High SPAC costs, and public scrutiny in a “cynical” market has clouded Freightos’ Q1 results, resulting in a hiring freeze, even as the company tried to focus on its record growth, The Load Star reports.
Revenues rose nearly 10% year-on-year, to $4.8 million, but the company, which has only announced its results publicly in the last two quarters since listing, made a loss of $49.28 million, compared with a loss of $4.2 million a year earlier. However, noted Freightos, the SPAC and listing cost some $46.7 million, while another $3.7 million went on transaction-related costs, essentially accounting for the entire loss.
Gesher I Acquisition took Freightos public in January.
Freightos raised over $80 million through the transaction, exceeding the committed capital announced in advance of the merger vote. The lion’s share of the raise was $10 million from Qatar Airways and $60 million from M&G Investments and The Prudential Assurance Company Limited.
Freightos at deal announcement last June was to receive up to $166 million had nearly 89% of the SPAC’s investors not redeemed their shares, wiping out almost $106 million in trust.
Freightos connects key participants across the global freight ecosystem, including airlines, ocean liners, and trucking companies, thousands of freight forwarders and over 10 thousand importers/exporters, through a digital platform. Read more.
