Freightos Q22023 revenue down marginally
Freightos reports 239,000 transactions in Q22023, up 59% year over year
Nasdaq-listed Freightos reported a marginal decline (1.3 percent) in revenue at $5.1 million for Q22023, and operating loss was the same at $5.9 million compared to Q22022.
"Freightos achieved a record 239,000 transactions in Q22023, up 59 percent year over year, and gross booking value (GBV) of $154.8 million. Platform transactions have continued to grow for 14 consecutive quarters. On-going improvement in the take rate on the fastest growing segment of air cargo eBookings saw platform revenue increase despite the industry rates being dramatically lower. Total platform revenue this quarter was $1.8 million, and solutions revenue was $3.3 million," says an official release.
The number of unique buyer users across the Freightos platform was 16,000, an increase of over 10 percent compared to Q22022, and carriers selling on the platform, primarily on WebCargo, remained at 37 in Q22023, up 19 percent year over year, the release added.
"The Freightos platform facilitated record transaction numbers, and earned slightly increased platform revenue during the second quarter of 2023 with our growth successfully overcoming depressed international freight rates and reduced industry volumes," says Zvi Schreiber, Founder and CEO, Freightos. "Growth and innovation on the carrier supply side, as well as a 10 percent year over year growth in unique buyer users, has fueled an increase in our market share that emphasises the continued adoption of digital bookings."
Ran Shalev, CFO, Freightos adds: "We are pleased to reaffirm our 2023 guidance that we provided together with the efficiency plan announcement. Despite difficult industry conditions, the company remains on track to improve adjusted EBITDA in Q3 and after. The results of the operational efficiency plan implemented in early Q3 are anticipated to be reflected in the company's financials as early as this quarter and are not expected to compromise underlying growth. The combination of sustained solutions sales, particularly the growing data business unit, improved take rates, and careful monitoring of spend, have kept gross margins high and stable."
Freightos is expecting revenue of $5-5.3 million for the third quarter of 2023, and full year revenue is expected to be around $20-21.2 million. While transactions in Q32023 are seen increasing 27-35 percent, full year projection is around 46-57 percent.