Press Release: Freightos Reports Fourth Quarter and Full Year 2024 Results

Dow Jones
24 Feb

Freightos Reports Fourth Quarter and Full Year 2024 Results

PR Newswire

BARCELONA, Spain, Feb. 24, 2025

   -- Fourth Quarter Revenue Increase of 25% year-on-year, Highest Growth Rate 
      Since Going Public, Full Year Revenue Increase of 17% 
 
   -- 20th Consecutive Quarter of Record Transactions, Strengthening Digital 
      Freight Leadership 

BARCELONA, Spain, Feb. 24, 2025 /PRNewswire/ -- Freightos Limited $(CRGO)$, the leading vendor-neutral digital booking and payment platform for the international freight industry, today reported financial results for the quarter and year ended December 31, 2024.

"Freightos continues to lead the digital transformation of global freight, delivering in the fourth quarter our highest revenue growth rate since going public, our strongest carrier expansion ever, and record gross profit margin," said Zvi Schreiber, CEO of Freightos. "In an industry that is still in the early stages of digital adoption, our platform is proving vitally important - connecting more carriers, freight forwarders, and importers/exporters than ever before. We have ambitious plans for product launches, and aggressive adoption of AI this year, setting the stage for growth to breakeven by the end of 2026. I'm excited to welcome Pablo Pinillos as our new CFO starting next week, bringing fresh leadership as we advance our vision for a more connected and digital global freight industry, supporting smoother global trade."

Fourth Quarter 2024 Financial Highlights

   -- Revenue of $6.6 million for the fourth quarter of 2024, an increase of 
      25% compared to $5.3 million in the fourth quarter of 2023. 
 
   -- IFRS Gross Margin of 67.6%, up from 62.2% in the fourth quarter of 2023. 
      Non-IFRS Gross Margin of 74.3%, up from 70.0% for the fourth quarter of 
      2023. 
 
   -- IFRS loss of $9.8 million, (which includes a one-time, non-cash $3.0 
      million accounting impairment of goodwill related to an acquisition from 
      2022), compared to a loss of $3.3 million for the fourth quarter of 2023. 
 
   -- Adjusted EBITDA of negative $3.1 million, compared to negative $3.8 
      million for the fourth quarter of 2023. 

Full Year 2024 Financial Highlights

   -- Revenue of $23.8 million for the full year 2024, an increase of 17% 
      compared to $20.3 million in 2023. 
 
   -- IFRS Gross Margin of 65.2% in 2024, compared with 58.2% in 2023. Non-IFRS 
      Gross Margin of 72.4%, up from 67.4% in 2023. 
 
   -- IFRS loss of $22.5 million (which includes a one-time, non-cash $3.0 
      million impairment of goodwill related to an acquisition from 2022), 
      compared to a loss of $65.5 million in 2023 (which included a one-time, 
      non-cash $46.7 million share listing expense). 
 
   -- Adjusted EBITDA of negative $12.6 million, compared to negative $19.0 
      million for 2023. 
 
   -- Cash and cash equivalents and a short term bank deposit balance at the 
      end of December 2024 of $37.3 million. 

Recent Business Highlights

   -- Transactions Growth: Freightos achieved a record 350.4 thousand 
      Transactions in the fourth quarter of 2024, up 22% year over year. For 
      the full year of 2024, Freightos facilitated approximately 1.3 million 
      Transactions, up 27% from 2023. The fourth quarter of 2024 was the 20th 
      consecutive quarter of record Transactions. 
 
   -- Carrier Growth: The number of carriers selling on the platform increased 
      from 55 in the third quarter to 67 in the fourth quarter of 2024. Among 
      the recent carrier additions is CMA CGM AIR CARGO. After the end of the 
      quarter, Freightos announced the addition of Norwegian Cargo and WestJet 
      Cargo to the platform. 
 
   -- Unique Buyer Users: The number of Unique buyer users digitally booking 
      freight services across the platform grew by 14% compared to the fourth 
      quarter of 2023, reaching 20.1 thousand. 
 
   -- Gross Booking Value Growth: Gross Booking Value (GBV) was $280.7 million 
      in the fourth quarter, up 50% compared to the fourth quarter of 2023, 
      significantly exceeding management's expectations and reflecting a run 
      rate of over $1 billion. GBV in the full year 2024 was $894.0 million, up 
      33% from 2023. This growth was buoyed by airline portals and early 
      adoption of ground transportation transactions. 
 
   -- Revenue Growth: Fourth quarter revenue of $6.6 million reflected 
      continued strong growth from the WebCargo by Freightos platform and from 
      customs clearance services. In addition, SaaS Solutions, including 
      Shipsta, generated its highest quarterly revenue ever in the fourth 
      quarter of 2024. Total Platform revenue in the fourth quarter was $2.3 
      million, up 21% from the fourth quarter of 2023, and Solutions revenue 
      was $4.3 million, up 28% year over year. Total Platform revenue in the 
      full year was $8.4 million, up 18% from 2023, and Solutions revenue was 
      $15.4 million, up 17% from 2023. 
 
Financial Outlook 
 
                                           Management Expectations 
                               ----------------------------------------------- 
                                      Q1 2025                 FY 2025 
                               ---------------------  ------------------------ 
 
Transactions (k)                     362 - 370             1,562 - 1,637 
Year over Year Growth                22% - 25%               20% - 26% 
GBV ($m)                             272 - 280             1,142 - 1,195 
Year over Year Growth                41% - 45%               28% - 34% 
Revenue ($m)                         6.7 - 6.8              29.0 - 30.6 
Year over Year Growth                25% - 27%               22% - 29% 
Adjusted EBITDA ($m)               (3.2) - (3.0)          (10.9) - (10.2) 
 
    This outlook assumes freight price levels and market freight volumes as of 
                                                                 February 2025 
 

Further financial details are included as an appendix below.

Earnings Webcast

Freightos' management will host a webcast and conference call to discuss the results today, February 24, 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/5017367615534/WN_vgcHjqxVQheZLIIOa4eb2Q#/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 ir@freightos.com 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 identified 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 financial outlook of Freightos, are based on various assumptions, whether or not identified in this press release, and 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 definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ 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: Freightos' ability to successfully integrate the Shipsta business without disruption to its business; the ongoing military conflict in the Middle East; Freightos' ability to effectively execute its previously announced operational efficiency and cost reduction plan without undue disruption to its business; competition; the ability of Freightos to build and maintain relationships with carriers, freight forwarders and importers/exporters; Freightos' ability to retain its management and key employees; changes in applicable laws or regulations; whether increased tariffs 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; any downturn or volatility in economic conditions whether related to inflation, armed conflict or otherwise; changes in the competitive environment affecting 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 filed with the SEC on March 21, 2024, 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 differ 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 differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect 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 specifically 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

While certain financial figures 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 sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements".

This press release includes certain financial measures not presented in accordance with generally accepted accounting principles of the IFRS including, but not limited to, Adjusted EBITDA. These non-IFRS measures differ 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 effort. Our results and forecasts expressed as non-IFRS measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, 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 offer consistency and comparability with both our own past financial performance and with corresponding financial 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 figures 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:

   -- 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 
      $(LCL.AU)$ consolidators. In addition, we only count carriers when more than 
      five 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 reflect the fact that 
      some buyers are large multinational organizations while others are small 
      or midsize businesses. Therefore, we find 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 $(GMV.AU)$ or gross services volume (GSV). We believe that 
      this metric reflects the scale of the Freightos platform and our 
      opportunities to generate platform revenue. 
 
   -- Adjusted EBITDA: Loss before income taxes, finance income, finance 
      expense, share-based compensation expense, depreciation and amortization, 
      impairment of goodwill, changes in the fair value of contingent 
      consideration, operating expense settled by issuance of shares, share 
      listing expense, change in fair value of warrants, transaction-related 
      costs, non-recurring expenses associated with the business combination 
      with Gesher I Acquisition Corp, acquisition-related costs and 
      reorganization expenses. 
 
   -- 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 flat 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. 
 
   -- 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 fixed, all-inclusive subscriptions. Revenue from our 
      Solutions segment includes certain non-recurring revenue from services 
      ancillary to our SaaS products, such as engineering, customization, 
      configuration and go-live fees, and data services for digitizing offline 
      data. 

About Freightos

Freightos$(R)$ (NASDAQ: CRGO) 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 faster, more efficient and more 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 global businesses of all shapes and sizes. Products include the Freightos Marketplace, WebCargo, WebCargo for Airlines, Shipsta by Freightos, 7LFreight by WebCargo, and Clearit.

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.

More information is available at freightos.com/investors.

Contacts

Media:

Tali Aronsky

press@freightos.com

Investors:

Anat Earon-Heilborn

ir@freightos.com

 
CONSOLIDATED BALANCE SHEETS 
(in thousands) 
 
                                          December 31, 2024  December 31, 2023 
                                          -----------------  ----------------- 
                                             (unaudited) 
Assets 
Current Assets: 
Cash and cash equivalents                          $ 10,118           $ 20,165 
User funds                                            4,494              3,553 
Trade receivables, net                                3,057              1,880 
Short-term bank deposit                              27,153             20,000 
Short-term investments                                    -             11,520 
Other receivables and prepaid expenses                1,281              2,598 
                                          -----------------  ----------------- 
                                                     46,103             59,716 
                                          -----------------  ----------------- 
 
Non-current Assets: 
Property and equipment, net                             420                583 
Right-of-use assets, net                              1,191              1,577 
Intangible assets, net                                8,852              7,607 
Goodwill                                             15,040             15,628 
Deferred taxes                                          536                969 
Other long-term assets                                1,637              1,605 
                                          -----------------  ----------------- 
                                                     27,676             27,969 
                                          -----------------  ----------------- 
 
Total assets                                       $ 73,779           $ 87,685 
                                          -----------------  ----------------- 
 
Liabilities and Equity 
Current liabilities: 
Current maturity of lease liabilities                   615                587 
Trade payables                                        2,731              3,113 
User accounts                                         4,494              3,553 
Warrants liabilities                                  2,450              1,485 
Accrued expenses and other payables                   7,023              4,931 
                                          -----------------  ----------------- 
                                                     17,313             13,669 
                                          -----------------  ----------------- 
 
Long Term Liabilities: 
Lease liabilities                                       339                712 
Employee benefit liabilities, net                     1,239              1,256 
Other long-term liabilities                               -                  6 
                                          -----------------  ----------------- 
                                                      1,578              1,974 
                                          -----------------  ----------------- 
 
Equity: 
Share capital                                            *)                 *) 
Share premium                                       261,769            256,194 
Foreign currency translation reserve                  (307)                  - 
Reserve from remeasurement of defined 
 benefit plans                                           96                 27 
Accumulated deficit                               (206,670)          (184,179) 
                                          -----------------  ----------------- 
Total equity                                         54,888             72,042 
                                          -----------------  ----------------- 
 
Total liabilities and equity                       $ 73,779           $ 87,685 
                                          -----------------  ----------------- 
*) Represents an amount lower than $1. 
 
 
CONSOLIDATED STATEMENTS OF OPERATIONS 
(in thousands, except share and per share data) 
 
                                 Three Months Ended         Twelve months 
                                    December 31,            December 31, 
                                  2024        2023        2024         2023 
                               ----------  ----------  -----------  ---------- 
                                    (unaudited)        (unaudited) 
                               ----------------------  -----------  ---------- 
Revenue                           $ 6,587     $ 5,258     $ 23,785    $ 20,281 
Cost of revenue                     2,134       1,986        8,285       8,479 
                               ----------  ----------  -----------  ---------- 
Gross profit                        4,453       3,272       15,500      11,802 
Operating expenses: 
Research and development            2,817       2,501       10,275      11,507 
Selling and marketing               3,688       3,359       13,880      14,384 
General and administrative          5,985       2,054       14,292      12,407 
Reorganization                          -           -            -         884 
Share listing expense (1)               -           -            -      46,717 
Transaction-related costs               -           -            -       3,703 
                               ----------  ----------  -----------  ---------- 
Total operating expenses           12,490       7,914       38,447      89,602 
                               ----------  ----------  -----------  ---------- 
Operating loss                 (8,037)(2)     (4,642)  (22,947)(2)    (77,800) 
Change in fair value of 
 warrants                         (1,410)         459        (965)       9,440 
Finance income                        282         822        2,211       3,189 
Finance expenses                     (23)       (100)        (178)       (387) 
                               ----------  ----------  -----------  ---------- 
Financing income, net                 259         722        2,033       2,802 
                               ----------  ----------  -----------  ---------- 
Loss before taxes on income       (9,188)     (3,461)     (21,879)    (65,558) 
Income taxes (tax benefit), 
 net                                  649       (146)          612        (85) 
                               ----------  ----------  -----------  ---------- 
Loss                            $ (9,837)   $ (3,315)   $ (22,491)  $ (65,473) 
Other comprehensive loss (net 
of tax effect): 
Amounts that will not be 
reclassified subsequently to 
profit or loss: 
Remeasurement gain (loss) 
 from defined benefit plans            69       (110)           69       (110) 
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                         (396)           -        (307)           - 
                               ----------  ----------  -----------  ---------- 
Total comprehensive loss       $ (10,164)   $ (3,425)   $ (22,729)  $ (65,583) 
                               ----------  ----------  -----------  ---------- 
Basic and diluted loss per 
 Ordinary share                  $ (0.20)    $ (0.07)     $ (0.46)    $ (1.47) 
                               ----------  ----------  -----------  ---------- 
Weighted average number of 
 shares outstanding used to 
 compute basic and diluted 
 loss per share                49,344,367  47,787,112   48,579,804  44,907,105 
 
(1) Represents non-recurring, non-cash $46.7 million share-based listing 
expense incurred in connection with the business combination with Gesher I 
Acquisition Corp. 
(2) Includes a non-recurring, non-cash $3.0 million accounting impairment of 
goodwill related to the acquisition of Clearit in 2022; this amount was more 
than covered by earn-out payments that were not made. 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
 
                                  Three Months Ended        Twelve months 
                                     December 31,           December 31, 
                                   2024       2023        2024         2023 
                                 ---------  ---------  -----------  ---------- 
                                     (unaudited)       (unaudited) 
Cash flows from operating 
activities: 
Loss                             $ (9,837)  $ (3,315)   $ (22,491)  $ (65,473) 
Adjustments to reconcile net 
loss to net cash used in 
operating activities: 
Adjustments to profit or loss 
items: 
Depreciation and amortization          870        710        3,083       2,791 
Impairment of goodwill               3,000          -        3,000           - 
Share listing expense                    -          -            -      46,717 
Change in fair value of 
 warrants                            1,410      (459)          965     (9,440) 
Changes in the fair value of 
 contingent consideration                -      (924)          (6)     (1,718) 
Share-based compensation             1,049        923        3,625       5,426 
Operating expense settled by 
 issuance of shares                      -        136          351         320 
Finance income, net                  (259)      (739)      (2,027)     (2,667) 
Income taxes (tax benefit), net        649      (146)          612        (85) 
                                 ---------  ---------  -----------  ---------- 
                                     6,719      (499)        9,603      41,344 
                                 ---------  ---------  -----------  ---------- 
Changes in asset and liability 
items: 
Decrease (increase) in user 
 funds                                (74)      1,187        (968)       (209) 
Increase (decrease) in user 
 accounts                               74    (1,187)          968         209 
Decrease in other receivables 
 and prepaid expenses                  391        427           37          91 
Decrease (increase) in trade 
 receivables                         (184)        480        (920)         143 
Decrease in trade payables         (1,375)      (240)        (957)       (176) 
Increase (decrease) in accrued 
 severance pay, net                   (18)         76          (7)       (140) 
Increase (decrease) in accrued 
 expenses and other payables         (187)      (315)          336     (3,711) 
                                 ---------  ---------  -----------  ---------- 
                                   (1,373)        428      (1,511)     (3,793) 
                                 ---------  ---------  -----------  ---------- 
Cash received (paid) during the 
year for: 
Interest received, net                  99        733        2,642       1,256 
Taxes paid, net                      (137)      (339)        (343)       (430) 
                                 ---------  ---------  -----------  ---------- 
                                      (38)        394        2,299         826 
                                 ---------  ---------  -----------  ---------- 
Net cash used in operating 
 activities                        (4,529)    (2,992)     (12,100)    (27,096) 
                                 ---------  ---------  -----------  ---------- 
Cash flows from investing 
activities: 
Purchase of property and 
 equipment                            (16)        (6)         (48)        (80) 
Proceeds from sale of property 
 and equipment                           -          -            2           8 
Acquisition of a subsidiary, 
 net of cash acquired (a)                -          -      (3,350)           - 
Payment of payables for 
 previous acquisition of a 
 subsidiary                              -       (75)            -       (211) 
Investment in long-term assets        (52)          -         (70)       (374) 
Withdrawal of deposits                   -         15           24          16 
Withdrawal of (investment in) 
 short term investments, net             -     18,150       11,520    (11,520) 
Investment in short-term bank 
 deposit, net                            -                 (6,000)    (20,000) 
                                 ---------  ---------  -----------  ---------- 
Net cash provided by (used in) 
 investing activities                 (68)     18,084        2,078    (32,161) 
                                 ---------  ---------  -----------  ---------- 
Cash flows from financing 
activities: 
Proceeds from the issuance of 
 share capital and warrants net 
 of transaction costs                    -          -            -      76,044 
Repayment of lease liabilities       (208)      (176)        (629)       (549) 
Repayment of short-term bank 
 loan and credit                         -          -            -     (2,504) 
Exercise of options                    411        135          714         186 
                                 ---------  ---------  -----------  ---------- 
Net cash provided by (used in) 
 financing activities                  203       (41)           85      73,177 
                                 ---------  ---------  -----------  ---------- 
Exchange differences on 
 balances of cash and cash 
 equivalents                          (19)         38         (91)       (247) 
Losses from translation of cash 
 and cash equivalents of 
 foreign activity                     (19)          -         (19)           - 
                                 ---------  ---------  -----------  ---------- 
Increase (decrease) in cash and 
 cash equivalents                  (4,432)     15,089     (10,047)      13,673 
Cash and cash equivalents at 
 the beginning of the period        14,550      5,076       20,165       6,492 
                                 ---------  ---------  -----------  ---------- 
Cash and cash equivalents at 
 the end of the period            $ 10,118   $ 20,165     $ 10,118    $ 20,165 
                                 ---------  ---------  -----------  ---------- 
(a) Acquisition of an initially 
consolidated subsidiary: 
Working capital (excluding cash 
and cash equivalents)                  $ -        $ -    $ (1,271)         $ - 
Property and equipment                   -          -           51           - 
Right-of-use assets                      -          -          350           - 
Intangible assets                        -          -        3,538           - 
Goodwill                                 -          -        2,546           - 
Shares issued                            -          -        (885)           - 
Payable for acquisition of 
 subsidiary                              -          -        (629)           - 
Lease liabilities                        -          -        (350)           - 
                                 ---------  ---------  -----------  ---------- 
Acquisition of a subsidiary, 
net of cash acquired                   $ -        $ -      $ 3,350         $ - 
                                 ---------  ---------  -----------  ---------- 
(b) Significant non-cash 
transactions: 
Right-of-use asset recognized 
 with corresponding lease 
 liability                             $ 2      $ 613          $ 2       $ 852 
                                 ---------  ---------  -----------  ---------- 
Issuance of shares for previous 
 acquisition of a subsidiary           $ -       $ 58          $ -       $ 171 
                                 ---------  ---------  -----------  ---------- 
 
 
RECONCILIATION OF IFRS TO NON-IFRS GROSS PROFIT AND GROSS MARGIN 
(in thousands, except gross margin data) 
 
                                    Three Months Ended     Twelve months 
                                       December 31,         December 31, 
                                     2024       2023       2024      2023 
                                   ---------  ---------  --------  -------- 
                                       (unaudited)          (unaudited) 
IFRS gross profit                    $ 4,453    $ 3,272  $ 15,500  $ 11,802 
Add: 
Share-based compensation                  65        101       378       692 
Depreciation and amortization            373        309     1,345     1,180 
                                   ---------  ---------  --------  -------- 
Non-IFRS gross profit                $ 4,891    $ 3,682  $ 17,223  $ 13,674 
                                   ---------  ---------  --------  -------- 
IFRS gross margin                     67.6 %     62.2 %    65.2 %    58.2 % 
                                   ---------  ---------  --------  -------- 
Non-IFRS gross margin                 74.3 %     70.0 %    72.4 %    67.4 % 
                                   ---------  ---------  --------  -------- 
 
 
RECONCILIATION OF IFRS LOSS TO ADJUSTED EBITDA 
(in thousands , except adjusted EBITDA margin data) 
 
                                   Three Months Ended       Twelve months 
                                      December 31,           December 31, 
                                    2024       2023        2024        2023 
                                  ---------  ---------  ----------  ---------- 
                                      (unaudited)            (unaudited) 
IFRS loss                         $ (9,837)  $ (3,315)  $ (22,491)  $ (65,473) 
Add: 
Change in fair value of warrants      1,410      (459)         965     (9,440) 
Financing income, net                 (259)      (722)     (2,033)     (2,802) 
Income taxes (tax benefit), net         649      (146)         612        (85) 
Share-based compensation              1,049        923       3,625       5,426 
Depreciation and amortization           870        710       3,083       2,791 
Impairment of goodwill                3,000          -       3,000           - 
Share listing expense                     -          -           -      46,717 
Non-recurring expenses                    -          -           -         499 
Transaction-related costs                 -          -           -       3,703 
Changes in the fair value of 
 contingent consideration                 -      (941)           -     (1,583) 
Acquisition-related costs                 -          -         283           - 
Reorganization                            -          -           -         884 
Operating expense settled by 
 issuance of shares                       -        136         351         320 
                                  ---------  ---------  ----------  ---------- 
Adjusted EBITDA                   $ (3,118)  $ (3,814)  $ (12,605)  $ (19,043) 
                                  ---------  ---------  ----------  ---------- 
Adjusted EBITDA margins               -47 %      -73 %       -53 %       -94 % 
 
 
RECONCILIATION OF IFRS LOSS TO NON-IFRS LOSS AND LOSS PER SHARE 
(in thousands, except share and per share data) 
 
                                  Three Months Ended        Twelve months 
                                     December 31,            December 31, 
                                   2024        2023        2024        2023 
                                ----------  ----------  ----------  ---------- 
                                     (unaudited)             (unaudited) 
IFRS loss                        $ (9,837)   $ (3,315)  $ (22,491)  $ (65,473) 
Add: 
Share-based compensation             1,049         923       3,625       5,426 
Depreciation and amortization          870         710       3,083       2,791 
Impairment of goodwill               3,000           -       3,000           - 
Share listing expense                    -           -           -      46,717 
Non-recurring expenses                   -           -           -         499 
Transaction-related costs                -           -           -       3,703 
Changes in the fair value of 
 contingent consideration                -       (924)         (6)     (1,718) 
Acquisition-related costs                -           -         283           - 
Reorganization                           -           -           -         884 
 
 
Operating expense settled by 
 issuance of shares                      -         136         351         320 
Change in fair value of 
 warrants                            1,410       (459)         965     (9,440) 
                                ----------  ----------  ----------  ---------- 
Non IFRS loss                    $ (3,508)   $ (2,929)  $ (11,190)  $ (16,291) 
                                ----------  ----------  ----------  ---------- 
Non IFRS basic and diluted 
 loss per Ordinary share          $ (0.07)    $ (0.06)    $ (0.23)    $ (0.38) 
                                ----------  ----------  ----------  ---------- 
Weighted average number of 
 shares outstanding used to 
 compute basic and diluted 
 loss per share                 49,344,367  47,787,112  48,579,804  44,907,105 
 

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View original content:https://www.prnewswire.com/news-releases/freightos-reports-fourth-quarter-and-full-year-2024-results-302383268.html

SOURCE Freightos

/CONTACT: Tali Aronsky, press@freightos.com, +972-55-666-4371

 

(END) Dow Jones Newswires

February 24, 2025 07:00 ET (12:00 GMT)

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