Q3 Results: Positive operating cashflow, GMV up 24.9% to $51.5m
Q3 Highlights:
Gross Marketplace Volume (GMV) up 24.9% on prior year comparable period (pcp) to $51.5 million
Revenue up 21.2% on pcp to $8.6 million
Positive operating cashflow of $1.0 million with $32.8 million cash at bank
UK GMV up 138% on pcp
US posted task growth up 90% quarter-on-quarter
Airtasker’s third quarter results saw GMV grow 24.9% on pcp to $51.5 million and revenue increase 21.2% on pcp to $8.6 million whilst the company also generated positive operating cashflow of $1.0 million.
This strong result and positive operating cashflow was achieved despite macro headwinds including the impacts of Covid and unprecedented levels of rainfall and flooding in our major marketplaces and whilst Airtasker continued to invest in new city-level marketplaces in the US and UK.
In the US, our marketplaces are in the “zero to one” stage of marketplace development in which the focus is on creating a steadily increasing flow of job opportunities (posted tasks). Airtasker’s US marketplace growth continues to go from strength-to-strength, with Q3 posted tasks increasing 90% compared to Q2 and ongoing momentum building in non-core cities.
Our UK marketplaces are in the “one to 100” stage in which the goal is to carefully balance supply and demand to drive marketplace activity and grow GMV. Airtasker’s UK marketplaces continue to scale with both demand (posted tasks) and supply (offers made by active Taskers) growing strongly and GMV increasing 138% on pcp as the marketplace enters the next strong period of seasonal demand.
Commenting on the results, Airtasker Co-founder and CEO Tim Fung said, “I’m super pleased to share another strong quarter of growth for Airtasker against a backdrop of tough macro impacts including unprecedented rainfall and horrendous flooding. Posting positive cashflow from operations of $1.0 million demonstrates the strength of our underlying business model and with a strong balance sheet, I’m excited to continue expanding into new segments of the local services economy in Australia whilst replicating the growth we’ve seen in our home marketplace across the US and UK.”