Business
Freightos Announces Record Transactions for Fourth Quarter of 2023 and Date of Fourth Quarter and Full Year Earnings Release
JERUSALEM, Jan. 16, 2024 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), a leading, vendor-neutral booking and payment platform for the international
About this update from Freightos Limited
[{"type":"text","content":"JERUSALEM, Jan. 16, 2024 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported preliminary Q4 2023 Key Performance Indicators.\n\n \nActuals*\nManagement's Expectations\nActuals*\nManagement's Expectations\nQ4 2023\nQ4 2023\nFY 2023\nFY 2023\n# Transactions ('000)\n286.9\n273.0 - 287.0\n1,024.7\n1,010.5 - 1,021.5\nYear over Year Growth\n36 %\n53 %\nGBV ($m)\n187.5\n163.5 - 175.0\n671.7\n647.5 - 659.0\nYear over Year Growth \n10 %\n10 %\n*Numbers are preliminary and subject to change with the full earnings release\n \n \nThe fourth quarter of 2023 was another quarter of strong performance by Freightos. With 286.9 thousand transactions, Q4 was the 16th consecutive quarter of record #Transactions booked on Freightos' platform, bringing full year transactions to surpass the significant one million transaction milestone, exceeding management expectations for the year. The 36% #Transactions growth from Q4 2022 reflects the ongoing digitalization and platformification of the global freight industry. In 2023, Freightos confirmed itself as a leading platform by powering over a million real-time global freight-rate comparison, booking, and shipment management transactions.\nGross Booking Value (GBV) exceeded management expectations, increasing in the fourth quarter 10% year-on-year as strong #Transactions growth compensated for the reduced freight rates that prevailed in the market for most of the quarter. While disruption to shipping in the Red Sea did drive a rate increase, this only came in the final days of the year.\nThe sustained #Transactions growth is fueled by the marketplace flywheel dynamics, as buyer and seller growth bring additional supply and demand which in turn attract additional buyers and sellers. During the fourth quarter, the number of Unique Buyer Users reached 17.6 thousands, up approximately 12% compared to Q4 2022. The number of sellers also increased during the quarter, with carriers selling on the platform reaching 45 in Q4 2023, compared to 35 in Q4 2022.\nConference Participation \nFreightos' management will participate at the Needham Growth Conference today, January 16, 2024. A link to the live webcast of the presentation at 8:00 a.m. EST, and to the replay thereafter, is available here: https://wsw.com/w...