Freightos Ltd 6-K, filed Oct 16, 2024
Freightos Ltd (CRGO)
About this 6-K
Freightos Ltd filed this 6-K on October 16, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-41604
Freightos Limited
(Translation of registrant's name into English)
Planta 10, Avda. Diagonal, 211
Barcelona, Spain 08018
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F ¨ Form 40-F
CONTENTS
Quarterly Results of Operations
On October 16, 2024, Freightos Limited (the “Company”) announced certain preliminary financial results for the third quarter of 2024 and provided information concerning the expected timing for its full third quarter earnings release. A copy of the press release containing that announcement is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”).
Exhibits
| Exhibit 99.1 | Press release, dated October 16, 2024, entitled “Freightos Reports Record Transactions and Gross Booking Value for Third Quarter of 2024” |
Incorporation by Reference
The information in this Form 6-K and in Exhibit 99.1 hereto (including any data presented in conformity with International Financial Reporting Standards (“IFRS”) and related analysis, but excluding non-IFRS data and quotations of the Company’s management) is hereby incorporated by reference into the Company’s registration statements on Form S-8 (File No. 333-270303) and Form F-3 (File No. 333-280302), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| FREIGHTOS LIMITED | ||
| Date: October 16, 2024 | ||
| /s/ Michael Oberlander | ||
| Name: | Michael Oberlander | |
| Title: | General Counsel | |
Exhibit 99.1
Freightos Reports Record Transactions and Gross Booking Value for Third Quarter of 2024
The Company Plans To Report Earnings on November 25, 2024
October 16, 2024 – Barcelona /PRNewswire/ - Freightos Limited (NASDAQ: CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported preliminary key performance indicators for Q3 2024, showcasing strong growth in platform usage and network expansion, with the 19th consecutive quarter of record Transactions.
| Actuals* | Management’s Expectations | |||
| Q3 2024 | Q3 2024 | |||
| # Transactions (‘000) | 339.1 | 323.5 - 332.5 | ||
| Year over-Year Growth | 26% | 20% - 24% | ||
| GBV ($m) | 217.5 | 198.0 - 203.5 | ||
| Year over-Year Growth | 35% | 23% - 27% |
*Numbers are preliminary and subject to change with the full earnings release
Platform Expansion and Network Growth
Freightos continued to strengthen its digital freight marketplace in Q3 2024, facilitating increased transactions and expanding its global buyer and seller network.
| ● | Transactions: Freightos facilitated 339.1K transactions in Q3 2024, representing a 26% year-over-year growth. This surpassed management's guidance of 323.5 - 332.5K, demonstrating the continued adoption of Freightos’ platform by freight forwarders, importers, exporters, and carriers globally. |
| ● | Carrier and Buyer Growth: Freightos expanded its carrier network to 55 carriers, up from 39 in Q3 2023. The number of unique buyer users on the platform also grew by 14% year-on-year, reaching approximately 19,700 by the end of the quarter. |
| ● | Gross Booking Value (GBV): The total value of transactions processed on the Freightos platform, or GBV, reached $217.5M, reflecting a 35% year-over-year increase, significantly exceeding the anticipated range of $198.0 - 203.5M. |
“The KPIs we delivered this quarter reflect not only the continued growth of our platform, but also the critical role digital solutions are playing in the transformation of the freight industry,” said Zvi Schreiber, CEO of Freightos. “As more buyers and sellers join the platform and transaction volumes rise, we see clear network effects driving further engagement. At the same time, our SaaS solutions are tightly integrated with the platform, enhancing the value we deliver to customers. These efforts are not just about financial growth - they are essential to supporting the broader digitalization of global freight, helping our industry become more efficient, transparent, and connected with the Freightos platform playing a fundamental role.”
Q3 2024 Earnings Call
Financial results for the third quarter of 2024 and outlook for the fourth quarter will be reported before markets open on November 25, 2024. Freightos' management will host a webcast and conference call to discuss the results that morning at 8:30 a.m. EST.
Information about Freightos' financial results, including a link to the live webcast, will be available on Freightos' investor relations website at https://www.freightos.com/investor-news/.
To participate in the call, please register at the following link:
https://freightos.zoom.us/webinar/register/WN_1KFr9f-1TRmTzd3wVW4GKw
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 call’s transcript, will be available on Freightos' Investor Relations website following the call.
Glossary
We have provided below a glossary of certain terms used in this press release:
| ● | 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 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) or gross services volume (GSV). We believe that this metric reflects the scale of the Freightos platform and our opportunities to generate platform revenue. |
| ● | 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. |
About Freightos
Freightos® (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, 7LFreight by WebCargo, Shipsta by Freightos, 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