UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2024
Commission File Number: 001-41604
Freightos Limited
(Translation of registrant's name into English)
Planta 10, Avda. Diagonal, 211
Barcelona,
Spain 08018
(Address of principal executive office)
| Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: |
| |
| x Form 20-F |
¨ Form 40-F |
CONTENTS
Quarterly Results of Operations
On July 15, 2024, Freightos Limited (the “Company”) announced
certain preliminary financial results for its key performance indicators for the second quarter of 2024, and provided information concerning
the expected timing for its full second quarter 2024 earnings release. A copy of the press release containing that announcement is furnished
as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”).
Exhibits.
Incorporation by Reference
The information in this Form 6-K and Exhibit 99.1 hereto (including
any data presented in conformity with International Financial Reporting Standards (“IFRS”) and related analysis, but excluding
non-IFRS data ) is hereby incorporated by reference into the Company’s registration statements on Form
S-8 (File No. 333-270303) and Form
F-3 (File No. 333-280302), to be a part thereof from the date on which this report is submitted, to the extent not superseded by
documents or reports subsequently filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
FREIGHTOS
LIMITED |
| |
|
| Date: July 15, 2024 |
|
| |
/s/
Michael Oberlander |
| |
Name: |
Michael Oberlander |
| |
Title: |
General Counsel |
Exhibit 99.1
Freightos Posts New Records for Transactions and
Gross Booking Value for Second Quarter of 2024
The Company Plans To Report Earnings on August
19, 2024
July 15, 2024 – Barcelona /PRNewswire/ - Freightos Limited (NASDAQ:
CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported preliminary second
quarter 2024 Key Performance Indicators.
| | |
Actuals* | | |
Management’s
Expectations | |
| | |
Q2 2024 | | |
Q2 2024 | |
| # Transactions (‘000) | |
316.5 | | |
303.0 - 309.0 | |
| Year over-Year Growth | |
32% | | |
27% - 29% | |
| GBV ($m) | |
203.4 | | |
178.0 - 182.0 | |
| Year over-Year Growth | |
31% | | |
15% - 18% | |
*Numbers are preliminary and subject to change with the full earnings
release
In Q2 2024, Freightos continued to progress toward its long-term growth
objectives. The company facilitated 316.5 thousand transactions, representing a year-over-year growth of 32%, surpassing management expectations
for the quarter and exceeding the long term target of 20-30% annual transaction growth rate. This significant transaction growth highlights
the growing adoption of digital solutions in the freight industry.
Gross Booking Value (GBV) for Q2 2024 grew 31% compared to the same
quarter last year, consistent with the growth of Transactions. Management had anticipated that GBV growth may lag at 15-18% growth, due
to softer market prices. However, due to the ongoing Red Sea crisis, average prices did not drop and so GBV growth was consistent with
Transaction growth.
In Q2 2024, Freightos expanded its Carrier network to 51 carriers,
up from 37 in Q2 2023. Additionally, the count of Unique Buyer Users rose to approximately 19 thousand, reflecting a 16% increase from
Q2 last year.
This growth underscores the ongoing marketplace network effects, where
buyers attract sellers and sellers attract buyers. This momentum represents the continued digitalization of the spot freight market,
estimated to comprise 30-50% of the total air and ocean freight market. Freightos’ success in broadening its platform user base
highlights its expanding market reach as well as its commitment to digitalization and efficiency in the massive and critical freight
industry.
Q2 2024 Earnings Call
Financial results for the second quarter of 2024 and outlook for the
third quarter will be reported before markets open on August 19, 2024. Freightos' management will host a webcast and conference call
to discuss the results that morning at 8:30 a.m. EST.
Information about Freightos' financial results, including a link to
the live webcast, will be available on Freightos' investor relations website at https://www.freightos.com/investor-news/.
To participate in the call, please register at the following link:
https://freightos.zoom.us/webinar/register/WN_9pLPTFSkSQ2euHunGhX1gw
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 call’s transcript, will
be available on Freightos' Investor Relations website following the call.
Glossary
We have provided below a glossary of certain terms used in this press
release:
| ● | Carriers:
Number of unique air and ocean carriers, mostly airlines, that have been sellers of transactions.
For airlines, we count booking carriers, which include separate airlines within the same
carrier group. We do not count dozens of other airlines that operate individual segments
of air cargo transactions, as we do not have a direct booking relationship with them. Carriers
include ocean less-than-container load (LCL) consolidators. In addition, we only count carriers
when more than five bookings were placed with them over the course of a quarter. |
| ● | Unique
buyer users: Number of individual users placing bookings, typically counted based on
unique email logins. The number of buyers, which counts unique customer businesses, does
not reflect the fact that some buyers are large multinational organizations while others
are small or midsize businesses. Therefore, we find it more useful to monitor the number
of unique buyer users than the number of buyer businesses. |
| ● | GBV:
Total value of transactions on the Freightos platform, which is the monetary value of
freight and related services contracted between buyers and sellers on the Freightos platform,
plus related fees charged to buyers and sellers, and pass-through payments such as duties.
GBV is converted to U.S. dollars at the time of each transaction on the Freightos platform.
This metric may be similar to what others call gross merchandise value (GMV) or gross services
volume (GSV). We believe that this metric reflects the scale of the Freightos platform and
our opportunities to generate platform revenue. |
| ● | Transactions:
Number of bookings for freight services, and related services, placed by Buyers across
the Freightos platform with third-party sellers and with Clearit. Sellers of Transactions
include Carriers (that is, airlines, ocean liners and LCL consolidators) and also other providers
of freight services such as trucking companies, freight forwarders, general sales agents,
and air master loaders. The number of transactions booked on the Freightos platform in any
given time period is net of transactions that were canceled prior to the end of the period.
Transactions booked on white label portals hosted by Freightos are included if there is a
transactional fee associated with them. |
Contacts
Media:
Tali Aronsky
press@freightos.com
Investors:
ir@freightos.com
About Freightos
Freightos® (NASDAQ: CRGO) is the leading, vendor-neutral booking
and payment platform for international freight, improving world trade. WebCargo® by Freightos and 7LFreight by WebCargo form the
largest global air cargo booking platform, connecting airlines and freight forwarders. Over ten thousand freight forwarder offices, including
the top twenty global forwarders, place thousands of eBookings a day on the platform with over fifty airlines. These airlines represent
over 2/3rds of global air cargo capacity. Alongside ebookings, freight forwarders use WebCargo and 7LFreight to automate rate management,
procurement, pricing and sales of freight services, across all modes, resulting in more efficient and more transparent freight services.
More information is available at freightos.com/investors.
Freightos (NASDAQ:CRGO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Freightos (NASDAQ:CRGO)
Historical Stock Chart
From Jul 2023 to Jul 2024
