Business
Freightos Posts New Records for Transactions and Gross Booking Value for Second Quarter of 2024
The Company Plans To Report Earnings on August 19, 2024 BARCELONA, Spain, July 15, 2024 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), a leading,
About this update from Freightos Limited
[{"type":"text","content":"The Company Plans To Report Earnings on August 19, 2024\nBARCELONA, Spain, July 15, 2024 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported preliminary second quarter 2024 Key Performance Indicators.\n\nActuals*\nManagement's Expectations\nQ2 2024\nQ2 2024\n# Transactions ('000)\n316.5\n303.0 - 309.0\nYear over-Year Growth\n32 %\n27% - 29%\nGBV ($m)\n203.4\n178.0 - 182.0\nYear over-Year Growth \n31 %\n15% - 18%\n*Numbers are preliminary and subject to change with the full earnings release\nIn Q2 2024, Freightos continued to progress toward its long-term growth objectives. The company facilitated 316.5 thousand transactions, representing a year-over-year growth of 32%, surpassing management expectations for the quarter and exceeding the long term target of 20-30% annual transaction growth rate. This significant transaction growth highlights the growing adoption of digital solutions in the freight industry.\nGross Booking Value (GBV) for Q2 2024 grew 31% compared to the same quarter last year, consistent with the growth of Transactions. Management had anticipated that GBV growth may lag at 15-18% growth, due to softer market prices. However, due to the ongoing Red Sea crisis, average prices did not drop and so GBV growth was consistent with Transaction growth.\nIn Q2 2024, Freightos expanded its Carrier network to 51 carriers, up from 37 in Q2 2023. Additionally, the count of Unique Buyer Users rose to approximately 19 thousand, reflecting a 16% increase from Q2 last year.\nThis growth underscores the ongoing marketplace network effects, where buyers attract sellers and sellers attract buyers. This momentum represents the continued digitalization of the spot freight market, estimated to comprise 30-50% of the total air and ocean freight market. Freightos' success in broadening its platform user base highlights its expanding market reach as well as its commitment to digitalization and efficiency in the massive and critical freight industry.\nQ2 2024 Earnings Call Financial results for the second quarter of 2024 and outlook for the third quarter will be reported before markets open on August 19, 2024. Freightos' management will host a webcast and conference call to discuss the results that morning at 8:30 a.m. EST.\nInformati...