FY2024 → FY2026 YTD
CargoWise Export · March 2026
| Operator | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Total | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| Christlaine Tejeros | 48 | 48 | 40 | 44 | 39 | 48 | 47 | 61 | 375 | 35.7% |
| Christine Rizzo | 44 | 37 | 28 | 55 | 44 | 53 | 34 | 57 | 352 | 33.5% |
| Meryl Tionko | 16 | 8 | 8 | 20 | 11 | 10 | 13 | 21 | 107 | 10.2% |
| CS Team (BC · HH · RM) | 25 | 9 | 9 | 15 | 21 | 16 | 11 | 25 | 131 | 12.5% |
| Directors (BG · DV) | 9 | 10 | 8 | 29 | 6 | 4 | 8 | 12 | 86 | 8.2% |
| Total | 142 | 112 | 93 | 163 | 121 | 131 | 113 | 176 | 1051 | 100% |
| Rank | Client | Revenue (YTD) | Cost | Gross Profit | Margin | Jobs | Avg Jobs/Mo | Gross Profit / Job |
|---|---|---|---|---|---|---|---|---|
| 1 | Visscher Caravelle AustraliaVISCARSYD | $1,355,025 | -$1,218,256 | $133,510 | 9.9% | 66 | 8.2 | $2,023 |
| 2 | Next Level ElevatorsNEXLEVSYD | $1,153,480 | -$1,048,896 | $103,304 | 9.0% | 43 | 5.4 | $2,402 |
| 3 | Compact Lifts Pty LtdCOMLIFMEL | $996,341 | -$913,396 | $78,518 | 7.9% | 29 | 3.6 | $2,708 |
| 4 | White Mining EquipmentWHMINSYD | $667,121 | -$491,303 | $175,818 | 26.4% | 54 | 6.8 | $3,256 |
| 5 | ESDR ElectronicsESDELESY | $310,854 | -$262,047 | $48,711 | 15.7% | 38 | 4.8 | $1,282 |
| Client | FY25 Revenue | FY25 Margin | FY26 Revenue (YTD) | FY26 Margin | Margin Δ | FY26 Jobs | Action |
|---|
| Supplier | FY24 Cost | FY25 Cost | FY26 Cost (YTD) | FY25→FY26 Δ | % of FY26 Cost Base |
|---|
| Client | FY25 Jul–Feb Rev | FY25 Jul–Feb Gross Profit | FY25 Margin | FY26 YTD Rev | FY26 YTD Gross Profit | FY26 Margin | Gross Profit Pace | FY25 Full Year Gross Profit | Status |
|---|
| Charge Code | FY25 Revenue | FY25 Cost | FY25 Margin | FY26 Revenue (YTD) | FY26 Cost | FY26 Margin | Margin Δ | Note |
|---|
| Year | Direction | Jobs | Revenue | Cost | Gross Profit | Margin | Gross Profit / Job | Rev / Job | Rev Share |
|---|
Hexagon has delivered 4.2% revenue growth from FY25 ($12.45M) into FY26F ($13.0M), while holding gross margin at a remarkably stable 13.6% across both years. The business is growing more efficiently: revenue per job has lifted from $7,897 in FY25 to $8,275 in FY26F, and gross profit per job from $1,072 to $1,129 — gains achieved without adding headcount or compromising margin.
FY25 was the year Hexagon repriced its book: revenue jumped while job count fell 10.4%, a clear signal of shedding low-yield volume in favour of higher-value freight. FY26 is consolidating that repositioning. Costs are growing in lockstep with revenue (cost growth 4.1% vs revenue growth 4.2%), confirming that margin is being held through disciplined pricing rather than cost-cutting.
The most important metric in this analysis is not revenue — it is gross profit per job. FY25 delivered $1,072 per job, and FY26F projects $1,129 per job — a 5.3% year-on-year improvement that compounds the gains made in the repricing cycle. At 1,567 forecast jobs, this single metric is responsible for the majority of the GP uplift.
Critically, total cost growth has tracked revenue growth to within 0.1 percentage points in each year, meaning there is no evidence of cost creep or margin erosion from inflationary pressures. This level of cost discipline is uncommon in freight forwarding, where carrier surcharges and fuel levies frequently distort the cost line.
The monthly margin range across FY26 YTD spans 10.7% (January) to 15.8% (February) — a 5.1pp spread. This variance is partially seasonal but also reflects the timing of large high-margin jobs being recognised. Smoothing this variance through pipeline management is an addressable opportunity.
Export revenue has grown from 5.8% of total revenue in FY25 to 9.8% in FY26 YTD — nearly doubling its share in a single year. More importantly, export jobs consistently deliver 13–15 percentage points more gross margin than import jobs (FY26 YTD: Export 25.3% vs Import 12.0%).
If export revenue were to reach 15% of total revenue while import margin held steady, the blended gross margin would lift from 13.6% to approximately 14.8% — adding roughly $150,000–$180,000 in additional gross profit at the current revenue run-rate, with zero increase in job count.
The FY26 YTD export revenue per job of $8,149 has already converged with import at $9,066, eliminating the historical yield disadvantage. Export is now a high-margin, high-yield segment with significant capacity to absorb more volume.
OzSale / Accent OzSale — confirmed closed: This client accounted for $2.31M in FY25 (18.6% of total revenue) and processed 302 jobs (19.2% of volume). Its closure represented the single largest commercial disruption Hexagon has faced in this period. The recovery has been exceptional — and it came from three distinct, complementary sources.
Existing clients grew strongly. Stripping OzSale from the FY25 base, the remaining portfolio generated +$2.83M of new revenue in FY26 — organic growth of +27.9% on the adjusted base. The standout contributors: Next Level Elevators (+57.5% YoY annualised), Compact Lifts (+102.3%), and White Mining Equipment (+159.6%). These three alone absorbed the bulk of the revenue gap, and at margins that in several cases exceed what OzSale delivered at 14.7%. White Mining in particular, tracking at $667K YTD with a 26.4% gross margin, is the highest-yielding relationship in the top 5 — nearly double the portfolio average.
Rob McDonald, BDM — hired March 2025: In his first year, Rob generated $512,536 total revenue and $63,302 gross profit across 98 jobs. Of that, 8 are entirely new client relationships — accounts with zero FY25 history — contributing $317K revenue and $46K GP at a 14.5% margin. His ramp has been consistent and accelerating: from $17K in July to $164K in February alone, his strongest month. Rob's contribution directly covers 13.7% of the OzSale revenue gap through new clients alone, with further upside as his existing book continues to grow.
Agency network new clients — sourced through GLA, JCtrans, DFA, and CLN — contributed a further $249K revenue and $47K gross profit at a 19.0% margin across 63 brand-new relationships in FY26 YTD. At 19.0%, agency-referred clients are the highest-margin source of new business across all three channels — and the most diversified, spanning trade lanes and commodity types that no single client relationship could replicate. Investment in these networks is not a discretionary cost — it is the pipeline that generated 63 new client relationships in a single year.
The net result: gross profit has not only replaced the $340K OzSale GP contribution but grown a further $81K on top. FY26F GP of $1.77M is genuine growth, not recovery arithmetic. Top-5 concentration has fallen from 54.3% in FY25 to 48.6% in FY26 YTD. The portfolio that emerges from this disruption is broader, better-margined, and less exposed to any single client than the one that entered it.
Visscher Caravelle remains the anchor client at an annualised FY26 pace of ~$2.03M. At ~15% of total revenue, this relationship warrants a formal retention programme and annual contractual review to ensure Hexagon's largest single dependency is actively managed.
Christlaine Tejeros (35.7%) and Christine Rizzo (33.5%) together process 69.2% of all FY26 YTD jobs — an average of 91 jobs per month combined. At current revenue per job, each operator is personally accountable for approximately $3.2M–$3.3M of annualised revenue. This concentration is a genuine continuity risk: any extended absence or departure would immediately impact client service levels and revenue recognition timing.
Importantly, management had already identified this gap before it became acute. Meryl Tionko was hired in November 2025 specifically to build out the team's processing capacity. Her ramp is visible in the data: from 11 jobs in her first month to 21 jobs in February — her highest month and a 91% increase since joining. The trajectory is encouraging. If she reaches a steady-state comparable to the CS Team's current contribution (~25 jobs/month), the top-two share of volume would fall from 69% toward ~60%, a meaningful de-risking of the operations structure.
The Directors group processing 8.2% of jobs (86 YTD) reflects hands-on senior involvement, appropriate for a business at this scale. As Meryl continues to ramp, there is a natural opportunity to reduce Director-level job processing and redirect that capacity to business development and client management.
The question is no longer whether AI will reshape freight forwarding. It already is. The more important question for Hexagon is: at what pace, in what sequence, and where does a business of our scale engage first? The research is unambiguous — a structural shift is underway, and the window for early-mover advantage is open right now.
Only 10% of logistics companies have fully embraced generative AI (BCG, December 2025), yet 51% of freight forwarders surveyed said they were likely or very likely to invest in AI in 2025 (Adelante SCM / Magaya, 110 forwarders, July 2025). The gap between intent and execution is wide — which is exactly where early movers win. The global AI-in-logistics market reached approximately $20.8 billion in 2025 and is forecast to reach $707 billion by 2034. That is not a niche technology story. That is an industry restructuring.
The early wave — predictive ETAs, route optimisation, freight rate forecasting — is already deployed at scale by the majors (DHL, Flexport, SEKO). The second wave, which is now breaking, is agentic AI: systems that do not merely advise but act. An AI agent can read an incoming booking email, extract the cargo details, validate them against the TMS, create the shipment record, send a booking confirmation, and flag any compliance issues — without a human touching it. Email handling time has been reduced from ~4.5 minutes to ~1.5 minutes per message in live deployments (virtualworkforce.ai, 2025). At Hexagon's current volume, that is material.
Freight forwarding is, at its core, a document and communication-intensive business. The daily workflow — booking confirmations, bills of lading, customs entries, invoice reconciliation, carrier chase emails, shipment status updates — is precisely the type of structured, rule-bound, repetitive task that AI agents handle best. Several platforms now offer purpose-built agents for freight forwarders at mid-market price points:
The industry survey data is candid about the challenges. Among 110 freight forwarders surveyed in July 2025, the top barriers to AI adoption were: lack of internal expertise (48%), risk of errors or compliance violations (41%), and difficulty integrating with existing workflows (35%). These are real barriers — not excuses. Freight forwarding operates under strict customs compliance regimes where an AI error is not merely inconvenient but potentially a legal and financial liability.
The practical implication is that human-in-the-loop governance is essential, especially in the near term. The most effective early deployments treat AI as a co-pilot: the agent handles routine execution, a human reviews exceptions. This approach delivers 60–80% of the efficiency gain with a fraction of the compliance risk of full automation. It also builds the organisational confidence and data quality needed to expand agent autonomy over time.
Hexagon is, right now, better positioned than most small-to-mid forwarders to benefit from AI agents. The reason: this dashboard exists. Clean, recognition-date bucketed data across three years — by client, by direction, by operator, by month — is the foundation that AI tools require to be effective. Many competitors would need 12–18 months of data infrastructure work before agents could be deployed meaningfully. Hexagon can move faster.
The immediate opportunity is not to replace CT and CR — it is to take the routine processing load off their desks so they focus on complex, judgment-intensive jobs while agents handle bookings, document extraction, and status communications. At 1,051 jobs YTD across 8 months, even a 30% reduction in per-job administrative time would free the equivalent of roughly one full-time operator's capacity — capacity that could either handle incremental volume without a new hire, or be redirected to the export growth strategy outlined in Section 3.
The shift is happening. The freight forwarders who act in 2025–2026 will set the cost and service standard that defines the competitive landscape for the rest of the decade. The recommended first step is a targeted pilot: select one high-volume, well-documented workflow (booking confirmation emails or customs entry preparation) and deploy an agent in a human-in-the-loop configuration for 90 days. Measure time saved, error rate, and operator feedback. The data from that pilot will determine the pace and scope of what comes next.