Digital transformation often comes with a deceptively simple pitch. Move a formerly analog industry online, unlock transparency and let network effects do the rest.
When it comes to the freight sector, digital platform Freightos has been among the most persistent champions of that idea. Its latest fourth-quarter and full-year 2025 earnings released Monday (Feb. 23) suggest that its vision of transformation is gaining traction, but the most recent numbers also reveal how hard it can be to translate marketplace momentum into a durable business model.
The company reported solid double-digit growth in 2025, alongside accelerating usage of its freight-booking infrastructure. Yet Freightos remains unprofitable and is signaling a strategic slowdown in 2026 as it pivots from expansion to integration. The coming year, executives stressed on Monday’s call, will be a “transition year” with the company focused on embedding its software more deeply into the workflows of global shippers and carriers.
“For full year 2025, revenue grew 24%, and although foreign exchange headwinds pressured Adjusted EBITDA from the second quarter onward, our burn rate was unaffected and we ended the year with a cash position that fully funds our plans and enables us to reach breakeven by the end of 2026 as anticipated,” Pablo Pinillos, CFO and interim CEO of Freightos, said on Monday’s earnings call.
“Despite the ongoing instability of the global trade ecosystem … 2026 is a transition year in which we are deliberately sequencing our growth. We’re focused on our solution adoption,” Pinillos said.
The phrase “transition year” is one that, in the technology sector, often marks the moment when narrative must give way to economics. And the latest Freightos financials suggest a company attempting to cross the chasm from marketplace disruptor to infrastructure provider.
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Still, the company’s share price was trading down by around 18% as of reporting.
See also: Earnings Season Made It Clear: Digitize Supply Chains or Fall Behind
From Marketplace Momentum to Workflow Ownership
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Freightos built its early identity around digitizing freight procurement through online marketplaces that allow shippers to compare rates, book cargo and manage logistics similarly to consumer travel platforms. That value proposition gained urgency during the global supply chain breakdowns of 2020 through 2022, when transparency and speed became existential needs.
But marketplaces alone can be fickle engines of value. Transactional volume rises and falls with macroeconomic conditions, pricing cycles, and shipping demand. Although Freightos transactions grew 27% in Q4 2025 to a record 445,000, this was a significant deceleration from the 44% annual growth seen earlier in the year, despite being Freightos’ 24th consecutive quarter of record transactions.
Software embedded inside daily decision-making, by contrast, tends to be stickier, harder to replace, and more predictable as a revenue driver. The challenge for Freightos today is less about digitization as a concept and more about integration as a practice.
Shippers increasingly want systems that plug directly into procurement software, inventory planning tools and financial workflows, reducing the need to toggle between platforms. In that environment, value accrues to companies that can embed intelligence into routine operations rather than merely aggregate choices.
See also: Freightos Sees Payments Powering Next Phase of Logistics Digitalization
The Broader Logistics-Tech Reset
At the same time, freight, unlike ride-hailing or food delivery, doesn’t naturally consolidate into a single dominant platform. The logistics ecosystem is fragmented by geography, regulation and mode of transport. Winning requires not just aggregation, but interoperability by connecting airlines, forwarders and shippers across legacy systems that were never designed to talk to one another.
In the June CAIO Report, “The Enterprise Reset: Tariffs, Uncertainty and the Limits of Operational Response,” PYMNTS Intelligence found 60% of firms reported that they are addressing today’s tariff-induced challenges through tighter partner coordination, smarter sourcing contract terms, more dynamic price modeling and greater alignment between finance and procurement functions.
Freightos is pushing in this direction, reporting that the number of unique buyer users digitally booking freight services across the platform grew to 20,700 in the fourth quarter of 2025.
Layered onto the financial update is a leadership change. Founder and former CEO Dr. Zvi Schreiber will step down from the board of directors effective Feb. 28, closing a chapter that began with the company’s earliest push to digitize freight pricing and booking.
