# EDGAR Filing Document

**Accession Number:** 0001927719
**File Stem:** 0001104659-25-113522
**Filing Date:** 2025-11
**Character Count:** 31772
**Document Hash:** e87199a71d362f93b1883844bd8aefba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113522.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001104659-25-113522

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251118

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Freightos Ltd
- **CENTRAL INDEX KEY:** 0001927719
- **STANDARD INDUSTRIAL CLASSIFICATION:** ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41604
- **FILM NUMBER:** 251493265

**BUSINESS ADDRESS:**
- **STREET 1:** PLANTA 10, AVDA. DIAGONAL
- **CITY:** BARCELONA
- **STATE:** U3
- **ZIP:** 08018
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** PLANTA 10, AVDA. DIAGONAL
- **CITY:** BARCELONA
- **STATE:** U3
- **ZIP:** 08018

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 001-41604**

**Freightos Limited**

(Translation of registrant's name into English)

**Planta 10, Avda. Diagonal, 211**

**Barcelona, Spain 08018**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: <br> <br> xForm 20-F ¨ Form 40-F

**CONTENTS**

***Quarterly Results of Operations***

On November 17, 2025, Freightos Limited (the "**Company**") announced its financial results for the third quarter of 2025 and provided information concerning its expectations for certain key performance indicators for the fourth quarter of, and the full year, 2025. A copy of the press release containing that announcement is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this "**Form 6-K**").

***Exhibits***

[Exhibit 99.1](tm2531471d1_ex99-1.htm) [Press release, dated November 17, 2025, entitled "Freightos Reports Third Quarter 2025 Results"](tm2531471d1_ex99-1.htm)

***Incorporation by Reference***

The information in this Form 6-K (including, in Exhibit 99.1 hereto, the data presented in conformity with International Financial Reporting Standards ("**IFRS**") and related analysis, but not the non-IFRS data or quotes of members of the Company's management) is hereby incorporated by reference into the Company's registration statements on Form S-8 (File No. 333-270303) and Form F-3 (File No. 333-280302), to be a part thereof from the date on which this Form 6-K is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **FREIGHTOS LIMITED** | **FREIGHTOS LIMITED** |
| Date: November 18, 2025 | | |
|  | /s/ Michael Oberlander | /s/ Michael Oberlander |
|  | Name: | Michael Oberlander |
|  | Title: | General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2531471d1_ex99-1img001.jpg)

Freightos Reports Third Quarter 2025 Results

● *Third quarter revenue up 24% year-over-year* 

● *Reached annualized run rate of over 1.7 million transactions and $1.3B GBV*

November 17, 2025 - Barcelona /PRNewswire/ - Freightos Limited (NASDAQ: CRGO), the leading vendor-neutral digital booking and payment platform for the international freight industry, today reported its financial results for the quarter ended September 30, 2025.

"This quarter marks another consecutive period of record revenue and transactions for Freightos as we continue to demonstrate the resilience and growing adoption of our digital freight booking platform," said Zvi Schreiber, CEO of Freightos. "Our results show how freight rate volatility is accelerating the industry's shift toward digital solutions that provide transparency and agility. While we're seeing some enterprise customers pace their solutions purchases in the current macro environment, our multimodal strategy is gaining traction, with some major freight forwarders already moving from air-only to global multimodal deployments. Our new multimodal ocean and air solution represents a substantially larger market opportunity, positioning Freightos to capture growth as carriers continue embracing digital distribution channels."

"Our revenue growth this quarter underscores the strength of our diversified business model amid market fluctuations," said Pablo Pinillos, CFO. "While we believe industry uncertainty has acted as a tailwind for platform revenue and a headwind for solutions revenue, we've met our overall revenue outlook with improved gross margins, reflecting the operating leverage we're achieving at scale. We are making steady progress toward breakeven and maintain strong cash reserves as we continue strategic investment in growth balanced with disciplined cost management."

Third Quarter 2025 Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue of $7.7 million for the
 third quarter of 2025, an increase of 24% compared to $6.2 million in the third quarter of
 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· IFRS Gross Margin of 69.1%, up
from 65.0% in the third quarter of 2024. Non-IFRS Gross Margin of 74.8%, up from 72.7% for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· IFRS loss of $5.0 million, compared
 to $2.7 million for the third quarter of 2024; the increased loss was almost entirely resulting
 from the increase in the market price of the Company's warrants.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA of negative $2.6
 million, compared to negative $2.8 million for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Cash and cash equivalents and
 short term bank deposit amounting to $30.6 million as of the end of September 2025.

Recent Business Highlights

&nbsp;&nbsp;&nbsp;&nbsp;· **Transactions Growth:** Freightos
 achieved a record 429 thousand Transactions in the third quarter of 2025, up 27% year over
 year. This was the 23rd consecutive quarter of record Transactions. Transactions between
 carriers and freight forwarders continued to lead transactions growth, with the carrier portal
 component of the platform delivering high growth rate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Carrier Growth:** The number
 of carriers active on the platform with more than five bookings in the quarter increased
 from 75 in the second quarter of 2025 to 77 in the third quarter.

&nbsp;&nbsp;&nbsp;&nbsp;· **Unique Buyer Users:** The
 number of Unique Buyer Users digitally booking freight services across the platform reached
 20,600. This reflected growth in WebCargo users partially offset by some reduction in SMB
 North American custom clearance users as a result of market uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;· **Gross Booking Value Growth:** Carriers and freight forwarders on the platform derived $336 million of revenue from
 the platform in Q3 2025, representing a 54% year-over-year increase. The major contributors
 to GBV growth were WebCargo and the portal, mirroring growth in transactions highlighted
 by the relatively high GBV per transaction in the portal component.

&nbsp;&nbsp;&nbsp;&nbsp;· **Revenue Growth:** Third quarter
 revenue of $7.7 million was up 24% from the third quarter of 2024. The main contributors
 to the growth continued to be Freightos' acquisition of Shipsta in the last year and
 strong organic performance from SaaS solutions, on top of continued solid growth of the WebCargo
 by Freightos platform. Total Platform revenue in the third quarter was $2.6 million, up 15%
 from the third quarter of 2024, and Solutions revenue was $5.1 million, up 30% year over
 year.

Financial Outlook

---

| | | |
|:---|:---|:---|
|  | **Management Expectations** | **Management Expectations** |
|  | **Q4 2025** | **FY 2025** |
| Transactions (k) | 438 - 444 | 1636 - 1641 |
| Year over Year Growth | 29% - 31% | 26% - 26% |
| GBV ($m) | 340 - 344 | 1268 - 1272 |
| Year over Year Growth | 56% - 58% | 42% - 42% |
| Revenue ($m) | 7.4 - 7.5 | 29.5 - 29.6 |
| Year over Year Growth | 20% - 22% | 24% - 24% |
| Adjusted EBITDA ($m) | (2.7) - (2.6) | (11.2) - (11.1) |

---

*This outlook assumes freight price levels and market freight volumes as of November 2025*

Further financial details are included as an appendix below.

Earnings Webcast

Freightos' management will host a webcast and conference call to discuss the results today, November 17, 2025, at 8:30 a.m. EST. To participate in the call, please pre-register at the following link:

<u>https://freightos.zoom.us/webinar/register/WN_A2xWbYIrRz6lnetBZP8_7Q#/registration</u>

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@freightos.com 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. These forward-looking statements are subject to a number of risks and uncertainties, including: disruptions to the international freight industry, including those caused by global economic trends and policy changes, such as whether increased tariffs and protectionist trade policies being implemented by the United States and other countries will reduce shipping volume and, hence, number of Transactions, GBV and Platform revenue; Freightos' ability to successfully integrate the Shipsta business without disruption to its business; the recent military conflict in the Middle East, including whether disruptive actions by the Houthis in Yemen on the international shipping route that runs through the Red Sea will continue; competition; the ability of Freightos to build and maintain relationships with carriers, freight forwarders and importers/exporters; the ability to keep pace with rapid technological changes, particularly in artificial intelligence; Freightos' ability to retain its management and key employees; changes in applicable laws or regulations; any downturn or volatility in economic conditions whether related to reduced international trade, inflation, armed conflict or otherwise; changes in the competitive environment affecting Freightos or its users, including Freightos' ability to introduce new products or technologies; risks to Freightos' ability to protect its intellectual property and avoid infringement by others, or claims of infringement against Freightos; and those additional factors discussed under the heading "Risk Factors" in Freightos' annual report on Form 20-F filed with the SEC on March 24, 2025, and any other risk factors Freightos includes in any subsequent reports of foreign private issuer on Form 6-K furnished to the SEC. 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:

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **Adjusted EBITDA:** Loss before
 income taxes, finance income, finance expense, share-based compensation expense, depreciation
 and amortization, operating expense settled by issuance of shares, acquisition-related costs
 and change in fair value of warrants.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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 freightos.com/investors.

Contacts

**Media:**

Tali Aronsky

<u>press@freightos.com</u>

**Investors:**

Anat Earon-Heilborn

<u>ir@freightos.com</u>

CONSOLIDATED BALANCE SHEETS

(in thousands)

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | (unaudited) | |
| Assets |  |  |
| Current Assets: |  |  |
| Cash and cash equivalents | $16290 | $10118 |
| User funds | 3072 | 4494 |
| Trade receivables, net | 4261 | 3057 |
| Short-term bank deposit | 14357 | 27153 |
| Other receivables and prepaid expenses | 2079 | 1281 |
|  | 40059 | 46103 |
| Non-current Assets: |  |  |
| Property and equipment, net | 296 | 420 |
| Right-of-use assets, net | 1793 | 1191 |
| Intangible assets, net | 7411 | 8852 |
| Goodwill | 15350 | 15040 |
| Deferred taxes | 477 | 536 |
| Other long-term assets | 1732 | 1637 |
|  | 27059 | 27676 |
| Total assets | $67118 | $73779 |
| Liabilities and Equity |  |  |
| Current liabilities: |  |  |
| Current maturity of lease liabilities | 667 | 615 |
| Trade payables | 5313 | 2731 |
| User accounts | 3072 | 4494 |
| Warrants liabilities | 3712 | 2450 |
| Accrued expenses and other short-term liabilities | 7111 | 7023 |
|  | 19875 | 17313 |
| Long Term Liabilities: |  |  |
| Lease liabilities | 1101 | 339 |
| Employee benefit liabilities, net | 1427 | 1239 |
|  | 2528 | 1578 |
| Equity: |  |  |
| Share capital | 1 | \*) |
| Share premium | 264704 | 261769 |
| Foreign currency translation reserve | 323 | (307) |
| Reserve from remeasurement of defined benefit plans | 96 | 96 |
| Accumulated deficit | (220409) | (206670) |
| Total equity | 44715 | 54888 |
| Total liabilities and equity | $67118 | $73779 |
| \*) Represents an amount lower than $1. |  |  |

---

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Revenue | $7672 | $6185 | $22055 | $17198 |
| Cost of revenue | 2368 | 2162 | 7119 | 6151 |
| Gross profit | 5304 | 4023 | 14936 | 11047 |
| Operating expenses: |  |  |  |  |
| Research and development | 2842 | 2557 | 8756 | 7458 |
| Selling and marketing | 3720 | 3363 | 11256 | 10192 |
| General and administrative | 3080 | 2965 | 8457 | 8307 |
| Total operating expenses | 9642 | 8885 | 28469 | 25957 |
| Operating loss | (4338) | (4862) | (13533) | (14910) |
| Change in fair value of warrants | (754) | 1485 | (1262) | 445 |
| Finance income | 233 | 654 | 1386 | 1929 |
| Finance expenses | (73) | (18) | (207) | (155) |
| Financing income, net | 160 | 636 | 1179 | 1774 |
| Loss before taxes on income | (4932) | (2741) | (13616) | (12691) |
| Income taxes (tax benefit), net | 30 | (17) | 123 | (37) |
| Loss | (4962) | (2724) | (13739) | (12654) |
| 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 | 7 | 89 | 630 | 89 |
| Total comprehensive loss | $(4955) | $(2635) | $(13109) | $(12565) |
| Basic and diluted loss per Ordinary share | $(0.10) | $(0.06) | $(0.27) | $(0.26) |
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 50892241 | 48846805 | 50356060 | 48321451 |

---

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Cash flows from operating activities: |  |  |  |  |
| Loss | $(4962) | $(2724) | $(13739) | $(12654) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |
| Adjustments to profit or loss items: |  |  |  |  |
| Depreciation and amortization | 862 | 803 | 2606 | 2213 |
| Operating expense settled by issuance of shares |  |  |  | 351 |
| Change in fair value of warrants | 754 | (1485) | 1262 | (445) |
| Changes in the fair value of contingent consideration |  |  |  | (6) |
| Share-based compensation | 845 | 982 | 2353 | 2576 |
| Finance income, net | (160) | (636) | (1179) | (1768) |
| Income taxes (tax benefit), net | 30 | (17) | 123 | (37) |
|  | 2331 | (353) | 5165 | 2884 |
| Changes in asset and liability items: |  |  |  |  |
| Decrease (increase) in user funds | 225 | (596) | 1486 | (894) |
| Increase (decrease) in user accounts | (225) | 596 | (1486) | 894 |
| Decrease (increase) in other receivables and prepaid expenses | 152 | 424 | (343) | (354) |
| Increase in trade receivables | (241) | (241) | (1019) | (736) |
| Decrease in other long-term assets | 73 |  |  |  |
| Increase (decrease) in trade payables | (319) | (63) | 2543 | 418 |
| Increase (decrease) in accrued severance pay, net | 58 | (103) | 126 | 11 |
| Increase (decrease) in accrued expenses and other short-term liabilities | (540) | (173) | (388) | 523 |
|  | (817) | (156) | 919 | (138) |
| Cash received (paid) during the period for: |  |  |  |  |
| Interest received, net | 86 | 187 | 1730 | 2543 |
| Taxes received (paid), net | (23) | (20) | 8 | (206) |
|  | 63 | 167 | 1738 | 2337 |
| Net cash used in operating activities | (3385) | (3066) | (5917) | (7571) |
| Cash flows from investing activities: |  |  |  |  |
| Purchase of property and equipment | (43) | (15) | (117) | (32) |
| Proceeds from sale of property and equipment | 1 |  | 26 | 2 |
| Acquisition of a subsidiary, net of cash acquired (a) |  | (3350) |  | (3350) |
| Investment in long-term deposits | (180) | (3) | (303) | (23) |
| Withdrawal of long-term deposits |  | 6 | 116 | 29 |
| Withdrawal of (investment in) short-term bank deposit, net |  |  | 12000 | (6000) |
| Withdrawal of short term investments, net | - | - | - | 11520 |
| Net cash provided by (used in) investing activities | (222) | (3362) | 11722 | 2146 |
| Cash flows from financing activities: |  |  |  |  |
| Repayment of lease liabilities | (227) | (116) | (527) | (421) |
| Exercise of options | 94 | 106 | 583 | 303 |
| Net cash provided by (used in) financing activities | (133) | (10) | 56 | (118) |
| Exchange differences on balances of cash and cash equivalents | 50 | (13) | 286 | (72) |
| Gains (losses) from translation of cash and cash equivalents of foreign activity | (1) | - | 25 | - |
| Increase (decrease) in cash and cash equivalents | (3691) | (6451) | 6172 | (5615) |
| Cash and cash equivalents at the beginning of the period | 19981 | 21001 | 10118 | 20165 |
| Cash and cash equivalents at the end of the period | $16290 | $14550 | $16290 | $14550 |
| (a) Acquisition of an initially consolidated subsidiary: |  |  |  |  |
| Working capital (excluding cash and cash equivalents) |  | $(1271) |  | $(1271) |
| Property and equipment |  | 51 |  | 51 |
| Right-of-use assets |  | 350 |  | 350 |
| Intangible assets |  | 3538 |  | 3538 |
| Goodwill |  | 2546 |  | 2546 |
| Shares issued |  | (885) |  | (885) |
| Payable for acquisition of subsidiary |  | (629) |  | (629) |
| Lease liabilities | - | (350) | - | (350) |
| Acquisition of a subsidiary, net of cash acquired | $- | $3350 | $- | $3350 |
| (b) Significant non-cash transactions: |  |  |  |  |
| Right-of-use asset recognized with corresponding lease liability | $- | $- | $1172 | $- |

---

RECONCILIATION OF IFRS TO NON-IFRS GROSS PROFIT AND GROSS MARGIN

(in thousands, except gross margin data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| IFRS gross profit | $5304 | $4023 | $14936 | $11047 |
| Add: |  |  |  |  |
| Share-based compensation | 47 | 123 | 227 | 313 |
| Depreciation and amortization | 390 | 349 | 1165 | 972 |
| Non-IFRS gross profit | $5741 | $4495 | $16328 | $12332 |
| IFRS gross margin | 69.1% | 65.0% | 67.7% | 64.2% |
| Non-IFRS gross margin | 74.8% | 72.7% | 74.0% | 71.7% |

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RECONCILIATION OF IFRS LOSS TO ADJUSTED EBITDA

(in thousands , except adjusted EBITDA margin data)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| IFRS loss | $(4962) | $(2724) | $(13739) | $(12654) |
| Add: |  |  |  |  |
| Change in fair value of warrants | 754 | (1485) | 1262 | (445) |
| Financing income, net | (160) | (636) | (1179) | (1774) |
| Tax benefit (income taxes), net | 30 | (17) | 123 | (37) |
| Share-based compensation | 845 | 982 | 2353 | 2576 |
| Depreciation and amortization | 862 | 803 | 2606 | 2213 |
| Acquisition-related costs |  | 283 |  | 283 |
| Operating expense settled by issuance of shares | - | - | - | 351 |
| Adjusted EBITDA | $(2631) | $(2794) | $(8574) | $(9487) |
| Adjusted EBITDA margins | -34% | -45% | -39% | -55% |
| Loss margin (under IFRS) | -65% | -44% | -62% | -74% |

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RECONCILIATION OF IFRS LOSS TO NON-IFRS LOSS AND LOSS PER SHARE

(in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| IFRS loss | $(4962) | $(2724) | $(13739) | $(12654) |
| Add: |  |  |  |  |
| Share-based compensation | 845 | 982 | 2353 | 2576 |
| Depreciation and amortization | 862 | 803 | 2606 | 2213 |
| Operating expense settled by issuance of shares |  |  |  | 351 |
| Acquisition-related costs |  | 283 |  | 283 |
| Changes in the fair value of contingent consideration |  |  |  | (6) |
| Change in fair value of warrants | 754 | (1485) | 1262 | (445) |
| Non IFRS loss | $(2501) | $(2141) | $(7518) | $(7682) |
| Non IFRS basic and diluted loss per Ordinary share | $(0.05) | $(0.04) | $(0.15) | $(0.16) |
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 50892241 | 48846805 | 50356060 | 48321451 |

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