Appen has been in an awfully long downgrade cycle for going on two years now. Today they released their half year results and the market has again not taken kindly to it, down over 27% at the time of writing for the day to $4.20. A long way from its price peak of over $40 almost two years ago to the day.

• Group revenue of $182.9 million down 7%, primarily reflects a lower contribution from

the Global Division due to weaker digital advertising demand and a resultant slowdown

in spending by some of our large customers

• New Markets revenue 2 of $45.0 million down 6%, impacted mainly by lower Global

Product. Excluding Global Product, New Market revenue was up 35%

• Underlying EBITDA3 (after FX impact) of $8.5 million down 69%, due to lower revenue

and investments in transformation, product, and technology, as well as an FX loss

• Statutory net loss after tax of $9.4 million, compared to a $6.7 million statutory net

profit after tax in 1H FY21, impacted by higher amortisation on product development

• Underlying net loss after tax of $3.8 million, compared to a $12.5 million net profit after

tax in 1H FY21



• Cash balance of $42.2 million on 30 June 2022, with high cash flow conversion