Plus: A $1.6M load is stolen amid a record surge in strategic cargo theft, a federal court rules most of Trump's tariffs are illegal (for now), we break down key market signals, and more in today's newsletter.
HappyRobot secures $44M Series B funding to scale its AI workforce, often described as agentic AI in enterprise operations. The San-Francisco startup is giving enterprises automated teammates and attracting major investor backing.
Freightos Limited, a leader in digital freight booking, reported positive strides in its third-quarter earnings for 2023. Despite the freight industry's downturn, Freightos marked its 15th consecutive quarter of transaction growth, signaling a stronger value proposition. Key highlights include:
Revenue of $5.1 million, a 9% year-over-year increase.
A notable jump to 269,000 transactions in Q3, a 40% rise.
Unique buyer users grew by 16%, reaching 17,312.
Source: Craig Fuller / X.
However, the path isn't all smooth. According to FreightWaves' CEO, Craig Fuller, Freightos is burning about $6 million per quarter, higher than its revenue. With $55 million in cash reserves, it stands relatively stronger than others in the freight tech space, many of whom are facing tighter cash constraints after COVID-era expansions.
Market experts like 10xLogisticsExperts express concerns about Freightos's reliance on volume growth for profitability, emphasizing the importance of a realistic path to financial sustainability.
With the rate of closures, particularly the recent shutdown of Convoy, Freightos highlights the complexities of digital transformation challenges in freight and logistics.
I’m Adriana, a writer and editor at FreightCaviar. I’ve covered everything from freight tech to industry lawsuits and market shifts, helping scale us to almost 14K subscribers. My goal: to make logistics stories digestible, clear, and fun to read.
C.H. Robinson’s credit rating upgrade by S&P Global highlights how cost-cutting, debt repayment, and efficiency gains are reshaping the 3PL’s financial outlook during a difficult freight recession.
ATA and ACT Research report declines in U.S. truck tonnage and trailer orders in April, as economic uncertainty and tariff pressures stall recovery across freight and equipment markets.
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