Wrkr (WRK) H2 2024 earnings summary

Executive summary

• Wrkr Ltd is a regulatory technology company focused on simplifying workforce compliance for Australian employers, offering SaaS and transaction-based solutions with long-term contracts and advanced integrations.

• The company has achieved over 42% year-on-year revenue growth since merging with Comply Path Pty Ltd in November 2020.

Financial highlights

• FY24 revenue rose 46% to $9.6m from $6.6m in FY23, driven by growth in Wrkr PAY and development fees.

• EBITDA improved to $0.5m in FY24 from a loss of $1.6m in FY23, a 133% increase.

• Net loss after tax narrowed by 8% to $3.8m in FY24.

• Operating cash flows turned positive at $0.34m, up from a $0.38m outflow in FY23.

• Annual Recurring Revenue (ARR) increased 17% to $6.7m.

Outlook and guidance

• FY25 focus includes achieving market leadership in superannuation, adding over 2 million users, expanding product availability to more HRIS platforms, and advancing cyber and fraud detection capabilities.