The questions
Every question below rests on something the company has published itself, footnoted to its source. None asks the board to reveal anything confidential, and each can be answered in a sentence or two — the status under each shows whether it has been. The first fourteen were sent to Freightos investor relations on September 9, 2026; the last two followed on October 2, 2026, with a reminder and minor edits to update the other fourteen. If you're a shareholder, ask them yourself: write to Freightos investor relations or raise them on the next earnings call.
45 days without an answer
First sent September 9, 2026
Growth
The current investor presentation targets revenue "Growth of 25-30% per year" for 2027–2030,1 as the company's presentations have since February 2024.3 On the May 2026 earnings call the CEO said "a 20% plus growth trajectory in 2027 and beyond."2 The gap between the two numbers is the difference between a growth company and an average one.
Which is the company's 2027 growth target — 25–30%, or "20% plus" — and does the board still stand behind the 25–30% framework?
Asked September 9, 2026 — unanswered
25–30% a year is the company's own plan for 2027–2030.1 The delivery for 2026, as guided in August: revenue growth of 3–5%.17 On our arithmetic, growing this year at the rate promised for next year would have added roughly $4.6M of revenue and $3.4M of gross profit — about half of this year's guided adjusted EBITDA loss.5
If the company has a playbook for 25–30% growth, why was it not run in 2026 — and what would it have done for 2026 EBITDA?
Asked September 9, 2026 — unanswered
The offices of CMO, CRO, CPO, SVP R&D and SVP Data have stood empty for months, and recently CSO.6 The company's own leadership page lists three executives one of whom is General Counsel.12
Who will deliver the growth guided for 2027, and by when will the remaining seats be filled?
Asked September 9, 2026 — unanswered
Enterprise sales cycles are long, and hiring the people who work them takes quarters, not weeks. Growth meant to appear in 2027 — a jump from the 3–5% now guided for 2026 to 25–30%1,17 — has to be built during 2026. Three-quarters of the year is gone.
What headcount, sales capacity and pipeline are already in place for 20–30% growth in 2027 — and how much of that target does the board consider covered?
Asked September 9, 2026 — unanswered
Strategy
A "Solutions-first strategy" was announced on February 23, 2026.7 The second quarter was the first executed entirely under it. Solutions revenue fell 4% year on year to $4.8M, after growing 3% a quarter earlier,10 while Platform revenue grew 19%.8,17 In May the CEO had told investors the Solutions pipeline was "approximately double what it was a year ago."2
What has Solutions shipped since February, how much incremental revenue has it generated, and what did a pipeline twice last year's size turn into?
Asked September 9, 2026 — unanswered
Take the Solutions-first strategy7 at its word. The quarterly KPIs the company reports are Platform metrics: the July release on second-quarter KPIs is titled "Platform KPIs" and reports transactions and gross booking value, with no Solutions metric at all.9
If Solutions now come first, why is no Solutions KPI reported quarterly — and what metrics should shareholders use to track the strategy the company chose?
Asked September 9, 2026 — unanswered
Second-quarter transactions were a record 458k, up 15% year on year; gross booking value a record $422M, up 33% — both above management's own expectations.9 Platform revenue grew 19%. Solutions revenue fell 4%.17 The board's February strategy puts Solutions first.7
With the Platform growing 19–33% on every measure and Solutions shrinking, on what evidence does the board still rank Solutions first — and what would make it reverse that ranking?
Asked September 9, 2026 — unanswered
Adjusted EBITDA is guided to −$6.9M to −$6.4M for 202617 — about $4.6M better than 2025's −$11.2M.25 Almost none of that comes from the business: revenue is guided to grow 3–5%, worth roughly $0.9M of gross profit,25 and gross margin is down from its Q3 2025 peak of 69.1%, at 67.6% in Q2 2026, and not regained in any quarter since.4,17 So roughly $3.7M — four-fifths of the improvement — is cost taken out,25 in the year promised as one of "operational discipline and execution focus."7
What was cut — and how much of the sales, marketing and engineering capacity that 25–30% growth in 2027 depends on went with it? And when does gross margin get back above its Q3 2025 peak?
Asked September 9, 2026 — unanswered
AI agents are beginning to price, quote and book freight — in our view the biggest opportunity, and the biggest risk, in front of the company. In February the board made Solutions — SaaS-shaped software — the first priority,7 at the moment the market began recognizing that AI agents commoditize exactly that kind of workflow software; by the second quarter the company was reporting "some pricing pressure on renewals" in Solutions.19 A neutral marketplace is what those agents will need to transact on, and the company's long-term framework sets out financial targets but no AI strategy.1
Where does the board see AI changing how freight is bought and sold, how will Freightos lead that change rather than be displaced by it, and what is it investing today?
Asked September 9, 2026 — unanswered
Governance
On July 8, 2026, Zvi submitted three resolutions for this year's AGM in compliance with Article 19.5 of the company's articles, which required 120 days' notice.16 For two months the board declined to give a substantive response. On September 4, its counsel said the board would consider the resolutions "at its next meeting" and give at least 14 days' notice of its decision before the proxy statement is mailed out; on September 7, that it would do so on or before November 4, which is day 120 — which could have left too little time for any legal process.26
Is the delay designed to leave shareholders too little time to enforce their right to a vote before the proxy mails? If not, why do three properly submitted resolutions take four months to answer? And will the board confirm now that shareholders will vote on all three, in full, by proxy and at the AGM?
Asked September 9, 2026 — answered in part October 6: two of three resolutions on the proxy card26
The company's 2025 Form 20-F states that Mr. Michael Schaecher is not an independent director.11 Yet he is not listed as an executive officer in that filing11 or on the company's leadership page, as the other non-independent director is.12
What relationship or arrangement makes Mr. Schaecher non-independent under the Nasdaq listing standards, and why has that relationship not been disclosed?
Asked September 9, 2026 — unanswered
On his appointment in July 2025, the chairman said the board and he were "excited to continue to steer the company on its next chapter."15 Since then CRGO has fallen — while the Nasdaq Composite is — (62% and 25% when this question was sent),14 the executive team has thinned rather than grown,6 and his board term runs to 2028 unless shareholders cut it short.13
What was the "next chapter" the chairman had in mind, by what criteria was its success to be judged — and what outcome, by when, should shareholders hold him to now, with what accountability if it is missed?
Asked September 9, 2026 — unanswered
Freightos directors serve staggered three-year terms; the class elected in 2025 runs to 2028.13 Annual election of every director is the governance standard: "All directors should be elected annually. Boards should not be classified (staggered)," in the words of the Council of Institutional Investors, a position ISS and Glass Lewis share.24 Zvi has proposed resolutions to make that change, submitted July 8, 2026 under Article 19.5 of the company's articles, in time for this year's AGM.16
When the resolutions come to a vote, will the board recommend that shareholders vote for them?
Asked September 9, 2026 — answered: no October 6: the board will recommend against26
In October 2025 the company adopted a new director compensation package in which most non-employee directors receive share options in three tranches, struck at $5.00, $10.00 and $15.00; two directors were granted a further 100,000 options each, on the same three strikes, in January 2026.20 The shares have been below $3 all year, and since July have closed below $1.50 on all but two days.21 Revenue grew 3% last quarter, and the third quarter is guided to 1–2%.17
On what basis does the board expect the shares to reach $15 — what growth, over what period, gets there? And if it does not expect that, what is the option component of director pay for?
Asked September 9, 2026 — unanswered
The company's 2024 annual report and November 2025 proxy statement attributed to director Ezra Gardner the Freightos shares held by Varana Capital Focused LP — most recently 858,753 — "due to Mr. Gardner's relationship to Varana."27 The 2025 annual report does not mention Varana, and his March 2026 Form 3 reports only shares he holds directly.27,28 Varana's website still lists him as a Partner and Freightos as a portfolio company, and its March 2026 SEC filing lists him as a control person and an owner of at least half of the firm.29
Does Varana still hold Freightos shares? If it does, why are they no longer reported as beneficially owned by Mr. Gardner — and if it does not, when and how did it dispose of them, and why does its website still list Freightos among its portfolio companies?
Asked October 2, 2026 — unanswered
The chair of Freightos's compensation committee has been a director for more than four years.30 The committee approves executive pay, including a significant component of equity-based compensation.30 Every other director who is paid takes part of their board pay in equity; the committee chair is paid entirely in cash and owns no Freightos shares.20,28 The Council of Institutional Investors calls significant equity holdings "the cornerstone" of director pay.30
Why does the director who oversees the equity pay of Freightos's executives hold no equity herself — and will the board ask every director to hold shares?
Asked October 2, 2026 — unanswered
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