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GazD

Company Report

Last edited 7 months ago

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#Financials

stale

GazD

Added 7 months ago

Positive operating cash flow!

growth not massive but I’d take that for profitable in the current environment.

their cash on hand notably fell from 16 mil to 8 mil. Is this from investment in term deposits? Feels like a dumb question

2023

ABN 53 149 850 457 ASX Code: ART

Quarterly Activity Report and

Appendix 4C Quarterly Cash Flow Report 30 September 2023

Lodged with ASX under Listing Rules 4.7B and 4.7C. www.airtasker.com

Airtasker Limited

ABN 53 149 850 457

24 October 2023

ASX Announcement

30 September 2023 - Quarterly Activity Report

Airtasker achieves positive operating cash flow

On track for FY24 revenue growth and positive free cash flow result

1Q Highlights

● Positive operating cash flow of $0.7m, an improvement of $4.3m on pcp1

● Positive Net EBITDA2 of $2.9m, an improvement of $3.8m on pcp

● On track for positive free cash flow result in full year FY24

● Airtasker marketplaces revenue up 10.5% on pcp to $8.8m; Group revenue up 5.6% on pcp to $11.1m

● UK TTM3 revenue up 52.8% on pcp to £502k4

● US TTM posted tasks up 79.5% on pcp to 63.7k4; TTM tasker oers up 135.4% on pcp to 108.7k4

● $16.5m in cash and term deposits on balance sheet and zero debt

1 Prior comparative period.

2 This is Australian EBITDA less all fixed global head oice expenditure. Australian EBITDA refers to earnings before interest, taxation, depreciation and amortisation of the

‘Established Marketplaces Segment’ comprising the Airtasker Australia and Oneflare Australia marketplaces.

3 Trailing twelve months.

4 Calculated on a TTM basis.

Airtasker Limited

ABN 53 149 850 457

In 1Q24 Airtasker generated positive cash from operating activities of $0.7m, up $4.3m on pcp 1Q23: negative $3.6m), enabling it to finish the quarter in a solid financial position with $16.5m in cash and term deposits on its balance sheet and zero debt.

The positive operating cash flow result was achieved by improving Group revenue by 5.6% on pcp to $11.1m and reducing Australian marketing expenditure by $0.2m 16% on pcp). The Airtasker marketplaces saw 1Q24 revenue increase 10.5% on pcp to $8.8m despite consumer demand remaining soft and Airtasker marketplaces GMV5 decreasing 6.1% on pcp to $45.3m.

The solid 1Q24 Airtasker marketplaces revenue result was driven by funnel optimisation programs designed to improve platform reliability, reduce cancellations and address task leakage. These programs saw cancellations reduce by 24.9% on pcp resulting in the take rate6 improving by 2.9 percentage points to 19.4%. The average task value remained steady at $243.90.

Airtasker operates marketplaces at multiple stages of development. In Australia, our marketplaces are at the ‘scaling’ stage. In the UK, our marketplaces are in the ‘one to 100’ stage during which the goal is to carefully balance supply and demand to drive marketplace activity and grow GMV. In the US, our marketplaces are in the ‘zero to one’ stage during which the focus is on creating a steadily increasing flow of job opportunities (posted tasks).

In the UK, Airtasker’s marketplaces demonstrated strong performance with 1Q24 TTM GMV up 16.3% on pcp to £3.7m7 and TTM revenue up 52.8% on pcp to £502k7 as a result of record levels of tasker engagement driving higher task completion rates.

These results were achieved prior to the 2Q24 launch of Airtasker’s Channel 4 UK television advertising campaign, ‘Airtasker. Yeahtasker!’. Airtasker’s partnership with Channel 4 provides

5 Gross marketplace volume.

6 Take rate represents Airtasker’s revenue in a given financial period, expressed as a percentage of GMV in the same period.

7 Calculated on a TTM basis.

Airtasker Limited

ABN 53 149 850 457

$6.7m in media advertising to Airtasker’s UK subsidiary. It is anticipated that the ‘Airtasker. Yeahtasker!’ brand campaign will drive an improvement in UK brand awareness and deliver marketplace growth heading into spring/summer in the northern hemisphere 3Q24 and 4Q24.

In Airtasker’s US marketplaces, 1Q24 TTM posted tasks increased 79.5% on pcp to 63.7k8 and tasker oers increased 135.4% on pcp to 108.7k.8

Airtasker’s marketplaces fall into two business segments, being the 'Established Marketplaces Segment' and the 'New Marketplaces Segment'. Geographic operations are segmented based on the maturity of the marketplaces as economics dier at each stage of growth. The Airtasker Australia and Oneflare Australia marketplaces have established user bases and operations and represent the 'Established Marketplaces Segment’. International marketplaces, which have less established user bases, form the ‘New Marketplaces Segment’.

During 1Q24, Airtasker’s Established Marketplaces in

Australia achieved positive Net EBITDA of $2.9m, after

all fixed global head oice expenditure. Airtasker also

achieved positive Group EBITDA of $1.1m, however, it continues to invest in international markets.

The performance of the segments for 1Q24 is presented in the table below.

Non-statutory operating segment data

1Q24 $m

1Q23 $m

Variance $m

Variance %

Established Marketplaces - Australian EBITDA9

7.5

5.8

1.7

29.1%

Global head oice - operating expenditure10

3.3

5.7

2.4

42.6%)

Global head oice - innovation investment11

1.3

1.0

0.3

32.0%

Net EBITDA

2.9

0.9

3.8

421.5%

New Marketplaces UK and US EBITDA

1.8

1.4

0.4

23.3%

Group EBITDA

1.1

2.3

3.4

148.4%

8 Calculated on a TTM basis.

9 Excluding global head oice operating expenditure and innovation investment.

10 This is global head oice operating expenditure relating to the Airtasker and Oneflare marketplaces (engineering, product support and maintenance), as well as back oice support functions

(leadership, legal, finance and people operations).

11 This is global head oice non-capitalisable innovation investment relating to the Airtasker and Oneflare marketplaces associated with the development of new product features designed to

enhance the customer experience, increase long term GMV and grow long term revenue.

Airtasker Limited

ABN 53 149 850 457

Commenting on the results, Airtasker Founder and CEO Tim Fung said, “I’m super pleased to announce that Airtasker has achieved positive operating cash flow of $0.7m for the quarter - a massive $4.3m improvement on pcp! Despite consumer demand remaining slightly softer than the previous year, our focus on the core product experience and optimisation has seen strong ongoing revenue growth. We are now well positioned ahead of launching a major UK brand campaign, ‘Airtasker. Yeahtasker!’, in conjunction with Channel 4 next quarter. With Airtasker now as lean and eicient as ever, we’re looking forward to delivering both revenue growth and positive free cash flow in FY24!”

Related party payments in 1Q24 totalled $272k. The payments comprised $93k to non-executive directors for director’s fees, superannuation and expense reimbursements and $179k to Tank Stream Labs Pty Ltd for leases, utilities and cleaning costs related to oice facilities.

All numbers are unaudited.

For further information, please contact:

Media Enquiries

Andrea Philips andrea.philips@airtasker.com +61 415 113 908

About Airtasker

Ends–

Investor Relations

www.investor.airtasker.com investors@airtasker.com

Airtasker ASX ART is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With a mission to empower people to realise the full value of their skills, Airtasker aims to have a positive impact on the future of work by creating truly flexible opportunities to work and earn income. Since launching in 2012, Airtasker has put more than $500m into the pockets of workers (payments made after all fee revenue is deducted) and served more than 1.3m unique paying customers across the world. For more information visit www.investor.airtasker.com.

This announcement was approved for release by the Board of Directors of Airtasker Limited.

Appendix 4C

Quarterly Cash Flow Report for Entities Subject to Listing Rule 4.7B

Name of entity

Airtasker Limited

ABN

53 149 850 457

Consolidated statement of cash flows

1. Cash flows used in operating activities

1.1 Receipts from customers

1.2 Payments for

(a) research and development

(b) product manufacturing and operating costs

(d) leased assets

(e) staff costs

(f) administration and corporate costs

1.3 Dividends received (see note 3)

1.4 Interest received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Government grants and tax incentives

1.8 Other – GST and FBT

1.9 Net cash used in operating activities

2. Cash flows used in investing activities

2.1 Payments to acquire or for:

(a) entities

(b) businesses

(d) investments

(e) intellectual property

(f) other non-current assets

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Quarter ended (“current quarter”)

30 September 2023

Current quarter A$’000

11,767

- (1,030) (1,784) (2) (5,561) (1,893) - 65 (40) - - (813) 709

- - - -

(666) (8,000)

Year to date (12 months) A$’000

11,767

- (1,030) (1,784) (2) (5,561) (1,893) - 65 (40) - - (813) 709

- - - -

(666) (8,000)

Consolidated statement of cash flows

2.2 Proceeds from disposal of: (a) entities

Current quarter A$’000

Year to date (12 months) A$’000

-- (b) businesses 153 153

(d) investments

(e) intellectual property

(f) other non-current assets

2.3 Cash flows from loans to other entities

2.4 Dividends received (see note 3)

2.5 Other (provide details if material)

2.6 Net cash used in investing activities

3. Cash flows (used in) / from financing activities

3.1 Proceeds from issues of equity securities (excluding convertible debt securities)

3.2 Proceeds from issue of convertible debt securities

3.3 Proceeds from exercise of options

3.4 Transaction costs related to issues of equity securities or convertible debt securities

3.5 Proceeds from borrowings

3.6 Repayment of borrowings

3.7 Transaction costs related to loans and borrowings

3.8 Dividends paid

3.9 Other – lease liabilities

3.10 Net cash (used in) / from financing activities

4. Net decrease in cash and cash equivalents for the period

4.1 Cash and cash equivalents at beginning of period

4.2 Net cash used in operating activities (item 1.9 above)

4.3 Net cash used in investing activities (item 2.6 above)

4.4 Net cash (used in) / from financing activities (item 3.10 above)

4.5 Effect of movement in exchange rates on cash held

4.6 Cash and cash equivalents at end of period

2 2 - - - - - - - - - - - -

(8,511) (8,511)

- - - - - - - -

(215) (215)

16,052 16,052 709 709

(8,511) (8,511) (215) (215)

(12) (12)

8,023 8,023

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Appendix 4C

5. Reconciliation of cash and cash equivalents

at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

5.1 Bank balances (item 4.6 and item 4.1)

5.2 Call deposits

5.3 Bank overdrafts

5.4 Other (provide details)

5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)

6. Payments to related parties of the entity and their associates

Previous quarter A$’000

16,052 - - - 8,023

Current quarter A$'000

6.1 Aggregate amount of payments to related parties and their associates included in item 1

6.2 Aggregate amount of payments to related parties and their associates included in item 3

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

(158) (114)

7. Financing facilities

Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

7.1 Loan facilities

7.2 Credit standby arrangements

7.3 Other (please specify)

7.4 Total financing facilities

7.5 Unused financing facilities available at quarter end

7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

There are no financing arrangements available to the Company.

Quarterly cash flow report for entities subject to Listing Rule 4.7B 3

Total facility amount at quarter end A$’000

Amount drawn at quarter end A$’000

- - - -

Current quarter A$’000

8,023 - - - 8,023

- - - -

Appendix 4C

8. Estimated cash available for future operating activities

8.1 Net cash used in operating activities (item 1.9)

8.2 Cash and cash equivalents at quarter end (item 4.6)

8.3 Unused finance facilities available at quarter end (item 7.5)

8.4 Total available funding (item 8.2 + item 8.3)

8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1)

A$’000

709 8,023 - 8,023

N/A

Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5.

8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions:

8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: N/A

8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: N/A

8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

Compliance statement

1 2

Date:

This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

This statement gives a true and fair view of the matters disclosed. 24 October 2023

Authorised by: The Board of Directors

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

Quarterly cash flow report for entities subject to Listing Rule 4.7B 4

Appendix 4C

#ASX Announcements

stale

GazD

Added 8 months ago

I’m pretty bullish on the long term future of the business… I’m an easy sell but I can see the long term future of the is kind of business and I think if they get their first the network effects of this kind of business will be immensely valuable.

I didn’t check too closely their suggestion they will be cash flow positive in the next financial year but even being close to that would mitigate concerns about further cap raises.

As previously airtasker seems quite willing to include one flare revenue in their comparisons which is a bit cheeky but their is double digit growth even without it…

● Record revenue up 40% on pcp to $44.2 million.1

● Gross Marketplace Volume GMV2 up 34% on pcp to $253.5 million.1

● UK GMV up 35% on pcp to £3.7 million with revenue up 93% on pcp to £0.5 million.

● US posted tasks up 158% on pcp to 64,000 with tasker oers up 300% on pcp to 106,000.

● Net cash outflow reduced by 24% on pcp with $16.1 million cash on balance sheet and on track

for positive free cashflow result in FY24.

The Airtasker Group posted revenue growth of 40.4% on pcp to $44.2 million1 primarily reflecting organic growth in the Australian Airtasker marketplaces and the full year contribution from the Oneflare marketplace acquired in May 2022. The result also reflected strong revenue growth in the UK and US marketplaces of 83.3% on pcp to $0.9 million.

Group marketplace activity, represented by GMV, grew 33.7% on pcp1 to $253.5 million.2 The Airtasker marketplace take rate3 increased to 17.6% in FY23 (compared with 16.6% in pcp) driven by an increase in task completion rates and the ongoing optimisation of Airtasker’s fee structure.

EBITDA for FY23 was an improvement of 53.1% to a loss of $8.0 million versus a loss of $17.1 million in pcp. The movement was largely driven by top line revenue growth of $12.7 million in FY23 and prudent ongoing cost management.

1 pcp included the contribution from the Oneflare marketplace from its acquisition date of 25 May 2022.

2 Represents the total price of all tasks booked through the Airtasker marketplaces before cancellations and inclusive of price adjustments between customers and taskers, bonuses paid by

customers to taskers, and fees payable by customers and taskers to Airtasker, and any applicable sales taxes plus Oneflare marketplace GMV estimated by dividing total Oneflare marketplace

revenue by the budgeted Airtasker marketplaces take rate.

3 Represents revenue in a given financial period, expressed as a percentage of GMV in the same period within the marketplaces.

Airtasker Limited

ABN 53 149 850 457

30 August 2023

ASX Announcement

Airtasker Limited ASX Code: ART

FY23 Financial Results

Airtasker delivers 40% revenue growth in FY23; On track for positive free cashflow result in FY24

FY23 Financial Highlights

Group Revenue: $44.2m +40.4% on pcp

In April 2023, Airtasker announced it would undertake a cost management program which would reduce expenditure through a 20% reduction in headcount. The headcount reduction was completed in 4Q23 incurring full year one-o costs of $1.2 million. At the same time Airtasker announced its plan to exit from non-core businesses acquired as part of the Oneflare portfolio in May 2022. The exit from these businesses is expected to be completed in 1H24 and will reduce FY24 revenue by approximately $1.0 million whilst also having a positive impact on operating expenses and cashflow.

The implementation of the cost management program positions Airtasker to be free cash flow positive on a full year basis in FY24.

Australian marketplaces

The Australian marketplaces, comprising the Airtasker and Oneflare marketplaces, are the most advanced and at the “scaling” stage, meaning there are established network eects, strong unit economics and organic customer acquisition that enable realisation of positive EBITDA.

The Australian marketplaces generated revenue of $43.2 million, up 39.7% on pcp. The Australian Airtasker marketplace generated revenue of $33.7 million, up 13.0% on pcp, while the Oneflare marketplace contributed revenue of $9.5 million for FY23. Gross profit for the Australian marketplaces grew 41.7% on pcp to $41.0 million.

This performance was driven by improved conversion rates in the Airtasker marketplace and the full year contribution from the Oneflare marketplace, which continues to perform ahead of expectations communicated when the acquisition was announced.

Airtasker Limited

ABN 53 149 850 457

Airtasker Limited

ABN 53 149 850 457

Australian Revenue: $43.2m +39.7% on pcp Australian Gross Profit: $41.0m +41.7% on pcp International marketplaces

Airtasker’s international marketplaces, principally the UK and US, are still in the early stages of growth, generating total revenue of $0.9 million, up 83.3% on pcp. The UK marketplace is still in the ‘one to 100’ stage during which the goal is to build network eects by balancing supply and demand to drive marketplace activity and grow GMV. During FY23, Airtasker experienced steady growth in its UK marketplace with GMV up 34.6% on pcp to £3.7 million while revenue increased 92.5% on pcp to £0.5 million.

In June 2023 Airtasker announced a media-for-equity partnership with UK television network Channel 4, which has a monthly reach of 47 million people 78% of the UK population) and operates the UK’s largest free streaming service with over 1.2 billion views per year.4

Channel 4 will invest $6.7 million (£3.5 million), through the provision of media advertising services, in exchange for a 20% stake in Airtasker’s UK subsidiary. The investment will allow Airtasker to leverage Channel 4’s significant audience reach and accelerate its UK marketplace growth by building brand awareness, growing users and building network eects.

Airtasker successfully implemented a similar strategy in Australia through its partnership with Seven West Media resulting in 20x revenue growth over 5 years and a 5x investment return for Seven West Media.

Airtasker’s US marketplace is in the ‘zero to one’ stage during which the focus is on creating a steadily increasing flow of job opportunities (posted tasks). In FY23, the US marketplace customer demand (posted tasks) increased significantly, up 158.0% on pcp to 64,000 while supply (tasker

4 hps://www.channel4.com/corporate/about-4/who-we-are/channels-and-platforms

Airtasker Limited

ABN 53 149 850 457

oers) increased 300.2% on pcp to 106,000. There is a consistent growth trend in both posted tasks and tasker oers following the transition to a focus on the Los Angeles city marketplace at the start of FY23.

UK GMV £3.7m +34.6% on pcp US Posted tasks: 64,000 +158.0% on pcp

UK Revenue: £0.5m +92.5% on pcp US Tasker oers: 106,000 +300.2% on pcp

Commenting on the results, Airtasker Co-founder and CEO Tim Fung said “I’m super pleased to report another record result for Airtasker in FY23 with revenue up 40%, net cash outflow down 24% and strong growth in our US and UK marketplaces. We’re now really well positioned with more than $16.1m in cash on balance sheet and are on track for a free cashflow positive result in FY24.

“At the same time, we’re super excited to turbocharge Airtasker in the UK via our $6.7m media-for-equity partnership with Channel 4, replicating the success we achieved in Australia and readying our media partnership strategy for further global scale. Let’s do this!”

Ends–

For further information, please contact:

Media Enquiries

Andrea Philips andrea.philips@airtasker.com +61 415 113 908

About Airtasker

Investor Relations

www.investor.airtasker.com investors@airtasker.com

This announcement was approved for release by the Board of Directors of Airtasker Limited.

Airtasker Limited

ABN 53 149 850 457

#ASX Announcements

stale

GazD

Added one year ago

the highlights for me:

that in Australia where the marketplace is most mature they are EBITDA positive

that they are growing very rapidly in UK and US (off a very low base in the US in particular)

they have 9 quarters of cash in the bank at current cash burn.

hoping to avoid any further cap raises…

2023

ABN 53 149 850 457 ASX Code: ART

Quarterly Activity Report and

Appendix 4C Quarterly Cash Flow Report 31 December 2022

Lodged with ASX under Listing Rules 4.7B and 4.7C. www.airtasker.com

Airtasker Limited

● Revenue up 40.2% on pcp1,2 to $11.3m (up 13.6% on pcp to $9.2m ex-Oneflare contribution).

● GMV3,4 up 40.2% on pcp2 to $68.2m (up 13.6% on pcp to $55.2m ex-Oneflare contribution).

● UK TTM5 GMV up 83.1% on pcp to £3.5m6 while TTM revenue increased 152.5% on pcp to £398k6.

● US quarterly posted tasks up 5.4x on pcp to 21k while tasker oers up 7.1x on pcp to 33k.

● Cash burn reduced by 44.3% on pcp to $2.6m with $23.3m cash on balance sheet.

Airtasker Limited

ABN 53 149 850 457

31 January 2023

ASX Announcement

31 December 2022 - Quarterly Activity Report

Highlights

1 Prior comparative period.

2 pcp did not include a contribution from the Oneflare marketplace acquired on 25 May 2022.

3 Gross marketplace volume.

4 GMV represents the total price of all tasks booked through the Airtasker marketplaces before cancellations and inclusive of price adjustments between customers and taskers, bonuses paid by

customers to taskers, and fees payable by customers and taskers to Airtasker, and any applicable sales taxes plus Oneflare marketplace GMV estimated by dividing total Oneflare marketplace

revenue by the Airtasker marketplaces take rate.

5 Trailing twelve months.

6 Calculated on a T TM basis.

Airtasker Limited

ABN 53 149 850 457

2Q23 saw Airtasker revenue increase 40.2% on pcp to $11.3m whilst GMV grew 40.2% on pcp to $68.2m. The strong revenue result in 2Q23 was achieved through a combination of organic growth within the Airtasker marketplaces and the contribution of the Oneflare marketplace.

Excluding the benefit of the Oneflare marketplace contribution, 2Q23 revenue increased 13.6% on pcp to $9.2m, GMV grew 13.6% on pcp to $55.2m and UPC7 increased to circa 450k8 (up 9.0% on pcp). The Oneflare marketplace revenue is ahead of expectations communicated when the acquisition was announced.

Airtasker achieved this strong revenue result whilst also reducing operating cash burn 44.3% on pcp and 28.1% QoQ9, with 2Q23 net cash used in operating activities reducing to $2.6m. Cash receipts in 2Q23 increased 43.7% on pcp due to the impact of COVID related lockdowns on pcp cashflows. Cash receipts in 2Q23 increased 13.1% QoQ due to the summer seasonal volume increase in the Australian marketplace.

Airtasker remains in a strong financial position with $23.3m in cash on its balance sheet at the end of 2Q23.

7 Unique paying customers.

8 Calculated on a TTM basis.

9 Quarter-on-quarter.

Airtasker Limited

ABN 53 149 850 457

Airtasker operates marketplaces at multiple stages of development. In Australia, our marketplaces are at the “scaling” stage. In the UK, our marketplaces are in the “one to 100” stage during which the goal is to carefully balance supply and demand to drive marketplace activity and grow GMV. In the US, our marketplaces are in the “zero to one” stage during which the focus is on creating a steadily increasing flow of job opportunities (posted tasks).

In the UK, Airtasker’s marketplaces demonstrated continuing growth with posted tasks increasing 1.4x on pcp and tasker oers increasing 1.8x on pcp. UK TTM GMV was up 83.1% on pcp to £3.5m10 whilst TTM revenue increased 152.5% on pcp to £398k10 as a result of higher tasker oer rates and the ongoing impact of fee changes introduced in the preceding quarter.

Airtasker’s US marketplaces continued to accelerate with 2Q23 posted tasks increasing 5.3x on pcp to 21k and tasker oers increasing 7.1x on pcp to 33k. There is a strong growth trend in both posted tasks and tasker oers as the transition to a focus on the Los Angeles marketplace continues.

Our UK and US marketplaces continued to demonstrate strong momentum throughout the seasonally lower northern hemisphere autumn/winter period.

Related party payments in 2Q23 totalled $251k. The payments comprised $117k to directors for director’s fees, superannuation and expense reimbursements and $134k to Tank Stream Labs for leases, utilities and cleaning costs related to oice facilities .

10 Calculated on a TTM basis.

Airtasker Limited

ABN 53 149 850 457

Airtasker reports and manages its business as a single operating unit. However, as the Airtasker marketplaces are at dierent stages of maturity the economics dier at each stage. As such, management has prepared a notional (non-statutory) split of financial performance for 2Q23 in the table below.

Economics of marketplaces at dierent stages of maturity11

AUD millions

Established marketplaces (Australia) EBITDA12

6.1

Global head oice operating costs13

6.1

Net EBITDA

0.0

Global innovation expenditure14

1.0

New marketplaces UK and US EBITDA

1.7

Airtasker Group EBITDA

2.7

Commenting on the results, Airtasker Co-founder and CEO Tim Fung said, “I’m super pleased to announce that Airtasker’s second quarter revenue was up more than 40% on pcp with unique paying customers growing to circa 450,000. Even more pleasingly, we achieved these strong results whilst reducing cash burn in the quarter by more than 40% and maintaining a strong balance sheet with over $23 million in cash. Whilst we’re forecasting increasing labour supply and lower demand as macroeconomic conditions tighten, our marketplace model has proven both adaptive and resilient and we’re excited for what’s ahead!”

All numbers are unaudited.

Ends–

11 The amounts in the table, including EBITDA splits, are estimates based on management assumptions and judgement, are unaudited and are provided for illustrative purposes only to demonstrate the contribution of various marketplaces.

12 Excluding global head oice operating costs and global innovation expenditure.

13 This is operating expenditure relating to the Airtasker and Oneflare marketplaces (engineering, product support and maintenance), as well as back oice support functions (leadership, legal,

finance and people operations).

14 Described as “R&D expense” in prior periods, this is non-capitalisable operating expenditure relating to the Airtasker and Oneflare marketplaces associated with the development of new features

designed to enhance the customer experience, increase long term GMV and grow long term revenue.

For further information, please contact:

Media Enquiries

Andrea Philips andrea.philips@airtasker.com +61 415 113 908

About Airtasker

Investor Relations

www.investor.airtasker.com investors@airtasker.com

Airtasker ASX ART is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With its mission to empower people to realise the full value of their skills, Airtasker aims to have a positive impact on the future of work by creating truly flexible opportunities to work and earn income. Since launching in 2012, Airtasker has enabled more than $2 billion in working opportunities and served more than 1.3 million unique paying customers across the world. For more information visit: investor.airtasker.com .

This announcement was approved for release by the Board of Directors of Airtasker Limited.

Airtasker Limited

ABN 53 149 850 457

Appendix 4C

Quarterly Cash Flow Report

for entities subject to Listing Rule 4.7B

Name of entity

Airtasker Limited

ABN

53 149 850 457

Consolidated statement of cash flows

1. Cash flows used in operating activities

1.1 Receipts from customers

1.2 Payments for

(a) research and development

(b) product manufacturing and operating costs

(d) leased assets

(e) staff costs

(f) administration and corporate costs

1.3 Dividends received (see note 3)

1.4 Interest received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Government grants and tax incentives

1.8 Other – GST and FBT

1.9 Net cash used in operating activities

2. Cash flows used in investing activities

Quarter ended (“current quarter”)

2.1 Payments to acquire or for:

(a) entities -

(b) businesses (23)

(d) investments -

(e) intellectual property (515)

ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms.

31 December 2022

Current quarter $A’000

13,235

- (1,476)

(2,437) (2) (8,322) (2,893) - 16 (38) - - (679) (2,596)

Year to date (6 months) $A’000

24,939

- (2,361)

(5,158) (3) (16,132) (5,990) - 25 (38) - - (1,487) (6,205)

- (23) (66) - (1,852)

Rule 4.7B

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows Current quarter $A’000

Year to date (6 months) $A’000

(530)

(f) other non-current assets 2.2 Proceeds from disposal of:

(22)

(a) entities -

(b) businesses -

(d) investments -

(e) intellectual property

(f) other non-current assets

2.3 Cash flows from loans to other entities

2.4 Dividends received (see note 3)

2.5 Other (provide details if material)

2.6 Net cash used in investing activities

3. Cash flows (used in) / from financing activities

3.1 Proceeds from issues of equity securities (excluding convertible debt securities)

3.2 Proceeds from issue of convertible debt securities

3.3 Proceeds from exercise of options

3.4 Transaction costs related to issues of equity securities or convertible debt securities

3.5 Proceeds from borrowings

3.6 Repayment of borrowings

3.7 Transaction costs related to loans and borrowings

3.8 Dividends paid

3.9 Other – lease liabilities

3.10 Net cash (used in) / from financing activities

4. Net decrease in cash and cash equivalents for the period

4.1 Cash and cash equivalents at beginning of

period 26,540

4.2 Net cash used in operating activities (2,596) (item 1.9 above)

ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms.

- 12 - - - 197 197 - - - - - - (417) (2,262)

- 3,550 - -

- 250 (121) (155)

- - - - - -

- - (172) (179) (293) 3,466

28,235 (6,205)

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows

4.3 Net cash used in investing activities (item 2.6 above)

4.4 Net cash (used in) / from financing activities (item 3.10 above)

4.5 Effect of movement in exchange rates on cash held

4.6 Cash and cash equivalents at end of period

5. Reconciliation of cash and cash equivalents

at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

5.1 Bank balances (item 4.6 and item 4.1)

5.2 Call deposits

5.3 Bank overdrafts

5.4 Other (provide details)

5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)

6. Payments to related parties of the entity and their associates

6.1 Aggregate amount of payments to related parties and their associates included in item 1

6.2 Aggregate amount of payments to related parties and their associates included in item 3

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms.

Current quarter $A’000

(417)

(293)

23,259

Current quarter $A’000

Year to date (6 months) $A’000

(2,262)

3,466

23,259

Previous quarter $A’000

26,540 - - - 26,540

Current quarter $A'000

179 72

23,259 - - - 23,259

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. Financing facilities

Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

7.1 Loan facilities

7.2 Credit standby arrangements

7.3 Other (please specify)

7.4 Total financing facilities

7.5 Unused financing facilities available at quarter end

N/A - no financing arrangements available to the company.

8. Estimated cash available for future operating activities

8.1 Net cash used in operating activities (item 1.9)

8.2 Cash and cash equivalents at quarter end (item 4.6)

8.3 Unused finance facilities available at quarter end (item 7.5)

8.4 Total available funding (item 8.2 + item 8.3)

8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1)

$A’000

8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions:

8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: N/A

8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

N/A

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms.

Total facility amount at quarter end $A’000

Amount drawn at quarter end $A’000

- - - -

(2,596) 23,259 - 23,259

9.0

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

This statement gives a true and fair view of the matters disclosed.

...................................................................................

Compliance statement

1 2

Date:

Authorised by: ................................................................................... (Name of body or officer authorising release – see note 4)

Notes

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms.

Airtasker Limited

Airtasker Limited

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