Airtasker (ART) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians, confirmation of quorum, and CEO presentation highlighting FY24 achievements and FY25 strategic priorities.

• Agenda included chair and CEO addresses, financial and strategic updates, shareholder Q&A, and voting on six resolutions.

Financial performance review

• Achieved AUD 1.2 million positive free cash flow for FY24, with $31.0 million cash generated in Australia.

• Group revenue grew 5.6% to AUD 46.6 million despite challenging macroeconomic conditions.

• Employee expenses reduced by nearly 26% and technology/admin expenses by 16.4%, enabling increased marketing investment and reduced earnings losses.

• Australian marketplace generated over AUD 31 million, exceeding $18.2 million investment in software and infrastructure, and covering fixed operating costs.

• 1Q25 saw $0.1 million positive free cash flow and 13.6% revenue growth year-on-year.

Strategic initiatives and plans

• Significant return to above-the-line media advertising, shifting from digital due to rising digital CPMs and the need for brand trust and awareness.

• Raised $51.6 million in media capital in 2024 from partners including Channel 4, Sinclair, Mercurius, oOh! media, ARN Media, iHeartMedia, and Televisa Univision.

• Launched three new media deals in the UK and US, including convertible notes with Sinclair, Mercurius, and Channel 4.

• Media partnership model scaled, with proven results in UK (over 100% revenue growth in 12 months) and plans to replicate in the US.

• Announced new media partnerships with Sinclair Broadcast Group, Mercurius Media Capital, and Channel 4 Ventures, totaling $26.2 million in additional media capital.