Airtasker (ART) 35.5c

Airtasker was a hot IPO in 2021 however fortunes have turned as the market shied away from unprofitable tech companies. Management are doing the rounds after their FY22 results and we caught up with them earlier in the week. Airtasker is a founder-led marketplace for local services. It’s a product I have used and had great experiences with, however, their business took a hit in FY22 with lockdowns and floods weighing on the number of jobs posted and completed. The company recently acquired Oneflare which targets SME work with a subscription-based model with plans to integrate the two platforms. Airtasker is also pushing into the US & UK markets, though they are bigger markets they will face more competition here from the likes of Facebook Marketplace & Google. They are targeting positive EBITDA on a monthly basis for the Australian business within the next 12 months, however, the international business will need some investment.