Australia-based B2C talent platform Airtasker reported group revenue of AUD 12.2 million (USD 8.0 million), up 6% from AUD 11.5 million (USD 7.5 million) the year prior, in its Q3 quarterly activity report.

The group highlighted that Airtasker marketplace revenue was up 11.5% over the prior year period to AUD 10.1 million (USD 6.6 million). Revenue growth was driven by a recovery in consumer demand (posted tasks) from the prior year as well as successful funnel optimisation programs, including a revised cancellation policy designed to improve platform reliability and address task leakage.

Airtasker also posted Group EBITDA of AUD 0.6 million (USD 0.39 million), an improvement of AUD 1.5 million (USD 0.9 million) over the previous year’s loss. This included an AUD 3.3 million (USD 2.1 million) net investment in New Marketplaces. This investment principally comprised marketing and amortisation of media advertising assets.

The group also noted positive free cash flow of AUD 2.5 million (USD 1.64 million), an improvement of AUD 5.1 million (USD 3.3 million) over the prior year period. This was the second consecutive quarter of positive free cash flow.

Airtasker Founder and CEO Tim Fung said, “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.”

Fung continued, “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).”

Airtasker shares today closed at AUD 0.26 (USD 0.17), up 6.12% on the day and 20.00% below its 52-week high of AUD 0.325 (USD 0.21), set on 31 January 2024. The company has a market cap of AUD 110.82 million (USD 72.70 million).