Australia-based B2C talent platform Airtasker reported revenue for the third quarter ended 31 March 2022 of AUD 8.6 million (USD 6.2 million), up 21.2% over the prior year corresponding period.

Airtasker also reported third quarter Gross Marketplace Volume (GMV) of AUD 51.5 million (USD 36.9 million), up 24.9% over the prior year period. The company also reported positive operating cashflow of AUD 1.0 million (USD 0.7 million) with AUD 32.8 million (USD 23.5 million) in cash.

Revenue growth and the strong operating cashflow was achieved despite macro headwinds including the impacts of Covid and unprecedented levels of rainfall and flooding in the company’s major marketplaces and at the same time as Airtasker continued to invest in new city-level marketplaces in the US and UK.

In the US, Airtasker’s 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 saw Q3 posted tasks increasing 90% compared to Q2 and ongoing momentum building in non-core cities.

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% over the year as the marketplace enters the next strong period of seasonal demand.

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 AUD 1.0 million (USD 0.7 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 Australian marketplaces across the US and UK.”

Shares in Airtasker traded at AUD 0.545 (USD 0.39), up 13.54% on the day and 18.48% above the 52 week low of AUD 0.46 (USD 0.33) set on 22 April 2022. The company has a market cap of AUD 199.82 million (USD 143.6 million.).