Shares of Freightos Limited (CRGO) fell roughly 30% shortly after the digital freight platform announced its founder Zvi Schreiber would step down from its board of directors, effective Thursday.
Stock prices for Freightos fell from around $2.30 per share to around $1.50 coinciding with Schreiber’s resignation announcement and the company’s Form 6-K earnings report published on Monday.
The company stated in a news release that its board “remains fully constituted in accordance with applicable governance requirements,” while searching for a new CEO. The board also thanked Schreiber for his leadership.
Schreiber’s departure comes as the company continues to post significant losses. According to the SEC filing, Freightos reported an IFRS loss of $17.5 million for the full year of 2025.
Years of losses
This follows an adjusted loss of $19 million for 2023, and losses of $14.6 million and $12.4 million in 2022 and 2021, respectively. In July 2023, the company laid off 13% of its staff, or about 50 people.
For the year ending December 31, 2025, Freightos reported revenue of $29.5 million, an increase of 24% compared to $23.8 million in 2024.
Despite revenue growth, the company’s adjusted EBITDA was negative $11.2 million for 2025, an improvement over a negative $12.6 million for 2024. The company reported having $27.9 million in cash and cash equivalents at the end of December 2025.
Despite setbacks, company leadership still projects its first profit for the fourth quarter of 2026. In Monday’s financial report, CFO and interim CEO Pablo Pinillos stated that the company’s cash position “fully funds our plans and enables us to reach breakeven by the end of 2026 as anticipated.”
“2026 is a transition year in which we are deliberately sequencing our growth,” Pinillos said in the Form 6-K. “We’re focusing resources on our solution adoption – when our software is embedded in customers’ daily workflows, platform bookings follow naturally and our network effects compound. Strengthening that solution base positions us for higher growth in 2027 and beyond. Our mission to digitalize global freight is unchanged, and we enter this phase well capitalized and focused on execution.”
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