Freightos(CRGO) - 2024 Q1 - Quarterly Report

Revenue Performance - Revenue for Q1 2024 was $5.4 million, an 11% increase from $4.8 million in Q1 2023[4] - Revenue for Q1 2024 increased to $5,355,000, up 11% from $4,823,000 in Q1 2023[15] - Management expects Q2 2024 revenue between $5.5 million and $5.6 million, reflecting 8% to 10% year-over-year growth[5] - The company anticipates FY 2024 revenue to be between $22.4 million and $24.0 million, indicating an 11% to 18% growth[5] Gross Margin and Profitability - IFRS Gross Margin improved to 62.6%, up from 58.3% in Q1 2023[4] - Gross profit for Q1 2024 was $3,350,000, representing a gross margin of 62.6%, compared to $2,810,000 and 58.3% in Q1 2023[17] - Adjusted EBITDA loss narrowed to negative $3.6 million from negative $5.8 million in Q1 2023[4] - Adjusted EBITDA for Q1 2024 was $(3,586,000), an improvement from $(5,816,000) in Q1 2023[18] - Non-IFRS loss for Q1 2024 was $(3,002,000), improving from $(5,358,000) in Q1 2023[19] - Operating loss narrowed to $(5,484,000) in Q1 2024 from $(57,960,000) in Q1 2023[18] Transaction and User Growth - Gross Booking Value (GBV) reached $192.4 million, up 14% year over year, exceeding management expectations[4] - The number of transactions hit a record 295.6 thousand, representing a 29% year-over-year growth[4] - Unique buyer users increased by 11% to 18.0 thousand compared to Q1 2023[4] Cash and Assets - Cash and equivalents stood at $50 million, providing sufficient resources for market opportunities[3] - Cash and cash equivalents decreased to $12,272,000 as of March 31, 2024, down from $20,165,000 at the end of 2023[16] - Total assets decreased to $85,044,000 as of March 31, 2024, compared to $87,685,000 at the end of 2023[14] - Total equity decreased to $68,642,000 from $72,042,000 at the end of 2023[14] - Cash used in operating activities was $(1,741,000) in Q1 2024, compared to $(12,364,000) in Q1 2023[16] Carrier and Platform Development - The number of carriers on the platform increased to 49, with recent additions including Virgin Atlantic Cargo and Delta Cargo[4] Earnings Per Share - Basic and diluted loss per share improved to $(0.10) in Q1 2024 from $(1.38) in Q1 2023[15]