Freightos has widened its fiscal-year loss after merging with special purpose acquisition company Gesher I Acquisition Corp in late January to become listed on the Nasdaq in New York.
The Hong Kong-based container booking and payments platform posted $24.5m in net loss for 2022, down from $16.4m for 2021.
Freightos attributed the greater loss to costs incurred while going public.
Research and development expenses rose to $10.2m for 2022, up from $7.82m in 2021, while sales and marketing costs grew to $12.8m from $8.77m, and general and administrative costs increased to $9.65m from $6.27m.
Freightos also absorbed a one-time transaction fee of $2.89m during fiscal 2022.
Revenue totalled $19.1m for last year, up from $11.1m during 2021.
The number of transactions came in at 668,185 for 2022, up 154% from the previous 12-month period.
“With nearly 670,000 annual transactions, fuelled by a steady growth of both buyers and sellers, including three new top-10 airlines during the course of the year, our global freight booking platform is demonstrating sustainable marketplace growth dynamics,” chief executive Zvi Schreiber said in a statement.
“We look forward to our first year as a publicly traded company.”
Freightos registered a loss per share of $4.25 for 2022, deeper than the $3.94 booked in the prior year. But it logged a record 668,185 transactions in 2022, up 154% in 2021.
This resulted in a record gross booking value of $611m for 2022, up 102% from the prior year.
“Many significant shareholders and management have entered into lock-up agreements that we believe reflects their confidence in the long-term business,” the company said.
“We expect the cash raised in connection with the listing to be in excess of the expected cash needed to reach positive free cash flow.”
