Welcome back, everyone. We have an update from Freightos Limited, which trades on the Nasdaq under the symbol CRGO, and is a leading vendor-neutral global freight booking platform where airlines, ocean carriers, thousands of freight forwarders, and well over 10,000 importers and exporters connect on Freightos, making world trade efficient, agile, and resilient. Happy to welcome Chief Strategy Officer, Ian Arroyo. Welcome to the conference. We're looking forward to hearing your update today, Ian.
Thank you. Good morning, good afternoon, good evening, everyone. Ian Arroyo from Freightos. Thank you for joining us. A couple of disclaimers. Thank you for joining. We presented here a couple of months ago. I will keep the introduction fairly brief and really kind of focus on some of the changes that have taken place since then. At a really high level, Freightos operates a digital platform for global freight. We connect carriers, freight forwarders, and importers and exporters. We call them shippers. Today, we increasingly think about the platform through kind of two layers, right? The solution side, so software, data, procurement tools that are embedded into our customers' workflows, and then the resulting platform activity, so transactions or bookings that reflect how those workflows are used in practice.
As we discussed back in, back in February, these are very closely linked, and our solutions become much more embedded in how our customers manage procurement and pricing and booking. It allows them to take really strong decisions at the right time within the platform and then to transact on the platform as well. We've now reached a scale where in 2025, we generated over $29. 5 million in revenue. Solutions contributed approximately 2/3 of that revenue, and platform around 1/3. We're integrating with dozens of carriers globally, and we work with thousands of freight forwarders and importers and exporters around the globe. With that, I'd like to just kind of share a little bit about what's changed over the last few months. I'll start with leadership and execution.
Pablo Pinillos, who is our CFO, was appointed CEO in mid-March. That's about a year after he joined the company as CFO. That gave him a really close view of both the strengths of the business and the areas where we as a business need to be more focused. Before joining Freightos, Pablo spent most of his career operating at the intersection of strategy, finance, and execution. He scaled businesses and focused on how strategy translates into results. Over the last two months, his priority has really been to establish a clear operating cadence and sharpen how we execute as a team. We discussed this back in February. Our go-to-market execution, we're focused on solutions-led approach as a business and also cost discipline.
What we've been working on to establish a more consistent operating model around that means clearer ownership within the business, tighter alignment across our teams, and a stronger focus on delivering what we've committed to. This is really about improving consistency and predictability in how we execute. Our long-term vision really has not changed as a company. However, we're applying our strategy much more selectively and being very focused. What are we prioritizing, you might ask. We're focused on areas within the business where we see very clear, calculable customer value, clear monetization, and a very strong return on investment. We are reducing emphasis on initiatives that are more experimental and are not necessarily directly tied to core workflows and revenue. Apologies.
In practice, this means focusing on embedding our solutions more deeply into procurement, pricing, and our booking workflows, improving our product integration and reliability, being more deliberate in where we invest and how we scale. A little bit about our Q1 KPIs and our market. In mid-April, we reported Q1 2026 KPIs, which relate to the platform side of our business. We will report full earnings towards the end of the month. We reported 425,000 transactions in Q1, up 15% year-over-year, below where we expected to be. Why? The primary driver of the gap was truly the geopolitical disruption in the Middle East. Reduced activity on affected routes, as many of you know, Qatar, the UAE, Saudi Arabia, other Middle East hubs were completely shut down.
Disruption to major air corridors between the Middle East and other parts of the world. At the same time, when you look beyond those affected routes, activity in the rest of the network continued to grow, including increased use of alternate routes on our platform. From a network perspective, we reached a record of 79 carriers, up from 77 in the previous quarter. We continued expansion. We also saw approximately 20,600 unique buyer users, which was slightly down sequentially due to the regional disruption, but still up year-on-year. What we're seeing is the following: continued growth at the network level, which is our moat, with clear regional impact on activity.
This is important because it highlights both the sensitivity of short-term activity to global events and also the continued need for tools that provide visibility, pricing, and execution in an incredibly geopolitically volatile environment. The last update is around cost discipline. In our Q4 earnings, we made a clear commitment to reach adjusted EBITDA breakeven by the end of this year. The actions we've taken since then are a direct continuation of that plan. As we've been able to sharpen our focus, we've aligned our cost structure accordingly, prioritizing our investments that drive customer value and monetization, and reducing spend in areas that are less directly tied to those outcomes. This includes a combination of tighter prioritization across the business, more disciplined allocation of resources, and structural cost adjustments.
As part of that, we recently announced a cost optimization program that includes a workforce reduction of up to 15%. We expect this to generate approximately $4.5 million In annualized cost savings starting in the fourth quarter of 2026, with about $1.3 million in one-time restructuring costs. The objective here is not cost reduction on its own, but aligning the organization with our priorities and supporting the path to profitability that we laid out. Looking further ahead, our long-term vision remains the same: to digitize global freight, to make global trade more efficient, connected and resilient. As we bring our marketplace solutions and data closer together, what we refer to internally as One Freightos, we are becoming more integrated into how our customers operate across pricing, procurement, and booking.
As those workflows become more connected and data-driven, our role naturally expands, not just enabling transactions, but supporting how decisions are made within those processes. We continue to expand our network, deepen our data and intelligence, and embed more directly into our customers' workflows. That's how we continue to drive more value for our customers, and over time, for the platform. In summary, since February, we've completed our leadership transition, reported first quarter platform KPIs, and announced the cost actions that support the path to adjusted EBITDA breakeven by the end of 2026. Strategy remains consistent. We're continuing to execute against it. Thank you very much, and I hope you have a great rest of your conference.
Perfect. Thank you, Ian. We appreciate the update, and we look forward to hearing from you again real soon.
Thank you.
All right, everyone, we'll be right back.