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Funny Freight Friday: Same thing.
The market’s brutal, sure, but for freight agents with the right tools, it’s prime hunting season. Here’s how they’re making it work.
According to FreightWaves' CEO, Craig Fuller, Freightos is burning about $6 million per quarter, higher than its revenue.
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:
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.
Sources: PR Newswire
Crazy times. In practice, no #technology, including #artificialintelligence, will be effective unless we are clear on the problem. I keep saying it!
— Dawid Bultrowicz (@DawidBultrowicz) November 23, 2023
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