Fourth quarter revenue at Australia-based B2C talent platform Airtasker rose by 20.6% when compared to the prior corresponding period. Revenue totalled AUD 10.8 million (USD 7.2 million).

The group’s Q4 2023 revenue result against the prior year was achieved through a combination of improved conversion rates on the Airtasker marketplaces driven by record levels of marketplace supply, lower funnel optimisation programs designed to address leakage and cancellations as well as the contribution of the Oneflare marketplace acquired last year.

Gross marketplace volume (GMV) for the fourth quarter was up 5.6% over the prior year period to AUD 57.3 million (USD 38.3 million).

Excluding the Oneflare marketplace contribution, Q4 2023 revenue increased 8.2% over the year to AUD 8.5 million. This solid revenue result was achieved despite GMV (excluding Oneflare) decreasing 8.5% over the year to AUD 43.7 million (USD 29.2 million) due to lower consumer demand (posted tasks) being offset by a sharp increase in tasker engagement (supply) resulting in significantly improved task completion rates.

Airtasker noted that Oneflare marketplace revenue continues to be ahead of expectations communicated when the acquisition was announced.

The group also posted record positive Net Australian EBITDA of AUD 2.0 million (USD 1.3 million). This is Australian EBITDA less global head office operating costs.

Airtasker Founder and CEO Tim Fung said, “During the quarter we made excellent progress on improving operating efficiency - so combined with a strong balance sheet and an exciting media-for-equity partnership with Channel 4 in the UK, we are looking forward to achieving both positive operating cashflow and growth in FY24,” Fung said.

Group EBITDA was AUD -2.1 million (USD 1.4 million), compared to AUD -8.3 million (USD -5.5 million) the year prior.

In April 2023, Airtasker announced a program to reduce costs which would result in headcount decreasing by approximately 45 non-revenue generating roles (20% of total headcount). At the same time, Airtasker announced it would exit non-core businesses acquired as part of the Oneflare portfolio companies which would result in a reduction in FY 2024 revenue of approximately AUD 1.0 million (USD 0.6 million) while positively impacting operating costs and operating cashflow in FY 2024.

The headcount restructure program was completed during Q4 2023 with AUD 0.9 million (USD 0.6 million) of restructuring costs incurred. The exit of non-core businesses is underway and is expected to be completed during Q1 2024. These changes have positioned Airtasker to be cashflow positive on a full year basis for FY 2024 while enabling efficient global scaling of its business.

On 8 June 2023, Airtasker announced that it had entered into a media-for-equity partnership with Channel 4 Ventures and Channel 4 Television in the UK (together, Channel 4). Channel 4 will invest £3.5 million in Airtasker UK, Airtasker’s UK subsidiary, for a 20% stake. The investment will enable Airtasker to accelerate its UK marketplace growth through access to the UK’s biggest streaming services and Channel 4’s monthly audience reach of more than 47 million people.

Airtasker shares closed today at AUD 0.205 (USD 0.14), up 7.89% on the day and 24.24% above the 52 week low of AUD 0.165 (USD 0.11) set on 22 June 2023. The company has a market cap of AUD 85.59 million (USD 56.9 million).