Earnings release
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BARCELONA, Spain, Nov. 17, 2025 /PRNewswire/ -- Freightos Limited (NASDAQ: ), the leading vendor- neutral digital booking and payment platform for the international freight industry, today reported its nancial results for the quarter ended September 30, 2025. "This quarter marks another consecutive period of record revenue and transactions for Freightos as we continue to demonstrate the resilience and growing adoption of our digital freight booking platform," said Zvi Schreiber, CEO of Freightos. "Our results show how freight rate volatility is accelerating the industry's shift toward digital solutions that provide transparency and agility. While we're seeing some enterprise customers pace their solutions purchases in the current macro environment, our multimodal strategy is gaining traction, with some major freight forwarders already moving from air-only to global multimodal deployments. Our new multimodal ocean and air solution represents a substantially larger market opportunity, positioning Freightos to capture growth as carriers continue embracing digital distribution channels." "Our revenue growth this quarter underscores the strength of our diversi ed business model amid market uctuations," said Pablo Pinillos, CFO. "While we believe industry uncertainty has acted as a tailwind for platform revenue and a headwind for solutions revenue, we've met our overall revenue outlook with improved gross margins, re ecting the operating leverage we're achieving at scale. We are making steady progress toward breakeven and maintain strong cash reserves as we continue strategic investment in growth balanced with disciplined cost management." Third Quarter 2025 Financial Highlights
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Revenue of $7.7 million for the third quarter of 2025, an increase of 24% compared to $6.2 million in the third quarter of 2024. IFRS Gross Margin of 69.1%, up from 65.0% in the third quarter of 2024. Non-IFRS Gross Margin of 74.8%, up from 72.7% for the third quarter of 2024. IFRS loss of $5.0 million, compared to $2.7 million for the third quarter of 2024; the increased loss was almost entirely resulting from the increase in the market price of the Company's warrants. Adjusted EBITDA of negative $2.6 million, compared to negative $2.8 million for the third quarter of 2024. Cash and cash equivalents and short term bank deposit amounting to $30.6 million as of the end of September 2025. Recent Business Highlights Transactions Growth: Freightos achieved a record 429 thousand Transactions in the third quarter of 2025, up 27% year over year. This was the 23rd consecutive quarter of record Transactions. Transactions between carriers and freight forwarders continued to lead transactions growth, with the carrier portal component of the platform delivering high growth rate. Carrier Growth: The number of carriers active on the platform with more than ve bookings in the quarter increased from 75 in the second quarter of 2025 to 77 in the third quarter. Unique Buyer Users: The number of Unique Buyer Users digitally booking freight services across the platform reached 20,600. This re ected growth in WebCargo users partially o set by some reduction in SMB North American custom clearance users as a result of market uncertainty. Gross Booking Value Growth: Carriers and freight forwarders on the platform derived $336 million of revenue from the platform in Q3 2025, representing a 54% year-over-year increase. The major contributors to GBV growth were WebCargo and the portal, mirroring growth in transactions highlighted by the relatively high GBV per transaction in the portal component. Revenue Growth: Third quarter revenue of $7.7 million was up 24% from the third quarter of 2024. The main contributors to the growth continued to be Freightos' acquisition of Shipsta in the last year and strong organic performance from SaaS solutions, on top of continued solid growth of the WebCargo by Freightos platform. Total Platform revenue in the third quarter was $2.6 million, up 15% from the third quarter of 2024, and Solutions revenue was $5.1 million, up 30% year over year. Financial Outlook
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Management Expectations Q4 2025 FY 2025 Transactions (k) 438 - 444 1,636 - 1,641 Year over Year Growth GBV ($m) 340 - 344 1,268 - 1,272 Year over Year Growth Revenue ($m) 7.4 - 7.5 29.5 - 29.6 Year over Year Growth Adjusted EBITDA ($m) (2.7) - (2.6) (11.2) - (11.1) Further nancial details are included as an appendix below. Earnings Webcast Freightos' management will host a webcast and conference call to discuss the results today, November 17, 2025, at 8:30 a.m. EST. To participate in the call, please pre-register at the following link: https://freightos.zoom.us/webinar/register/WN_A2xWbYIrRz6lnetBZP8_7Q#/registration Following registration, you will be sent the link to the conference call which is accessible either via the Zoom app, or alternatively from a dial-in telephone number. Questions may be submitted in advance to or via Zoom during the call. A replay of the webcast, as well as the conference call transcript, will be available on Freightos' Investor Relations website following the call. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identi ed by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which include the nancial outlook of Freightos, are based on various assumptions, whether or not identi ed in this press release, and
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on the current expectations of Freightos, and are not predictions of actual performance. These forward- looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a de nitive statement of fact or probability. Actual events and circumstances are di cult or impossible to predict and will di er from assumptions. Many actual events and circumstances are beyond the control of Freightos. These forward-looking statements are subject to a number of risks and uncertainties, including: disruptions to the international freight industry, including those caused by global economic trends and policy changes, such as whether increased tari s and protectionist trade policies being implemented by the United States and other countries will reduce shipping volume and, hence, number of Transactions, GBV and Platform revenue; Freightos' ability to successfully integrate the Shipsta business without disruption to its business; the recent military con ict in the Middle East, including whether disruptive actions by the Houthis in Yemen on the international shipping route that runs through the Red Sea will continue; competition; the ability of Freightos to build and maintain relationships with carriers, freight forwarders and importers/exporters; the ability to keep pace with rapid technological changes, particularly in arti cial intelligence; Freightos' ability to retain its management and key employees; changes in applicable laws or regulations; any downturn or volatility in economic conditions whether related to reduced international trade, in ation, armed con ict or otherwise; changes in the competitive environment a ecting Freightos or its users, including Freightos' ability to introduce new products or technologies; risks to Freightos' ability to protect its intellectual property and avoid infringement by others, or claims of infringement against Freightos; and those additional factors discussed under the heading "Risk Factors" in Freightos' annual report on Form 20-F led with the SEC on March 24, 2025, and any other risk factors Freightos includes in any subsequent reports of foreign private issuer on Form 6-K furnished to the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could di er materially from the results implied by these forward-looking statements. There may be additional risks of which Freightos is not aware presently or that Freightos currently believes are immaterial that could also cause actual results to di er from those contained in the forward-looking statements. In addition, forward-looking statements re ect Freightos' expectations, plans or forecasts of future events and views as of the date of this press release. Freightos anticipates that subsequent events and developments will cause Freightos' assessments to change. However, while Freightos may elect to update these forward-looking statements at some point in the future, Freightos speci cally disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Freightos' assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Financial Information; Non-IFRS Financial Measures
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While certain nancial gures included in this press release have been computed in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, this press release does not contain su cient information to constitute an interim nancial report as de ned in International Accounting Standards 34, "Interim Financial Reporting" nor a nancial statement as de ned by International Accounting Standards 1 "Presentation of Financial Statements". This press release includes certain nancial measures not presented in accordance with generally accepted accounting principles of the IFRS including, but not limited to, Adjusted EBITDA. These non-IFRS measures di er from the most directly comparable measures determined under IFRS. For the historical non-IFRS results included herein, we have provided tables at the end of this press release providing a reconciliation of those results to our results achieved under the most directly comparable IFRS measures. For the forward-looking, non-IFRS data included under "Financial outlook", we have not included such a reconciliation, because the reconciliation of forward-looking data cannot be prepared without unreasonable e ort. Our results and forecasts expressed as non-IFRS measures should not be considered in isolation or as an alternative to revenue, net income, cash ows from operations or other measures of pro tability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Freightos believes that Adjusted EBITDA and other non-IFRS measures provide useful information to investors and others in understanding and evaluating Freightos' operating results because they provide supplemental measures of our core operating performance and o er consistency and comparability with both our own past nancial performance and with corresponding nancial information provided by peer companies. These non-IFRS measures are presented to permit investors and others to more fully understand how management assesses our performance for internal planning and forecasting purposes. Certain monetary amounts, percentages and other gures included in this press release have been subject to rounding adjustments, and therefore may not sum due to rounding. Glossary We have provided below a glossary of certain terms used in this press release:
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Transactions: Number of bookings for freight services, and related services, placed by Buyers across the Freightos platform with third-party sellers and with Clearit. Sellers of Transactions include Carriers (that is, airlines, ocean liners and LCL consolidators) and also other providers of freight services such as trucking companies, freight forwarders, general sales agents, and air master loaders. The number of transactions booked on the Freightos platform in any given time period is net of transactions that were canceled prior to the end of the period. Transactions booked on white label portals hosted by Freightos are included if there is a transactional fee associated with them. Carriers: Number of unique air and ocean carriers, mostly airlines, that have been sellers of transactions. For airlines, we count booking carriers, which include separate airlines within the same carrier group. We do not count dozens of other airlines that operate individual segments of air cargo transactions, as we do not have a direct booking relationship with them. Carriers include ocean less- than-container load (LCL) consolidators. In addition, we only count carriers when more than ve bookings were placed with them over the course of a quarter. Unique buyer users: Number of individual users placing bookings, typically counted based on unique email logins. The number of buyers, which counts unique customer businesses, does not re ect the fact that some buyers are large multinational organizations while others are small or midsize businesses. Therefore, we nd it more useful to monitor the number of unique buyer users than the number of buyer businesses. GBV: Total value of transactions on the Freightos platform, which is the monetary value of freight and related services contracted between buyers and sellers on the Freightos platform, plus related fees charged to buyers and sellers, and pass-through payments such as duties. GBV is converted to U.S. dollars at the time of each transaction on the Freightos platform. This metric may be similar to what others call gross merchandise value (GMV) or gross services volume (GSV). We believe that this metric re ects the scale of the Freightos platform and our opportunities to generate platform revenue. Adjusted EBITDA: Loss before income taxes, nance income, nance expense, share-based compensation expense, depreciation and amortization, operating expense settled by issuance of shares, acquisition-related costs and change in fair value of warrants. Platform revenue: Fees charged to buyers and sellers in relation to transactions executed on the Freightos platform. For bookings conducted by importers/exporters, our fees are typically structured as a percentage of booking value, depending on the mode and nature of the service. When freight forwarders book with carriers, the sellers often pay a pre-negotiated at fee per transaction. When sellers transact with a buyer who is a new customer to the seller, we may charge a percentage of the booking value as a fee.
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Solutions revenue: Primarily subscription-based SaaS and data. It is typically priced per user or per site, per time period, with larger customers such as multinational freight forwarders or enterprise shippers often negotiating xed, all-inclusive subscriptions. Revenue from our Solutions segment includes certain non-recurring revenue from services ancillary to our SaaS products, such as engineering, customization, con guration and go-live fees, and data services for digitizing o ine data. About Freightos Freightos® (Nasdaq: ) is the leading vendor-neutral global freight booking platform. Airlines, ocean carriers, thousands of freight forwarders, and well over ten thousand importers and exporters connect on Freightos, making world trade e cient, agile, and resilient. The Freightos platform digitizes the trillion dollar international freight industry, supported by a suite of software solutions that span pricing, quoting, booking, shipment management, and payments for businesses of all shapes and sizes around the globe. Products include Freightos Enterprise for multinational importers and exporters, Freightos Marketplace for small importers and exporters, WebCargo and 7LFreight by WebCargo for freight forwarders, WebCargo for Airlines, and Clearit, a digital customs broker. Freightos is a leading provider of real-time industry data via Freightos Terminal, which includes the world's leading spot pricing indexes, Freightos Air Index (FAX) for air cargo and Freightos Baltic Index (FBX) for container shipping. Futures of FBX are traded on CME and SGX. More information is available at freightos.com/investors. Contacts Media: Tali Aronsky Investors:
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Anat Earon-Heilborn
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CONSOLIDATED BALANCE SHEETS (in thousands) September 30, 2025 December 31, 2024 (unaudited) Assets Current Assets: Cash and cash equivalents $ 16,290 $ 10,118 User funds 3,072 4,494 Trade receivables, net 4,261 3,057 Short-term bank deposit 14,357 27,153 Other receivables and prepaid expenses 2,079 1,281 40,059 46,103 Non-current Assets: Property and equipment, net 296 420 Right-of-use assets, net 1,793 1,191 Intangible assets, net 7,411 8,852 Goodwill 15,350 15,040 Deferred taxes 477 536 Other long-term assets 1,732 1,637 27,059 27,676 Total assets $ 67,118 $ 73,779 Liabilities and Equity Current liabilities: Current maturity of lease liabilities 667 615 Trade payables 5,313 2,731 User accounts 3,072 4,494 Warrants liabilities 3,712 2,450 Accrued expenses and other short-term liabilities 7,111 7,023 19,875 17,313 Long Term Liabilities: Lease liabilities 1,101 339 Employee benefit liabilities, net 1,427 1,239 2,528 1,578 Equity: Share capital 1 *) Share premium 264,704 261,769 Foreign currency translation reserve 323 (307) Reserve from remeasurement of defined benefit plans 96 96 Accumulated deficit (220,409) (206,670) Total equity 44,715 54,888 Total liabilities and equity $ 67,118 $ 73,779 *) Represents an amount lower than $1.
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CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (unaudited) (unaudited) Revenue $ 7,672 $ 6,185 $ 22,055 $ 17,198 Cost of revenue 2,368 2,162 7,119 6,151 Gross profit 5,304 4,023 14,936 11,047 Operating expenses: Research and development 2,842 2,557 8,756 7,458 Selling and marketing 3,720 3,363 11,256 10,192 General and administrative 3,080 2,965 8,457 8,307 Total operating expenses 9,642 8,885 28,469 25,957 Operating loss (4,338) (4,862) (13,533) (14,910) Change in fair value of warrants (754) 1,485 (1,262) 445 Finance income 233 654 1,386 1,929 Finance expenses (73) (18) (207) (155) Financing income, net 160 636 1,179 1,774 Loss before taxes on income (4,932) (2,741) (13,616) (12,691) Income taxes (tax benefit), net 30 (17) 123 (37) Loss (4,962) (2,724) (13,739) (12,654) Other comprehensive income (net of tax effect): Amounts that will be or that have been reclassified to profit or loss when specific conditions are met: Adjustments arising from translating financial statements of foreign operations 7 89 630 89 Total comprehensive loss $ (4,955) $ (2,635) $ (13,109) $ (12,565) Basic and diluted loss per Ordinary share $ (0.10) $ (0.06) $ (0.27) $ (0.26) Weighted average number of shares outstanding used to compute basic and diluted loss per share 50,892,241 48,846,805 50,356,060 48,321,451
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CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (unaudited) (unaudited) Cash flows from operating activities: Loss $ (4,962) $ (2,724) $ (13,739) $ (12,654) Adjustments to reconcile net loss to net cash used in operating activities: Adjustments to profit or loss items: Depreciation and amortization 862 803 2,606 2,213 Operating expense settled by issuance of shares - - - 351 Change in fair value of warrants 754 (1,485) 1,262 (445) Changes in the fair value of contingent consideration - - - (6) Share-based compensation 845 982 2,353 2,576 Finance income, net (160) (636) (1,179) (1,768) Income taxes (tax benefit), net 30 (17) 123 (37) 2,331 (353) 5,165 2,884 Changes in asset and liability items: Decrease (increase) in user funds 225 (596) 1,486 (894) Increase (decrease) in user accounts (225) 596 (1,486) 894 Decrease (increase) in other receivables and prepaid expenses 152 424 (343) (354) Increase in trade receivables (241) (241) (1,019) (736) Decrease in other long-term assets 73 - - - Increase (decrease) in trade payables (319) (63) 2,543 418 Increase (decrease) in accrued severance pay, net 58 (103) 126 11 Increase (decrease) in accrued expenses and other short-term liabilities (540) (173) (388) 523 (817) (156) 919 (138) Cash received (paid) during the period for: Interest received, net 86 187 1,730 2,543 Taxes received (paid), net (23) (20) 8 (206) 63 167 1,738 2,337 Net cash used in operating activities (3,385) (3,066) (5,917) (7,571) Cash flows from investing activities: Purchase of property and equipment (43) (15) (117) (32) Proceeds from sale of property and equipment 1 - 26 2 Acquisition of a subsidiary, net of cash acquired (a) - (3,350) - (3,350) Investment in long-term deposits (180) (3) (303) (23) Withdrawal of long-term deposits - 6 116 29 Withdrawal of (investment in) short-term bank deposit, net - - 12,000 (6,000) Withdrawal of short term investments, net - - - 11,520 Net cash provided by (used in) investing activities (222) (3,362) 11,722 2,146 Cash flows from financing activities: Repayment of lease liabilities (227) (116) (527) (421) Exercise of options 94 106 583 303 Net cash provided by (used in) financing activities (133) (10) 56 (118)
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Exchange differences on balances of cash and cash equivalents 50 (13) 286 (72) Gains (losses) from translation of cash and cash equivalents of foreign activity (1) - 25 - Increase (decrease) in cash and cash equivalents (3,691) (6,451) 6,172 (5,615) Cash and cash equivalents at the beginning of the period 19,981 21,001 10,118 20,165 Cash and cash equivalents at the end of the period $16,290 $14,550 $ 16,290 $ 14,550 (a) Acquisition of an initially consolidated subsidiary: Working capital (excluding cash and cash equivalents) - $ (1,271) - $ (1,271) Property and equipment - 51 - 51 Right-of-use assets - 350 - 350 Intangible assets - 3,538 - 3,538 Goodwill - 2,546 - 2,546 Shares issued - (885) - (885) Payable for acquisition of subsidiary - (629) - (629) Lease liabilities - (350) - (350) Acquisition of a subsidiary, net of cash acquired $ - $ 3,350 $ - $ 3,350 (b) Significant non-cash transactions: Right-of-use asset recognized with corresponding lease liability $ - $ - $ 1,172 $ - RECONCILIATION OF IFRS TO NON-IFRS GROSS PROFIT AND GROSS MARGIN (in thousands, except gross margin data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (unaudited) (unaudited) IFRS gross profit $ 5,304 $ 4,023 $ 14,936 $ 11,047 Add: Share-based compensation 47 123 227 313 Depreciation and amortization 390 349 1,165 972 Non-IFRS gross profit $ 5,741 $ 4,495 $ 16,328 $ 12,332 IFRS gross margin 69.1 % 65.0 % 67.7 % 64.2 % Non-IFRS gross margin 74.8 % 72.7 % 74.0 % 71.7 %
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RECONCILIATION OF IFRS LOSS TO ADJUSTED EBITDA (in thousands , except adjusted EBITDA margin data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (unaudited) (unaudited) IFRS loss $ (4,962) $ (2,724) $ (13,739) $ (12,654) Add: Change in fair value of warrants 754 (1,485) 1,262 (445) Financing income, net (160) (636) (1,179) (1,774) Tax benefit (income taxes), net 30 (17) 123 (37) Share-based compensation 845 982 2,353 2,576 Depreciation and amortization 862 803 2,606 2,213 Acquisition-related costs - 283 - 283 Operating expense settled by issuance of shares - - - 351 Adjusted EBITDA $ (2,631) $ (2,794) $ (8,574) $ (9,487) Adjusted EBITDA margins -34 % -45 % -39 % -55 % Loss margin (under IFRS) -65 % -44 % -62 % -74 % RECONCILIATION OF IFRS LOSS TO NON-IFRS LOSS AND LOSS PER SHARE (in thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (unaudited) (unaudited) IFRS loss $ (4,962) $ (2,724) $ (13,739) $ (12,654) Add: Share-based compensation 845 982 2,353 2,576 Depreciation and amortization 862 803 2,606 2,213 Operating expense settled by issuance of shares - - - 351 Acquisition-related costs - 283 - 283 Changes in the fair value of contingent consideration - - - (6) Change in fair value of warrants 754 (1,485) 1,262 (445) Non IFRS loss $ (2,501) $ (2,141) $ (7,518) $ (7,682) Non IFRS basic and diluted loss per Ordinary share $ (0.05) $ (0.04) $ (0.15) $ (0.16) Weighted average number of shares outstanding used to compute basic and diluted loss per share 50,892,241 48,846,805 50,356,060 48,321,451 Logo - https://mma.prnewswire.com/media/2319256/5624936/Freightos_Logo.jpg SOURCE Freightos