Airtasker's 3Q24 Performance and Financial Position

Airtasker Limited (ASX: $ART) has reported a positive free cash flow of $2.5m for the third quarter of FY24, marking a significant improvement of $5.1m compared to the prior corresponding period. The company achieved a positive Group EBITDA of $0.6m, with a strong revenue of $12.2m and Airtasker marketplace revenue growing by 11.5% to $10.1m. Additionally, UK posted tasks surged by 49.1% compared to the prior corresponding period. Airtasker finished the quarter with $19.7m in cash and term deposits on the balance sheet and zero debt.

Executive Commentary on 3Q24 Performance

Airtasker Founder and CEO Tim Fung expressed satisfaction with the company's performance, stating, 'I'm super pleased to announce that Airtasker has delivered a second straight quarter of positive free cash flow and we are well ahead of plan to deliver on our promise of positive free cash flow for FY24. With consumer demand recovering and our continued focus on the core product experience, we've seen a dramatic improvement in our sales funnel with reduced leakage, which lays the foundations for re-acceleration of growth in the Australian market. In the UK, we've been blown away by the results of our 'Airtasker, Yeahtasker!' campaign and partnership with Channel 4 which has already delivered a 49% pop in posted tasks as we enter the UK spring and summer period (our biggest quarter)!'

Summary of 3Q24 Results and Outlook

Airtasker's 3Q24 performance showcased a remarkable achievement of positive free cash flow, driven by a substantial increase in Airtasker marketplace revenue and a surge in UK posted tasks. The company's solid financial position, with $19.7m in cash and term deposits and zero debt, provides a strong foundation for future growth. With the expectation of accelerating international growth through investment in marketing initiatives during 4Q24, Airtasker remains confident in delivering full year FY24 positive free cash flow. The media-for-equity partnership in the UK has proven to be a successful strategy, contributing to rapid scale and market expansion. Airtasker's focus on establishing and growing international marketplaces, particularly in the US and the UK, reflects the company's commitment to long-term growth and market leadership.