Freightos laying off 13% employees on lower revenue outlook

Giving a revised 2023 outlook, Freightos said revenue is now likely to be $20-21.2 million compared to May estimate of $21.2-23.1 million. Adjusted EBITDA is now seen at negative $21.5-19.8 million compared to negative $24.4-21.5 million

Despite the tough decision to part with teammates, I am confident that these changes will position Freightos for sustainable success in the years ahead, through cyclical downturns and upturns as we continue to digitise global freight procurement for thousands of carriers, freight forwarders, and importers/exporters globally: Zvi Schreiber,Freightos

Becoming a leaner, more efficient organisation, combined with continued investment in our key growth drivers, should set us up for continued success for many years: Ran Shalev, Freightos

Transactions are expected to decline to 973,000-1.04 million in 2023 from the earlier estimates of 1.01-1.11 million, and gross business volume is seen dropping to $626.2-666.6 million from $694.5-739.8 million

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