The following is a summary of the Freightos Limited (CRGO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Freightos reported Q1 revenue of $5.4 million, an 11% increase from Q1 of '23.

• Total platform revenues were up 12% year-over-year, contributing to $1.9 million.

• The Solutions revenue stood at $3.5 million, indicating a 10% increase from Q1 of '23.

• Improvement in IFRS gross margin observed, rising to 62.6% from 58.3% a year ago.

• The firm achieved significant year-over-year improvement after reducing headcount, which led to a decrease in adjusted EBITDA to negative $3.6 million from negative $5.8 million in Q1 last year.

Business Progress:

• The company facilitated approximately 296,000 transactions, marking a 29% year-over-year growth.

• The gross booking value of the transactions was over $192 million, a 14% year-on-year increase.

• Freightos expanded its carrier base to 49 carrier sellers this quarter and announced the extension of its partnerships with various airlines.

• Significant progress was made across all four of its key growth strategies: increasing types of transactions, covering more transaction aspects, generating more buyer-seller interactions, and data & connectivity.

• The firm is on track to have all cargo capacity by United and Delta available on WebCargo by Freightos, expanding their presence in the American air market. A total Available Market (TAM) for Freightos' platform revenue potentially reaching tens of billions of dollars.

More details: Freightos IR

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