Freightos reports 239,000 transactions booked on platform in Q2, up 59% y/y

Freightos reported Q2 Key Performance Indicators. A record 239,000 transactions were booked on the platform in Q2 2023, up 59% from Q2 2022, continuing Freightos’ streak of record transactions. This strong growth, against the backdrop of an ongoing freight market downturn, demonstrates the momentum of Freightos’ mission to digitalize international freight. As a result of reduced market freight rates, Gross Booking Value was below management expectations. Transactions growth was supported by a 10% year on year growth in Unique buyer users, reaching 16,438. Carriers selling on the platform remained stable at 37 in Q2 2023. In early July, in response to the international freight market downturn, the company announced an operational efficiency plan, which is expected to improve Adjusted EBITDA by about $5.6M dollars per year, with the aim of ensuring the company’s ability to reach break-even on existing cash reserves despite the softer market.