Freightos (CRGO) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue grew 25% year-over-year to $6.6M, with transaction volume up 22% to 350.4K, marking five consecutive years of quarterly transaction records and surpassing guidance.

• Full year 2024 revenue reached $23.8M, up 17%, with 1.3M transactions and a 58% CAGR in transaction volume since Q4 2021.

• Adjusted EBITDA loss narrowed to $(3.1)M in Q4 and $(12.6)M for FY 2024, in line with guidance and improved from 2023.

• Added 12 new carriers in Q4, bringing the total to 67, and expanded unique buyer users to over 21,000.

• CEO highlighted digital leadership, AI adoption, and a new CFO appointment, with a target to reach breakeven by end of 2026.

Financial highlights

• Q4 2024 revenue was $6.6M, with platform revenue at $2.3M (up 21–28%) and solutions revenue at $4.3M (up 21–28%).

• Q4 IFRS gross margin improved to 67.6–68%; non-IFRS gross margin reached 74.3%; full-year non-IFRS gross margin was 72.4%.

• Q4 GBV was $280.5–$280.7M, up 50% year-over-year; full-year GBV was $894M, up 33%.

• Cash and cash equivalents plus short-term deposits stood at $37–$37.3M at year-end.

• Q4 IFRS loss was $9.8M (including a $3.0M non-cash goodwill impairment); full-year IFRS loss was $22.5M.

Outlook and guidance

• Q1 2025 revenue expected at $6.7–$6.8M (up 25–27% year-over-year); Q1 transactions projected at 362,000–370,000 (up 22–25%).

• FY 2025 revenue guidance is $29.0–$30.6M (up 22–29%); transactions expected at 1.56–1.64M (up 20–26%); GBV forecasted at $1.14–$1.20B (up 28–34%).

• Adjusted EBITDA loss projected to narrow to $(10.9)–$(10.2)M for FY 2025, with a path to break-even by end of 2026.