Freelancer Ltd. (ASX: FLN), which operates the Freelancer.com staffing platform, reported today its group net cash receipts for the first quarter stood at AUD 15.2 million (USD 10.8 million), down 2.1% over the year.

Cash receipts for the Freelancer.com online staffing marketplace totalled 12.3 million, down 6.1% over the year. However, cash receipts for Escrow stood at 2.9 million (USD 2.0 million), up 19.5% over the year.

Freelancer also reported Gross Payment Volume in Q1 2022 of AUD 326.5 million (USD 23.1 million), up 30.8% over the year.

Gross Marketplace Volume for the Freelancer.com online staffing marketplace stood at AUD 32.3 million (USD 23.1 million), down 3.9% over the year while Escrow Gross Payment Volume stood at AUD 282.3 million (USD 201.8 million), up 37.8% over the year.

The group had positive net operating cash flow of AUD 1.7 million (USD 1.2 million) for the quarter.

Freelancer said Gross Marketplace Volume from Ukrainian freelancers is so far holding up ‘reasonably well’, but the rapid deterioration in banking relationships between Russia and the West has heavily impacted Russian freelancer Gross Marketplace Volume, reducing it by approximately 70%. Furthermore, the introduction of strict sanctions for users in the Luhansk and Donetsk regions has also negatively impacted Gross Marketplace Volume.

“We estimate the total impact on Gross Marketplace Volume to be approximately 2% +/- 0.5%,” the group stated.

The Freelancer Enterprise division continued its positive momentum in the first quarter of the year with Gross Marketplace Volume growth of 109% over the year. The division benefited from a strong pipeline that generated growth across accounts in industries including professional services, technology, business process outsourcing, chemicals, government, software and education. Enterprise Gross Marketplace Volume for the quarter represented 3.7% of total Freelancer Gross Marketplace Volume. The division is expecting further Gross Marketplace Volume contribution uplift from delivering on key NASA milestones in 2Q22.

Escrow.com Gross Payment Volume in the first quarter was AUD 205.3 million (USD 146.7 million), up 29.7%.

Earlier this year, Freelancer (FLN:ASX) reported net revenue fell by 2.3% for the full year 2021 to AUD 57.4 million (USD 41.5 million). Revenue was down 8.8% at its Freelancer.com talent platform; however, it was up 37.3% on its Escrow.com payments platform, for an all-time record of AUD 11.3 million (USD 8.1 million).

Shares in Freelancer set a new 52-week low during today's trading session when it reached AUD 0.395 (USD 0.28). Over this period, the share price is down -64.09%. Shares last traded at AUD 0.395 (USD 0.28), down 3.66% on the day. The company has a market cap of AUD 184.87 million (USD 132.11 million).