conference and for joining us today. I'm Anja Soderstrom, a Senior Equity Analyst here at Sidoti. As I mentioned, we have Freightos coming up next. They are trading on Nasdaq under the ticker CRGO. We have their recently appointed CEO, he was the previous CFO, Pablo Pinillos, with us today. He is going to give a presentation, and that will be followed by a Q&A session. If you would like to participate, you can submit your question at the bottom of your screen, and we will address the questions after the presentations. With that, I will hand it over to you, Pablo. Thank you, Anja, and thank you, everyone, for joining us today. I'm Pablo Pinillos, and as Anja said at the beginning, I have been appointed CEO in the month of March this year, and I was the previous CFO of the company. Let's get into the presentation and the disclaimers. Before I step back and introduce Freightos and the broader opportunity, let me briefly touch on the results we reported this week. We delivered record revenues of $7.7 million, above our expectations, and improved adjusted EBITDA loss to a record of $-2 million. Platform revenue grew 90% year-over-year, demonstrating the resilience of the transaction business despite disruptions in some freight corridors. Solutions revenue declined 4%, and improving execution and conversion in that business is an important focus for the second half. Overall, the quarter showed continued progress on profitability alongside areas where we still need to execute better. With that context, let me step back and explain the business and the opportunity we are addressing. Global freight remains a massive industry that is still largely offline and fragmented. Procurement and booking workflows often still rely on emails, spreadsheets, phone calls, and disconnected systems across the counterparties, which are air, ocean, and land carriers on one side, importers and exporters on the other side, and freight forwarders between them. This fragmentation becomes increasingly problematic as supply chains become more dynamic and operational decisions need to happen faster. We believe this creates a significant long-term opportunity for digital infrastructure in freight. When we say that the industry needs operational decisions to happen faster, we look at the past few years and see that operations are becoming increasingly complex. Rate volatility, supply chain disruptions, capacity shifts, and geopolitical events increasingly require real-time adjustments. At the same time, forwarders and shippers need faster and more connected procurement and execution workflows. Carriers increasingly seek better utilization, pricing control, and low-cost digital distribution. Structurally, all participants in the ecosystem are moving towards greater digital connectivity. The Middle East conflict is a current example. Disruptions across key air and shipping corridors constrained capacity and kept Q2 air freight rates roughly 25% above pre-conflict levels. In that environment, digital connectivity helped customers shift volumes across alternative carrier route combinations more quickly. This is where Freightos operates. We provide software supporting digital freight transactions across pricing, quoting, booking, and procurement workflows. On top of these software solutions, we also enable real-time digital freight transactions in a three-side marketplace where freight forwarders book capacity from the carriers, and importers and exporters book freight services from forwarders. Strategically, this matters because software adoption drives transaction activity and increase platform liquidity over time. The more deeply customer integrates Freightos into operational workflows, the more transaction activity tends to move through the platform. In fact, solution customers book around 3x to 5 x more transactions than non-customers. Once transaction activity scales, the platform itself begins generating valuable operational data. That data supports smarter pricing, benchmarking, indexing, and execution decisions. We believe this becomes increasingly important in freight because customers are operating in environments that are constantly changing and increasingly require real-time operational intelligence. This creates a reinforcing cycle across solutions, transactions, and data. Importantly, this reinforcement dynamic becomes stronger with the scale. The network itself becomes more valuable as more workflows and more transactions activity moves through the ecosystem. We first demonstrated this model successfully in air cargo spot bookings. Over the last several years, Freightos helped pioneer digital real-time air cargo transactions at scale. Today, we believe that our share of international spot air cargo bookings is somewhere in the mid-teens, clearly leading the digitalization of the segment of the industry. We are now applying the same playbook to ocean freight. Ocean is structurally a significantly larger player, but also one that remains earlier in the digitalization process. In many ways, it resembles where air cargo was several years ago, with limited real-time connectivity and no commercial readiness for the platform model. We believe the same combination of software adoption, workflow integration, and transaction liquidity can gradually develop there as well. Moreover, the pressure from freight forwarders for more efficiency and increasingly pushing ocean freight forwarders through digitalization. So far we have discussed the spot market, which is less than 50% of all freight. The majority of international freight is done based on annual contracts. Our procurement management solution addressed this part. We are extending the model into procurement and tendering workflows as well, and our vision is to enable enterprise shippers to access their contracted capacity via a platform and book transactions digitally. Even before we execute on this bold vision, we continuously work on making freight workflows more efficient for our customers. For example, in Q2 this year, we enhanced the experience within Freightos Procure by bringing key stages of the tender process into a more intuitive end-to-end environment. A concrete use case is a major U.K. enterprise shipper we recently worked with. Its global procurement team was manually consolidating land requirements from regional logistics leader across emails and spreadsheets. By enabling those regional teams to enter requirements directly into Freightos Procure, the entire tender process, from land collection through carrier ranking to final award, now takes place within a single platform. That's the kind of end-to-end workflow integration we are building. Let's summarize the broader strategic logic behind the company. First, we're embedding Freightos deeper into daily freight workflows. Second, we are increasingly connecting procurement, pricing, booking, and execution into more unified operational process. Third, this creates growing operational intelligence across fragmented freight networks. Over time, our objective is to become the neutral infrastructure layer supporting digital freight workflows across the ecosystem. Importantly, we think the value increasingly comes not only from enabling transactions, but from being connected to the systems where freight decisions are actually made. Although we are still in the early days of realization of our bold vision, we are widely adopting and also well-known across the ecosystem. Today, the platform includes, as of Q2, a total of 75 active carriers, including 20 of the top 20 air carriers. These 75 carriers represent around 80% of global air cargo capacity. This capacity is being rolled out gradually into our platform, so we have plenty of room for growth within the network we already have. In the last 12 months, we processed approximately 1.8 million transactions in our platform with an aggregate gross booking value of about $1.5 billion. While our revenue is not directly derived from GBV, this number highlights the liquidity that we have in the platform. Thousands of freight forwarders and importers and exporters use our solutions or our platform, with 21,000 individual users. You can also see some of the enterprise importers and exporters among our customers. This scale strengthens both the network effect and the quality of the operational data generated across the ecosystem. In Q2, our platform facilitated 458,000 transactions, up 15% from Q2 last year. Excluding routes involving Middle East origin, destination, or airspace, transactions grew year-over-year at a rate well in line with the company's long-term model of 20%-30% transactions growth. We announced the addition of Korean Air to the Freightos network. We have said for some time that expanding airline participation in Asia is a strategic priority for us, so confirming Korean Air as part of the network is an important milestone. As we continue adding leading carriers across key geographies, we strengthen network connectivity, increase the depth of the network, and increase the data flow through the network. The cumulative effect of building a larger, more connected network over time is truly the bigger story here. This cohort analysis chart demonstrates the importance of liquidity and connectivity by showing how forwarders and carriers cohort deepen their usage of the platform over time. Each pair of bar represents a cohort, a group of forwarders and carriers that joined the platform in a given quarter, and shows how many bookings they placed in Q2 2026 relative to their first quarter on the platform. What you can see is a consistent pattern. The longer forwarders and carriers are in the platform, the more they transact. Even our most recent cohorts, just four quarters, are already transacting at roughly 2x their initial levels. This shows how the network flywheel spins. As forwarders use the platform more, carriers receive more bookings, which in turn attracts more forwarders activity. Despite the progress we are seeing, we still believe digital freight penetration remains at a relatively early stage. The addressable market across air cargo, ocean cargo, freight forwarding, and software solutions remains very large. You can see that we are only scratching the surface. The annual gross booking value of a spot freight is approximately $300 billion. Out of that, $1.5 billion is booking through our platform. At the same time, the software opportunity around procurement, pricing, and workflow management also remains significant. Over the past several years, Freightos has built multiple products serving different parts of the freight ecosystem. As those capabilities have become increasingly integrated, we recently unified them under our single Freightos identity and are currently migrating them onto a new common technology foundation. This is not just a rebrand exercise. It reflects how our portfolio is evolving. Customers don't think in terms of individual applications. They think about getting work done. Whether that is moving from market intelligence into procurement into bookings, or bookings into shipment management, our goal is to make those transactions seamless across air, ocean, and eventually land freight, all within a single platform. A unified architecture allows us to deliver that experience while accelerating innovation and enabling AI-assisted workflows built on trusted freight data. We believe this makes Freightos easier to adopt, easier to expand across customer organizations, and ultimately, more valuable as customers rely on us for a broader portion of their freight operations. We believe that our scale, neutrality, workflow integrations, and ecosystem connectivity together creates a durable, competitive position that becomes increasingly difficult to replicate over time. Our monetization model reflects the dual nature of the platform. On one side, we generate recurring SaaS and data revenue through software solutions. On the other side, we monetize transaction activity occurring across the platform. Let me come back to solutions because this is one of our most important execution priorities for the second half. Q2 solutions revenue was $4.8 million, down 4% year-over-year. At the same time, our pipeline grew approximately 30% quarter-over-quarter, on top of a 50% growth year-on-year at the end of last quarter, and continues to progress through the sales cycle. Pipeline itself is not the outcome we are targeting. Bookings, implementation, and recurring revenue are. Our focus in the second half is on improving deal velocity and conversion, getting customers live more quickly, and translating the demand we see into revenue. We believe a stronger solution execution is important both for the near-term revenue performance and over time, because deeper software adoption drives more transactions activity through the Freightos platform. We are very focused on operational efficiency and scalability. We have repeatedly committed to reaching adjusted EBITDA breakeven by the end of 2026 with available funds. As we communicated again with our Q2 earnings call last month, we expect the crossover to adjusted EBITDA breakeven to occur at some point during the fourth quarter. We see the business exiting 2026 at a breakeven run rate, and from there, becoming cash generative by mid-2027. Over the past few quarters, we have been making efforts to increase operating leverage, automation, and efficiency across the business, and to align our cost structure with our priorities. Importantly, we believe our current cash position provides sufficient resource to execute our plan while continuing to invest selectively in strategic growth areas. Our 2026 plan is centered around three operational priorities. First, continued focus on end-to-end workflows across procurement, pricing, booking, and execution. In Q2, we continued developing the next generations of air pricing, quoting, and booking experience with a broader objective of helping customer manage more of their freight workflow within Freightos rather than through disconnected tools. Second, a solution first approach. Our software embeds Freightos into customers' daily workflows, and as adoption deepens, it drives more transactions, activity, and platform liquidity over time. Third, tighter prioritization. We are applying a stricter filter to where we invest, focusing on customer impact, reliability, and return of investments. Together, we believe these priorities strengthen both the durability and the long-term monetization potential of the platform. Turning to our outlook, we modestly increase our full-year expectations for transactions and GBV while narrowing our revenue range. Our guidance assumes that the Middle East recovery continues at roughly the same pace we saw in Q2, and that air freight rates remain around current levels. Excluding Middle East-affected routes, underlying transaction growth continues to track within our long-term model of 20%-30% range. For revenue, Q2 benefited from largely temporarily cleared refund activity, which we do not expect to repeat at the same level. We expect Q3 revenue of $7.7 million-$7.8 million and a full year revenue of $30.4 million-$31.0 million. Importantly, we continue to expect to cross adjusted EBITDA breakeven during Q4 and exit the year at a breakeven run rate. Looking beyond 2026, we believe the long-term opportunity remains substantial. Our operating framework for 2027 through 2030 assumes strong transactions and revenue growth, ongoing margin expansion, and improving profitability over time. Underlying this framework is our belief that global freight is still in the early stage of digital transformation, and we believe Freightos is increasingly positioned as a neutral infrastructure layer supporting digital freight procurement and transactions globally. Just to wrap up, Freightos operates in a $600+ billion industry that remains largely offline. We have built a scale-neutral network across carriers, freight forwarders, and shippers. Our strategy is to use software to embed Freightos deeper into customer workflows, driving transactions, data, and liquidity across the platform. 2026 is about discipline, execution, and reaching breakeven. From there, our objective is to translate that network position into sustained profitable growth as global freight continues to digitalize. Thank you for listening to us, and back to you, Anja. Thank you so much, Pablo. That was a good overview. For the audience, if you have any questions you would like to submit, you can do so at the bottom of your screen and we will address them. But I am just going to start, Pablo, you were talking about your target of achieving breakeven by the fourth quarter. What kind of visibility do you have on your revenue, and what gives you confidence in achieving that? As we said during the presentation and also in some of the charts, two-thirds of our revenue is recurring revenue. At half year, we have pretty much good visibility of how is that going to look like for the rest of the year. Of course, the actions that we are taking will improve a little bit, but recurring revenue, it is what it is. We need to build for the following 12 months. One-third of our revenue is transactions, and the transactions execution is being constantly performing at the levels that we expected. So we have good visibility on those revenues, and we are confident that we will be able to cross over, adjusted EBITDA at the end of 2026. Okay, great. Thank you. And the questions here from the audience, could you talk about how you sell your product? Do you have a direct sales force, and are you expanding the team? Yes, we have a direct sales organization that are focusing on our primary ICPs levels from the three different pillars that we have, from a carrier's perspective, from a freight forwarder perspective, as well as from a shipper's perspective. We have a direct team that is day in and day out talking to them, listening to them, and partnering with them. Okay. Could you also talk some more about the competitive marketplace and how you win? Well, the way we win in the marketplace is being able to provide that seamless integration end to end. That's what the market is demanding, and that's what we are providing to them and improving thanks to the requests that we're getting from them. We're able to seamlessly integrate those process as the ones that we have talked today, with some procurement examples that we did during Q2 and some other examples, and that helps to prove the value of that marketplace for our customer. Okay, thank you. I am just curious with the conflict in the Middle East, how has that impacted you? Because it has changed some of the shipping lanes and how people ship goodies now. Has that helped you, maybe? The impact that we have seen is from a volumes of transaction perspective. The volumes of transaction perspective has not reached the levels that we were expecting to reach of 20%-30%. If you take out that Middle East corridors, we continue to grow at that 20%-30%. So the volumes has been shift from Middle East corridors to other corridors to continue that growth. The impact is only from a volume perspective. From a revenue perspective, the distribution of those revenues has not affect to us. Okay, thank you. In terms of growth, how much are you dependent on adding new customers versus growing with the ones that you have? I think first, if we look at the business from a transaction perspective, it is not adding new carriers into the platform because the carriers that we have in the platform represents around 80% of the global capacity. It is more getting more market share of the capacity that they have. First, convincing them to put the more capacity in our platform, and second, the freight forwarders will act on that capacity to book. As I said during the presentation, we calculated that we are in the mid-teens from a penetration perspective of the capacity available for those carriers. From a solution perspective, we need to continue working with them to provide them more value and expand them, as well as bring in some new customers in. If you are in the mid-teens penetrate, how much further can you go? Would a sort of upstairs limit to, or I think there's a good opportunity to continue growing in those mid-teens. You can go up to the 30s, 35s, 40%. But there wouldn't be going to 100%, or is there Well, in the long term, you never know. But in the short term, for the next year or the following two years, no, I don't expect that to happen. Okay. Yeah, obviously, in the longer term. Could you talk about the change in management over the last two years and the positive changes made by the new team? Well, as I said at the beginning, I was appointed as CEO of the company in March this year, coming from being the CFO of the company. I joined the company as CFO in, I think it was in March last year. Yeah. There was a transition and agreed transition that we already explained with the former CEO of the company. From that point, I took ownership and was doing a dual role. We did an appointment of a new CFO, last Monday, that will start with us in 1st September. We are adjusting here and there what we need in order to continue driving the strategy that we want. Okay. Another question here. Do you think U.S. investors fully appreciate your story, or what do you think they're missing? Well, I cannot answer that question about what they are missing. I know that we are a market cap, volatile in an industry that has some uncertainties. But I cannot answer that question for them. I don't know what they are missing. I think that the opportunity is there. The opportunity is huge. It's a huge market to grab, and right now it's only 9% of the whole market is digitalized and only 2% is in a platform. It's platformalized, as we call it, so the opportunity is massive. Okay. Is there any question from investors that is more recurring that they might be misunderstanding or not getting? I think the most recurring question that I get when I talk to investors is not a question about if it is going to happen, that digitalization. The question is, when is that going to happen? What is the timeframe for that digitalization? That is something that we are working closely with our partners and in this industry, with the different carriers, and we hope that the commitments that they have made to digitalize become reality. It is an exercise that needs to be done by the whole industry. That is the most recurring question, is not if it is going to happen, but when is that going to happen? Yeah. Another question here, what is the strategy for gaining wallet share with your existing customer base? If we talk about the transaction business, of course, going back to them, and you have seen the cohorts that we have presented, and we presented that data to them as well. We have constant conversations with them, that the more capacity that they are able to put in the platform, the multipliers that they get from the number of bookings that they get every quarter continues to grow from 2 x in the first four quarters to, in some scenarios, more than 8 x after 16 quarters. So we show them the value, and we help them to bring more capacity into the platform. From a solution side of the business, being side by side with them, listening to what they need to be more efficient, to help them to seamless integrate their workflows, and be more efficient end-to-end and being a player on that. That's how we try to expand our wallet share. Another question here, are there any additional strategic investments that you need to make to achieve the 25% revenue growth target for next year? Right now, we don't see the need. We are finishing the year at 21. Well, we are right now at $21.4 million in cash. We are finishing the year at adjusted EBITDA at breakeven. We will cross over that and become cash positive in the next two quarters. So right now, for the sustainable growth trajectory that we planned, we don't need further investments in that area from a cash perspective. Okay. Thank you. One last question here. What is the pushback from industry on the digitalization? Are there an upfront cost to customers to implement this, or? It's not an initial front pushback. It's a whole exercise that needs to happen. The industry, from a supply perspective, is very decentralized. From a revenue management and capacity management, it's decentralized to local levels. Historically, that's how it's been done. That creates that friction and that disconnectivity between them. In order to drive digitalization and have a full view end to end, that revenue management and that capacity management needs to take one step up, and start to consolidate and centralize in order to be able to distribute digitally the right capacity and the revenue strategy across. It's not a pushback, it's just that takes time. Some people are willing to invest more upfront for that, and some people are willing to take a different route and take a little bit longer. Okay. Thank you. Time is almost up, so I'm going to wrap it up here. I know you have a pretty full one-on-one schedule, but if anyone in the audience would like to follow up with the management team, you can reach out to us at Sidoti or the company directly and we'll make that happen. With that, Pablo, I will hand it over to you for some closing remarks. Thank you so much for joining us today. Thank you, Anja, and thank you everyone for joining us today. If you want to connect to us, please, we are welcome to get in a meeting with you. Reach out to us, reach out to Sidoti, and we will be pleased to get back to you. Okay. Thank you. Thank you, everyone. Thank you.