Freightos reports 29% increase in transactions in Q12024
Gross booking value for Q12024 increased 14% to $192.4 million
Nasdaq-listed Freightos, a vendor-neutral booking and payment platform for the freight industry, reported a 29 percent (preliminary) increase in transactions at 295,600 for the first quarter of 2024.
The management was expecting a 22-26 percent increase in transactions at 280,500-288,000, says an official release.
Gross Booking Value (GBV) for Q12024 increased 14 percent to $192.4 million as against an expectation of $168-172.5 million, well above management's forecast of 0-two percent growth. "This outperformance stems mostly from elevated freight rates during the first quarter related to the Red Sea crisis."
In Q12024, the count of unique buyer users rose to approximately 18,000, reflecting the platform's success in continuously broadening the user base. "This 11 percent increase from Q12023 demonstrates Freightos' commitment to enhancing user engagement and expanding its market reach."
The carrier network expanded to 49, up from 37 in Q1 last year. "Airlines connected to WebCargo represent in aggregate about 66 percent of the world air cargo market. This emphasises that the long-term marketplace network effects of buyers attracting sellers and sellers attracting buyers continues unabated."
The expanding capacity not only diversifies the freight options available to the platform users but also strengthens Freightos' position in the logistics ecosystem, the release added.
The financial results for Q12024 and outlook for the second quarter will be reported before markets open on May 20, 2024.
