Business
Freightos Announces Record Q1 2023 Transactions and Achieves High End of Guidance
Transactions on Freightos Platform continue streak of 13 record quarters, confirming again sustainable marketplace growth flywheel. Carriers providing
About this update from Freightos Limited
[{"type":"text","content":"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.\nJERUSALEM, 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.\n\"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.\"\n\"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.\"\n\"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 lifecycl...