Freightos Limited (NASDAQ: CRGO) reported preliminary first-quarter 2026 performance metrics that showed mixed results compared to management expectations, with Middle East shipping disruptions affecting transaction volumes.

The freight booking platform processed 425,000 transactions in Q1 2026, representing a 15% increase from the prior year but falling short of management's projected range of 446,000 to 451,000 transactions. The company attributed the shortfall to reduced activity on Middle East routes due to ongoing military conflict and disruption to major international shipping and air corridors.

Gross booking value (GBV) reached $343 million for the quarter, up 24% year-over-year and exceeding management's expectations of $335 million to $341 million. The company said elevated freight rates resulting from capacity constraints due to the Middle East conflict compensated for the transaction volume shortfall.

Freightos maintained 79 active carriers in its network during Q1 2026, up from 77 in the fourth quarter of 2025. Unique buyer users declined slightly on a sequential basis to approximately 20,600, reflecting reduced Middle East activity, but increased about 5% compared to the same period last year.

"Facilitating 425 thousand transactions during the quarter shows that global logistics companies continue to rely on the Freightos platform to weather volatility," said Pablo Pinillos, CEO and Interim CFO of Freightos. "At a time of a regional crisis, our platform played a key role in helping reallocate volumes to new carrier-route combinations."

The company plans to report full financial results for the first quarter on May 26, 2026, before market open, followed by a conference call at 8:30 a.m. EST.

Freightos operates a vendor-neutral global freight pricing, booking and procurement platform connecting airlines, ocean carriers, freight forwarders, and importers and exporters worldwide.