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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gesher I Acquisition Corporation | NASDAQ:GIAC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.2301 | 8.20 | 14.00 | 0 | 01:00:00 |
Transactions on Freightos Platform continue streak of 13 record quarters, confirming again sustainable marketplace growth flywheel. Carriers providing marketplace supply diversify and expand to 37. Freightos achieved close to 60% IFRS gross margins (65% non-IFRS) and introduces Q2 guidance predicting another record quarter of Transactions.
JERUSALEM, May 23, 2023 /PRNewswire/ -- Freightos Limited (Nasdaq: CRGO), a leading vendor-neutral booking and payment platform for the international freight industry, today reported financial results for the quarter ended March 31, 2023.
"The first quarter of 2023 set yet another record number of Transactions on the Freightos platform. Growth continued despite the headwinds from a contracting global freight market. There are indications that this contraction has bottomed out with Freightos Baltic Index FBX01, which tracks container shipping costs from China to the West Coast of the United States, now up 50% from the first quarter low," said Zvi Schreiber, founder and CEO. "We continue to see strong profit margins and positive unit economics as our ecosystem encompasses more buyers and freight service providers than ever, including a 29% year-over-year increase in the number of unique buyer users."
"We're pleased to reaffirm our 2023 guidance as it relates to Revenue, Adjusted EBITDA and Transactions, while the ultimate Gross Bookings Value (GBV) of the Transactions will depend on freight market price levels," said Ran Shalev, CFO. "Taking into account market conditions, we continue to invest in growth while carefully monitoring spending, both in terms of hirings and expenses, and have already taken actions to reduce full-year spending. Our Adjusted EBITDA losses primarily reflect our investments in R&D and new customer acquisition which we believe will pay off handsomely given our strong retention and high-margin positive unit economics. Despite increased public company expenses in the second quarter relative to the first quarter, our cash burn is expected to stay roughly flat and we expect to see cash burn decline as revenues increase."
"Global freight's digitalization is continuing at the rapid pace we've been witnessing since 2019," continued Zvi Schreiber. "We're seeing strong, persistent adoption of instant digital bookings that span the entire freight procurement lifecycle, from manufacturers to forwarders to carriers, as well as indicators that our market share in our fastest growing segment, air cargo eBookings, continues to expand. In addition, we're seeing positive initial growth in both our payment and data solutions, which help us to continue to grow revenue. I'm proud that we're continuously innovating in areas like our Transportation Management Systems integrations, which makes our platform stickier, while introducing new sales channels, such as Freightos Terminal, which is being well received and generates high profit margins."
FY Q1 2023 financial highlights
Recent business highlights
Financial outlook | ||
Management Expectations | ||
Q2 2023 | FY 2023 as of Q2 | |
# Transactions | 239,500 - 244,500 | 1,024,500 - 1,115,500 |
Year over Year Growth | 109% - 113% | 53% - 67% |
GBV ($m) | $ 159.1 - $ 162.4 | $ 694.5 - $ 739.8 |
Year over Year Growth | 26% - 29% | 14% - 21% |
Revenue ($m) | $ 5.0 - $ 5.2 | $ 22.3 - $ 23.6 |
Year over Year Growth | 9% - 13% | 15% - 22% |
Adjusted EBITDA ($m) | $ (6.0) - $ (5.7) | $ (24.6) - $ (21.2) |
This outlook assumes current currency exchange rates, freight price levels and freight volumes. GBV expectations were updated to reflect current freight price levels, while other expectations are unchanged from last quarter.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Freightos' and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Freightos. These forward-looking statements are subject to a number of risks and uncertainties, including competition and the ability of Freightos to build and maintain relationships with carriers, freight forwarders and importers/exporters and retain its management and key employees; changes in applicable laws or regulations; any downturn or volatility in economic conditions whether related to inflation, armed conflict or otherwise; the effects of COVID-19 or other pandemics or epidemics; changes in the competitive environment affecting Freightos or its users, including Freightos' inability to introduce new products or technologies; risks to Freightos' ability to protect its intellectual property and avoid infringement by others, or claims of infringement against Freightos; the possibility that Freightos may be adversely affected by other economic, business and/or competitive factors; risks related to the fact that Freightos is incorporated in the Cayman Islands and governed by the laws of the Cayman Islands; and those factors discussed in Freightos' annual report on Form 20-F filed with the SEC on March 30, 2023, under the heading "Risk Factors," and any other risk factors Freightos includes in any subsequent reports on Form 6-K furnished to the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Freightos does not presently know or that Freightos currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Freightos' expectations, plans or forecasts of future events and views as of the date of this press release. Freightos anticipates that subsequent events and developments will cause Freightos' assessments to change. However, while Freightos may elect to update these forward-looking statements at some point in the future, Freightos specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Freightos' assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Information; Non-IFRS Financial Measures
While certain financial figures included in this press release have been computed in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, this press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". Not all of the financial information in this press release has been audited.
This press release includes revenue on a constant currency basis, a measure not presented in accordance with IFRS and certain financial measures not presented in accordance with generally accepted accounting principles ("IFRS") including, but not limited to, Adjusted EBITDA. These measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Freightos believes that revenue on a constant currency basis, Adjusted EBITDA and other non-IFRS measures provide useful information to investors and others in understanding and evaluating Freightos' operating results because they provide supplemental measures of our core operating performance and offers consistency and comparability with both past financial performance and with financial information of peer companies. Certain monetary amounts, percentages and other figures included in this press release have been subject to rounding adjustments. Certain other amounts that appear in this press release may not sum due to rounding.
Definitions
Earnings Webcast
Freightos will hold a public webcast at 8:30 a.m. EDT on May 23, 2023 to discuss the results for its Q1 2023 and financial outlook. The live call may be accessed via Zoom or a dial in number. An archived webcast can be accessed from Freightos' Investor Relations website following the call. To register for this conference call, please use this link. Registrants will receive confirmation with dial-in details.
Contacts
Media:
Tali Aronsky
press@freightos.com
Investors:
Eytan Buchman
ir@freightos.com
About Freightos Limited
Freightos® operates a leading, vendor-neutral booking and payment platform for international freight. Freightos' platform supports supply chain efficiency and agility by enabling real-time procurement of ocean and air shipping across more than ten thousand importers/exporters, thousands of forwarders, and dozens of airlines and ocean carriers.
Freightos.com is a premier digital international freight marketplace for importers and exporters for instant pricing, booking, and shipment management. Thousands of SMBs and enterprises have sourced shipping services via Freightos across dozens of logistics service providers.
WebCargo® by Freightos is a leading global freight platform connecting carriers and forwarders. In particular, it is the largest air cargo eBooking platform, enabling simple and efficient freight pricing and booking between thousands of freight forwarders, including the top twenty global freight forwarders, and hundreds of airlines, ocean liners and trucking carriers. Airlines on the platform represent over a third of global air cargo capacity. WebCargo also offers software as a service for forwarders to facilitate digital freight rate management, quoting, and online sales.
Freightos Data calculates the Freightos Baltic Index, the industry's key daily benchmark of container shipping prices, the Freightos Air Index, as well as other market intelligence products that improve supply chain decision-making, planning, and pricing transparency.
Freightos is a widely recognized logistics technology leader with a worldwide presence and a broad customer network. Incorporated in the Cayman Islands with offices around the world, Freightos is a Nasdaq-listed company trading under Nasdaq:CRGO. More information is available at freightos.com/investors.
CONSOLIDATED BALANCE SHEETS (In thousands) | ||
March 31, 2023 | December 31, 2022 | |
(unaudited) | (audited) | |
Assets | ||
Current Assets: | ||
Cash and cash equivalents | $ 46,778 | $ 6,492 |
User funds | 3,309 | 3,328 |
Trade receivables, net | 2,390 | 1,936 |
Short term bank deposit | 20,160 | - |
Other receivables and prepaid expenses | 953 | 1,215 |
73,590 | 12,971 | |
Non-current Assets | ||
Property and equipment, net | 746 | 767 |
Right-of-use assets, net | 1,210 | 1,384 |
Intangible assets, net | 9,051 | 9,465 |
Goodwill | 15,628 | 15,628 |
Deferred taxes | 603 | 573 |
Other long-term assets | 1,682 | 1,018 |
28,920 | 28,835 | |
Total assets | $ 102,510 | $ 41,806 |
Liabilities and Equity | ||
Current liabilities: | ||
Short-term bank loan and credit | $ - | $ 2,505 |
Trade payables | 4,107 | 3,234 |
User accounts | 3,309 | 3,328 |
Current maturity of lease liabilities | 611 | 613 |
Accrued expenses and other payables | 5,627 | 7,400 |
13,654 | 17,080 | |
Long Term Liabilities: | ||
Lease liabilities | 254 | 395 |
Employee benefit liabilities, net | 1,281 | 1,294 |
Warrants liability | 2,968 | - |
Other long-term liabilities | 1,404 | 1,377 |
5,907 | 3,066 | |
Equity: | ||
Share capital | *) | *) |
Share premium | 250,805 | 140,229 |
Reserve from remeasurement of defined benefit plans | 137 | 137 |
Accumulated deficit | (167,993) | (118,706) |
Total equity | 82,949 | 21,660 |
Total liabilities and equity | $ 102,510 | $ 41,806 |
*) Represents an amount lower than $1. |
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) | ||
Three Months Ended | ||
March 31, | ||
2023 | 2022 | |
(unaudited) | (unaudited) | |
Revenue | $ 4,823 | $ 4,389 |
Cost of revenue | 2,013 | 1,683 |
Gross profit | 2,810 | 2,706 |
Operating expenses: | ||
Research and development | 2,997 | 2,474 |
Selling and marketing | 3,620 | 2,231 |
General and administrative | 3,733 | 2,183 |
Transaction-related costs | 3,703 | - |
Share listing expense (1) | 46,717 | - |
Total operating expenses | 60,770 | 6,888 |
Operating loss | (57,960) | (4,182) |
Change in fair value of warrants | 7,957 | - |
Finance income | 852 | 61 |
Finance expenses | (133) | (134) |
Financing income (expenses), net | 719 | (73) |
Loss before taxes on income | (49,284) | (4,255) |
Income taxes (tax benefit) | 3 | (13) |
Loss | $ (49,287) | $ (4,242) |
Other comprehensive loss (net of tax effect): | ||
Remeasurement loss from defined benefit plans | - | - |
Total components that will not be reclassified subsequently to profit or loss | - | - |
Total comprehensive loss | $ (49,287) | $ (4,242) |
Basic and diluted loss per Ordinary share | $ (1.38) | $ (0.86) |
Weighted average number of shares outstanding used to compute basic and diluted loss per share | 36,231,234 | 7,417,203 |
(1) Represents non-recurring, non-cash share-based listing expense incurred in connection with the business combination with Gesher I Acquisition Corp. |
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||
Three Month Ended | ||
March 31, | ||
2023 | 2022 | |
(unaudited) | (unaudited) | |
Cash flows from operating activities: | ||
Loss | $ (49,287) | $ (4,242) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Adjustments to profit or loss items: | ||
Depreciation and amortization | 643 | 521 |
Share listing expense | 46,717 | - |
Change in fair value of warrants | (7,957) | - |
Changes in the fair value of contingent consideration | (258) | 127 |
Share-based compensation | 582 | 358 |
Finance income , net | (461) | (54) |
Income taxes (tax benefit) | 3 | (13) |
39,269 | 939 | |
Changes in asset and liability items: | ||
Decrease in user funds | 26 | 236 |
Decrease in user accounts | (26) | (236) |
Decrease (increase) in other receivables and prepaid expenses | 70 | (342) |
Decrease (increase) in trade receivables | (452) | 70 |
Increase in trade payables | 926 | 392 |
Decrease in accrued severance pay, net | (5) | (15) |
Decrease in accrued expenses and other payables | (3,244) | (215) |
(2,705) | (110) | |
Cash received during the year for: | ||
Interest received, net | 359 | 24 |
Taxes paid | - | - |
359 | 24 | |
Net cash used in operating activities | (12,364) | (3,389) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (46) | (80) |
Proceeds from sale of property and equipment | 1 | 1 |
Acquisition of a subsidiary, net of cash acquired (a) | - | (4,183) |
Payment of payables for previous acquisition of a subsidiary | (136) | (156) |
Investment in long-term assets | (453) | (182) |
Investment in short-term bank deposits | (20,000) | - |
Net cash used in investing activities | (20,634) | (4,600) |
Cash flows from financing activities: | ||
Proceeds from the issuance of share capital and warrants net of transaction costs | 76,044 | - |
Repayment of lease liabilities | (140) | (128) |
Repayment of short-term bank loan and credit | (2,504) | - |
Exercise of options | 19 | 21 |
Net cash provided by (used in) financing activities | 73,419 | (107) |
Exchange differences on balances of cash and cash equivalents | (135) | (80) |
Increase (decrease) in cash and cash equivalents | 40,286 | (8,176) |
Cash and cash equivalents at the beginning of the period | 6,492 | 25,079 |
Cash and cash equivalents at the end of the period | $ 46,778 | $ 16,903 |
(a) Acquisition of an initially consolidated subsidiary: | ||
Working capital (excluding cash and cash equivalents) | $ - | $ (992) |
Other receivables | - | 163 |
Property and equipment | - | 12 |
Intangible assets | - | 5,734 |
Goodwill | - | 7,607 |
Shares issued | - | (6,573) |
Contingent consideration | - | (1,768) |
Acquisition of a subsidiary, net of cash acquired | $ - | $ 4,183 |
(b) Significant non-cash transactions: | ||
Right-of-use asset recognized with corresponding lease liability | $ - | $ 74 |
Issuance of shares for previous acquisition of a subsidiary | $ 113 | - |
RECONCILIATION OF IFRS TO NON-IFRS GROSS PROFIT (in thousands, except gross margin data) | ||
Three Month Ended | ||
March 31, | ||
2023 | 2022 | |
(unaudited) | ||
IFRS gross profit | $ 2,810 | $ 2,706 |
Add: | ||
Share-based compensation | 82 | 34 |
Depreciation & Amortization | 242 | 180 |
Non-IFRS gross profit | $ 3,134 | $ 2,920 |
IFRS gross margin | 58.3 % | 61.7 % |
Non-IFRS gross margin | 65.0 % | 66.5 % |
RECONCILIATION OF IFRS OPERATING LOSS TO ADJUSTED EBITDA (in thousands) | ||
Three Month Ended | ||
March 31, | ||
2023 | 2022 | |
(unaudited) | ||
Operating loss | $ (57,960) | $ (4,182) |
Add: | ||
Share-based compensation | 582 | 358 |
Depreciation & Amortization | 643 | 521 |
Share listing expense | 46,717 | - |
Non-recurring expenses | 499 | - |
Transaction-related costs | 3,703 | - |
Adjusted EBITDA | $ (5,816) | $ (3,303) |
Adjusted EBITDA margins | (121) % | (75) % |
RECONCILIATION OF IFRS LOSS TO NON-IFRS LOSS AND LOSS PER SHARE (in thousands, except share and per share data) | ||
Three Month Ended | ||
March 31, | ||
2023 | 2022 | |
(unaudited) | ||
IFRS loss attributable to ordinary shareholders | $ (49,287) | $ (4,242) |
Add: | ||
Share-based compensation | 582 | 358 |
Depreciation & Amortization | 643 | 521 |
Share listing expense | 46,717 | - |
Non-recurring expenses | 499 | - |
Transaction-related costs | 3,703 | - |
Changes in the fair value of contingent consideration | (258) | 127 |
Change in fair value of warrants | (7,957) | - |
Non IFRS loss | $ (5,358) | $ (3,236) |
Non IFRS Basic and diluted loss per Ordinary share | $ (0.17) | $ (0.73) |
Weighted average number of shares outstanding used to compute basic and diluted loss per share | 36,231,234 | 7,417,203 |
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SOURCE Freightos
Copyright 2023 PR Newswire
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