Okay, so welcome to the Sidoti Virtual Conference, and thank you for joining us today. I'm Anja Soderstrom, a Senior Equity Analyst here at Sidoti. And as I mentioned, we have Freightos with us this morning, and we have Ian Arroyo, he's the Chief Strategy Officer, and Pablo Pinillos, he's the CFO. We will start with a presentation followed by Q&A. So if you would like to participate in the Q&A, you can submit a question in the Q&A function at the bottom of your screen, and we will address the questions following the presentation. And with that, I'm happy to hand it over to you, Ian. Thank you, Anja. Good morning, everyone. My name is Ian Arroyo, as Anja said. I'm the Chief Strategy Officer at Freightos. It's a pleasure to be here with you today, along with Pablo, and we're excited to share with you how we get shippers on at Freightos. A little bit about my background: in my role at Freightos, I'm responsible for group strategy, M&A, ocean carrier relationships, shipper-facing commercials, and in addition, I support our forwarder and air carrier executive relationships. I first got my start in logistics and supply chain back in 2010. I was working in tech for government and defense, supporting global supply chain for the U.S. military, ensuring our troops had access to key material on time and in scope, down range. After nearly a decade in defense technology, I jumped into travel technology, with a company building much of the infrastructure for some of the largest brands you know, like Booking.com or Expedia. After scaling that business, I joined Zvi Schreiber, the founder of Freightos, in 2019 to build the digital booking platform for international freight. Joining the executive team in 2021, and we haven't looked back since, and I think we're just getting started. A little bit about Zvi and the background on Freightos: Freightos was founded in 2012 by Zvi. He's a PhD in computer science and a serial software entrepreneur. In 2010, he was running a hardware company called Lightech, which was shipping internationally from China on a weekly basis. At that time, as a computer scientist, what he was experiencing in global freight really shocked him. At that time, consumer travel and many other industries were fully online. You could use your iPhone at that point to book trips, but shipping remained stuck in the '90s with Excel spreadsheets, fax machines, and phone calls every single day, so Zvi experienced firsthand how inefficient and opaque and ineffective freight rating and booking was, and realized, hey, this is one of the last major global industries to go digital. That really became the inspiration for Freightos, which is a platform designed to be the Booking.com of global international cargo, bringing full transparency, speed, and predictability to a massive industry that's still overwhelmingly offline, so a couple of disclaimers, and now we'll jump into the heart and soul, so fast forward to today, Freightos continues to build the digital booking platform for international cargo. We connect all three rungs of the industry's value chain: carriers on the top end, these are the asset owners, airlines, ocean liners, trucking companies, rail companies, warehouse owners. The freight forwarders who are like the conductors of global freight, if you will, so service providers like DSV, Kuehne+Nagel, UPS, and DHL, not on the parcel side, but on the international freight side, and then shippers: these are the importers and exporters who own the goods and the value of the goods, and they're moving them globally, and that could be anyone from a small, brand new Amazon shipper or seller selling mugs out of their grandmother's basement, all the way to the Nikes and the Walmarts of the world. The platform is a three-sided network or a double-sided marketplace. It enables real-time pricing, instant booking, and efficient procurement across the supply chain. So today, the international freight market sits at about $600 billion a year in freight spend. That breaks out to roughly $150 billion in air cargo and about $350 billion in ocean cargo. Approximately 40%-50% of that is spot, which Freightos has historically focused on. Despite the scale, though, over 90% of bookings in international freight are offline. And we know that requesting quotes from the leading forwarders and carriers in the industry still takes days, not hours. In our estimation, only about 2% of the industry has been platformized, which leaves billions of dollars of addressable market for a platform like Freightos. This is the opportunity that we're addressing, bringing transparency and speed to one of the world's last major industries that's still operating very offline and very manually. So as I said earlier, our platform is the digital backbone for freight procurement. And when you look at the structure of the industry and the $33 trillion worth of goods that are moving in international trade, you can imagine how inefficient and costly this picture is in an offline world. Carriers are selling to shippers and forwarders. Forwarders are trying to buy from air carriers, then trying to sell down to shippers, both big and small. And they do that mostly on the phone, via emails, Excel spreadsheets. And shippers are just trying to get stuff booked and moved, right, making sure their supply chain's running on time. If you can imagine one of the top 20 global freight forwarders who are multi-billion dollar companies who needs to respond to thousands of tenders a month and requests for hundreds of thousands of containers or kilograms of freight, and all that being done online, you can imagine just how heavy and inefficient the industry is. But as we're coming online as an industry, from carrier to forwarder, then all the way down to even the smallest of shippers, right, suddenly the industry can react in real time, especially when there's things like geopolitical events or massive changes in tariffs, as we've seen in 2025. They can react to demand changes and market shifts and start to realize efficiencies that we haven't really seen before in the industry. And that's really where the value of platformification comes into play in global freight and logistics. We provide the infrastructure for instant pricing, booking, and payments across carriers, forwarders, and shippers. This creates efficiencies and resilience across global supply chains, something we all need in a post-COVID world and a post-tariff world, and as we know, it's being shaped constantly by geopolitical shifts and lots of volatility and disruptions. Transactions have been our clearest leading growth indicator over the last few years, and I would say a very clear sign of global adoption across the industry value chain. In 2020, in the midst of COVID, we were doing maybe a couple of hundred bookings a quarter, and since then, you can clearly see how adoption has progressed with over 1.3 million in bookings in 2024, and as we mentioned in our last earnings call, a run rate of over 1.5 this year. As you know, platforms thrive in volatile environments, right? So every time something else shocks the supply chain, the market's coming into the platform and looking to see how they can more effectively and efficiently manage their supply chains. Our tremendous forecastable growth and each transaction that we bring into the platform is driving and building liquidity and network effects, strengthening our competitive position as the marketplace, the digital marketplace for the whole industry. What makes us unique is that we're really not just a transaction-based platform. So when you think about us, don't just think about it from a, "Oh, you're just trying to drive transactions and that's it." No, we provide mission critical SaaS solutions for the industry across rate management, sales portals, procurement, market intelligence like Freightos Baltic Index, which many of you may have heard of. It's a publicly traded index on the CME and the SGX for hedging of container costs and index linking of contracts in our industry. These tools are used every single day across the largest freight companies, including all 20 of the top 20 global multi-billion dollar freight forwarders. They manage their contracts, benchmark rates, they quote customers directly through the platform, and then we also work with procurement tools for enterprise shippers like British American Tobacco, Puma, and others who run their annual, quarterly, or even monthly tenders on our backbone. The combination of SaaS plus transactions really is what makes us a truly double-sided marketplace so if you think about travel for a minute, compare us to Amadeus or Sabre on the supply side, and then Booking or Expedia on the demand side. But unlike travel, we take both of those layers and put them together in a single platform, which gives us visibility and effectiveness across the entirety of the value chain. Our solutions embed us into their workflows, making our platform incredibly sticky, very defensible, and allows us to then monetize, which Pablo will speak about in a minute, through recurring subscriptions and transactional fees. So this isn't theory. We've proven it out at this point. We're embedded across the ecosystem, as you can see here. The carriers on the platform represent nearly 70% of global capacity. And while all of it may not be on platform at the moment, it shows adoption and significant growth opportunity potential. It also shows how the industry's adopted and is becoming more ingrained with our platform, as the offline picture we painted earlier on in that $33 trillion of goods that are being moved in the industry comes to an online reality. Today, that's over 20,000 unique buyer users logging into our platforms every single day to transact all around the world. The three-sided network really is our core competitive advantage. It's taken us over a decade to build, and it would take a competitor, even with AI, many, many years to replicate. At the same time, we believe we've only started and that there's plenty of room for growth in each of our customer segments. We'll talk a little bit about how forwarders and carriers increase bookings on platform, and then I'm going to turn it over to Pablo to talk about our financials. Cohort retention is really strong and one of our major lagging indicators. What you see on the screen here in front of you is forwarder cohorts. Typically, forwarders grow their bookings between 3x to 5x over the first two years on platform because they're gaining massive efficiencies, right, across operational execution, direct reductions in direct spend, direct cost reductions in direct spend, and then faster time to market in both core and non-core portfolios, which gives them an opportunity to move quicker than their competitors. On the airline side, which is the cohort chart you see here, you can see that airlines also steady quarter-over-quarter growth and in some cases grow 10X over two years once integrated because they're growing with nearly zero CapEx. And so that allows them to quickly evaluate, forecast real bottom-line growth by looking at different market coverages and capacities, different types of products, and even different pricing models that they may want to use depending on where they're going to market with us. The alternative, right, is that they would have low utilization, and no one likes an empty belly, ha ha ha. And importantly, no airline has really ever disconnected from our platform, proving Freightos isn't just a test tool for the industry. We're truly a part of our customers' core operational capabilities. For you as investors, what this means is predictable, recurring growth that is proven and built upon sticky adoption. And so we continue to look at how we expand this network flywheel. We do that by adding different transaction types like interlining. That's where an airline like British Airways works with Caribbean Airlines to add a London to the Bahamas cargo flight that British can't offer today, but by working in partnership with Caribbean Airlines, they can provide a seamless new route to their clients just by working on our platform. Think temperature-controlled freight, dangerous goods, high-value goods. Those are different types of transactions that we can bring to the platform, then new services, so payments, documentation, emissions data, and deeper integrations. Think dynamic pricing tools for airlines and ocean carriers powered by AI models that are driven on millions of transactions that are going through our platform, so each addition to our platform increases our customer value, raises the potential take rate over time, and continues to create a sticky experience for the industry. With that, I'll pass it over to Pablo to walk us through the financials. Thanks, Ian. And good morning, everyone. So I'm Pablo Pinillos, CFO at Freightos, joined Freightos nine months ago, really attracted by the vision that Ian has shown to you, the great opportunity that Freightos has to really transform this organization. And now let's go a little bit on the financials. So you can see here our revenue trends. So looking at the total revenue trends, growing really at a really good pace from 2020 and finishing this year, 2025, between 29.5-29.6. Our revenue is broken down into what we call solutions revenue and platform revenue, something that Ian already touched a little bit earlier. Solutions revenue is all the recurring revenue that we have by selling SaaS and data revenue. And platform revenue is everything that all the revenue that comes through the platform related to the fees of every single of the transactions. You can see here that two-thirds of our revenue right now is related to solutions revenue, and one-third is platform revenue. And as we continue to scale, we foresee that platform revenue will overtake solutions revenue in the future times. So if we look at how we manage capital and how efficient we are looking at gross margin evolutions, you can see a nice evolution of our gross margin from a non-IFRS perspective, going from 73%-75% and continue to grow. On an IFRS basis, it goes from 65%-69%. And doing a comparative to other platforms in the market, not Freightos, not freight international platforms, but other types of platforms, you can see that we are very efficient managing the sales and marketing expense. Going a little bit deeper into our track to profitability, you can see on the left side that we have been improving, Adjusted EBITDA between 8%-12% percentage points year on year, and that drives us to profitability in the long term. We expect to be profitable in Q4 next year, and related to cash, we have right now $31 million in cash and short-term deposits in the bank, which means that we are right now fully funded to be break-even, so if we finally break-even in Q4 next year, we will be fully funded to break-even and continue to drive investments towards the future growth of the company. Looking at the guidance that we put out there, these are the guidance that we put in our latest earnings call. If you will look at the number of transactions, you can see that we continue to have year-on-year growth between 29% and 31% in the quarter and 26% year-on-year. GBV, which is the amount of dollars that are transacted through the platform, in the quarter, 56%-58% growth year-on-year, and in the full year, 42%, give or take, year-on-year. From a revenue perspective, this quarter, we aim to finish at $7.4-$7.5, which is a 20%-22% growth year-on-year to finalize the year at 24%. And we've adjusted EBITDA, -$2.7 to -$2.6 for a full year of -$11.2 to -$11.1. If we look at the long-term growth model that we developed in 2024, if I recall well, that long growth model, what it says is that we aim to grow transactions and GBV year-on-year between 20% and 30% year-on-year, growing revenues between 25% and 30% year-on-year, gross profit margin in the 70%-80%, and improving Adjusted EBITDA 8%-12% year-on-year to become break-even during 2026. We have been consistently delivering during the year. If you have followed us, or you can look at our earnings calls in these metrics, and we hope that we continue to do it this way. And back to you, Ian. Thanks, Pablo. So to close and recap, international freight, $600 billion industry, largely offline. That inefficiency really creates friction for importers and exporters, carriers and forwarders across the industry. We exist to solve that problem. We've built the only platform that combines SaaS and transactions, data, and a multi-sided marketplace, powering over 1.3 million transactions a year. We're connecting over 100 carriers across air, ocean, and truck, thousands of forwarders, and over 13,000 shippers globally, from global brands that every one of you know to the smallest mom-and-pop shippers selling on Amazon today. We're scaling, as Pablo said, with strong gross margins, a clear path to profitability in 2026, and the cash to get there. Our vision is simple: become the indispensable digital backbone of global trade. And we're proving it, transaction by transaction, customer by customer. For investors, for you, this is a durable, capital-efficient growth story in one of the world's largest industries that's still offline, and we're just getting started. So thank you for your time today. We look forward to answering your questions. Okay, thank you so much, Ian and Pablo. That was a good overview. And for the audience, if you would like to participate in the Q&A, you can submit your question at the bottom of the screen. And while we wait for those questions to populate, Ian and Pablo, we were discussing before we kicked this off, the take rates, and you had an extra slide there. I I don't know if you want to go over that while we wait for the Q&A to populate. Sure, we can go a little bit on the take rate, how we do monetize the platform revenue. And we have two different platforms. As Ian said, it is a two-sided platform, one that connects carriers with freight forwarders. That's the WebCargo platform. That provides a huge volume of transactions right now. And usually, we take a fixed fee rate for every transaction with the carriers. And we improve that take rate, providing added value to those transactions like payments, interlines, allotments, and others. So with those activities and the value that we provide, we continue to improve our take rate in that platform. The second platform, which is the one that connects the importers and exporters with the freight forwarders, that's a much more healthy take rate. It's a percentage of the GBV that goes in the transaction. But right now, we have put in post-investment in that platform until we become profitable. And we will double down there. But the take rates on there are usually double digits, double digits percent from the GBV. Okay, thank you. And then you were given guidance, revenue guidance for 2025. What kind of visibility do you have on revenue? For 2025 or for the future? We have a good visibility now at the beginning of December of how we will end the year. Then when we provide the guidance, we feel very comfortable to achieving these numbers. And will you continue to be able to provide guidance going into 2026, or? Yeah, we will provide guidance 2026 in our next earnings call that will be held probably in February. And we will provide the guidance for the full year as well as for Q1 2026. Okay. And then in terms of gross margins, you expect that to, longer term, continue to expand. What's going to drive that expansion? So as we discussed and as we said in the earnings call, our gross margin improvement comes mainly for two main activities, and we have seen improvements happening and consolidated during this year. One of those is efficiency, driving more efficiency. We are able to onboard more customers with the same headcount that we have and improving the efficiency and how we support them, as well as infrastructure savings. And as I said in that earnings call, specifically, next year is also we have the ability and the possibility to double down in infrastructure cost and more efficiency. So we expect to continue to improve those margins. Okay. And then also, is the margin profile different in the solutions revenue versus the platform revenue? It is. Yeah, it is. Solutions revenue, as you can imagine, is more close to the classic SaaS gross margins. Platform revenue is a little bit below, but it continues to improve as we continue to scale the company. You play the game of efficiencies by scaling, and that will continue to improve going forward. Okay. And you recently hired a Chief Revenue Officer. Can you just talk a little bit about your go-to-market strategy and how you win new contracts and logos? Sure. Ian, do you want to take that one? Sure. Happy to. So the go-to-market motion is very similar across, let's say, the shipper, enterprise shipper world and the enterprise forwarding world, Anja. Those are enterprise SaaS and data-type contracts. So we have an enterprise sales and account management team. So that go-to-market motion is very similar to what you would look at in a general SaaS market. And ACVs and those kinds of things are all based on an enterprise sales cycle. When we look at the carrier world, the carrier world is very different, right? The carrier world, there's a lot less of them. And it's much more about strategic long-term partnership building with them because they're looking at us both as a channel for distribution, but also as a long-term strategic partnership for how do they become much more efficient and effective as a carrier, right? Because their costs, they're looking for efficiencies and higher profit margin in their take rates as well. So there, it's much more of a strategic, we would call it a strategic kind of business development, strategic partnership, sales cycle, and approach. Our new CRO, Michael Nutter, comes from a long background of both logistics, technology, and SaaS and is working very closely with our teams globally to really restructure and revamp and re-energize even more so the approach that we take to both enterprise and SMB. On the SMB side in the shipper world, we operate in a low-touch, no-touch manner. It's all digitally driven. But in the SMB space for forwarders, we also have a go-to-market motion with a team there as well. And do you at all work with partnerships, or it doesn't really? Yes. Yeah, we work with channels as well. We work across TMSs, data providers, other types of logistics technology, right? That's an adjacency to us as well. So yes, we work across different types of channel partnerships as well. It just really depends on which part of the value chain you're talking about. Okay. And what kind of growth opportunity do you have with the existing logos versus growing with new logos? So you look at things like data, you look at things like procurement software, you look at things like dynamic pricing models, right? You can very much kind of look at a standard SaaS approach to land and expand, where that expand could be a cross-sell to a different type of capability or an upsell to something within their current platform or capability that they're using. For us, when we look at the 4,000 freight forwarders on platform and 13,000 shippers and the plus 75 airlines, plus ocean, plus truck, we see tremendous opportunities to expand across the portfolio of products that we discussed during the presentation. That could be data, that could be procurement, that could be rating, that could be quoting, that could be booking, that could be pricing, that could be a sales portal, right? It really just depends on what the life cycle is of that specific client, right? In the forwarding space, where are they at in their life cycle? Are they wanting to go digital? Are they not? Do they need data? Do they not? Are they looking to price in a digital manner? Are they not? The same with carriers and the same with shippers. It really just depends, and also the macroeconomic environment also, right, causes shocks to the supply chain, and when that happens, folks typically want to find ways to become more effective and efficient, and so I would say over the last four years, every time there's a shock to the global supply chain, it just increases the value of the different offerings that we provide that are integrated across one another instead of needing five different pieces of technology to support the same client, and what does the competitive landscape look like, and has it changed over the last six months or so? Yeah, it's a great question. Competitive landscape, when you look at the industry, the competitive landscape is very much focused on one or the other piece of the value chain, right? So you have logistics technology companies that are focused just on air carriers, just on ocean carriers, just on freight forwarders in ocean, just on freight forwarders in air. Then on the shipper side, you have visibility platforms, you have procurement platforms, you have booking platforms, you have data platforms. So when you look at Freightos, it's very difficult to say we have a single competitor that matches us one-to-one, right? You have to break it down by how do you look? What do you provide to the carrier community, ocean and air, truck, rail? And who are those competitors? Same in forwarding, same in shipping. I would say that we continue to maintain a higher market share than our competitors in the forwarding on the airspace side. I would say that that market continues to evolve as more players have kind of reached a saturation point with a certain number of carriers. So Folks are looking for how do they continue to provide additional value. In the data world, for instance, others are starting to play in the space of hedging and index linking and those kinds of things. However, there's newness to the game, and a big piece of, I think, our competitive advantage is that the network we've built has been built over 13 years. We're not new to the market, and so there's a level of trust not only in the product, but in the data stream that we provide to the industry. Okay. I'm just curious, has tariffs had any sort of impact on your business? Are you enabling your customers to sort of navigate that better, or? Sorry, Anja, you cut out for me. Tariffs, have that had any impact on your business? Oh, yeah, in a great way because tariffs create uncertainty and disruption to the supply chain. So absolutely. More folks were coming in asking for visibility on data and understanding of rates and being able to move faster, right? Because every time a tariff announcement was made, right, the supply chain organizations have to make decisions on where they're going to shift to next and how they're going to mitigate costs, right? So yeah, 100%. Platformification is a beautiful thing when there is uncertainty and volatility in a market. And we see that every time there's a supply chain shock. And also one last question for me. Can you just briefly talk about the capital structure of the company? Pablo? What do you mean with the capital? I mean, what does your balance sheet look like and? Our balance sheet is very, very, very clean. And we don't have any debt. And we don't have any CapEx at all. So it's almost 100% OpEx. So adjusted EBITDA and CAC are almost very similar. And from a cash flow perspective, you can look at cash flow and burn in a very similar numbers as the adjusted EBITDA due to that. So we have finished last quarter at $30.6 million in the bank. And you make the math to break even, and we will be ending when we break even with probably more than $20-$22-plus million in the bank. So you're well-funded to grow organically. Yeah, exactly. Okay. We actually have one question here from the audience. I'm going to squeeze it in even though we're kind of out of time. For a specific transaction, why does a customer use Freightos versus a traditional offline method of shipping? Is Freightos limited in the type of business its customers will use it for? That's a great question. Why would a customer use us? It really depends on which part, again, which part of the value chain you're looking at, right? But a shipper would use us to book if you're an SMB shipper, right? Because this creates the ability to compare pricing very quickly across multiple service providers, see what kind of service level they typically offer, look at reviews from other shippers, and then make a booking knowing full well that Freightos is ensuring the service level for the shipper and the shipper is going to pay us. And we'll make sure that the freight forwarder does what or the service provider does what they're supposed to do on the shipper's behalf. And then they can manage that shipment through its life cycle without ever having to pick up the phone or go offline. So that's on one side, right? And let's say a forwarder is using us to manage thei I can look at everything for the next seven to 14 days, look and see what the pricing is, what the timeline is, what the value is, make a decision on behalf of my client, book it, and send it right back out without ever leaving my computer, without ever picking up the phone or sending an email. And carriers are partnering with us and using us because we're, as I said earlier, a very low-cost CAC distribution model for the carriers. And on top of that, when you have 4,000 of your best clients using a platform for managing rates and bookings, it's a makes sense place to partner. So yes, they're getting a lot of value by going online and staying online because it creates effectiveness and efficiency that you wouldn't have by picking up the phone or needing to send an email or, you can send a fax. Okay, great. Thank you. This has been very informative, and thank you to the audience for tuning in and Ian and Pablo for the presentation. I think you have a pretty solid one-on-one schedule, but if anyone would like to catch up with management and have a follow-up, you can reach out to them directly. I think it's iar@freightos.com, or you can reach out to us at Sidoti, and we'll put you in touch with them, and with that, I'll hand it over to Ian for some closing remarks. Yep. Thank you so much, Anja and the Sidoti team. It was great to be here. I think this is our third year, and looking forward to the rest of the one-on-ones, and like Anja said, please feel free to reach out to iar@freightos.com. We're happy to set any additional one-on-ones or even post-conference to meet with you if you have any further questions that we can answer. And let's go get shipped done. Thank you. Thank you. Have a good one. Bye. Bye-bye. Bye.