Airtasker share price slides 5% on net loss

What did the online outsourcing business report to the market today?

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Key points

  • The Airtasker share price is in the red today 
  • The company reported an underlying pro forma net loss after tax 
  • However, the company's revenue lifted 18.4% 

The Airtasker Ltd (ASX: ART) share price is falling today amid the company's FY22 results.

Shares in the online outsourcing marketplace are currently trading at 41.5 cents, a 4.6% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.47% at the time of writing.

Let's take a look at what the company reported to the market today.

Airtasker results highlights

Highlights of Airtasker's FY22 presentation include:

  • Underlying pro forma EBITDA loss of $14.4 million, up from $1.1 million loss in FY21
  • Underlying pro forma net loss after tax of $17.8 million, up from a $3.4 million loss in FY21
  • Revenue lifted 18.4% on the previous financial year to $31.5 million
  • Gross profit after paid acquisitions of $24.8 million, up from $23.2 million in FY21
  • Gross marketplace volume (GMV) lifted 23.8% to $189.6 million

What else did the company report?

COVID-19 government restrictions in Australia impacted Airtasker in the first five months of the financial year.

In quarter four, revenue lifted 30.6% on the prior corresponding period (pcp) to $9 million. Management highlighted the fourth quarter is a better reflection of underlying business performance, given the lockdown in earlier months. Quarter four GMV lifted 38.3% on the pcp to $54.4 million.

Expenses were higher due to investment in "new growth markets" — the US and UK — and marketing and product investment.

On a positive note, the Australian marketplace achieved earnings before interest, tax, depreciation, and amortisation (EBITDA) of $19.4 million.

Airtasker said it has a "strong balance sheet" with $31.8 million in cash and equity receivables with no debt.

International GMV lifted 120.5% on the previous year to a monthly annualised run rate (ARR) of $9.5 million in May 22.

Airtasker completed the acquisition of Oneflare on 25 May 2022.

Management comment

Commenting on the results, Airtasker CEO and co-founder Tim Fung said:

I'd like to thank the entire Airtasker team and community for their incredible efforts in FY22, which delivered strong GMV growth up 23.8% year-on-year and a sharp acceleration in international GMV growth up more than 120% on pcp.

With $31.8m of cash and equity receivables and a business model which could accelerate in an inflationary environment – we're looking forward to FY23.

Airtasker share price snapshot

The Airtasker share price has dropped 57% in the past year, while it has lost 50% year to date.

However, in the past month, Airtasker shares have lifted 10%.

For perspective, the benchmark ASX 200 Index has lost 7% in the past year and 6% year to date.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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