Business
Freightos Announces Record Transactions for Second Quarter of 2023 and Date of Second Quarter Earnings Release
JERUSALEM, July 24, 2023 /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, July 24, 2023 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported Q2 2023 Key Performance Indicators.\nActuals\n \nManagement's\nExpectations\n2Q 2023\n2Q 2023\n# Transactions ('000)\n239.4\n239.5 - 244.5\nYear over Year Growth\n59 %\nGBV ($m)\n$ 154.8\n$ 159.1 - $ 162.4\nYear over Year Growth \n0 %\n \nA record 239 thousand transactions were booked on the platform in Q2 2023, up 59% from Q2 2022, continuing Freightos' streak of record transactions. This strong growth, against the backdrop of an ongoing freight market downturn, demonstrates the momentum of Freightos' mission to digitalize international freight. As a result of reduced market freight rates, Gross Booking Value (GBV) was below management expectations. Transactions growth was supported by a 10% year on year growth in Unique buyer users, reaching 16,438. Carriers selling on the platform remained stable at 37 in Q2 2023.\nIn early July, in response to the international freight market downturn, the Company announced an operational efficiency plan, which is expected to improve Adjusted EBITDA by about $5.6 million dollars per year, with the aim of ensuring the Company's ability to reach break-even on existing cash reserves despite the softer market.\nFinancial results for the second quarter of 2023 and Q3 2023 guidance will be announced on August 21 2023. Freightos' management will host a webcast and conference call to discuss the results that morning at 8:30 a.m. EDT.\nInformation about Freightos' financial results, including a link to the live webcast, will be available on Freightos' investor relations website at freightos.com/investors. The call may be accessed via Zoom or a dial-in number. An archived webcast will be available on Freightos' Investor Relations website following the call. Questions submitted in advance to [email protected] will be prioritized during the call, but questions may also be submitted via Zoom during the call. Please note that registration is required to attend. To register for this conference call, please use this link (https://freightos.zoom.us/webinar/register/6616900934415/WN_D2RwdhgpRkG-R1lw05ixRw). Registrants will receive confirmation with dial-in details.\nForward-Looking Statements\nThis press release includes \"forw...