Industrial Logistics Properties Trust Announces Second Quarter 2025 Results
A conference call will be held on Wednesday, July 30, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 418-4826 or (412) 902-6758 (if calling from outside the United States and Canada); a pass code is not required. A replay of the conference call will be available for one week by dialing (877) 344-7529; the replay pass code is 2527860. A live audio webcast of the conference call will also be available in a listen-only mode on ILPT's website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT's website after the call. The transcription, recording and retransmission in any way of ILPT's second quarter conference call are strictly prohibited without the prior written consent of ILPT.
About Industrial Logistics Properties Trust:
ILPT is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties. As of June 30, 2025, ILPT's portfolio consisted of 411 properties containing approximately 59.9 million rentable square feet located in 39 states. Approximately 76% of ILPT's annualized rental revenues as of June 30, 2025 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $40 billion in assets under management as of June 30, 2025 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
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Earnings Webcast Freightos' management, and new Chairman Dr. Udo Lange, will host a webcast and conference call to discuss the results today, August 18, 2025, at 8:30 a.m. EST. To participate in the call, please pre-register at the following link: Following registration, you will be sent the link to the conference call which is accessible either via the Zoom app, or alternatively from a dial-in telephone number. Questions may be submitted in advance to ir@ or via Zoom during the call. A replay of the webcast, as well as the conference call transcript, will be available on Freightos' Investor Relations website following the call. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which include the financial outlook of Freightos, are based on various assumptions, whether or not identified in this press release, and on the current expectations of Freightos, and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Freightos. 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If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Freightos is not aware presently or that Freightos currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Freightos' expectations, plans or forecasts of future events and views as of the date of this press release. Freightos anticipates that subsequent events and developments will cause Freightos' assessments to change. However, while Freightos may elect to update these forward-looking statements at some point in the future, Freightos specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Freightos' assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Financial Information; Non-IFRS Financial Measures While certain financial figures included in this press release have been computed in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, this press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". This press release includes certain financial measures not presented in accordance with generally accepted accounting principles of the IFRS including, but not limited to, Adjusted EBITDA. These non-IFRS measures differ from the most directly comparable measures determined under IFRS. For the historical non-IFRS results included herein, we have provided tables at the end of this press release providing a reconciliation of those results to our results achieved under the most directly comparable IFRS measures. For the forward-looking, non-IFRS data included under "Financial outlook", we have not included such a reconciliation, because the reconciliation of forward-looking data cannot be prepared without unreasonable effort. Our results and forecasts expressed as non-IFRS measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Freightos believes that Adjusted EBITDA and other non-IFRS measures provide useful information to investors and others in understanding and evaluating Freightos' operating results because they provide supplemental measures of our core operating performance and offer consistency and comparability with both our own past financial performance and with corresponding financial information provided by peer companies. These non-IFRS measures are presented to permit investors and others to more fully understand how management assesses our performance for internal planning and forecasting purposes. Certain monetary amounts, percentages and other figures included in this press release have been subject to rounding adjustments, and therefore may not sum due to rounding. Glossary We have provided below a glossary of certain terms used in this press release: Transactions: Number of bookings for freight services, and related services, placed by Buyers across the Freightos platform with third-party sellers and with Clearit. Sellers of Transactions include Carriers (that is, airlines, ocean liners and LCL consolidators) and also other providers of freight services such as trucking companies, freight forwarders, general sales agents, and air master loaders. The number of transactions booked on the Freightos platform in any given time period is net of transactions that were canceled prior to the end of the period. Transactions booked on white label portals hosted by Freightos are included if there is a transactional fee associated with them. Carriers: Number of unique air and ocean carriers, mostly airlines, that have been sellers of transactions. For airlines, we count booking carriers, which include separate airlines within the same carrier group. We do not count dozens of other airlines that operate individual segments of air cargo transactions, as we do not have a direct booking relationship with them. Carriers include ocean less-than-container load (LCL) consolidators. In addition, we only count carriers when more than five bookings were placed with them over the course of a quarter. Unique buyer users: Number of individual users placing bookings, typically counted based on unique email logins. The number of buyers, which counts unique customer businesses, does not reflect the fact that some buyers are large multinational organizations while others are small or midsize businesses. Therefore, we find it more useful to monitor the number of unique buyer users than the number of buyer businesses. GBV: Total value of transactions on the Freightos platform, which is the monetary value of freight and related services contracted between buyers and sellers on the Freightos platform, plus related fees charged to buyers and sellers, and pass-through payments such as duties. GBV is converted to U.S. dollars at the time of each transaction on the Freightos platform. This metric may be similar to what others call gross merchandise value (GMV) or gross services volume (GSV). We believe that this metric reflects the scale of the Freightos platform and our opportunities to generate platform revenue. Adjusted EBITDA: Loss before income taxes, finance income, finance expense, share-based compensation expense, depreciation and amortization operating expense settled by issuance of shares, and change in fair value of warrants. Platform revenue: Fees charged to buyers and sellers in relation to transactions executed on the Freightos platform. For bookings conducted by importers/exporters, our fees are typically structured as a percentage of booking value, depending on the mode and nature of the service. When freight forwarders book with carriers, the sellers often pay a pre-negotiated flat fee per transaction. When sellers transact with a buyer who is a new customer to the seller, we may charge a percentage of the booking value as a fee. Solutions revenue: Primarily subscription-based SaaS and data. It is typically priced per user or per site, per time period, with larger customers such as multinational freight forwarders or enterprise shippers often negotiating fixed, all-inclusive subscriptions. Revenue from our Solutions segment includes certain non-recurring revenue from services ancillary to our SaaS products, such as engineering, customization, configuration and go-live fees, and data services for digitizing offline data. About Freightos Freightos® (Nasdaq: CRGO) is the leading vendor-neutral global freight booking platform. Airlines, ocean carriers, thousands of freight forwarders, and well over ten thousand importers and exporters connect on Freightos, making world trade efficient, agile, and resilient. The Freightos platform digitizes the trillion dollar international freight industry, supported by a suite of software solutions that span pricing, quoting, booking, shipment management, and payments for businesses of all shapes and sizes around the globe. Products include Freightos Enterprise for multinational importers and exporters, Freightos Marketplace for small importers and exporters, WebCargo and 7LFreight by WebCargo for freight forwarders, WebCargo for Airlines, and Clearit, a digital customs broker. Freightos is a leading provider of real-time industry data via Freightos Terminal, which includes the world's leading spot pricing indexes, Freightos Air Index (FAX) for air cargo and Freightos Baltic Index (FBX) for container shipping. Futures of FBX are traded on CME and SGX. More information is available at Contacts Media:Tali Aronskypress@ Investors:Anat Earon-Heilbornir@ CONSOLIDATED BALANCE SHEETS (in thousands)June 30, 2025 December 31, 2024(unaudited)Assets Current Assets: Cash and cash equivalents $ 19,981 $ 10,118 User funds 3,298 4,494 Trade receivables, net 4,043 3,057 Short-term bank deposit 14,168 27,153 Other receivables and prepaid expenses 2,333 1,28143,823 46,103Non-current Assets: Property and equipment, net 301 420 Right-of-use assets, net 2,005 1,191 Intangible assets, net 8,018 8,852 Goodwill 15,343 15,040 Deferred taxes 519 536 Other long-term assets 1,626 1,63727,812 27,676Total assets $ 71,635 $ 73,779Liabilities and Equity Current liabilities: Current maturity of lease liabilities 832 615 Trade payables 5,666 2,731 User accounts 3,298 4,494 Warrants liabilities 2,958 2,450 Accrued expenses and other short-term liabilities 7,612 7,02320,366 17,313Long Term Liabilities: Lease liabilities 1,155 339 Employee benefit liabilities, net 1,349 1,2392,504 1,578Equity: Share capital 1 *) Share premium 263,799 261,769 Foreign currency translation reserve 316 (307) Reserve from remeasurement of defined benefit plans 96 96 Accumulated deficit (215,447) (206,670) Total equity 48,765 54,888Total liabilities and equity $ 71,635 $ 73,779 *) Represents an amount lower than $1. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data)Three Months Ended Six Months EndedJune 30, June 30,2025 2024 2025 2024(unaudited) (unaudited) Revenue $ 7,438 $ 5,658 $ 14,383 $ 11,013 Cost of revenue 2,445 1,984 4,751 3,989 Gross profit 4,993 3,674 9,632 7,024 Operating expenses: Research and development 3,031 2,435 5,914 4,901 Selling and marketing 3,853 3,267 7,536 6,829 General and administrative 2,623 2,536 5,377 5,342 Total operating expenses 9,507 8,238 18,827 17,072 Operating loss (4,514) (4,564) (9,195) (10,048) Change in fair value of warrants (285) (1,324) (508) (1,040) Finance income 578 637 1,153 1,275 Finance expenses (19) (70) (134) (137) Financing income, net 559 567 1,019 1,138 Loss before taxes on income (4,240) (5,321) (8,684) (9,950) Income taxes (tax benefit), net 38 (7) 93 (20) Loss (4,278) (5,314) (8,777) (9,930) Other comprehensive income (net of tax effect): Amounts that will be or that have been reclassified to profit or loss when specific conditions are met: Adjustments arising from translating financial statements of foreign operations 433 - 623 - Total comprehensive loss $ (3,845) $ (5,314) $ (8,154) $ (9,930) Basic and diluted loss per Ordinary share $ (0.09) $ (0.11) $ (0.18) $ (0.21) Weighted average number of shares outstanding used to compute basic and diluted loss per share 50,291,610 48,151,487 50,084,401 48,057,015 CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)Three Months Ended Six Months EndedJune 30, June 30,2025 2024 2025 2024(unaudited) (unaudited) Cash flows from operating activities: Loss $ (4,278) $ (5,314) $ (8,777) $ (9,930) Adjustments to reconcile net loss to net cash used in operating activities: Adjustments to profit or loss items: Depreciation and amortization 806 706 1,744 1,410 Operating expense settled by issuance of shares - - - 351 Change in fair value of warrants 285 1,324 508 1,040 Changes in the fair value of contingent consideration - (6) - (6) Share-based compensation 811 751 1,508 1,594 Finance income, net (559) (561) (1,019) (1,132) Income taxes (tax benefit), net 38 (7) 93 (20)1,381 2,207 2,834 3,237 Changes in asset and liability items: Decrease (increase) in user funds 93 508 1,261 (298) Increase (decrease) in user accounts (93) (508) (1,261) 298 Increase in other receivables and prepaid expenses (261) (844) (495) (778) Increase in trade receivables (77) (311) (778) (495) Increase in other long-term assets (73) - (73) - Increase (decrease) in trade payables (74) 94 2,862 481 Increase in accrued severance pay, net 19 44 68 114 Increase in accrued expenses and other short-term liabilities 506 718 152 69640 (299) 1,736 18 Cash received (paid) during the period for: Interest received, net 111 816 1,644 2,356 Taxes received (paid), net (76) (174) 31 (186)35 642 1,675 2,170 Net cash used in operating activities (2,822) (2,764) (2,532) (4,505) Cash flows from investing activities: Purchase of property and equipment (58) (9) (74) (17) Proceeds from sale of property and equipment - - 25 2 Investment in long-term assets (5) (30) (123) (30) Withdrawal of long-term assets 116 25 116 33 Withdrawal of (investment in) short-term bank deposit, net (14,000) - 12,000 (6,000) Withdrawal of short term investments, net - 11,520 - 11,520 Net cash provided by (used in) investing activities (13,947) 11,506 11,944 5,508 Cash flows from financing activities: Repayment of lease liabilities (149) (155) (300) (305) Exercise of options 225 175 489 197 Net cash provided by (used in) financing activities 76 20 189 (108) Exchange differences on balances of cash and cash equivalents 220 (33) 236 (59) Gains from translation of cash and cash equivalents of foreign activity 17 - 26 - Increase (decrease) in cash and cash equivalents (16,456) 8,729 9,863 836 Cash and cash equivalents at the beginning of the period 36,437 12,272 10,118 20,165 Cash and cash equivalents at the end of the period $ 19,981 $ 21,001 $ 19,981 $ 21,001 (a) Significant non-cash transactions: Right-of-use asset recognized with corresponding lease liability $ 62 $ - $ 1,172 $ - Receivables on account of exercise of options $ 34 $ 51 $ 34 $ 51 RECONCILIATION OF IFRS TO NON-IFRS GROSS PROFIT AND GROSS MARGIN (in thousands, except gross margin data)Three Months Ended Six Months EndedJune 30, June 30,2025 2024 2025 2024(unaudited) (unaudited) IFRS gross profit $ 4,993 $ 3,674 $ 9,632 $ 7,024 Add: Share-based compensation 82 89 180 190 Depreciation and amortization 392 312 775 623 Non-IFRS gross profit $ 5,467 $ 4,075 $ 10,587 $ 7,837 IFRS gross margin 67.1 % 64.9 % 67.0 % 63.8 % Non-IFRS gross margin 73.5 % 72.0 % 73.6 % 71.2 % RECONCILIATION OF IFRS LOSS TO ADJUSTED EBITDA (in thousands , except adjusted EBITDA margin data)Three Months Ended Six Months EndedJune 30, June 30,2025 2024 2025 2024(unaudited) (unaudited) IFRS loss $ (4,278) $ (5,314) $ (8,777) $ (9,930) Add: Change in fair value of warrants 285 1,324 508 1,040 Financing income, net (559) (567) (1,019) (1,138) Tax benefit (income taxes), net 38 (7) 93 (20) Share-based compensation 811 751 1,508 1,594 Depreciation and amortization 806 706 1,744 1,410 Operating expense settled by issuance of shares - - - 351 Adjusted EBITDA $ (2,897) $ (3,107) $ (5,943) $ (6,693) Adjusted EBITDA margins -39 % -55 % -41 % -61 % RECONCILIATION OF IFRS LOSS TO NON-IFRS LOSS AND LOSS PER SHARE (in thousands, except share and per share data)Three Months Ended Six Months EndedJune 30, June 30,2025 2024 2025 2024(unaudited) (unaudited) IFRS loss $ (4,278) $ (5,314) $ (8,777) $ (9,930) Add: Share-based compensation 811 751 1,508 1,594 Depreciation and amortization 806 706 1,744 1,410 Operating expense settled by issuance of shares - - - 351 Changes in the fair value of contingent consideration - (6) - (6) Change in fair value of warrants 285 1,324 508 1,040 Non IFRS loss $ (2,376) $ (2,539) $ (5,017) $ (5,541) Non IFRS basic and diluted loss per Ordinary share $ (0.05) $ (0.05) $ (0.10) $ (0.12) Weighted average number of shares outstanding used to compute basic and diluted loss per share 50,291,610 48,151,487 50,084,401 48,057,015 Logo: View original content: SOURCE Freightos Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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