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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Freightos Ltd | NASDAQ:CRGO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.61% | 1.65 | 1.61 | 1.69 | 1.80 | 1.641 | 1.70 | 96,047 | 22:02:00 |
The Company Plans To Report Earnings on August 19, 2024
BARCELONA, Spain, July 15, 2024 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported preliminary second quarter 2024 Key Performance Indicators.
Actuals* | Management's Expectations | |
Q2 2024 | Q2 2024 | |
# Transactions ('000) | 316.5 | 303.0 - 309.0 |
Year over-Year Growth | 32 % | 27% - 29% |
GBV ($m) | 203.4 | 178.0 - 182.0 |
Year over-Year Growth | 31 % | 15% - 18% |
*Numbers are preliminary and subject to change with the full earnings release
In Q2 2024, Freightos continued to progress toward its long-term growth objectives. The company facilitated 316.5 thousand transactions, representing a year-over-year growth of 32%, surpassing management expectations for the quarter and exceeding the long term target of 20-30% annual transaction growth rate. This significant transaction growth highlights the growing adoption of digital solutions in the freight industry.
Gross Booking Value (GBV) for Q2 2024 grew 31% compared to the same quarter last year, consistent with the growth of Transactions. Management had anticipated that GBV growth may lag at 15-18% growth, due to softer market prices. However, due to the ongoing Red Sea crisis, average prices did not drop and so GBV growth was consistent with Transaction growth.
In Q2 2024, Freightos expanded its Carrier network to 51 carriers, up from 37 in Q2 2023. Additionally, the count of Unique Buyer Users rose to approximately 19 thousand, reflecting a 16% increase from Q2 last year.
This growth underscores the ongoing marketplace network effects, where buyers attract sellers and sellers attract buyers. This momentum represents the continued digitalization of the spot freight market, estimated to comprise 30-50% of the total air and ocean freight market. Freightos' success in broadening its platform user base highlights its expanding market reach as well as its commitment to digitalization and efficiency in the massive and critical freight industry.
Q2 2024 Earnings Call
Financial results for the second quarter of 2024 and outlook for the third quarter will be reported before markets open on August 19, 2024. Freightos' management will host a webcast and conference call to discuss the results that morning at 8:30 a.m. EST.
Information about Freightos' financial results, including a link to the live webcast, will be available on Freightos' investor relations website at https://www.freightos.com/investor-news/.
To participate in the call, please register at the following link:
https://freightos.zoom.us/webinar/register/WN_9pLPTFSkSQ2euHunGhX1gw
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 call's transcript, will be available on Freightos' Investor Relations website following the call.
Glossary
We have provided below a glossary of certain terms used in this press release:
About Freightos
Freightos® (NASDAQ: CRGO) is the leading, vendor-neutral booking and payment platform for international freight, improving world trade. WebCargo® by Freightos and 7LFreight by WebCargo form the largest global air cargo booking platform, connecting airlines and freight forwarders. Over ten thousand freight forwarder offices, including the top twenty global forwarders, place thousands of eBookings a day on the platform with over fifty airlines. These airlines represent over 2/3rds of global air cargo capacity. Alongside ebookings, freight forwarders use WebCargo and 7LFreight to automate rate management, procurement, pricing and sales of freight services, across all modes, resulting in more efficient and more transparent freight services. More information is available at freightos.com/investors.
Contacts
Media:
Tali Aronsky
press@freightos.com
Investors:
ir@freightos.com
Logo - https://mma.prnewswire.com/media/2319256/4496202/Freightos_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/freightos-posts-new-records-for-transactions-and-gross-booking-value-for-second-quarter-of-2024-302196734.html
SOURCE Freightos
Copyright 2024 PR Newswire
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