Raiz Invest Limited (ASX: $RZI) Financial Results for 1H FY24

Raiz Invest Limited (ASX: $RZI) has reported a 22% increase in revenue from the Raiz Platform in the first half of the financial year 2024, reaching $10.7 million. The company also achieved positive operating cash flow and a significant improvement in profitability, with a reduction in EBITDA loss and a strong start to the second half of the financial year.

Executive Commentary on 1H FY24 Results

We are very pleased to deliver strong revenue growth, positive operating cash flow and a significant improvement in overall profitability in the first half. These results reflect our focus on investment in a well-executed marketing strategy and new product development to drive the top line results, in tandem with disciplined cost control to improve unit economics and the sustainability of future earnings. We are approaching a positive inflection point in the business as we track towards a positive EBITDA and we remain confident in the significant growth potential in the Australian market.

Summary of 1H FY24 Results and Outlook

Raiz Invest Limited (ASX: $RZI) has demonstrated strong financial performance in the first half of the financial year 2024, with a 22% increase in revenue from the Raiz Platform and positive operating cash flow. The company's disciplined cost control measures have led to a reduction in EBITDA loss and a significant improvement in overall profitability. Raiz's strong start to the second half of the financial year, with a total of 301,580 active customers and Australian FUM of $1.3 billion as of 23 February 2024, indicates a positive trajectory for the business. Additionally, Raiz's continued investment in marketing and product innovation, including the upcoming AFL/AFLW 'Raiz Your Game' campaign and the new Super offering, reflects the company's commitment to driving growth and enhancing customer value. With a focus on increasing ARPU and lifetime value of customers, Raiz remains confident in the significant growth potential in the Australian market and is well-positioned for future success.