The following is a summary of the Freightos Limited (CRGO) Q4 2023 Earnings Call Transcript:
Financial Performance:
Freightos reported Q4 revenue of $5.3 million, an 8% increase from Q4 2022, and full-year 2023 revenue was $20.3 million, a 6% increase compared to the previous year.
IFRS gross margins improved to 62.2%, up from 59.2% in Q4 2022 and non-IFRS gross margin reached 70% for the quarter, up from 65.8% in Q4 2022.
Adjusted EBITDA in Q4 2023 was a negative $3.8 million, marking a sequential improvement from the $4.1 million loss in Q3 while the cash balance at the end of the year was $51.7 million.
Q1 2024 guidance includes a mid-20% growth in transactions and between $5.2 million and $5.3 million in revenues.
Adjusted EBITDA losses are expected to be between $4.2 million and $3.9 million in Q1 and between $15.3 million and $13.8 million for the full year.
Business Progress:
Freightos went public this year, raising around $65 million net of expenses, ending the year with $52 million left.
A record of 287,000 transactions was achieved in Q4, up by 53% Year Over Year, culminating to over a million transactions for the year.
A YoY increase of 12% registered in buyers reaching about 17,600 unique buyers.
The number of unique carrier sellers increased from 39 in Q3 to 45 in Q4.
Freightos also introduced new features, integrated payment systems, insurance, and customs brokerage into its platforms.
The launch of Freightos Terminal presents global air and ocean freight market intelligence.
Consolidation of its technology platforms under the One Stack initiative, aiming to connect international freight service buyers and sellers more seamlessly.
Future targets for 2025 to 2030 include transaction and GBV growth of 20% to 30% annually with revenue growth of 25% to 30% YoY and non-IFRS gross margins potentially approaching 80%, achieving profitability by the end of 2026.
More details: Freightos IR
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