Freelancer (FLN) H1 2026 earnings summary

Executive summary

• Group GMV rose 30.9% year-over-year to AUD 574.6 million, driven by Escrow and Loadshift, while revenue declined 12.1% to AUD 23.9 million due to headwinds in Freelancer and currency impacts.

• Escrow.com delivered its fourth highest GMV ever, with strong growth in new verticals like wholesale electronics and continued profitability.

• Loadshift achieved record GMV and revenue, with ongoing product improvements and plans for global expansion.

• Freelancer faced operational challenges, including payment gateway failures, increased scraping, stricter fraud controls, and currency headwinds, impacting revenue and customer retention.

• Net loss after tax was AUD 2.1 million, impacted by a AUD 2.4 million non-cash impairment of non-core digital assets.

Financial highlights

• Group GMV up 30.9% to AUD 574.6 million; Escrow GMV up 39% to AUD 517.6 million; Loadshift GMV up 9.6% to AUD 14.6 million.

• Group revenue down 12.1% to AUD 23.9 million; gross profit down 10.4% to AUD 20.9 million; gross margin improved to 87.4%.

• EBITDA was AUD 1.1 million; operating loss near breakeven at AUD 0.3 million; net loss after tax of AUD 2.1 million.

• AUD 2.4 million non-cash impairment of non-core digital assets recognized.

• Cash and equivalents at AUD 17.9 million, down from AUD 22.9 million at period start; group remains debt-free.

Outlook and guidance

• Focus on restoring Freelancer revenue and conversion, improving payment acceptance, and expanding verticals.

• Escrow expected to maintain strong growth, especially in wholesale electronics and new verticals.

• Loadshift anticipated to have a strong year with new features and international expansion.

• Management expects improved performance in H2 as operational issues are resolved and new products launch.

• Continued cost discipline and productivity improvements, with targeted capital allocation to drive positive free cash flow.