For Freightos, the destination is achieving scalable growth as a public company.
Freightos, a newly minted public B2B marketplace for air and ocean freight, brings together shippers and freighters. And while the company expects to post a loss in its upcoming second quarter earnings later this month, the B2B marketplace is showing strong signs of generating more transactions.
Freightos marketplace transactions
For the year, Freightos expects its B2B marketplace to potentially generate more than 1 million transactions. That number is considerably higher than the 229,211 transactions achieved in the first quarter. And it’s up from the range of 239,500 to 244,500 transactions expected in the second three months of the year. Freightos will break out earnings on Aug. 21.
“A record 239,000 transactions were booked on the platform in Q2, up 59% from Q2 2022, continuing Freightos’ streak of record transactions,” the company says. “This strong growth, against the backdrop of an ongoing freight market downturn, demonstrates the momentum of Freightos’ mission to digitalize international freight.”
Freightos has two revenue streams. The first is WebCargo, a platform for buyers and sellers of freight services to perform various actions such as generating price quotes and other tasks. The other Freightos revenue stream is a solutions unit that provides users with software tools and data to help automate their pricing, sales, and procurement processes.
As a result of reduced market freight rates, gross booking value (GBV), the total value of transactions on the Freightos’ platform, will come in below expectations, the company says.
“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,” Freightos says.
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