Shares in marketplace lender Wisr Ltd (ASX: WZR) are moving southwards at pace, now fetching an intraday low of 23.5 cents.
The Wisr share price has lost ground today as the market responds to its AGM. In the presentation, Wisr outlined several investment highlights.
However, the company hasn't caught any bids following the release – trading volume today is just 10% of its 4-week average, and shares are 8% down at last check.
What did Wisr announce?
Wisr reiterated its latest earnings update, where loan origination was a record $132 million in Q1 FY22. The company has now grown loan originations consecutively for 21 quarters in a row.
Loan book balance for Wisr Warehouse also surged 239% year on year and reached $451 million. At the time of its Q1 FY22 earnings, total loan originations for Wisr stood at $743 million.
The release also notes that in June 2021, Wisr's Financial Wellness Platform was 88% more cost effective as a loan acquisition channel compared to direct and broker channels. Across the second half in total, cost efficiency in this domain improved 33%, lowering Wisr's customer acquisition cost.
Over the longer term, revenue growth was up 280% in FY21 at $27 million, and operating expenditures (OPEX) also grew 43%. Note that Wisr already covered these figures in its FY21 earnings up date in August.
Wisr also had $55.1 million in unrestricted cash and liquid loan assets at the time of its report to ensure it is well capitalised.
Moving forward, Wisr states that it is set to pass its $1 billion loan book milestone in FY22. New milestones will also be set beyond the $1 billion loan book watermark.
It also wants to deliver 1 million customers to its proprietary platform, and potentially launch new products, thereby "creating new revenue streams and new market opportunities".
Investors have sold Wisr today and the bears have it for now, with shares trending down 25% in the past 3 months.
The S&P/ASX 200 Financials Index (ASX: XFJ) is also down around 4% this past month, indicating weakness in the broad financial sector.
Wisr share price snapshot
The Wisr share price has gained almost 12% in the past 12 months after rallying over 20% this year to date.
Yet in the past month, it has reversed course and is down 14.5%, and has slipped another 2% in this last week.
