Freelancer (FLN) AGM 2025 Presentation summary

Financial performance and outlook

• FY24 gross marketplace value (GMV) was A$948.6M, down 7.1% year-over-year, with revenue at A$53.1M, down 4.2%. 1Q25 GMV rebounded to A$231M, up 1.7%, and revenue rose 11.7% to A$14.1M.

• FY24 NPAT was -A$0.8M, but 2H24 turned positive at A$0.2M. Operating profit (excl. FX) was A$0.8M, up 19%. Operating cash flow (excl. FX) surged 205% to A$5.8M.

• Cash balance at FY24 was A$23.2M, up 9.5% from 1H24, and reached A$25.4M in 1Q25. Cost discipline led to a 5.8% reduction in operating costs.

• FY25 outlook targets double-digit revenue growth and sustainable profitability, leveraging AI innovation, client acquisition, and a lean cost base.

• Group gross margin was 81.9% in FY24, with improvement to 83.9% in 2H24. Adjusted NPBT rose 19%, signaling a positive trend for FY25.

Business segment highlights

• Freelancer: FY24 GMV A$130.5M (down 1.3%), revenue A$40.6M. 1Q25 GMV A$33.4M (up 16%), revenue A$10.7M (up 18%). Project size increased 129.3% to US$334, with new client deposits up 21%.

• Escrow.com: FY24 GMV A$818.2M (up 17.9%), revenue A$10.4M (up 14.5%). 1Q25 GMV A$197.6M (up 11%), revenue A$2.9M (up 34.5%). Take rate improved to 1.47%, with a record US$50M IPv4 deal.

• Loadshift: FY24 GMV up 115% YoY, with quotes per job up 12.5% to 6.3. Achieved record revenue in March and is expanding enterprise scale in 2025.

Strategic initiatives and competitive positioning

• AI leadership: Over 130,000 AI specialists mobilized for model training, supporting major tech clients. New AI training programs and partnerships planned for FY25.

• Customer acquisition and retention are key focuses, with strong momentum in new client growth and project value.

• Escrow.com is expanding into high-value verticals and e-commerce, while Loadshift is targeting enterprise freight growth with platform upgrades.

• The group maintains a strong cash position (A$25.4M) to support growth and innovation.