Revenue and Profitability - Revenue for the six months ended June 30, 2024, increased to $11,013,000, up 11.1% from $9,916,000 in the same period of 2023[8] - Gross profit for the same period rose to $7,024,000, representing a 22.6% increase compared to $5,728,000 in 2023[8] - Operating loss decreased significantly to $10,048,000 from $63,866,000 year-over-year, indicating improved operational efficiency[8] - Total revenue for the six months ended June 30, 2024, was $11,013,000, an increase from $9,916,000 in the same period of 2023, representing a growth of 11.1%[51] - Operating loss for the six months ended June 30, 2024, was $(10,048,000), compared to $(63,866,000) in the same period of 2023, indicating a significant reduction in losses[51] - The loss for the six months ended June 30, 2024, was $9,930,000, compared to $54,998,000 in the same period of 2023, showing a substantial decrease in losses[56] Assets and Equity - Total assets as of June 30, 2024, were $82,152,000, down from $87,685,000 at the end of 2023, reflecting a decrease of 6.3%[5] - Total equity decreased to $64,305,000 from $72,042,000, a decline of 10.7%[5] - Cash and cash equivalents increased to $21,001,000 from $20,165,000, showing a growth of 4.1%[5] - User funds rose to $3,845,000, up 8.2% from $3,553,000 at the end of 2023[5] Cash Flow and Management - Net cash used in operating activities for the six months was $4,505,000, a decrease from $18,809,000 in the prior year, indicating better cash management[13] - Cash flows from investing activities provided $5,508,000, contrasting with a net cash outflow of $51,470,000 in the same period of 2023[14] - Freightos incurred a loss of $9,930 during the six months ended June 30, 2024, with a negative cash flow from operating activities of $4,505[29] Shareholder Information - Basic and diluted loss per share improved to $0.21 from $1.33, reflecting a significant reduction in losses per share[8] - The number of issued and outstanding ordinary shares increased from 47,894,688 as of January 1, 2024, to 48,322,673 as of June 30, 2024, reflecting an increase of 427,985 shares[44] - Share-based compensation expense for the six months ended June 30, 2024, totaled $1,594,000, compared to $1,128,000 in the same period of 2023, marking a year-over-year increase of 41.3%[48] - The total unrecognized compensation cost related to unvested RSUs as of June 30, 2024, was $1,235,000, expected to be recognized over a weighted-average period of 2.51 years[49] Business Operations - Freightos operates through two segments: Platform and Solutions, focusing on digitized price quoting and software tools for the freight industry[21] - The Solutions segment generated $7,141,000 in revenue, while the Platform segment contributed $3,872,000 for the six months ended June 30, 2024[51] - Freightos' platform supports over 10,000 importers/exporters and thousands of forwarders, contributing to supply chain efficiency[21] - The Company has subsidiaries in Israel, the US, Canada, Spain, China, and India, enhancing its global operational footprint[18][20][21][24][22] Corporate Actions - Freightos completed a business combination on January 25, 2023, resulting in its listing on the Nasdaq Capital Market under the symbols "CRGO" and "CRGOW"[26] - The Company recorded a one-time share-based listing expense of $46,717 related to the business combination[29] - Freightos issued 4,287,156 shares to Gesher shareholders, with a fair value of $43,858 based on the opening share price of $10.23 on Nasdaq[29] - The Company acquired Shipsta for approximately €4,500 million and 640,000 Freightos shares, financed through cash and equity[63] Liabilities and Guarantees - The fair value of the Warrants liability was valued at $(2,525) as of June 30, 2024[40] - The Company issued a bank guarantee of $56,000 to secure obligations related to a lease agreement as of June 30, 2024[50] - The total expense accrued by the Company for commercial agreements with a related party was $81 million for the six months ended June 30, 2024, compared to $95 million for the same period in 2023[59] - Compensation to directors not employed by the Company was $81 million for the six months ended June 30, 2024, up from $64 million in 2023[60] - The Company had 5,609,169 options and RSUs outstanding as of June 30, 2024, an increase from 5,448,573 as of June 30, 2023[61] - Total compensation for key management personnel recognized as an expense was $1,418 million for the six months ended June 30, 2024, down from $1,523 million in 2023[62]
Freightos(CRGO) - 2024 Q2 - Quarterly Report