million, compared to negative $19.0 million in 2023.
Freightos achieved 1.3 million transactions in 2024, a 27% year-over-year increase. Gross Booking Value (GBV) surged to $894 million, up 33% from 2023, reflecting strong demand from airline portals and the growing adoption of ground transportation transactions.
The company also saw 14% growth in unique buyer users, with 20,100 users digitally booking freight services. Revenue growth was led by WebCargo by Freightos, customs clearance services, and SaaS solutions, including Shipsta, which generated its highest-ever quarterly revenue in Q4.
Freightos ended the year with $37.3 million in cash and cash equivalents, positioning itself well for future growth. Looking ahead, the company expects continued momentum, further expansion of its carrier network, and increasing demand for its digital freight solutions.