Freightos concluded its fiscal Q3 2024 on a high note. For the period ending Sept. 30, Freightos reported $6.2 million in revenue, a 21% increase compared to $5.1 million in Q3 2023.
Freightos is a leading digital booking and payment platform for the international freight industry.
The quarter also marked the successful completion and integration of Freightos’s acquisition of Shipsta, a prominent freight-tender procurement platform used by dozens of Global 1000 enterprises. This addition expands Freightos’s portfolio, complementing its existing spot freight pricing and quoting services with Shipsta’s tender procurement capabilities.
“Our strong third-quarter results underscore the transformative impact our platform continues to make in the digitalization of freight,” said Zvi Schreiber, CEO of Freightos. “We achieved remarkable growth in transaction volumes, driven by our growing network of engaged buyers and sellers. The addition of Shipsta has not only strengthened our solutions but also expanded our enterprise customer base. We also continued to release cutting-edge product features, including AI-powered tools that leverage our extensive industry reach.”
Freightos revenue and transaction volume in Q3
- Record transactions growth. Freightos achieved a record 339,100 transactions in Q3 2024, marking a 26% year-over-year increase and the 19th consecutive quarter of company record-breaking transactions. This performance outpaced industry growth: Global air cargo volumes rose by 11% (IATA), and global ocean shipping volumes grew by 4.2% (CTS).
- Carrier expansion. The platform added notable carriers, bringing the total number of carriers to 55. Recent additions include Qantas, Air India (via GSA Euro Cargo Aviation), Pacific Air Cargo, and HNA Cargo, further enhancing its comprehensive logistics network.
- Growing unique buyer users. The number of unique buyers booking freight services digitally through the platform grew by 14% year over year to 19,700.
- Gross booking value (GBV). GBV reached $217.5 million, a 35% year-over-year increase, surpassing management’s expectations.
- Revenue breakdown. Revenue growth was driven by robust performance across WebCargo by Freightos, customs clearance services, and SaaS solutions, including Shipsta. Platform revenue grew 29% year over year to $2.3 million. Meanwhile, solutions revenue increased by 18% to $3.9 million.
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