Freightos Achieves Milestones in Q3 with Outstanding Growth
Freightos Reports Impressive Growth in Q3 2024
Freightos Limited (NASDAQ: CRGO), an innovative vendor-neutral booking and payment platform for the international freight industry, has unveiled a stellar performance in the third quarter of 2024. Demonstrating substantial growth, the company showcases an adoption in platform usage that culminates in the 19th consecutive quarter of record transactions.
Performance Highlights
In its latest set of preliminary performance indicators, Freightos reported a significant uptick in key metrics for Q3 2024. The number of transactions reached 339.1K, marking a remarkable 26% increase compared to the previous year. This growth surpassed the management’s forecast, reflecting the escalating reliance of freight forwarders, importers, exporters, and carriers on Freightos’ platform.
Transaction and Booking Values
The total gross booking value (GBV), which signifies the total monetary value of transactions processed on the platform, stood at $217.5 million, showcasing a healthy year-over-year growth of 35%. This value also exceeded previous estimates, underlining the robust performance and increasing trust in Freightos’ service.
Expansion of Network
Freightos has actively expanded both its buyer and seller network. By the end of Q3 2024, the platform had partnered with 55 carriers, up from 39 in the same quarter last year. Additionally, the unique buyer users on Freightos’ platform surged by 14% year-on-year, reaching approximately 19,700. This expansion speaks volumes about the market acceptance of Freightos as a trustworthy platform in the freight industry.
CEO Statement
CEO Zvi Schreiber expressed optimism regarding the recent performance, stating, "The KPIs we delivered this quarter reflect not only the continued growth of our platform but also the critical role digital solutions are playing in the transformation of the freight industry." He emphasized that the continued rise in transaction volumes signifies further engagement with the essential digital solutions, a trend that is setting the foundation for global freight industry digitization.
Upcoming Earnings Call
Freightos is set to report its detailed financial results for Q3 2024 before the market opens on a yet-to-be-specified date. On that morning, management will conduct a conference call and webcast at 8:30 AM EST to discuss the quarterly results and insights.
Glossary of Terms
Understanding the freight industry jargon can be complex, so Freightos has provided a glossary to help stakeholders interpret various terms used within the context of their announcement:
- Carriers: Unique air and ocean carriers, primarily airlines, involved in transaction sales.
- Unique Buyer Users: Individual users that place bookings, indicating overall platform engagement.
- GBV: Total monetary value of transactions, giving insight into transaction volumes across the platform.
- Transactions: Refers to the number of bookings for freight services facilitated on the platform.
About Freightos
Freightos (NASDAQ: CRGO) is revolutionizing the freight booking process with its global platform that connects airlines, ocean carriers, and freight forwarders with importers and exporters, making world trade more efficient. The Freightos platform digitizes the multi-trillion dollar international freight industry and provides a suite of software solutions that cover various aspects, from pricing to shipment management.
For more about Freightos and its offerings, you can visit their investor relations section online.
Frequently Asked Questions
What is Freightos Limited?
Freightos Limited is a leading vendor-neutral booking and payment platform for the international freight industry, aimed at enhancing the efficiency of global trade.
What are the key performance indicators for Q3 2024?
For Q3 2024, Freightos reported 339.1K transactions and a gross booking value of $217.5 million, reflecting significant year-over-year growth.
How has Freightos expanded its network?
Freightos has increased its carrier partnerships to 55 carriers and grown its unique buyer users to around 19,700.
When will Freightos report its full earnings?
The full earnings report for Q3 2024 will be made available on a specified date before markets open, with a management discussion scheduled on the same day at 8:30 AM EST.
How does Freightos contribute to digitalization in freight?
Freightos facilitates the digital transformation of freight services, enhancing transparency and efficiency through its advanced technological solutions.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- Transforming Comfort: The Future of Automotive HVAC Systems
- Kevin Czinger: A Visionary in Manufacturing Innovation
- Exploring the Expanding Market for Empty Capsules Worldwide
- Neutrinos Launches Intelligent Automation Solution for Insurers
- Enlitic, Inc. Appoints Brenda Rankin as New COO
- Biotalys Successfully Concludes Share Placement for Growth
- Hargreave Hale AIM VCT Takes Significant Step with Share Purchases
- Griffin Haddrill and Gabby Gamad Revolutionize Digital Marketing
- Wendel Strengthens Educational Presence with Globeducate Stake
- HighCo Reports Slightly Improved Q3 2024 Gross Profit Insights
Recent Articles
- CI Global Asset Management Highlights October 2024 ETF Distributions
- Invivyd Set to Showcase PEMGARDA™ Findings at Upcoming Event
- Enthusiast Gaming's Smash Bros Event Draws Record Online Viewers
- Harris Poll Launches Canada Ranking of Corporate Reputation
- STP Investment Services Expands Offerings with ComplianceAdvisor
- Canadian Government Announces Major Housing Initiative
- Luxury Villas Set to Transform Palm Jebel Ali Landscape
- Pivotree's Strategic Changes and Future Focus Unveiled
- Akeso Reports Promising Outcomes from Cadonilimab Study
- Discover the 2024 SCALEit® Accelerator for Business Growth
- AlphaGraphics Welcomes Don Carpenter as Senior Franchise Director
- Enerpac Earnings Report: Navigating Challenges for FY25
- Rothy's Offers $10,000 to Encourage Car-Free Living for a Month
- How Financial Support from Grandparents Shapes Futures
- Barrick Gold's Q3 2024 Production Highlights and Future Prospects
- Eliassen Group Strengthens Market Position with VIA Technical Deal
- Mesa Air Group's Q3 2024 Recap: Financial Highlights and Outlook
- Unlocking Competitive Advantages Through AI in eCommerce
- 1-800-Packouts Launches Hurricane Relief Fund for Recovery
- Investor Optimism in Europe Hits New Heights Amid Shift
- New Members Enhancing Ethical AI Council Led by Visionaries
- Exploring the Benefits and Future of Tankless Water Heaters
- Yum! Brands Faces New Challenges as Analysts Adjust Outlook
- LVMH Navigates Cautious Luxury Market with Strong Fundamentals
- Empowering Seniors: A New Chapter for Caring Senior Service
- Wolters Kluwer Launches Innovative User Conference in Vegas
- L'Oreal's Stock Forecast Challenges Amid Market Dynamics
- Cyngn Achieves Milestone with 21st U.S. Patent in AV Technology
- Revolutionizing Banking with Amount's Innovative Platform
- Instacart Faces Mixed Ratings Amid Market Challenges
- Booking.com's 2025 Travel Outlook: Trends That Redefine Adventure
- RBC Capital Highlights Challenges for Permanent TSB Stock
- LevelBlue Launches Security Services to Boost MSSPs and MSPs Growth
- Merck's CAPVAXIVE Vaccine Trial Reveals Positive Results
- Celebrating Women Leaders in Consulting at North Highland
- Virtual Health Demand Surges as Consumers Seek Better Care
- Walgreens Faces Challenges Amid Cost-Cutting and Store Closures
- Cognex Target Upgraded: Positive Trends in Logistics Growth
- Crusoe and Partners Initiate a $3.4 Billion AI Data Center Venture
- Veradigm Inc. Showcases Robust Financial Standing and Future Plans
- Celebrating Atar Capital's Nomination for M&A Advisor Awards
- State Street Stock Analysis: BofA's Underperform Rating
- Hancock Whitney Achieves $116 Million Net Income Amid Growth
- Enhancing Retail Success Through Digital Accessibility Strategies
- Klarna's Strategic Shift: Loan Sale to Elliott Investment
- Rocky Mountain Chocolate Factory's Strategic Growth Plans Unfold
- Unlock New Revenue Streams with EFG's Million Mile Programs
- Two Major Industrial Stocks Set for Potential Growth Surge
- Transforming Private Debt: Alter Domus's Enhanced Offerings
- Analyzing Current Market Trends in the S&P 500 Index