Freightos Limited (NASDAQ: CRGO) announced a cost optimization plan that includes reducing its global workforce by up to 15% to improve operating efficiency and support its path to adjusted EBITDA breakeven by the end of 2026.

The freight platform company expects to incur approximately $1.3 million in one-time restructuring charges, primarily related to severance and employee benefits, throughout the first nine months of the year. The restructuring is projected to generate annualized cost savings of approximately $4.5 million starting in the fourth quarter of 2026.

"These types of decisions are very difficult, but this is a necessary step to ensure Freightos is positioned for long-term, sustainable growth in a dynamic market," said Pablo Pinillos, recently appointed chief executive officer of Freightos.

The company stated the restructuring aligns with its previously communicated timeline to reach adjusted EBITDA breakeven by the end of 2026. Freightos indicated it will continue investing in growth initiatives across pricing, procurement, and booking solutions that support its freight booking platform.

The Barcelona-based company operates what it describes as a vendor-neutral global freight pricing, booking and procurement platform. The restructuring aims to support long-term growth of the company's multimodal pricing, quoting and booking platform while maintaining its strategy of building a global freight platform.

Freightos plans to continue leveraging technology, including artificial intelligence, to improve efficiency and streamline operations. The company serves airlines, ocean carriers, freight forwarders, and importers and exporters through its platform.