Revenue growth has slowed significantly to 3.0% in 2026Q1, while the company continues to report negative operating margins of -66.2% despite maintaining a stable 66.6% gross margin.
| Sales/Revenue | 29.67M | 29.46M | 23.79M | 20.28M | 19.09M | 11.12M | 8.51M |
| Revenue Growth % | 16.93% | 23.86% | 17.28% | 6.27% | 71.67% | 30.65% | - |
| Cost of Goods Sold | 9.86M | 9.78M | 8.29M | 8.48M | 7.86M | 4.6M | 4.27M |
| COGS % of Revenue | - | 33.19% | 34.83% | 41.81% | 41.18% | 41.34% | 50.22% |
| Gross Profit | 19.81M | 19.68M | 15.5M | 11.8M | 11.23M | 6.52M | 4.24M |
| Gross Margin % | 66.77% | 66.81% | 65.17% | 58.19% | 58.82% | 58.66% | 49.78% |
| Gross Profit Growth % | - | 26.99% | 31.33% | 5.13% | 72.15% | 53.94% | - |
| Operating Expenses | 39.03M | 38.84M | 35.45M | 39.88M | 33.55M | 22.87M | 18.17M |
| OpEx % of Revenue | - | 131.84% | 149.03% | 196.64% | 175.77% | 205.71% | 213.54% |
| Selling, General & Admin | 25.48M | 25.34M | 23.76M | 27.14M | 22.22M | 14.3M | 9.34M |
| SG&A % of Revenue | - | 86% | 99.91% | 133.81% | 116.44% | 128.6% | 109.77% |
| Research & Development | 11.98M | 11.94M | 10.28M | 11.51M | 10.22M | 7.82M | 6.91M |
| R&D % of Revenue | - | 40.54% | 43.2% | 56.74% | 53.53% | 70.36% | 81.21% |
| Other Operating Expenses | 1000K | 1.56M | 1.41M | 1.24M | 1.11M | 750K | 1.92M |
| Operating Income | -19.21M | -19.16M | -19.95M | -28.08M | -22.32M | -16.35M | -13.93M |
| Operating Margin % | -64.76% | -65.02% | -83.86% | -138.45% | -116.95% | -147.05% | -163.76% |
| Operating Income Growth % | - | 3.97% | 28.96% | -25.8% | -36.53% | -17.32% | - |
| EBITDA | -15.86M | -15.71M | -16.86M | -25.29M | -19.91M | -15.25M | -12.66M |
| EBITDA Margin % | -53.46% | -53.32% | -70.9% | -124.69% | -104.31% | -137.18% | -148.82% |
| EBITDA Growth % | -0.21% | 6.86% | 33.31% | -27.03% | -30.54% | -20.43% | - |
| D&A (Non-Cash Add-back) | 3.35M | 3.45M | 3.08M | 2.79M | 2.41M | 1.1M | 1.27M |
| EBIT | -19.08M | -17.1M | -21.7M | -65.17M | -24.08M | -16.2M | -13.74M |
| Net Interest Income | 1.26M | 1.56M | 2.03M | 2.8M | -260K | -6K | 21K |
| Interest Income | 1.47M | 1.83M | 2.21M | 3.19M | 194K | 150K | 193K |
| Interest Expense | 214K | 268K | 178K | 387K | 454K | 156K | 172K |
| Other Income/Expense | -80K | 1.79M | -1.93M | -37.48M | -2.21M | -6K | 21K |
| Pretax Income | -19.29M | -17.37M | -21.88M | -65.56M | -24.53M | -16.35M | -13.91M |
| Pretax Margin % | -65.03% | -58.96% | -91.99% | -323.25% | -128.54% | -147.11% | -163.51% |
| Income Tax | 184K | 146K | 612K | -85K | 169K | 4K | 259K |
| Effective Tax Rate % | -0.95% | -0.84% | -2.8% | 0.13% | -0.69% | -0.02% | -1.86% |
| Net Income | -19.48M | -17.52M | -22.49M | -65.47M | -24.7M | -16.36M | -14.17M |
| Net Margin % | -65.65% | -59.46% | -94.56% | -322.83% | -129.43% | -147.14% | -166.55% |
| Net Income Growth % | 12.94% | 22.12% | 65.65% | -165.06% | -51% | -15.42% | - |
| Net Income (Continuing) | -19.48M | -17.52M | -22.49M | -65.47M | -24.7M | -16.36M | -14.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.35 | -0.46 | -1.47 | -1.69 | -7.47 | -0.30 |
| EPS Growth % | 15.29% | 23.91% | 68.71% | 13.02% | 77.38% | -2390% | - |
| EPS (Basic) | - | -0.35 | -0.46 | -1.47 | -1.69 | -7.47 | -0.30 |
| Diluted Shares Outstanding | 51.53M | 50.57M | 48.58M | 44.91M | 14.57M | 2.19M | 47.44M |
| Basic Shares Outstanding | 51.53M | 50.57M | 48.58M | 44.91M | 14.57M | 2.19M | 47.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Limited liquidity and burn
As reported in recent financial filings, CRGO's year-over-year revenue growth has decelerated sharply to 3.0% in 2026Q1, down from a peak of 31.5% in 2025Q2, suggesting that the platform's initial post-SPAC expansion phase is losing momentum amidst a challenging global trade environment.
The rapid decline in top-line growth indicates that the company is struggling to maintain market share gains as the initial surge in digital freight adoption normalizes. Investors should monitor whether this deceleration reflects a saturation of the current addressable market or increased competitive pressure on the platform's transactional volume.
According to the company's quarterly income statements, CRGO has maintained a relatively stable gross margin profile, averaging approximately 66% over the last ten quarters, which highlights the inherent scalability of its software-centric revenue model despite the volatility in underlying freight transaction volumes.
This high gross margin suggests that the company successfully operates as an agent rather than a principal, avoiding the capital-intensive risks associated with physical logistics. However, the inability to translate this high gross profitability into positive operating margins warrants further investigation into the efficiency of the company's customer acquisition and platform maintenance costs.
Based on the provided financial data, CRGO continues to exhibit negative operating leverage, with operating losses consistently hovering around $4.5M to $5.0M per quarter, indicating that the company has yet to achieve the necessary scale to offset its heavy fixed-cost investment in R&D and SG&A.
The persistent gap between gross profit and operating income suggests that the company's cost structure is heavily front-loaded, likely due to the ongoing need for API integrations and platform development. Without a clear path to narrowing this deficit, the company remains highly dependent on external capital to fund its operations.
As evidenced by the income statement data, stock-based compensation has been a recurring feature of the company's expense profile, reaching as high as $2.0M in 2025Q4, which complicates the assessment of the underlying cash burn and the true economic cost of talent retention.
The reliance on equity-based incentives may be inflating the reported operating losses while simultaneously diluting existing shareholders. Analysts should carefully adjust for these non-cash charges to determine the actual cash runway, especially given the limited liquidity position reported in recent periods.
Based on the reported figures, the company's cash position of $16.2M appears increasingly precarious when measured against the quarterly operating loss of $4.7M, suggesting that the firm may face a liquidity crunch within the next 12 to 18 months without a significant operational pivot.
Short-sellers would likely focus on the mismatch between the company's current cash burn and its ability to secure further financing in a high-interest-rate environment. The lack of a clear break-even timeline makes the company's long-term survival contingent on either rapid revenue acceleration or aggressive cost-cutting measures.
Quick answers to the most common questions about buying CRGO stock.
For fiscal year 2025, Freightos Limited Ordinary shares (CRGO) reported total revenue of $29.5M. This represents a 246.2% increase compared to $8.5M in 2020.
Freightos Limited Ordinary shares (CRGO) reported a net loss of $17.5M for the fiscal year ending 2025.
Freightos Limited Ordinary shares (CRGO) reported an operating income of $-19.2M, resulting in an operating profit margin of -65.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Freightos Limited Ordinary shares (CRGO) generated $19.7M in gross profit for the year, representing a gross profit margin of 66.8%. This demonstrates the company's core pricing power and production efficiency.