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17 August marked the 240th anniversary of American folk hero Davy Crockett -- ‘King of the Wild Frontier’, as the old song goes. It also marked the official end of the 60-day period for negotiations to end the conflict between the U.S. and Iran. Whether U.S. President Donald Trump sees himself as King of his own Wild Frontier is anyone’s guess. And whether he will have an affectionate song written about him in the year to come remains to be seen. But, judging from the current situation in and around Iran, and its ongoing global ramifications, few people are likely to be singing and dancing in the streets any time soon; it seems safe to say. So, where exactly are we in a conflict that has every sign of becoming the sort of ‘endless war’ that Trump swore to his supporters that he would never get the U.S. involved in again? As it stands now, the U.S. has officially halted peace negotiations and has shifted to a total enforcement posture. Bizarrely, it has to be said, Trump has declared the Strait of Hormuz -- the key global energy transit route through which around 30% of the world’s oil historically moved and about 20% of its liquefied natural gas (LNG) -- “an American territory” and stated he would formally designate it as such “pretty soon”. In line with this extremely bold reimagining of reality, he added: “We have the blockade. No ships get through unless we want them to.” Washington has also re-initiated its most severe economic isolation campaign to date, under the operational handle of ‘Economic D-Day’, warning that any country allowing Iran access to their banks, business networks, or airports will face immediate secondary sanctions. Since the imposition of this policy, U.S. Energy Secretary Chris Wright confirmed that the naval blockade in the Gulf of Oman has brought Iranian crude exports to a near-total halt, with U.S. forces having actively intercepted, redirected, or boarded dozens of commercial vessels attempting to run the blockade. Related: Goldman Sachs: Europe Needs Much Higher Gas Prices to Secure Winter Supply Iran, meanwhile, has declared the diplomatic window dead and has officially categorised the new U.S. sanctions and blockade as a ‘declaration of war’ on global sovereignty. National Security Council Secretary, Mohsen Rezaei, warned regional neighbours that if they assist the U.S. campaign, Tehran will treat them as enemies and target their interests directly. In line with this, Iranian Army spokesman Brigadier General Mohammad Akraminia stated that the country’s military posture has shifted from defensive to offensive, while Iranian Parliament Speaker Mohammad Bagher Ghalibaf issued a list of demands for reopening the vital Strait of Hormuz energy transit route. Iran maintains that shipping will only resume under exclusive Iranian terms, which comprise the immediate lifting of the U.S. blockade of the area, the removal of sanctions on Iran, the payment of war reparations to Tehran, the unfreezing of blocked Iranian financial assets and state funds held abroad, the withdrawal of U.S. forces from the Persian Gulf and Gulf of Oman areas, and a permanent end to all military operations and threats against Iran and its regional allies across Lebanon, Palestine, Yemen, and Iraq. In an adjunct move, Tehran is also working on formalising its own permanent transit authority over the chokepoint through a sovereign pact with Oman, with Iran demanding a 5% to 7% cargo transit fee on the value of all commercial shipments passing through the Strait. Over and above the grand rhetoric and studied unpredictability of Trump’s recent comments on Iran, the kernel of the key objective that he wanted to achieve in the conflict in the first place re-emerged last week. Early in the conflict, Trump clearly laid out the four objectives he wanted to achieve with the action, and these were (in the order in which he said them): making it impossible for Iran to build a nuclear arsenal, degrading and destroying its missile stockpiles and production capabilities, regime change, and the end of the financing and arming of its proxies. Each of these aims was endorsed by every member of his cabinet back in February. In his detailed Truth Social post of 17 August, Trump directly or indirectly reiterated all of these objectives. It ran: “We need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat. These maniacs are on the ropes, and these historic measures will cripple them and their ability to project terror worldwide. Iran will never have a nuclear weapon.” Preventing it ever having a nuclear weapon is directly stated, ending its support for proxies is echoed in stopping its ability to project power worldwide, and changing the regime is implied throughout. Interestingly, part of the historical basis for Trump’s contempt for what he views as the inertia of U.S. allies to help more directly in Iran is also alluded to. As examined in detail in my latest book on the new global oil market order, when Trump withdrew the U.S. unilaterally from the Joint Comprehensive Plan of Action (colloquially ‘the nuclear deal’) in 2018, several major European powers busily worked on ways that would allow them to continue to trade with Iran, circumventing the newly re-imposed U.S. sanctions. These measures included the introduction of a special purpose vehicle -- the ‘Instrument in Support of Trade Exchanges’ (INSTEX) -- that would act as a clearing house for payments made between Iran and European Union (E.U.) companies doing work there. In response, a letter from the U.S. under-secretary of treasury for terrorism and financial intelligence, Sigal Mandelker, to INSTEX President, Per Fischer, on 7 May 2019 read: ‘I urge you to carefully consider the potential sanctions exposure of INSTEX [as] engaging in activities that run afoul of US sanctions can result in severe consequences, including a loss of access to the US financial systems.’ Trump also rightly regards Europe’s unwillingness to respond forcefully to Russia’s invasion of Crimea in 2014 -- because it did not want to lose its access to cheap and plentiful Russian oil and gas -- as effectively an invitation to Russia the invade the rest of Ukraine in 2022. There has been much chatter recently about whether Trump would order the use of a nuclear weapon on Iran to end the current stalemate, but according to Washington-based sources who work very closely with Trump’s core team, any mention of this would have occurred merely as part of a full examination of all operational options available in a wargaming scenario. More specifically, it would have occurred in passing examination as a tactical nuclear weapon option to destroy Iran’s remaining highly-enriched uranium that is believed to be located somewhere under Pickaxe Mountain, at depths that cannot be reached by even the most potent of U.S. missiles. “The ramifications of the U.S. using any sort of nuclear weapon anywhere right now, particularly with Russia in Ukraine [as also analysed full in my latest book on the new global oil market order, the U.S. threatened to destroy all Russian forces in Ukraine, Crimea, and the Black Sea, with conventional weapons if Russia used nuclear weapons against Ukraine] and China eyeing Taiwan, would be disastrous, and there are multiple better options,” said one of the sources. One better option, according to a Washington-based source who works closely with the U.S. Treasury, is maintaining a military presence in and around the Strait of Hormuz and the Bab el-Mandeb Strait (the other key regional energy transit route, threatened by the Iran-backed Houthis) to allow oil and LNG traffic to move freely, while at the same time increasing economic sanctions on Tehran. “These were working well before they were relaxed for the peace talks, and they’re likely to do so again, especially if pressure is put on China at the same time,” said the Washington source. Although China has continued its support for Iran since the start of the conflict with the U.S. -- through massive imports of Iranian oil and technology used in Iranian weaponry -- Trump’s ‘Economic D-Day’ may cause Beijing to think again, if the plan is fully implemented. U.S. Treasury Secretary Bessent confirmed last week that Washington will impose “the ‌toughest sanctions in history" on Iran and urged Beijing to cooperate with the U.S. “It is a one-two punch. We have the blockade [on Iran], and we are going to have the toughest sanctions in history… It is going to work in Iran and we are going to collapse this regime,” he said. “We are confident that everyone wants the Strait (of Hormuz) reopened, and for energy prices to come back down,” he added, “and keep in mind that the Chinese get 50 per cent [of their] energy from inside the Gulf, so it would do them a big service to get with the program.” By Simon Watkins for Oilprice.com More Top Reads From Oilprice.com

Neom SC vs. Al Qadsiah (25 Aug, 2026) Live Score ESPN Philippines

Questions can be submitted in writing during the call by using the Q&A feature in Zoom. With that, I will hand it over to Pablo. The company undertakes no obligation to update any information discussed in this call at any time. Before we begin, I'd like to note our upcoming investor events. This week, Freightos will participate virtually in the SIDOTI MicroCap conference. In September, management will attend the HC Wainwright Annual Investment Conference in New York. Links to webcast, when applicable, and other event updates can be found on our website. Today's earnings call will begin with a business and financial overview by Pablo, followed by Ian, who will discuss our product strategy in more detail. Next, Pablo will present the guidance for Q3 and full year 2026. We will conclude with Q&A. Please be aware that today's discussion contains forward-looking statements, which are subject to a number of risks and uncertainties. Actual results may differ materially due to various risk factors. Please refer to today's press release and our SEC filings for more information on risk factors and other factors, which could impact forward-looking statements. Copies of these reports are available online. In discussing the results of our operations, we'll be providing and referring to certain non-IFRS financial measures. You can find reconciliations to the most directly comparable IFRS financial measures along with additional information regarding those non-IFRS financial measures in the press release on our website at freightos.com/investors. Anat Earon-Heilborn: Hello, and welcome to Freightos' Q2 2026 earnings conference call. A press release with detailed financial results was released earlier today and is available on the Investor Relations website -- section of our website, freightos.com/investors. My name is Anat Earon-Heilborn, and I'm joined today by Pablo Pinillos, Freightos' CEO and Interim CFO; and Ian Arroyo, Chief Strategy Officer. Following the prepared remarks, we'll open the call for questions. We are sharing slides during the call and using video. So we recommend using Zoom on a computer rather than dialing in by phone. The slides as well as a recording of this earnings call will be available on our website shortly after the call. Story Continues Pablo Pinillos: Thank you, Anat, and thank you, everyone, for joining us today. We delivered record revenues of $7.7 million, ahead of our expectations. Adjusted EBITDA loss improved to a record low negative $2 million primarily due to our tight cost discipline, and Platform revenue grew 19%. At the same time, Solutions revenue declined 4%, reflecting the execution gaps identified during 2025 in building a recurring revenue stream. However, with the disciplined changes and sharper prioritization now in place, we expect results to begin showing in H2. The quarter demonstrated that our global offering remains resilient and increasingly vital to customers navigating industry headwinds, while our operating discipline continues to improve. As we said at the beginning of the year, 2026 is a transition year. Our focus this year is on disciplined execution, tighter prioritization and building the foundation for long-term growth. As we look at our progress in the second quarter, I would highlight 3 themes. First, we continue to strengthen Freightos' position across the freight ecosystem, advancing our vision of becoming the infrastructure layer that connects the global freight industry. Second, we continue to execute against the plan we outlined earlier this year. In Q1, we focused the organization on alignment and prioritization. In Q2, that execution is increasingly reflected in the evolution of our product offering. While our updated full year outlook reflects areas where execution needs to accelerate, we expect the crossover to adjusted EBITDA breakeven to occur at some point during the fourth quarter. We see the business exiting 2026 at a breakeven run rate, and from there, becoming cash generative by mid-2027, ensuring our financial stability and ability to fund future growth. Before turning to the quarter, I would like to briefly note the appointment of Yaron Eldad as Freightos' new Chief Financial Officer, effective September 1. Yaron brings more than 25 years of senior financial leadership experience, including significant public company and international operating experience. His appointment is an important step in our management transition and strengthens the leadership team as we remain focused on delivering against our goals. We are very pleased to have him joining Freightos. Now let's discuss the results of the quarter. Total revenue for the second quarter was above our expectations and up 3% from Q2 last year. The outperformance was driven by Platform revenue of $2.9 million, increasing 19% compared to last year, whereas Solutions revenue of $4.8 million was down 4% from last year. The Platform outperforms this quarter reflects the breadth of our Platform revenue base. While the Middle East conflict continued to weigh on booking volumes in affected corridors, tariffs-driven reimbursement activity through Clearit provided a meaningful offsetting tailwind with one source of Platform revenue under pressure and another exceeding plan. The net result was Platform revenue above expectations. What we have seen in the Middle East, routes were still disruptive through the second quarter, but recovery was stronger than what we had previously anticipated. So our Platform facilitated 458,000 transactions, up 15% from Q2 last year. Excluding routes involving Middle East origin, destination or airspace, transactions grew year-on-year at a rate well in line with the company's long-term model of 20% to 30% transactions growth. The gross booking value of these transactions reached a record of $422 million, up 33% from Q2 last year. This reflects both the transaction volume and the fact that the average air freight rates remain high, about 25% above their pre-conflict levels. Platform revenue benefited from higher-than-expected contribution from Clearit, our custom transactions business line. Clearit processed many refund claims following tariff policy changes. This activity carries higher revenue per transaction and typical customs transactions and was a meaningful largely temporarily contributor to Q2 outperformance. We expect a moderate contribution in Q3 and a smaller contribution in Q4. Nevertheless, it is a reminder of the importance of having a broad Platform revenue base. We announced the addition of Korean Air to Freightos' network. This is the major Asian cargo airline whose addition we referred on our Q1 quarter call. We have said for some time that expanding airline participation in Asia is a strategic priority for us. So confirming Korean Air as part of the network is an important milestone. As we continue adding leading carriers across key geographies, we strengthen network connectivity, increase the depth of the network and create more opportunities for better procurement and decision-making across the Platform. Every leading carrier we add has increased the data flow through the network, and that cumulative effect of building a larger, more connected network over time is really the bigger story here. Active carrier count, active meaning that they've received more than 5 transactions each in the quarter, was 75 compared with 79 in Q1 and 75 a year ago. The quarter-on-quarter decrease reflects some carriers falling down below the threshold, partially offset by the addition of other carriers. So the active carrier count can fluctuate quarter-on-quarter as individual carriers move above or below the threshold. But we are focused on the long-term trajectory and customer value, adding leading carriers, expanding geographic coverage, deepening the network, increasing available capacity. Turning to Solutions. Revenue for the second quarter was down year-on-year, reflecting the execution gap identified during 2025. New bookings were not sufficient to cover for the shortfall, and we are seeing some pricing pressure on renewals. We are not satisfied with this performance, and we are being direct about that. We continue to build a strong pipeline, up 30% quarter-on-quarter that is progressing correctly through the sales cycle, but the pipeline is not the outcome, bookings and revenue are. We are measuring progress through conversion rates, sales cycle duration, renewals and customer go-lives. We will judge ourselves on those outcomes, and we expect it to start converting during H2. The strategic logic connecting solutions to the rest of the offering hasn't changed. Our solutions become embedded into customers' procurement, pricing and booking workflows, driving increasing platform activity, which is -- which in turn generates richer data and market intelligence that makes the solutions themselves more valuable. That reinforcing dynamic is intact. But for it to work, we need to convert more effectively on deal velocity, on demonstrating clear ROI to customers in a market where procurement budgets are under scrutiny and on closing the gap between pipeline strength and bookings. Part of that, we have done to share -- part of what we have done to sharpen that customer value is to bring our product portfolio together under a single Freightos identity. And Ian will walk through the product implications in a moment, but at the strategic level, here's why it matters. This is an evolution in how we present the company and how we operate both internally and externally. Over the years, we have built multiple products serving different parts of the freight ecosystem. As those capabilities have become increasingly integrated, it became important that our brand reflects that reality. Our ambition is not simply to offer great logistics offer. Our ambition is to build a connected platform where procurement, pricing, booking, payment, data and decision intelligence work