Freightos Reports Third Quarter 2025 Results

BARCELONA, Spain, Nov. 17, 2025 /PRNewswire/ -- Freightos Limited (NASDAQ: CRGO), the leading vendor-neutral digital booking and payment platform for the international freight industry, today reported its financial results for the quarter ended September 30, 2025.

"This quarter marks another consecutive period of record revenue and transactions for Freightos as we continue to demonstrate the resilience and growing adoption of our digital freight booking platform," said Zvi Schreiber, CEO of Freightos. "Our results show how freight rate volatility is accelerating the industry's shift toward digital solutions that provide transparency and agility. While we're seeing some enterprise customers pace their solutions purchases in the current macro environment, our multimodal strategy is gaining traction, with some major freight forwarders already moving from air-only to global multimodal deployments. Our new multimodal ocean and air solution represents a substantially larger market opportunity, positioning Freightos to capture growth as carriers continue embracing digital distribution channels."

"Our revenue growth this quarter underscores the strength of our diversified business model amid market fluctuations," said Pablo Pinillos, CFO. "While we believe industry uncertainty has acted as a tailwind for platform revenue and a headwind for solutions revenue, we've met our overall revenue outlook with improved gross margins, reflecting the operating leverage we're achieving at scale. We are making steady progress toward breakeven and maintain strong cash reserves as we continue strategic investment in growth balanced with disciplined cost management."

Third Quarter 2025 Financial Highlights

Recent Business Highlights

Financial Outlook

Management Expectations

Q4 2025

FY 2025

Transactions (k)

438 - 444

1,636 - 1,641

Year over Year Growth

29% - 31%

26% - 26%

GBV ($m)

340 - 344

1,268 - 1,272

Year over Year Growth

56% - 58%

42% - 42%

Revenue ($m)

7.4 - 7.5

29.5 - 29.6

Year over Year Growth

20% - 22%

24% - 24%

Adjusted EBITDA ($m)

(2.7) - (2.6)

(11.2) - (11.1)

This outlook assumes freight price levels and market freight volumes as of November 2025

Further financial details are included as an appendix below.

Earnings Webcast

Freightos' management will host a webcast and conference call to discuss the results today, November 17, 2025, at 8:30 a.m. EST. To participate in the call, please pre-register at the following link:

https://freightos.zoom.us/webinar/register/WN_A2xWbYIrRz6lnetBZP8_7Q#/registration

Following registration, you will be sent the link to the conference call which is accessible either via the Zoom app, or alternatively from a dial-in telephone number.

Questions may be submitted in advance to ir@freightos.com or via Zoom during the call.

A replay of the webcast, as well as the conference call transcript, will be available on Freightos' Investor Relations website following the call.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which include the financial outlook of Freightos, are based on various assumptions, whether or not identified in this press release, and on the current expectations of Freightos, and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Freightos. These forward-looking statements are subject to a number of risks and uncertainties, including: disruptions to the international freight industry, including those caused by global economic trends and policy changes, such as whether increased tariffs and protectionist trade policies being implemented by the United States and other countries will reduce shipping volume and, hence, number of Transactions, GBV and Platform revenue; Freightos' ability to successfully integrate the Shipsta business without disruption to its business; the recent military conflict in the Middle East, including whether disruptive actions by the Houthis in Yemen on the international shipping route that runs through the Red Sea will continue; competition; the ability of Freightos to build and maintain relationships with carriers, freight forwarders and importers/exporters; the ability to keep pace with rapid technological changes, particularly in artificial intelligence; Freightos' ability to retain its management and key employees; changes in applicable laws or regulations; any downturn or volatility in economic conditions whether related to reduced international trade, inflation, armed conflict or otherwise; changes in the competitive environment affecting Freightos or its users, including Freightos' ability to introduce new products or technologies; risks to Freightos' ability to protect its intellectual property and avoid infringement by others, or claims of infringement against Freightos; and those additional factors discussed under the heading "Risk Factors" in Freightos' annual report on Form 20-F filed with the SEC on March 24, 2025, and any other risk factors Freightos includes in any subsequent reports of foreign private issuer on Form 6-K furnished to the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Freightos is not aware presently or that Freightos currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Freightos' expectations, plans or forecasts of future events and views as of the date of this press release. Freightos anticipates that subsequent events and developments will cause Freightos' assessments to change. However, while Freightos may elect to update these forward-looking statements at some point in the future, Freightos specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Freightos' assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Financial Information; Non-IFRS Financial Measures

While certain financial figures included in this press release have been computed in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, this press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements".

This press release includes certain financial measures not presented in accordance with generally accepted accounting principles of the IFRS including, but not limited to, Adjusted EBITDA. These non-IFRS measures differ from the most directly comparable measures determined under IFRS. For the historical non-IFRS results included herein, we have provided tables at the end of this press release providing a reconciliation of those results to our results achieved under the most directly comparable IFRS measures. For the forward-looking, non-IFRS data included under "Financial outlook", we have not included such a reconciliation, because the reconciliation of forward-looking data cannot be prepared without unreasonable effort. Our results and forecasts expressed as non-IFRS measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Freightos believes that Adjusted EBITDA and other non-IFRS measures provide useful information to investors and others in understanding and evaluating Freightos' operating results because they provide supplemental measures of our core operating performance and offer consistency and comparability with both our own past financial performance and with corresponding financial information provided by peer companies. These non-IFRS measures are presented to permit investors and others to more fully understand how management assesses our performance for internal planning and forecasting purposes.

Certain monetary amounts, percentages and other figures included in this press release have been subject to rounding adjustments, and therefore may not sum due to rounding.

Glossary

We have provided below a glossary of certain terms used in this press release:

About Freightos

Freightos® (Nasdaq: CRGO) is the leading vendor-neutral global freight booking platform. Airlines, ocean carriers, thousands of freight forwarders, and well over ten thousand importers and exporters connect on Freightos, making world trade efficient, agile, and resilient.

The Freightos platform digitizes the trillion dollar international freight industry, supported by a suite of software solutions that span pricing, quoting, booking, shipment management, and payments for businesses of all shapes and sizes around the globe. Products include Freightos Enterprise for multinational importers and exporters, Freightos Marketplace for small importers and exporters, WebCargo and 7LFreight by WebCargo for freight forwarders, WebCargo for Airlines, and Clearit, a digital customs broker.

Freightos is a leading provider of real-time industry data via Freightos Terminal, which includes the world's leading spot pricing indexes, Freightos Air Index (FAX) for air cargo and Freightos Baltic Index (FBX) for container shipping. Futures of FBX are traded on CME and SGX.

More information is available at freightos.com/investors.

Contacts

Media:

Tali Aronsky

press@freightos.com

Investors:

Anat Earon-Heilborn

ir@freightos.com

CONSOLIDATED BALANCE SHEETS

(in thousands)

September 30, 2025

December 31, 2024

(unaudited)

Assets

Current Assets:

Cash and cash equivalents

$ 16,290

$ 10,118

User funds

3,072

4,494

Trade receivables, net

4,261

3,057

Short-term bank deposit

14,357

27,153

Other receivables and prepaid expenses

2,079

1,281

40,059

46,103

Non-current Assets:

Property and equipment, net

296

420

Right-of-use assets, net

1,793

1,191

Intangible assets, net

7,411

8,852

Goodwill

15,350

15,040

Deferred taxes

477

536

Other long-term assets

1,732

1,637

27,059

27,676

Total assets

$ 67,118

$ 73,779

Liabilities and Equity

Current liabilities:

Current maturity of lease liabilities

667

615

Trade payables

5,313

2,731

User accounts

3,072

4,494

Warrants liabilities

3,712

2,450

Accrued expenses and other short-term liabilities

7,111

7,023

19,875

17,313

Long Term Liabilities:

Lease liabilities

1,101

339

Employee benefit liabilities, net

1,427

1,239

2,528

1,578

Equity:

Share capital

Share premium

264,704

261,769

Foreign currency translation reserve

323

(307)

Reserve from remeasurement of defined benefit plans

Accumulated deficit

(220,409)

(206,670)

Total equity

44,715

54,888

Total liabilities and equity

$ 67,118

$ 73,779

*) Represents an amount lower than $1.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

Revenue

$ 7,672

$ 6,185

$ 22,055

$ 17,198

Cost of revenue

2,368

2,162

7,119

6,151

Gross profit

5,304

4,023

14,936

11,047

Operating expenses:

Research and development

2,842

2,557

8,756

7,458

Selling and marketing

3,720

3,363

11,256

10,192

General and administrative

3,080

2,965

8,457

8,307

Total operating expenses

9,642

8,885

28,469

25,957

Operating loss

(4,338)

(4,862)

(13,533)

(14,910)

Change in fair value of warrants

(754)

1,485

(1,262)

445

Finance income

233

654

1,386

1,929

Finance expenses

(73)

(18)

(207)

(155)

Financing income, net

160

636

1,179

1,774

Loss before taxes on income

(4,932)

(2,741)

(13,616)

(12,691)

Income taxes (tax benefit), net

(17)

123

(37)

Loss

(4,962)

(2,724)

(13,739)

(12,654)

Other comprehensive income (net of tax effect):

Amounts that will be or that have been reclassified

to profit or loss when specific conditions are met:

Adjustments arising from translating financial

statements of foreign operations

630

Total comprehensive loss

$ (4,955)

$ (2,635)

$ (13,109)

$ (12,565)

Basic and diluted loss per Ordinary share

$ (0.10)

$ (0.06)

$ (0.27)

$ (0.26)

Weighted average number of shares outstanding

used to compute basic and diluted loss per share

50,892,241

48,846,805

50,356,060

48,321,451

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

Cash flows from operating activities:

Loss

$ (4,962)

$ (2,724)

$ (13,739)

$ (12,654)

Adjustments to reconcile net loss to net cash used in

operating activities:

Adjustments to profit or loss items:

Depreciation and amortization

862

803

2,606

2,213

Operating expense settled by issuance of shares

351

Change in fair value of warrants

754

(1,485)

1,262

(445)

Changes in the fair value of contingent consideration

(6)

Share-based compensation

845

982

2,353

2,576

Finance income, net

(160)

(636)

(1,179)

(1,768)

Income taxes (tax benefit), net

(17)

123

(37)

2,331

(353)

5,165

2,884

Changes in asset and liability items:

Decrease (increase) in user funds

225

(596)

1,486

(894)

Increase (decrease) in user accounts

(225)

596

(1,486)

894

Decrease (increase) in other receivables and prepaid expenses

152

424

(343)

(354)

Increase in trade receivables

(241)

(1,019)

(736)

Decrease in other long-term assets

Increase (decrease) in trade payables

(319)

(63)

2,543

418

Increase (decrease) in accrued severance pay, net

(103)

126

Increase (decrease) in accrued expenses and other

short-term liabilities

(540)

(173)

(388)

523

(817)

(156)

919

(138)

Cash received (paid) during the period for:

Interest received, net

187

1,730

2,543

Taxes received (paid), net

(23)

(20)

(206)

167

1,738

2,337

Net cash used in operating activities

(3,385)

(3,066)

(5,917)

(7,571)

Cash flows from investing activities:

Purchase of property and equipment

(43)

(15)

(117)

(32)

Proceeds from sale of property and equipment

Acquisition of a subsidiary, net of cash acquired (a)

(3,350)

Investment in long-term deposits

(180)

(3)

(303)

(23)

Withdrawal of long-term deposits

116

Withdrawal of (investment in) short-term bank deposit, net

12,000

(6,000)

Withdrawal of short term investments, net

11,520

Net cash provided by (used in) investing activities

(222)

(3,362)

11,722

2,146

Cash flows from financing activities:

Repayment of lease liabilities

(227)

(116)

(527)

(421)

Exercise of options

106

583

303

Net cash provided by (used in) financing activities

(133)

(10)

(118)

Exchange differences on balances of cash and cash

equivalents

(13)

286

(72)

Gains (losses) from translation of cash and cash

equivalents of foreign activity

(1)

Increase (decrease) in cash and cash equivalents

(3,691)

(6,451)

6,172

(5,615)

Cash and cash equivalents at the beginning of the period

19,981

21,001

10,118

20,165

Cash and cash equivalents at the end of the period

$16,290

$14,550

$ 16,290

$ 14,550

(a) Acquisition of an initially consolidated subsidiary:

Working capital (excluding cash and cash equivalents)

$ (1,271)

Property and equipment

Right-of-use assets

350

Intangible assets

3,538

Goodwill

2,546

Shares issued

(885)

Payable for acquisition of subsidiary

(629)

Lease liabilities

(350)

Acquisition of a subsidiary, net of cash acquired

$ -

$ 3,350

$ -

$ 3,350

(b) Significant non-cash transactions:

Right-of-use asset recognized with corresponding

lease liability

$ -

$ 1,172

$ -

RECONCILIATION OF IFRS TO NON-IFRS GROSS PROFIT AND GROSS MARGIN

(in thousands, except gross margin data)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

IFRS gross profit

$ 5,304

$ 4,023

$ 14,936

$ 11,047

Add:

Share-based compensation

123

227

313

Depreciation and amortization

390

349

1,165

972

Non-IFRS gross profit

$ 5,741

$ 4,495

$ 16,328

$ 12,332

IFRS gross margin

69.1 %

65.0 %

67.7 %

64.2 %

Non-IFRS gross margin

74.8 %

72.7 %

74.0 %

71.7 %

RECONCILIATION OF IFRS LOSS TO ADJUSTED EBITDA

(in thousands , except adjusted EBITDA margin data)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

IFRS loss

$ (4,962)

$ (2,724)

$ (13,739)

$ (12,654)

Add:

Change in fair value of warrants

754

(1,485)

1,262

(445)

Financing income, net

(160)

(636)

(1,179)

(1,774)

Tax benefit (income taxes), net

(17)

123

(37)

Share-based compensation

845

982

2,353

2,576

Depreciation and amortization

862

803

2,606

2,213

Acquisition-related costs

283

Operating expense settled by issuance of shares

351

Adjusted EBITDA

$ (2,631)

$ (2,794)

$ (8,574)

$ (9,487)

Adjusted EBITDA margins

-34 %

-45 %

-39 %

-55 %

Loss margin (under IFRS)

-65 %

-44 %

-62 %

-74 %

RECONCILIATION OF IFRS LOSS TO NON-IFRS LOSS AND LOSS PER SHARE

(in thousands, except share and per share data)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

IFRS loss

$ (4,962)

$ (2,724)

$ (13,739)

$ (12,654)

Add:

Share-based compensation

845

982

2,353

2,576

Depreciation and amortization

862

803

2,606

2,213

Operating expense settled by issuance of shares

351

Acquisition-related costs

283

Changes in the fair value of contingent consideration

(6)

Change in fair value of warrants

754

(1,485)

1,262

(445)

Non IFRS loss

$ (2,501)

$ (2,141)

$ (7,518)

$ (7,682)

Non IFRS basic and diluted loss per Ordinary share

$ (0.05)

$ (0.04)

$ (0.15)

$ (0.16)

Weighted average number of shares

outstanding used to compute basic and

diluted loss per share

50,892,241

48,846,805

50,356,060

48,321,451

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SOURCE Freightos