Freelancer (FLN:ASX) reported net revenue decreased by 3.1% for the full year 2022 to AUD 55.7 million (USD 37.9 million).

Revenue in the Freelancer.com platform stood at AUD 45.6 million (USD 31.1 million), down 1.1% over the year. Freelancer GMV (Gross Marketplace Value) was AUD 128.4 million (USD 87.6 million), down 4.5% over the year.

Escrow revenue totalled AUD 10.1 million (USD 6.8 million), down 11.1%.

“The year 2022 was mixed,” the company stated. “We saw a rolling off of Covid-19 super-seasonality, negatively impacting a number of core metrics, but primarily affecting project fees, with secondary fee lines such as memberships largely unaffected. However, in FY22 we also made substantial improvements to the product, customer acquisition profitability, and rectified a number of long-standing marketplace problems towards the end of the year.

The increased loss in Net Profit After Tax was primarily due to lower than expected revenues from the core consumer marketplace and the ramping up of employee and marketing in H122 in anticipation of higher revenues.

Freelancer said that it achieved numerous cost efficiencies across all categories in H222. Together with ongoing strategies to improve revenue growth, the group added that it is trending to profitability. The group will also continue to monitor operating expenditures to ensure that a sustained level of profitability can be achieved in FY23.

The group added that Escrow.com was profitable in FY22.

On its freight division, the group said, “The year 2022 was transformational for our freight division as we merged the Loadshift and Freightlancer platforms, which now entirely operates under the Loadshift brand, and running on the Freelancer enterprise stack. The Freightlancer brand has been decommissioned.”

Freelancer set a new 52-week low during today's trading session when it reached AUD 0.19 (USD 0.13). Over this period, the share price is down 64.91%. As of last trade, shares fell by 21.57%. The company has a market cap of AUD 115.06 million (USD 78.4 million).