Australia-based talent platform Airtasker reported revenue today for the first quarter ended 30 September 2023 of AUD 11.1 million (USD 6.7 million), up 5.6% over the prior year period. Airtasker primarily services the B2C market allowing consumers to hire freelancers to complete tasks, although businesses can also use the platform.

Airtasker marketplaces revenue was up 10.5% over the year to AUD 8.8 million. The Q1 Airtasker marketplaces revenue result was driven by funnel optimisation programs designed to improve platform reliability, reduce cancellations and address task leakage. The group did not provide revenue figures for Oneflare Australian marketplaces which the company acquired in May 2022.

Group EBITDA stood at AUD 1.1 million (USD 699,248) compared to a loss of 2.3 million (USD 1.4 million) the year prior.

The company said it continues to invest in international markets.

Airtasker also reported positive operating cash flow of AUD 0.7 million (USD 0.4 million), an improvement of AUD 4.3 million (USD 2.7 million) over the prior year. Furthermore, it added that it is on track for a positive free cash flow result in full year FY24. The positive operating cash flow result was achieved by improving group revenue by 5.6% and reducing Australian marketing expenditure by AUD 0.2 million (USD 0.1 million).

Airtasker Founder and CEO Tim Fung said, “Despite consumer demand remaining slightly softer than the previous year, our focus on the core product experience and optimisation has seen strong ongoing revenue growth. We are now well positioned ahead of launching a major UK brand campaign, ‘Airtasker. Yeahtasker!’, in conjunction with Channel 4 next quarter. With Airtasker now as lean and efficient as ever, we’re looking forward to delivering both revenue growth and positive free cash flow in FY24.”

Airtasker shares closed at AUD 0.195 (USD 0.12), 18.18% above the 52 week low of AUD 0.165 (USD 0.1) set on 20 October 2023. The company has a market cap of AUD 83.55 million (USD 53.1 million).