Freightos(CRGO) - 2025 Q1 - Quarterly Report

Financial Performance - First quarter revenue increased by 30% year-over-year to $6.9 million, exceeding management expectations[4] - Revenue for Q1 2025 increased to $6,945,000, a 29.6% rise from $5,355,000 in Q1 2024[20] - Gross profit for Q1 2025 was $4,639,000, compared to $3,350,000 in Q1 2024, reflecting a gross margin of 66.8%[20][22] - Adjusted EBITDA improved to negative $3.0 million, compared to negative $3.6 million in the first quarter of 2024[4] - Adjusted EBITDA for Q1 2025 was $(3,046,000), compared to $(3,586,000) in Q1 2024, resulting in an adjusted EBITDA margin of -44%[23] - Non-IFRS loss for Q1 2025 was $(2,641,000), compared to $(3,002,000) in Q1 2024, with a non-IFRS basic and diluted loss per share of $(0.05)[24] - Operating loss for Q1 2025 was $4,681,000, an improvement from a loss of $5,484,000 in Q1 2024[20] Growth Metrics - Gross Booking Value (GBV) reached $276.1 million, up 43% compared to the first quarter of 2024[6] - Unique buyer users grew by 10% year-over-year, reaching 19.7 thousand in the first quarter of 2025[6] - The number of transactions reached a record 370.9 thousand, reflecting a 25% year-over-year growth[6] Outlook and Projections - The company maintains its full-year outlook, projecting revenue between $29.0 million and $30.6 million, representing a year-over-year growth of 22% to 29%[5] Operational Highlights - The IFRS gross margin increased to 66.8%, up from 62.6% in the first quarter of 2024[4] - The number of carriers on the platform increased from 67 to 71, enhancing route coverage[6] - The company launched the Freightos Enterprise Suite, integrating shipping procurement and booking processes[3] Cash and Assets - Cash and cash equivalents stood at $36.4 million as of the end of March 2025[4] - Cash and cash equivalents at the end of Q1 2025 were $36,437,000, up from $10,118,000 at the beginning of the period[21] - Total assets decreased slightly to $73,292,000 in Q1 2025 from $73,779,000 in Q4 2024[19] - Total equity decreased to $51,540,000 in Q1 2025 from $54,888,000 in Q4 2024[19] Research and Development - Research and development expenses increased to $2,883,000 in Q1 2025 from $2,466,000 in Q1 2024[20] Cash Flow - Cash flows from operating activities provided $290,000 in Q1 2025, a significant improvement from $(1,741,000) in Q1 2024[21]