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.