![]() ![]() Airtasker has $20.6m in cash on its balance sheet and no debt at the end of 3Q23. It said that while the Australian marketplaces are at the “scaling” stage, in the UK, their marketplaces are in the “one to 100” stage and the US, at “zero to one”. Net cash used in operating activities for the quarter was $1.2m, a decrease of 52.4% quarter-on-quarter, driven primarily by increased marketing expenditure in new marketplaces in the quarter. Having said that, be aware Airtasker is showing 4 warning signs in our investment analysis, you should know about. Oneflare marketplace revenue continues to be ahead of expectations from when the acquisition was announced last May. Airtasker forecasts its financial 2021 net loss will widen to 12.3 million from 10.3 million in financial 2020, with financial 2021 revenue tipped to lift 27 per cent to 24.5 million on a. Airtasker’s Australian marketplace achieved a net EBITDA of $1.5 million, after covering fixed global head office operating costs, through improvements in the efficiency of marketing expenditure. Excluding the Oneflare marketplace contribution, 3Q23 revenue increased 5.3% to $9 million. ![]() The company saw revenue rise by 34.1% on 12 months ago in Q3 to $11.5 million, but most of that gain, 28.8% came from the inclusion of Oneflare. For instance, if a Job Poster offers 100 to complete a task and accepts your 100. “We believe this program of cost reduction will enable Airtasker to return to positive operating cashflow for FY24 and drive efficient growth to sustainably achieve our mission – to empower people to realise the full value of their skills – on a global scale.” Airtasker is a Sydney-based community platform that enables users to outsource daily tasks to those looking for work. While it’s free to sign up to the platform, Airtasker will take a 15-20 service fee for each task completed. “Whilst Airtasker has delivered strong YTD March 2023 revenue growth of 49% we believe that in the current macroeconomic environment it is the right time to focus on greater efficiency and return to positive operating cashflow,” he said. In Airtaskers own words, it is a trusted community platform that connects people who need to outsource tasks and find local services, with people who are. Shedding the side ventures will see FY24 revenue fall by up to $1m but the company also expects it to have a positive impact on operating expenses and operating cashflowįounder and CEO Tim Fung said they will focus on efficient global scaling of its core marketplaces under both brands. Airtasker expect to incur restructuring charges of up to $1 million in FY23 from the cuts. ![]() The redundancies are primarily in non-revenue generating functions the company (ASX: ART) said, releasing its Q3 March quarter results at the same time. Jobs marketplace Airtasker cuts staffing by 20%, shedding 45 jobs in push to turn cashflow aroundĪSX-listed jobs marketplace Airtasker is the latest tech company to swing the scythe through its workforce, cutting 45 jobs – around 20% of its overall headcount – as part of a drive to become cashflow positive in the 2024 financial year. ![]()
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