Freightos (NASDAQ:CRGO) outlined a 2026 plan centered on profitability, tighter execution, and a “solutions-first” strategy as the company reported fourth-quarter and full-year 2025 results and provided a slower revenue growth outlook for 2026 amid longer enterprise sales cycles.
Board: Profitability and governance in focus
Chairman Dr. Udo Lange said the company is prioritizing “profitability and disciplined growth” in 2026 and remains committed to reaching break-even by the end of the year. Lange described break-even as a milestone toward becoming a self-sustaining growth company with attractive margins and greater strategic flexibility.
Regarding the CEO transition, Lange said the move from a founder-led to a professional CEO-led organization is “orderly and progressing.” The board is considering internal and external candidates and expects to appoint a new CEO before the next earnings release.
In response to a question about founder Zvi Schreiber stepping down from the board, Lange said the decision “was not planned” and was entirely Schreiber’s, though the board respects it and remains committed to the company’s long-term vision.
Operational priorities: “Solution-first,” go-to-market execution, and cost discipline
Interim CEO and CFO Pablo Pinillos said his near-term priority is disciplined execution and improving predictability, with a specific commitment to reach break-even adjusted EBITDA in the fourth quarter of 2026. He said the company is concentrating efforts in three areas:
- Go-to-market execution, including driving more consistent expansion within the existing customer base
- A solution-first focus, emphasizing solutions adoption and product quality
- Sharper cost discipline and operating efficiency
Pinillos said 2025 featured softer-than-anticipated solutions momentum, citing increased enterprise sales cycles and delayed decisions as customers faced budget caution. He said Freightos is tightening execution in product delivery and go-to-market while evaluating investments through a stricter filter focused on customer impact, reliability, and return on invested capital.
Asked how go-to-market has changed versus a year ago, Pinillos characterized the shift as incremental rather than drastic, emphasizing a customer-led approach and greater prioritization of initiatives with better returns. He added the company will focus on “higher ICV” targets and execution improvements.
Strategy: building workflow ownership across air, ocean, and procurement
Chief Strategy Officer Ian Arroyo framed Freightos’ strategy as building durable workflow ownership through SaaS solutions that span procurement, pricing, booking, and sales across shippers, carriers, and forwarders. Arroyo said Freightos has proven this model in digital air cargo—where solutions support workflows, workflows create liquidity, and liquidity drives scale—and is extending the playbook into ocean and tendering.
Arroyo described three strategic pillars:
- Air: Freightos estimates its global share of air bookings is in the “low to mid-teens.” In 2026, the company will focus on adding contract rates, deepening penetration with large forwarders through integrations and expansions, and selectively expanding monetization where it provides more value, including payments.
- Ocean: Freightos launched Ocean Rate and Quote near the end of 2025. Arroyo said the priority is making it a daily operating system for forwarders, with real-time bookings expected to begin in 2026 but to become “truly meaningful in 2028.”
- Tendering and procurement: Following the acquisition and integration of Shipsta, Arroyo said Freightos is strengthening its Procure offering in 2026 and aims to connect awarded tenders directly into execution to link contract sourcing to transactional flow.
Pinillos also highlighted product integration work during the quarter, including embedding Freightos Terminal’s ocean benchmark directly into Procure so customers can compare carrier bids against independent benchmarks within the tender workflow. He said an equivalent solution for air procurement is in development.
Q4 and full-year metrics: record transactions and revenue growth
Pinillos said Freightos delivered results in line with guidance. He reported the company’s 24th consecutive quarter of record transactions, reaching 445,000 bookings in Q4, up 27% year-over-year and modestly above expectations. Freightos ended the quarter with a record 77 active carriers, unchanged from Q3 and up from 67 in Q4 2024, and said it is now integrated with airlines representing about 80% of global carrier capacity.
Gross booking value (GBV) in Q4 was $357 million, up 27% year-over-year. Pinillos noted that most transactions are monetized on a flat-fee basis rather than directly tied to GBV, but said GBV is an indicator of ecosystem liquidity.
Financial results discussed on the call included:
- Q4 revenue of $7.4 million, up 12% year-over-year; platform revenue up 13% and solutions revenue up 12%.
- Full-year 2025 revenue of $29.5 million, up 24% year-over-year; platform revenue up 18% and solutions revenue up 27%.
- Non-IFRS gross margin of 72.7% in Q4 (down from 74.3% a year earlier due to product mix and foreign exchange) and 73.7% for the full year (up 130 basis points year-over-year, attributed to operating leverage and customer service automation).
- Adjusted EBITDA of -$2.7 million in Q4 and -$11.2 million for the full year, with Pinillos citing currency headwinds from a stronger euro and Israeli shekel versus the U.S. dollar.
- Cash and short-term bank deposits of $27.9 million at quarter-end.
On solutions, Pinillos said two of the largest global freight forwarders selected Freightos solutions globally for new or expanded services following evaluations and pilots, with one also selecting the company’s ocean rate management and quoting solution as part of its deployment.
2026 outlook: slower revenue growth, break-even target reiterated
Freightos guided to high single-digit revenue growth in Q1 2026 and 6% to 12% revenue growth for the full year, with higher growth expected for platform revenue than solutions. Pinillos said transactions and GBV growth should remain strong but around the low end of the company’s long-term model, reflecting 2026 priorities.
Management addressed the gap between strong transaction/GBV growth and the more modest revenue outlook, explaining that transactions revenue represents about one-third of total revenue, while solutions represent about two-thirds. Pinillos said longer sales cycles in 2025 created a shortfall in new solutions bookings that is expected to weigh on near-term solutions revenue growth, even as retention remains solid.
Pinillos reiterated the goal of reaching adjusted EBITDA break-even in Q4 2026, saying the improvement is expected to be driven roughly half by operating leverage from revenue growth and half by structural cost discipline. He added that the company expects to end 2026 with approximately $20 million in cash.
Asked about GAAP profitability, Pinillos said the company is focused on reaching adjusted break-even by year-end and noted that cash flow typically lags break-even by one to two months or one to two quarters. He said the company would look at GAAP profitability after reaching break-even.
About Freightos (NASDAQ:CRGO)
Freightos, trading under the symbol CRGO on Nasdaq, operates a digital booking platform designed to streamline international freight logistics. The company’s core offering, the Freightos Marketplace, allows shippers and freight forwarders to compare and book air, ocean and trucking services online, providing rate transparency and live booking capabilities. By aggregating quotes from a global network of carriers and forwarders, Freightos enables customers to secure competitive prices and manage bookings through a single interface.
In addition to its marketplace, Freightos offers a suite of SaaS solutions for logistics professionals.
