Freight booking platform Freightos's Q2 revenue beats analyst expectations as demand rises

Overview

• Freightos Q2 revenue up 31% yr/yr, beating analyst expectations

• Adjusted EBITDA negative $2.9 mln, slightly smaller than last year

• Co updates full-year outlook, increasing transaction forecasts

Outlook

• Freightos expects Q3 revenue of $7.6 mln to $7.7 mln

• Company forecasts full-year revenue of $29.5 mln to $30.0 mln

• Freightos anticipates Q3 transactions between 419k and 425k

• Company projects full-year transactions of 1,607k to 1,684k

Result Drivers

• TRANSACTION VOLUME - Record 397k transactions in Q2, up 26% yr/yr, driving revenue growth

• CARRIER EXPANSION - Addition of China Airlines and Air Europa among new carriers increased platform diversity

• SAAS AND CUSTOMS - Strong organic performance from SaaS solutions and customs clearance services contributed to revenue growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the courier, postal, air freight & land-based logistics peer group is "buy"

• Wall Street's median 12-month price target for Freightos Ltd is $5.00, about 35% above its August 15 closing price of $3.25

Press Release: ID:nPn5ZVhHBa