olivLaw · US equity research
Freightos Limited CRGO
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Freightos Limited operates a global digital platform for pricing, procuring and booking international air and ocean freight, complemented by SaaS software for freight forwarders and shippers. Gross bookings value on the platform rose to 1.286 billion USD in 2025, while the company remains loss-making, with a net loss of 17.5 million USD in 2025, and its 2026 strategy puts emphasis on software adoption.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Freightos Limited (CRGO) stock was 0.64 USD (−1.39% on the day), with market capitalisation 32.8 m USD, beta 1.84, 52-week range 0.64–4.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.63 – 0.86
- in the lower half of the band · %B 0.05 · band width 31.0%
- SMA 50 / 200
- 0.97 / 1.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.8% | −1.1% | −28.7 pp | — |
| 3 months | −49.3% | −0.5% | −48.8 pp | — |
| 6 months | −68.4% | +4.4% | −72.8 pp | — |
| Year to date | −72.0% | +12.3% | −84.3 pp | — |
| 1 year | −81.7% | +13.5% | −95.3 pp | −40.0% |
| 3 years | −74.6% | +76.4% | −151.1 pp | −49.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 8.5 m | 11.1 m | 19.1 m | 20.3 m | 23.8 m | 29.5 m |
| Revenue YoY | unavailable | +30.6% | +71.7% | +6.3% | +17.3% | +23.9% |
| Net income | -14.2 m | -16.4 m | -24.7 m | -65.5 m | -22.5 m | -17.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -3.48 | -3.94 | -4.25 | -1.47 | -0.46 | -0.35 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -166.6% | -147.1% | -129.4% | -322.8% | -94.6% | -59.5% |
| Free cash flow | -8.3 m | -17.5 m | -15.2 m | -27.2 m | -12.1 m | -9.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 42.9 m USD
- Total assets
- 62.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.16x
- ROE
- -35.8%
- ROA
- -25.7%
- FCF margin
- -30.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 m | 11.1 m | 19.1 m | 20.3 m | 23.8 m | 29.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 4.3 m | 4.6 m | 7.9 m | 8.5 m | 8.3 m | 9.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 4.2 m | 6.5 m | 11.2 m | 11.8 m | 15.5 m | 19.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Research & development | 6.9 m | 7.8 m | 10.2 m | 11.5 m | 10.3 m | 11.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | -13.9 m | -16.3 m | -24.3 m | -77.8 m | -22.9 m | -19.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | — | — | — | 2.8 m | 3.1 m | 3.4 m | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | — | — | — | -75.0 m ≈ | -19.9 m ≈ | -15.7 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 172.0 k | 156.0 k | 454.0 k | 387.0 k | 178.0 k | 268.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | -13.9 m | -16.4 m | -24.5 m | -65.6 m | -21.9 m | -17.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 259.0 k | 4.0 k | 169.0 k | -85.0 k | 612.0 k | 146.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Net income | -14.2 m | -16.4 m | -24.7 m | -65.5 m | -22.5 m | -17.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | -3.48 | -3.94 | -4.25 | -1.47 | -0.46 | -0.35 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 5.9 m | 6.2 m | 7.9 m | 44.9 m | 48.6 m | 50.6 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.9 m | 25.1 m | 6.5 m | 20.2 m | 10.1 m | 13.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | — | 36.8 m | 13.0 m | 59.7 m | 46.1 m | 36.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | — | 702.0 k | 767.0 k | 583.0 k | 420.0 k | 284.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | — | 8.0 m | 15.6 m | 15.6 m | 15.0 m | 14.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 5.3 m | 9.5 m | 7.6 m | 8.9 m | 6.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | — | 54.1 m | 41.8 m | 87.7 m | 73.8 m | 62.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | — | 16.0 m | 17.1 m | 13.7 m | 17.3 m | 16.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 18.5 m | 34.9 m | 1.7 m | 72.0 m | 54.9 m | 42.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Shares outstanding at year end | — | — | 36.1 m | 47.9 m | 49.7 m | 51.4 m | SEC (XBRL)· 26 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -8.3 m | -17.3 m | -14.9 m | -27.1 m | -12.1 m | -8.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 56.0 k | 181.0 k | 251.0 k | 80.0 k | 48.0 k | 135.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | -8.3 m ≈ | -17.5 m ≈ | -15.2 m ≈ | -27.2 m ≈ | -12.1 m ≈ | -9.0 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | 66.0 k | -4.5 m | -5.0 m | -32.2 m | 2.1 m | 11.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | -273.0 k | 25.2 m | 1.9 m | 73.2 m | 85.0 k | -22.0 k | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 32.8 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -59.5% | 25 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 15.6% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -71.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -27.4% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial25/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Freightos Ltd (CRGO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 29.5 m USD in 2025; YoY growth 23.9%; net margin -59.5%; ROE -35.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 15.6%
- Current ratio: 2.2x
What contradicts it
- Net margin: -59.5%
- Interest coverage: -71.5x
- FCF yield: -27.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 25.5 bn | 25.1 | 45.0% | 7.9% | +4.4% | +35% / +64% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 29.6 | 56.0% | 2.9% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −82% / −75% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for CRGO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (15 Oct 2026), 6-K (10 Sept 2026), 6-K (01 Sept 2026), 6-K (17 Aug 2026), 6-K (15 Jul 2026).
In brief
Freightos Limited operates a global digital platform for pricing, procuring and booking international air and ocean freight, complemented by SaaS software for freight forwarders and shippers. Gross bookings value on the platform rose to 1.286 billion USD 1 in 2025, while the company remains loss-making, with a net loss of 17.5 million USD 1 in 2025, and its 2026 strategy puts emphasis on software adoption.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Software adoptionhigh
If customers do not embed the solutions in their workflows, revenue and transaction growth could be limited 1.
- Continuing net losseshigh
The company expects net losses for the foreseeable future and cannot be certain it will reach profitability 1.
- Pace of technological changehigh
If the company does not integrate AI and agentic models quickly, its platform could become less competitive 1.
- Attracting and retaining usersmedium
Loss of active users could weaken network effects and transaction volumes 1.
- Foreign private issuer statuslow
If it loses this status, the company would face stricter requirements and higher compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If SaaS tools become integral to customer workflows, platform bookings could follow and gross bookings value could keep growing 1.
- Its position as a vendor-neutral platform for air and ocean freight could offer a first-mover advantage if the market digitalizes 1.
- Development of AI and autonomous agents could open new revenue if the company adapts its products quickly 1.
What would break the thesis
- Persistent net losses and no positive operating cash flow could force the company to raise capital on less favorable terms 1.
- Slow technology adoption in the industry could delay the expected growth of software solutions 1.
- Competitors with greater resources could build autonomous systems that make the platform less relevant 1.
What to watch
- Development of gross bookings value and Solutions segment revenueQ1 2027
- Progress of SaaS adoption by forwarders and shippers2027
- Timing and results of AI-based and agentic product launches2027
- Trend in net loss and operating cash flownext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (15 Oct 2026), 6-K (10 Sept 2026), 6-K (01 Sept 2026), 6-K (17 Aug 2026), 6-K (15 Jul 2026).
The business
Freightos, originally incorporated in 2012 in Hong Kong and listed on Nasdaq after its combination with Gesher in January 2023 1, runs a three-sided marketplace linking air and ocean carriers, freight forwarders and importers/exporters. It earns revenue from transaction and service fees in the Platform segment and from SaaS subscriptions and professional services in the Solutions segment, which at the date of the report generates most of its revenue 1. Its principal executive office is in Barcelona, Spain 1.
The 2026 strategy described in the report shifts emphasis from direct scaling of bookings to software adoption, on the view that platform bookings follow naturally once SaaS tools become part of customers' daily workflows 1. The company says it is the only vendor-neutral, end-to-end digital booking platform connecting carriers, forwarders and importers/exporters for air and ocean freight 1.
According to the report, losses reflect a business model in transition, and the company has not yet generated positive cash flow from operations 1. Recent acquisitions, such as Clearit and Shipsta, have extended the Solutions segment into online customs clearance and tender procurement 1.
Segments
Solutions
The Solutions segment includes SaaS subscriptions, typically recurring and priced per user or per site, as well as data products such as the FBX and FAX price indexes, and professional services 1. The company recently expanded a dedicated ocean freight rate management and booking solution and reported growing demand for its tender procurement tool 1.
Platform
The Platform segment earns revenue from transactions between buyers and sellers, through flat per-transaction fees or percentages of transaction value, with an average operational take rate of about 0.8% in 2025 1. Ancillary services such as insurance and customs brokerage add revenue at higher margins 1.
Market context
Global exports of goods reached 24.4 trillion USD in 2024, roughly 22% of world GDP 1, and the third-party logistics market generated about 1.22 trillion USD of revenue in 2024 1. International freight remains largely offline and slow, with volatile and non-binding prices, which the report presents as room for digitalization 1.
The industry is fragmented, with tens of thousands of freight forwarders and numerous air and ocean carriers 1. Technology adoption in the sector is slow, and the company's success depends on persuading these participants to move from manual processes to digital workflows 1.
Trends
- Digitalization of freighttailwind
Wider digitalization of international logistics could draw more carriers and shippers onto digital platforms if software becomes essential to daily operations 1.
- Volatility in freight pricingmixed
Supply chain disruptions, such as the Red Sea conflict and blockages of trade routes, make prices more volatile and could increase demand for transparent pricing tools 1.
- Artificial intelligence and autonomous agentsmixed
Generative AI and autonomous agents could transform freight booking, and if the company does not adapt its products, competitors could gain an edge 1.
- Costs of a listed companyheadwind
Listing in the United States and compliance pressures add recurring expenses, and any loss of foreign private issuer status could raise compliance costs further 1.
Competitive position
The company says it is unique among end-to-end, vendor-neutral digital platforms for air and ocean freight, but it acknowledges intense competition 1. The report names new AI-native entrants and established technology giants with far greater resources for AI research and development 1.
The main risk is that competitors build autonomous logistics engines that disintermediate the platform or make its SaaS solutions obsolete, if the company does not integrate new technologies quickly enough 1.
- Air and ocean carriers
Direct transport providers with whom the company has a supplier-platform relationship, but which could develop their own digital booking systems 1.
- AI-native freight booking platforms
New entrants that may respond faster to technological change and could capture buyers through natural-language interfaces 1.
- Established technology giants
Companies with much larger resources for AI development that could enter the digital logistics market 1.
- Traditional freight forwarders and brokers
Intermediaries offering services directly to customers without a platform, competing for the same shippers and carriers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Freightos (CRGO) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 24 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)26 May 2026
- Current report (foreign issuer)26 May 2026
- Current report (foreign issuer)15 Apr 2026
- Current report (foreign issuer)26 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Freightos Limited · 26 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.