Business
Freightos Announces Record Fiscal Year 2022 Results
Key growth drivers include the doubling of both the number and the value of transactions, in addition to successful strategic acquisitions. Annual revenue
About this update from Freightos Limited
[{"type":"text","content":"Key growth drivers include the doubling of both the number and the value of transactions, in addition to successful strategic acquisitions. Annual revenue increased by 72%. Raised $82 million, in excess of expected cash needed to reach positive free cash flow\nJERUSALEM, March 13, 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 year ended December 31, 2022.\n\"The final quarter of 2022 set yet another record in number of transactions and Gross Booking Value. This transaction growth, which exceeded targets, continued despite a softening global freight market,\" said Zvi Schreiber, founder and CEO. \"With nearly 670,000 annual transactions, fueled by a steady growth of both buyers and sellers, including three new top-ten airlines during the course of the year, our global freight booking platform is demonstrating sustainable marketplace growth dynamics. We enjoy a high and increasing gross profit margin and our unit economics are improving. Our sustained growth in Gross Booking Value leads directly to sustained growth in revenue and gross profit, which at scale is expected to generate a healthy net profit.\"\n\"Freightos' revenue growth resulted from strong retention rates of buyers and sellers on the Platform, and increased Solutions subscription sales, as well the integration of two small acquisitions, all aligned with our long-term strategy,\" shared Ran Shalev, CFO. \"Healthy gross profits keep us on track to reach cash flow positive with the cash we have on hand.\"\n\"We look forward to our first year as a publicly traded company,\" continued Zvi Schreiber, \"as we leverage the capital that we raised to continue to build a fast-growing and highly defensible platform business in one of the world's biggest and most important industries.\"\nFY 2022 and Q4 2022 financial highlights \nRevenue was $19.1 million for FY 2022, an increase of 71.7% year-over-year, or 76.2% on a constant currency basis. Q4 2022 revenue was $4.8 million, a 54% improvement compared to Q4 2021 and a 56% improvement on a constant currency basis.IFRS Gross Margin of 58.8%, compared to 58.7% in 2021. Non-IFRS Gross Margin of 65.2%, compared to 60.5% in 2021.IFRS operating loss of $24.3 million, compared to a loss of $16...