Freighos Limited, a leading digital vendor-vendor-payment and payment platform for the international shipping industry, today reported financial results for the quarter and year ended December 31, 2024.
“Freighos continues to lead digital transformation from global transportation, give in the fourth quarter of our highest income growth rate since Go Public, our strongest operator expansion ever, and records gross profit margins,” said Zvi Schreiber, CEO of Freighos. “In the industry that is still in the early stages of digital adoption, our platform is proven to be very important – connecting more operators, transporting goods, and importers/exporters than before. We have an ambitious plan for the launch of the product, and the aggressive AI adoption this year, arranged the stage for growth to be break -even at the end of 2026. I like to welcome Pablo Pinillos as our new CFO starting next week, bringing fresh leadership when we advance our vision for the shipping industry A more connected and digital global, supports smoother global trade. “
Fourth quarter financial spotlight 2024
Revenue of $ 6.6 million for the fourth quarter of 2024, increased by 25% compared to $ 5.3 million in the fourth quarter of 2023.
IFRS Dirty Margin 67.6%, up from 62.2% in the fourth quarter of 2023. Non-IFRS Gross Margin 74.3%, up from 70.0% for the fourth quarter 2023.
IFRS losses $ 9.8 million, (including the decline in goodwill accounting once, non-cash $ 3.0 million related to acquisitions from 2022), compared to losses of $ 3.3 million for the fourth quarter of 2023.
EBITDA is adjusted from a negative $ 3.1 million, compared to the negative $ 3.8 million for the fourth quarter of 2023.
FULL FINANCIAL FINANCIALS
Revenue of $ 23.8 million for full year 2024, increased 17% compared to $ 20.3 million in 2023.
IFRS dirty margin 65.2% in 2024, compared with 58.2% at 2023. Non-IFRS Gross margin of 72.4%, up from 67.4% at 2023.
IFRS loss $ 22.5 million (including a decrease in the value of goodwill once, non-cash $ 3.0 million related to acquisitions from 2022), compared to losses of $ 65.5 million in 2023 (which included once, non- -Thai $ 46.7 million share list fees).
EBITDA is adjusted from the negative $ 12.6 million, compared to the negative $ 19.0 million for 2023.
Equivalent to cash and cash and short -term bank deposit balances at the end of December 2024 of $ 37.3 million.
Latest business spotlight
Transaction growth: Freighos reached a record of 350.4 thousand transactions in the fourth quarter of 2024, up 22% from year to year. For a full year 2024, Freighos facilitated around 1.3 million transactions, up 27% from 2023. The fourth quarter of 2024 was the 20th quarter of the record transaction.
Operator Growth: The number of operators selling on the platform increased from 55 in the third quarter to 67 in the fourth quarter of 2024. Among the addition of new operators -this is CMA CGM Air Cargo. After the end of the quarter, Freighos announced the addition of Norwegian cargo and Westjet cargo to the platform.
Unique Buyer Users: The number of unique buyer users digitally order shipping services throughout the platform grew by 14% compared to the fourth quarter of 2023, reaching 20.1 thousand.
Growth Dirty Order Value: The value of a gross order (GBV) is $ 280.7 million in the fourth quarter, up 50% compared to the fourth quarter of 2023, significantly exceeding management expectations and reflecting a period of more than $ 1 billion. GBV in the full year 2024 was $ 894.0 million, up 33% from 2023. This growth was supported by the airline portal and the initial adoption of land transportation transactions.
Revenue growth: The fourth quarter revenue of $ 6.6 million reflects the strong growth of webcargo by the Freighos platform and from the Customs Permit service. In addition, Saas Solutions, including Shipsta, generated the highest quarterly income ever in the fourth quarter of 2024. The total platform revenue in the fourth quarter was $ 2.3 million, up 21% from the fourth quarter of 2023, and the solution income was $ 4.3 million, up 28% from year to year. The total platform revenue in a full year is $ 8.4 million, up 18% from 2023, and the solution income is $ 15.4 million, up 17% from 2023.
Source: Freighos
