In the press Sep 9, 2026 Bloomberg: “Freightos Founder Calls for Chairman’s Removal After 62% Stock Decline” All news

Shareholder advocacy by founder Zvi Schreiber · Personal opinions · Not endorsed by the company

We invested in Freightos
— the Booking.com of freight. The opportunity is as big as ever
— but the board stopped pursuing it. Result: growth has stalled,
our stock down 62%. We shareholders can fix this: board refresh, back to platform-first growth.

GrowCRGO

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Letter from the Founder

Dear fellow shareholders,

On February 23, 2026, the board declared 2026 a "transition year,"5 indicating that it was willing to give up on growth this year ("deliberately sequencing our growth")5 in order to scrape an EBITDA breakeven by year end, rather than becoming breakeven and then profitable through growth. They also announced a pivot away from the Platform segment (marketplace or transactional revenue) toward Solutions (mainly SaaS), exactly at the time when the whole world was realizing how SaaS businesses are threatened by AI. I announced my resignation from the board of the company I founded that same day.28 By the closing bell the stock had fallen another 30%, and it has never recovered.29 The market, it seems, read the announcement as I did.

Some background. The current chairman was appointed in July 2025, announcing a "next chapter."2 What was the nature of this new chapter? The public record suggests that this same board was already de-emphasizing growth in the second half of 20254,27 — a change of course as dramatic as February's is rarely conceived overnight. It became explicit on February 23, 2026: "deliberately sequencing" growth out of 2026.5

So the board chose to sacrifice the company's Platform vision and growth ambitions in order to reach EBITDA breakeven (not profit or positive free cash flow, just EBITDA breakeven) by an arbitrary date. Thirteen months into the chairman's tenure, growth has indeed stalled, and the stock is down 62%.18 Yet no consequence has reached the boardroom: the chairman and every director who adopted what I regard as a misguided strategy, and presided over the downturn and share-price fall that followed, still sit today.7 The only one who resigned is me. Instead it is we shareholders who are paying the price.

Let's take a step back. I led Freightos for fourteen years, from an idea in 2012 to a Nasdaq-listed platform trusted by the world's largest carriers, freight forwarders, and importers. I certainly made my share of mistakes along the way. But the model worked: we grew revenue every year, and between 2023 and 2025 we grew revenue by 45%, cut the adjusted EBITDA loss by 41%, raised IFRS gross margin by 8.6 percentage points, increased revenue per employee — all through growth.15 Growth decelerated only in the second half of 2025 — the current chairman's first months, when, as the public record suggests, the board's de-emphasis of growth was probably already under way.27 The right response to a slowdown is to fix growth. Instead, on February 23, 2026, the board gave up on it.

There is a right way and a wrong way to reach breakeven.

The right way is the one my team always practiced: grow revenue, expand margins, hold expenses close to flat, and let ~70% non-IFRS margins carry you to breakeven and immediately afterwards to growing positive profit and free cash flow.

The wrong way is to cut costs and neglect growth. This is wrong for at least three reasons. First, without growth, and with the company down to a skeleton executive team, how do you even progress from barely EBITDA breakeven to highly profitable free cash flow? Let's face it, none of us invested in Freightos because we're excited to own a subscale, roughly EBITDA-breakeven, ~$30m/year company, with approximately zero real growth at the end of 2026.24 Second, shareholder value: according to Meritech, the market pays roughly three times the multiple for a similar result reached through growth.23 That is the multiple this board traded away. Third, in a winner-take-all platform business, a year of standing still is a strategic gift to competitors: an open invitation to become the dominant platform in our place.

I've never heard of the board of a growth-stage company
taking a sabbatical from growth.

Further, in my view, the pivot to Solutions-first puts Freightos on the wrong side of AI. SaaS-shaped software — the very shape of Solutions — is precisely what AI agents are beginning to commoditize: workflow that they can increasingly do themselves. On the second-quarter call the company reported "some pricing pressure on renewals"14 in Solutions. This is likely the beginning of what AI does to software pricing, one of the reasons I was against the Solutions-first pivot. What no AI agent can replace is the neutral marketplace — the network of carriers, forwarders and importers, the live tradable prices, and the rails to actually execute a booking. AI agents will need the Freightos Marketplace even more than human freight professionals do, and the board chose this moment to deprioritize Platform.

Even the transition year's own promises have not been delivered. In February, the company announced the "shift to a Solutions-first strategy."6 In May, the CEO reported optimistically that "we are seeing a stronger commercial momentum in our solutions pipeline."9 But then in August, the company announced that Solutions revenue — the very segment the pivot was made for — fell 4% year on year, down 7% in real terms.12,19 And at that time, in August 2026, with Solutions revenue now shrinking, the company attributed the shortfall to "the execution gap identified during 2025."14

In the meantime total revenue grew just 3% year on year — zero in real terms last quarter.19 When a board deliberately "sequences" growth out of a year, a total stall is exactly what it gets. Nor has the promised "operational discipline"6 shown up: gross margins remain below their Q3 2025 peak.15 EBITDA improved towards breakeven, as it did in previous years, which matters, but whereas in previous years it improved primarily through growth, much of this year's improvement is the false economy of losing critical talent (see The facts). Bottom line: zero real growth, in what is supposed to be a subscale growth company with a stated model of 25–30% revenue growth per year.10

A transition year has to transition to something.

What about the future? The company promises a return to "Growth of 25-30% per year"10 in 2027 following EBITDA breakeven in 2026 (although on the Q1 2026 call they hedged that with "20% plus growth trajectory" for 2027).9 I see nothing in place to deliver even 20%. In our industry, growth is built the year before: leaders hired, products launched, pipeline filled. Yet entering September 2026, the offices of CMO, CRO and SVP R&D still stand empty,17 and the baseline real growth is zero. What exactly is in place to deliver the promised 2027 growth? That is one of fourteen questions I have put to the board. And a stall is not easily reversed: companies that stop growing rarely start again. McKinsey's study of some 3,000 software companies is titled, simply:

"Grow fast or die slow."25

This board has chosen the second half. A word, then, about why I am launching this campaign. I'm not a confrontational person and it particularly pains me to publicly criticize the board of the company I founded. That's why I stepped down quietly from the board in February28 and stayed silent for over six months, preferring to raise my acute concerns with the board privately, which I did on several occasions, to no avail. Then, after second-quarter results that showed growth all but stopped, and third-quarter guidance weaker still, it became quite apparent that the 2026 strategy is failing and that shareholder value is being destroyed — the very result I resigned over in February.28 And yet the board is still refusing to course correct. At this point it would simply be wrong for me to maintain silence.

A shareholder intervention is imperative.

To emphasize, I have no argument with the team at Freightos — they are excellent, and always have been. Many are friends. In my view it is the board's strategy that has given an alarming number of the best execs and managers a reason to leave in 2026.17 The talented people who remain are working hard and deserve a board that shares their ambition, and a strategy worth staying for.

I'm launching this advocacy because Freightos is the biggest project of my life — and because the opportunity is as large as it has ever been if it's not squandered. But time is running out. International freight is still in the early innings of digitalization, and Freightos remains the best-positioned company in the world to lead it. But that lead is slipping. And because I care about you, my fellow shareholders: many of you invested after hearing the Freightos pitch from me personally. What's missing is a board that believes in our vision — starting with the chairman.

So I'm asking you to support three changes, set out in The plan: a new chairman who has built technology growth companies; directors' terms shortened to the standard one year26 so the board answers to us; and through the board changes, a recommitment to building a highly profitable company through aggressive platform-first growth, starting with a rebuilt team relaunching the Freightos Marketplace for the AI age.

These are not just proposals. On July 8, 2026, I put them to the company as three formal resolutions for this year's AGM, exercising a right the articles give every one of us: to bring business before our own annual meeting.11 In my view a board concerned with upholding shareholder rights would confirm the vote. This board's first reply, twenty days later, instead listed the grounds on which it might "omit" or "exclude" the resolutions, starting with whether I qualify as a shareholder.11 I do not believe a board concerned with our shareholder rights writes that letter.

More than sixty days and a letter from my Cayman counsel to every director later, the board finally committed to consider the resolutions on or before November 4.11 The articles required me to give the company 120 days' notice. November 4 is day 120. Three resolutions do not take four months to review. It seems the board is running down the clock so that we shareholders have no time to enforce our rights.

A chairman and board that expect to win our vote
don't work this hard to avoid it.

For now, this site asks one thing: whether or not you agree with me, register your email. Then, when the moment comes to vote for change — and I will fight to uphold our right to that vote — you will hear from me and make your own decision. And if you have thoughts on Freightos' future, write to me at my email address — I will read every message with an open mind. You can also try sharing your views with the board via Freightos investor relations .

Freightos doesn't belong to the board. It belongs to us.

Zvi Schreiber September 9, 2026
Founder & Shareholder, Freightos

The facts

The 2026 stall in facts and numbers

Drawn from the company's filings, earnings calls, and market data.

Board decisions — coinciding with Zvi's board resignation

A Solutions-first pivot

On the Q4 2025 earnings call of February 23, 2026, management announced a "shift to a Solutions-first strategy" — reordering the company's priorities away from the platform.6

A year off from growth

The company framed 2026 as a "transition year"5 of "deliberately sequencing our growth"5 — their words. On the Q1 2026 call the CEO put 2027 at a "20% plus growth trajectory" — below the "Growth of 25-30% per year"10 the current investor deck still carries, though he cited both figures on that call.9

Promised — not delivered

Promised in February: a "shift to a Solutions-first strategy" and a stage where "operational discipline and execution focus must increasingly complement our strong foundation."6 Delivered by August: Solutions revenue down 4% year on year,12 and IFRS gross margin of 67.6% against its Q3 2025 peak of 69.1%.15

What we invested in

25–30% growth in 2025–203016

"…our fast-growing platform revenues will become the dominant part of our revenue"1

What the board gave us in 2026

1–2% year-on-year growth guided for Q3 202612

"shift to a Solutions-first strategy"6

The shift to Solutions-first (primarily SaaS) came just as AI began to threaten SaaS business models.

What followed in 2026

Growth stalled

Q2 2026 revenue of $7.691M beat the company's own guide of 0% to −3%8 — and is still a record by only $19,000 over the $7.672M of Q3 2025, three quarters earlier. Year on year that is +3%3 — with inflation at 3.4%, roughly zero real growth.19 Q3 2026 is guided to +1% to +2%.12 The company's own model is 25–30% a year.10,16

Share price collapse

−62% — the decline from US$3.34, the opening price on July 28, 2025, the day the current board chairman was appointed, to the current price. Over the same period the Nasdaq Composite has risen +25% from its opening level of 21,176.40. Relative to the index, CRGO has lost ≈−70% of its value.18 Fallback numbers as of campaign launch.

Talent drain

Departures this year, for whatever reasons, include the CMO, CRO and SVP R&D & Data, and several director-level leaders. There is barely an executive team — the offices of CMO, CRO and SVP R&D have been empty for months.17 The one executive hire of 2026 we know of is a CFO, effective September 1.13

The numbers behind it

The pivot's own segment shrank

In Q2 2026 the Platform the board deprioritized grew 19% to $2.9M, while Solutions — the segment the whole pivot was made for — fell 4% to $4.8M, roughly 7% in real terms.12,19 Solutions revenue peaked at $5.1M in Q3 2025 and has not grown in any quarter since: $5.1M → $4.9M → $4.8M → $4.8M.15 Every dollar of the quarter's growth came from the strategy the board stepped away from.

EBITDA: a smaller loss, bought the wrong way

Adjusted EBITDA is guided to −$6.9M to −$6.4M for 202612 — a midpoint of −$6.65M, ahead of the 2023–25 trend of ≈−$7.3M. It is the one line ahead of trend. But that trend carries an acquired loss: Shipsta, bought in August 2024, lost $698k in its first four and a half months20,21 — of the order of $1–1.5M a year. Take it out of both ends and 2026 lands on the old trend, not above it. And what improvement there is comes from cost, not growth — unfilled executive seats among them.17

Transactions: growth slowed

Platform transactions still grow — but the rate has slowed sharply. Q1 rose +25% year-on-year in 2025 (296k → 371k) and only +15% in 2026 (371k → 425k).15

Full quarterly and annual figures, charted, with every source listed: see the numbers.

The questions

Fourteen questions I put to the board

Every one rests on something the company published itself, and every one can be answered in a sentence or two. They were sent to Freightos investor relations; the full list, with sources and a status for each, is on the questions page.

Read all fourteen questions

The plan

The change we're asking shareholders to support

  1. A new chairman with a technology-growth background

    Freightos is a technology marketplace in a vast industry. Its board should be led by someone who has built and scaled technology growth companies — and who measures success in market leadership, not in managed decline. A couple of other board changes will also be required, and we need to change the directors' term to a standard one year.26

  2. Recommit the company to aggressive platform growth

    Task the board and management with growing the platform — the segment that is working, the segment shareholders invested in, and the asset best defended against AI disruption. That starts with relaunching the Freightos Marketplace, backing it with the investment it deserves and aligning it strongly with AI. Solutions are valuable, and should be expanded, but as a complement to the Platform, not a substitute for ambition. At ~74% non-IFRS gross margins,12 platform growth is also the surest road to profit.

  3. Rebuild the team that can win

    Set a strategy worth staying for. Stem the loss of senior talent and make Freightos a place where the best people in freight technology want to build the industry's future.

The more shareholders who are informed and paying attention, the harder the current course is to sustain. Registering commits you to nothing. It simply means you'll hear directly when there is something to decide. Register your email.

The numbers in full

Every figure behind the case

Four years of the company's own full-year figures. The last bar in each chart is 2026 as the company itself guides it (or, for margin, the reported first half), set against the trend the three prior years had established.

The full-year picture, 2023 → 2026

Revenue ($M) 2026 guidance
$20.3$23.8$29.5$30.7 2023202420252026
Adjusted EBITDA ($M) 2026 guidance
−$19.0−$12.6−$11.2−$6.7 2023202420252026
Gross margin (IFRS) (%) H1 2026 actual
58.2%65.2%66.8%67.1% 2023202420252026
Gross margin (non-IFRS) (%) H1 2026 actual
67.4%72.4%73.7%73.8% 2023202420252026

Reported full year  ·  2026: company guidance (revenue, EBITDA) or the reported first half (both margins)  ·  2023–25 trend, extended to 2026

  • Revenue: below the trend, not on it. 2026 is guided to $30.4–31.0M — a midpoint of $30.7M, where the 2023–25 trend extended one year lands at ≈$34M.12,15 That gap is roughly $3M, a tenth of a year's revenue, against a company model of 25–30% growth a year.10
  • Gross margin: down from its peak, and the climb has stopped. Both margins peaked in Q3 2025 at 69.1% IFRS and 74.8% non-IFRS. Q2 2026 came in at 67.6% and 74.1%, and neither peak has been regained in any of the three quarters since (IFRS: 64.1%, 66.6%, 67.6%).15 Margin climbed 8.6 points from 2023 to 2025; it has climbed no further.
  • Adjusted EBITDA: on trend, once the acquisition is taken out. The guided midpoint of −$6.65M12 beats a 2023–25 trend of ≈−$7.3M. But that trend has an acquired loss inside it:
    • Shipsta, bought in August 2024, contributed revenue of $760k and a loss of $698k in its first four and a half months — a business losing about 92 cents for every dollar it books.21 On adjusted EBITDA, which adds back the amortization and share-based compensation inside that figure, the drag is of the order of $1–1.5M a year. Strip it from both ends and the 2023–25 line points to ≈−$5.5M for 2026, against an ex-Shipsta guidance of ≈−$5.45M: the beat all but vanishes and 2026 lands on that line rather than above it. That arithmetic is ours, and it moves against the board — not for it — if Shipsta has since improved.
    • What improvement there is comes from cost, not growth: an executive team left largely unfilled.17 A loss shrinks either way. Only one of those ways compounds.

The quarter-by-quarter picture, Q1 2023 → Q2 2026 (all reported)

Revenue rose every quarter from Q1 2023 to Q3 2025 — then stalled. Q2 2026's record $7.691M is just $19,000 above the $7.672M of Q3 2025, three quarters earlier. Platform transactions kept growing the whole way, so the revenue that stalled is the non-platform "Solutions" revenue the new strategy is built on.

Quarterly revenue (US$M)
trend 4.87.77.47.27.7 2023202420252026

$7.7M in Q3 2025, then $7.4M → $7.2M, and back to $7.7M in Q2 2026 — a record, and +3% on Q2 2025, against the company's own 25–30% model.10 Q3 2026 is guided to +1% to +2%.12,15

Quarterly platform transactions (thousands)
trend 229458 2023202420252026

Platform volume kept rising — a record 458k in Q2 2026, up 15% year on year, with gross booking value a record $422M, up 33%. Volume up while total revenue is flat: Platform revenue grew 19%, so the shortfall is Solutions, down 4%.12,15

Sources and references ↓

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Sources

  1. February 26, 2024 — "…our fast-growing platform revenues will become the dominant part of our revenue" — CFO on Freightos Q4 2023 earnings call (transcript).
  2. August 4, 2025 — Freightos press release, "Freightos Expands Board of Directors, Adding Rotem Hershko and Appointing Udo Lange as Chairman"; appointments effective July 28, 2025; Udo Lange: "Together with Zvi and the Freightos team, the board and I are excited to continue to steer the company on its next chapter for end-to-end global freight digitization" (press release; SEC exhibit).
  3. August 18, 2025 — Freightos second-quarter 2025 results press release; the prior-year comparatives for src-12; the release reports second-quarter revenue up 31% year on year, raises the full-year transaction forecast, and quotes Pablo Pinillos, CFO: "Overall, our revised outlook reflects optimism about Transactions and revenue growth, and our commitment to rigorous financial discipline. We remain steadfast in our goal to reach breakeven Adjusted EBITDA by the end of 2026" (press release; company copy).
  4. November 17, 2025 — Freightos third-quarter 2025 results press release; reported Q3 2025 revenue of $7.672M and guided fourth-quarter 2025 revenue of $7.4–7.5M, below the third quarter; the release quotes Pablo Pinillos, CFO: "We are making steady progress toward breakeven and maintain strong cash reserves as we continue strategic investment in growth balanced with disciplined cost management" (press release). On the earnings call the same day, Zvi Schreiber said the company was “finalizing a budget, which will allow us to grow as fast as we can without compromising the target of breakeven,” and Pablo Pinillos, then CFO, said: “As a guiding principle, we’re going to manage expenses as needed to breakeven in Q4 2026 even if the Solutions revenue, it doesn’t accelerate in the future” (transcript).
  5. February 23, 2026 — Freightos fourth-quarter and full-year 2025 results press release (press release).
  6. February 23, 2026 — Freightos Q4 2025 earnings call: Ian Arroyo, Chief Strategy Officer — "This shift to a Solutions-first strategy is supported by a modular API-driven architecture"; and Udo Lange, Chairman of the Board — "Freightos is entering a stage where operational discipline and execution focus must increasingly complement our strong foundation" (transcript; Seeking Alpha).
  7. March 26, 2026 — Freightos annual report on Form 20-F for fiscal year 2025, Item 6.A: board composition, each director stated as serving "since" a given month and year — Udo Lange "as Chairman of the Board since July 2025" (the exact effective date of July 28, 2025 is in src-2), Rotem Hershko since July 2025, Michael Schaecher since October 2025, and Pablo Pinillos added to the board effective March 16, 2026 (FY2025 20-F; FY2024 20-F for the prior year's composition). For the board as presently constituted, the Company's own Leadership & Governance page, accessed August 2026, lists Udo Lange (Chairman), Tzvia Broida, Mark A.P. Drusch, Ezra M. Gardner, Rotem Hershko, Inna Kuznetsova, Pablo Pinillos, Michael Schaecher and Carl Vine — every non-executive director who served in the second half of 2025, with no departure since.
  8. May 26, 2026 — Freightos first-quarter 2026 results press release, including the second-quarter 2026 guidance of 0% to −3% revenue growth that the quarter reported in src-12 superseded (press release).
  9. May 26, 2026 — Freightos Q1 2026 earnings call. Pablo Pinillos, CEO and CFO: "2026 is a transition year for Freightos," noting it was also discussed on the Q4 2025 call and framing a return to 20%+ growth in 2027 ("revenues going back to over 20% plus, between the 25% and 30% per year"); and, on the solutions pipeline, "we are seeing a stronger commercial momentum in our solutions pipeline, which is currently approximately double what it was a year ago" (transcript; Seeking Alpha; slides).
  10. May 2026 — Freightos investor presentation, the current deck on the company's investor site: slide "Long-term operating model and financial trajectory — Management framework for 2027-2030" (revenue "Growth of 25-30% per year") (deck).
  11. July 8 – September 7, 2026 — correspondence between the author and the Company concerning the author's July 8, 2026 request under Article 19.5 of the Company's Articles of Association to bring resolutions before the 2026 annual general meeting. The Company's letter of July 28, 2026 stated that it was reviewing the author's "status as a record holder", his "eligibility" to propose business at the meeting, and "any applicable requirements under Cayman Islands law, United States federal securities laws, and other applicable legal or regulatory requirements", and reserved the right to "omit, exclude, revise, summarize, characterize or respond to" the resolutions "to the fullest extent permitted by applicable law." The letter of September 4, 2026 from the Company's Cayman counsel, replying to a letter from the author's counsel that had asked for confirmation within seven days so that any court application could precede the AGM materials, stated that there is "no requirement … to respond … as a matter of urgency", that the Board "intends to consider your client's request at its next meeting", and that the Company will give "at least 14 days' notice of its decision" before any AGM materials are circulated. On September 7, 2026 the Company's counsel informed the author's counsel that the Board will consider the request on or before November 4, 2026 — the 120th day counting from July 8, when it was submitted. On file with the author.
  12. August 17, 2026 — Freightos second-quarter 2026 results press release: Q2 2026 revenue of $7.691M, up 3% on $7.438M in Q2 2025; Platform revenue $2.9M, up 19%, and Solutions revenue $4.8M, down 4%; IFRS gross margin of 67.6% and non-IFRS gross margin of 74.1%; adjusted EBITDA of −$2.0M; transactions of 458k, up 15%, and gross booking value of $422M, up 33%; guidance of 1–2% revenue growth for Q3 2026 and, for the full year, revenue of $30.4–31.0M (3–5% growth) and adjusted EBITDA of −$6.9M to −$6.4M (press release).
  13. August 17, 2026 — Freightos press release, "Freightos Appoints Yaron Eldad as Chief Financial Officer"; appointment effective September 1, 2026 (press release).
  14. August 17, 2026 — Freightos Q2 2026 earnings call. Pablo Pinillos, CEO and interim CFO: "Turning to solutions, revenue for the second quarter was down year-on-year, reflecting the execution gap identified during 2025"; and, in the same remarks, "At the same time, solutions revenue declined 4%, reflecting the execution gaps identified during 2025 in building a recurring revenue stream." Also in the prepared remarks, on the same segment: "New bookings were not sufficient to cover for the shortfall, and we are seeing some pricing pressure on renewals." The call links that pressure to execution and to customer budget scrutiny, not to AI; AI is discussed only as a technology the company is itself adopting (transcript).
  15. Q1 2023 – Q2 2026 — Freightos quarterly results as reported in the company's press releases and investor materials (Freightos financials). Every quarterly and annual figure charted on this page has been checked against the release for that period and cross-checked against the prior-year comparative in the following year's release. Headcount is from the FY2025 Form 20-F, Item 6.D. Q3 2025 revenue was $7.672M; Q2 2026 revenue was $7.691M. Solutions revenue by quarter: $5.1M (Q3 2025), $4.9M (Q4 2025), $4.8M (Q1 2026), $4.8M (Q2 2026). Quarterly gross margin, IFRS then non-IFRS: 69.1%/74.8% (Q3 2025 — the peak of both), 64.1%/72.7% (Q4 2025), 66.6%/73.5% (Q1 2026), 67.6%/74.1% (Q2 2026). Year-on-year revenue growth by quarter in 2025: 29.7% (Q1), 31.5% (Q2), 24.0% (Q3), 12.4% (Q4); revenue rose sequentially in every quarter from Q1 2023 through Q3 2025 before declining in Q4 2025.
  16. February 2024 – July 2025 — Freightos Q4 2023 earnings call, February 26, 2024 (transcript, slides); Freightos investor presentation, February 2025 (deck); Freightos investor presentation, July 2025 (deck) — each setting out revenue growth of 25–30% a year for 2025–2030.
  17. 2026, continuing — executive departures compiled from public sources (company announcements, regulatory filings, and public professional-profile updates, for whatever reason) include the CMO, CRO and SVP R&D & Data and, below the executive team, the Director of Global Customer Operations, the Director of Revenue Operations, the Senior Director of Finance, and others. We could not find a record of anything like that level of talent attrition in any prior year.
  18. July 28, 2025 to date — Nasdaq data: CRGO and Nasdaq Composite opening levels on July 28, 2025, the day the current chairman was appointed (US$3.34 and 21,176.40); current values from a delayed market-data feed, updated continuously. The fixed "−62% at campaign launch" figure, here and in the letter, compares that July 28, 2025 opening with the close of September 8, 2026 (CRGO US$1.27), the last known price when the campaign launched early on the morning of September 9, 2026; over the same period the Nasdaq Composite rose 25%. If the live feed is unavailable, the page shows those launch figures and says so.
  19. Latest available — U.S. Bureau of Labor Statistics, Consumer Price Index news release: the latest 12-month all-items CPI of 3.4% (release). Real-terms figures on this page deflate the company's nominal growth rates by this rate; they are our arithmetic, not a company disclosure.
  20. August 19, 2024 — Freightos press release, “Freightos Acquires Shipsta, Expanding Comprehensive Digital Freight Procurement Solution”: consideration of approximately €4.5M in cash plus approximately 640 thousand Freightos shares; “Shipsta is expected to contribute approximately $800 thousand to Freightos’ revenue during the last four months of 2024, with a moderate negative impact on Adjusted EBITDA,” and “Revenue contribution in 2025 is expected to be between $4-5 million.” The release also states that the acquisition “supports its financial goals of achieving positive Adjusted EBITDA by the end of 2026 with available funds.” The transaction closed in August 2024, so 2025 was the first full year in which Shipsta was consolidated. The company has never disclosed Shipsta’s stand-alone result; the inference that consolidating it held back the 2023–25 adjusted EBITDA trend is ours, from the company’s own “moderate negative impact” and the timing (press release).
  21. March 2025 — Freightos Limited, Annual Report on Form 20-F for the year ended December 31, 2024, filed March 2025 — Note 5, Business Combinations: the Shipsta acquisition of August 16, 2024; consideration of $4,995 thousand; intangibles of $2,308 thousand (customer relations) and $1,230 thousand (technology) and goodwill of $2,546 thousand allocated to a cash-generating unit within the Solutions segment; acquisition-related costs of $283 thousand expensed in general and administrative expenses; 552,475 performance-based RSUs granted to Shipsta executives; and the IFRS 3 disclosure that “Shipsta’s revenue and loss included in the Company’s consolidated statement of profit or loss from the date of acquisition through December 31, 2024 were $760 and $(698), respectively” (US$ thousands). Intangible useful lives from the same filing: technology 5–7 years, customer relationships 5–10.33 years. The step from that disclosed stub to an annual drag on adjusted EBITDA, and the ex-Shipsta trend line, are our arithmetic, not a company disclosure (filing).
  22. November 17, 2025 — Freightos third-quarter 2025 earnings call, question-and-answer session. Asked why revenue growth was slowing in the fourth quarter, Pablo Pinillos, then CFO, said: “It’s important to say as well that the — most of our revenue in Solutions revenue is recurring with a small piece of nonrecurring revenue, and the decline of Q4 that we see is specifically related to a competition [completion] of one of development that finished in Q3 that when we did plan, we expected to — that the Solutions revenue will overcome that decline.” On the same call Zvi Schreiber added: “our solutions revenue is mostly recurring. And recurring revenue for solutions will be up, we believe, in Q4, not by as much as we hope for the reasons we discussed, but it will be up. And if you see a dip, it will be just, as Pablo said, because of a nonrecurring project, which has recently come to an end” (transcript). Both statements were made five weeks before the quarter closed and were therefore forward-looking. The company does not disclose annual recurring revenue or split Solutions revenue between recurring and nonrecurring, and when the quarter was reported on February 23, 2026 neither the release nor the call returned to the project completion; the explanation given then was elongated enterprise sales cycles and customer budget caution — Pinillos on the Q4 2025 call: “enterprise sales cycles increased in 2025 with budget cautions pushing decisions out” (transcript; press release). Reported segment revenue for the fourth quarter of 2025 was Platform $2.5M, up 13% year on year, and Solutions $4.9M, up 12% year on year; both were lower than the third quarter’s $2.6M and $5.1M.
  23. March 20, 2026 — Meritech Capital, Software Pulse, on public software companies scored by the Rule of 40 (revenue growth plus free-cash-flow margin): “companies with similar Rule of 40 but growing faster can trade at a significant premium (9.9x) to companies with lower growth and higher free cash flow margins (3.4x). This shows the market rewards growth above all in the Rule of 40 calculation” (Software Pulse). Our “three times” is the ratio between those two highlighted cells (9.9x / 3.4x = 2.9x). Strictly, Meritech is comparing profitable growers of different mixes — 20–30% growth at a 10–20% free-cash-flow margin against 10–20% growth at a 20–30% margin — not companies at breakeven; applying it to breakeven is our inference. The same table supports it: in the row nearest breakeven (free-cash-flow margin under 10%), the median multiple runs from 0.7x at under 10% growth to 5.6x at 20–30% growth, a wider gap still, though Meritech does not publish how many companies sit in each cell. Meritech re-runs the analysis each issue; on August 28, 2026 the highlighted cells read 11.4x against 4.2x (Software Pulse). That like-for-like comparison is the claim the brief and the letter make. A secondary point, and a different one: Meritech’s two-factor regression in each issue also finds that a point of revenue growth explains several times as much of the multiple as a point of free-cash-flow margin: 3.4x on March 20, 4.1x on August 28, and between 2.8x and 4.1x on every 2026 print, growth ahead of margin throughout. We keep that as supporting evidence rather than the headline, because a board is not trading a dollar of growth for a dollar of EBITDA one for one; but it points the same way, that growth is what shareholders are paid for. Screenshots of the March table and both regression charts are kept in the campaign’s research files. Bessemer’s State of the Cloud 2023 reaches the same marginal finding at 2:1 — “a ~1% improvement in revenue growth has the same valuation impact as ~2% increase in profitability” (report). Neither measure is confined to profitable companies: the eligibility rules for Bessemer’s cloud index impose no earnings, margin or cash-flow test of any kind, and screen on revenue growth alone (index methodology).
  24. Q3 and Q4 2026 — company guidance; the real-terms arithmetic is ours. Q3 2026 is guided to 1–2% revenue growth (src-12) against 12-month CPI of 3.4% (src-19): a decline of 1–2% in real terms, and in nominal dollars about $7.75–7.83M, barely above the $7.672M of Q3 2025 four quarters earlier (src-15). Q4 is not guided separately. Full-year guidance of $30.4–31.0M, less H1 revenue of $14.847M and the guided Q3, implies a Q4 of roughly $7.7–8.4M — a residual we computed, not a company forecast, and one whose year-on-year comparison flatters, since Q4 2025’s $7.405M is the trough of the series.
  25. April 2014 — McKinsey & Company, “Grow fast or die slow” (Eric Kutcher, Olivia Nottebohm, Kara Sprague): “we analyzed the life cycles of about 3,000 software and online-services companies from around the globe between 1980 and 2012.” On growth against margin: “Increases in revenue growth rates drive twice as much market-capitalization gain as margin improvements for companies with less than $4 billion in revenues.” On survival, which is the sense in which the title is quoted above: “‘Supergrowers’—companies whose growth was greater than 60 percent when they reached $100 million in revenues—were eight times more likely to reach $1 billion in revenues than those growing less than 20 percent”; and “If a software company grows at [20 percent annually], it has a 92 percent chance of ceasing to exist within a few years” (article; PDF). The study’s universe is defined by sector, not by profitability: its low-margin bucket is “EBITA margins below 10 percent,” which is open-ended below, and the companion paper “Grow fast or die slow: The role of profitability in sustainable growth” (2017) confirms that companies with negative EBITDA margins sit in the same database (sequel). The one condition McKinsey does place on the finding is scale, and it runs the other way: “There is, however, one notable exception to the idea that growth is all-important. When companies reach $4 billion in revenues or more margins become more important to value multiples.”
  26. March 12, 2026 — Council of Institutional Investors, Policies on Corporate Governance, §2.1 “Annual Election of Directors”: “All directors should be elected annually. Boards should not be classified (staggered)” (policy). The proxy advisors hold the same position: ISS, United States Proxy Voting Guidelines, effective February 1, 2026 — “Vote for proposals to repeal classified boards and to elect all directors annually” (guidelines); Glass Lewis, 2026 Benchmark Policy Guidelines — United States — “Generally, staggered boards are less accountable to shareholders than boards that are elected annually” (guidelines).
  27. July – December 2025 — In order to understand the background to the February announcement of "sequencing" growth objectively and based on public information only, on September 1, 2026, the question — was the board already de-emphasizing growth in the second half of 2025, or did that occur shortly before the February announcement? — was posed in an unbiased way to a frontier AI model with no access to any non-public information (ChatGPT 5.6 Sol, in a temporary session with no memory, drawing on public sources of its own choosing). From the public record alone, it put the probability at 80% that the board's reduced priority on growth was already taking shape between July 2025 and January 2026, describing the February announcement as probably "the public crystallization of a process already underway." Transcript on file with the author. Evidence includes the fact that such a dramatic strategy change is rarely conceived overnight; the very same board was serving from July 2025 to February 2026 (with one addition); the third quarter 2025 earnings call in November introduced new language qualifying the growth goal: "growth balanced with disciplined cost management" (src-4); as well as the slowdown in actual growth during the second half of 2025.
  28. February 23, 2026 — Freightos press release, "Freightos Announces Board Change", announcing the author's resignation from the Board of Directors, effective February 28, 2026 — issued the same day the company announced its 2026 strategy and guidance (src-5, src-6) (press release).
  29. February 23, 2026 — Nasdaq daily closes for CRGO: US$2.22 on February 20, 2026, the last trading day before the announcement, and US$1.55 at the close on February 23, 2026, the day of it — a one-day fall of 30%.