Airtasker (ART) H2 2024 earnings summary

Executive summary

• Achieved positive free cash flow of AUD 1.2 million (USD 1.2m) in FY 2024, a turnaround of nearly AUD 9 million (USD 8.9m) year-over-year, representing a 115.3% improvement.

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

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

• UK revenue surged 41% to AUD 1.3 million (USD 1.3m), with Q4 UK revenue up 76.3%; US revenue grew 73% to USD 104k.

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

Financial highlights

• Airtasker marketplaces revenue increased 9.8% year-over-year to AUD 38 million (USD 38.1m).

• Gross profit rose 6.6% to USD 44.5m; gross margin above 95%.

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

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

• Positive operating cash flow of USD 3.0m, with three consecutive positive quarters.

Outlook and guidance

• Targeting continued positive free cash flow in FY 2025.

• Aiming for double-digit growth in the Australian marketplace and accelerated expansion in the UK and US.

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

• UK market to benefit from remaining GBP 1 million (USD 1.2m) Channel 4 ad inventory in H1 FY 2025.

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