Australia-based B2C talent platform Airtasker yesterday reported revenue increased by 7.8% to AUD 12.2 million (USD 7.9 million) for the second quarter period ended 31 December 2023.

In its quarterly activity report, the group also reported a positive turnaround for EBITDA. Airtasker reported EBITDA of AUD 0.8 million (USD 0.5 million) compared to a loss of AUD 2.7 million (USD 1.7 million) the year prior.

Airtasker marketplace revenue improved by 10.2% over the year to AUD 10.1 million (USD 6.5 million). This result was achieved despite gross marketplace volume being down 8.8% due to a 3.8% decrease in average task value and soft consumer demand. The growth in Airtasker marketplace was driven by successful funnel optimisation programmes including the introduction of a revised cancellation policy designed to improve platform reliability and address task leakage.

In the UK, Airtasker formed a media-for-equity partnership with Channel 4 which provides Airtasker with AUD 6.7 million (USD 4.3 million) in advertising media. In October 2023, Airtasker released its first UK television advertising campaign, ‘Airtasker. Yeahtasker!’ resulting in a surge in marketplace demand, with posted tasks up over 30%. This growth in marketplace activity was achieved during the low season in the UK and is expected to accelerate in the northern hemisphere spring and summer season in Q3 and Q4 2024.

In the US, Airtasker is seeing healthy growth in marketplace activity and maintaining a disciplined approach to investment as it explores several media partnership opportunities.

Airtasker’s marketplaces fall into two business segments, being the 'Established Marketplaces Segment' and the 'New Marketplaces Segment'. Geographic operations are segmented based on the maturity of the marketplaces as economics differ at each stage of growth. The Airtasker Australia and Oneflare Australia marketplaces have established user bases and operations and represent the 'Established Marketplaces Segment’. International marketplaces, which have less established user bases, form the ‘New Marketplaces Segment’.

During 2Q24, Airtasker’s Established Marketplaces in Australia reported positive Net EBITDA of 4.1 million (USD 2.6 million), after all fixed global head office expenditure. However, Net EBITDA in New Marketplaces (UK and USA EBITDA) stood at a loss of AUD 3.3 million (USD 2.1 million), leading to a group total of AUD 0.8 million (USD 0.5 million) in EBITDA.

On Wednesday, despite turning a loss into a profit, Airtasker shares closed at AUD 0.27 (USD 0.18), down 9.9% on the day. The company has a market cap of AUD 126.53 million (USD 82.4 million).