Airtasker (ART) H2 2024 earnings summary

Executive summary

• Achieved positive free cash flow of AUD 1.2 million ($1.2m) in FY24, a turnaround of nearly AUD 9 million (up 115.3%) year-over-year, with improved operating efficiency.

• Group revenue grew 5.6% to AUD 46.5 million ($46.6m), with a four-year CAGR of 25%.

• Australian marketplace remains the primary revenue driver, contributing 97% of group revenue.

• Significant international momentum: UK revenue up 41% (to $1.3m), US revenue up 73% (to $104k), with UK 4Q24 revenue up 76.3%.

• EBITDA improved by 97.8% to a $0.2m loss from an $8.0m loss in FY23.

Financial highlights

• Airtasker marketplaces revenue was AUD 38 million ($38.1m), up nearly 10% year-over-year.

• Free cash flow of AUD 1.2 million ($1.2m), a 115% increase from the prior period.

• Positive operating cash flow of $3.0m, up $13.9m (128%) year-over-year.

• Cash and term deposits at year-end totaled AUD 17.8 million ($17.8m).

• Gross profit rose 6.6% to $44.5m, while employee expenses fell 26.1% to $22.4m.

Outlook and guidance

• Targeting continued positive free cash flow in FY25, with double-digit growth in the Australian marketplace and accelerated UK/US expansion.

• Significant marketing activity planned in Australia using AUD 11 million ($11.0m) in ad inventory.

• UK market to benefit from remaining GBP 1 million Channel 4 ad inventory in H1 FY25.

• Management anticipates a positive FY25, leveraging strong Australian EBITDA and new media partnerships.