Airtasker Q3 2025 slides: positive free cash flow amid double-digit revenue growth

Airtasker (ART) reported Q3 2025 results showing positive free cash flow and double-digit marketplace revenue growth of 15.8%, with overall group revenue up 11.6%. The company's Australian operations saw revenue increase by 10.6% to $10.8 million and generated positive net EBITDA of $1.5 million, funding international expansion, while the UK and US markets experienced revenue growth of 153.2% and 399.0% respectively. Airtasker reaffirmed its FY25 guidance, projecting positive group free cash flow and double-digit marketplace revenue growth, supported by a strong balance sheet with $18.3 million in cash and term deposits.

Analysis

Airtasker Ltd (ASX:ART) reported positive operational momentum in its Q3 2025 results, achieving positive free cash flow for the quarter, contributing to a year-to-date positive free cash flow of $0.6 million as of March 31, 2025. The company saw a 15.8% increase in marketplaces revenue and an 11.6% rise in overall group revenue compared to the prior comparative period. Its established Australian operations demonstrated continued strength, with revenue growing 10.6% to $10.8 million and delivering a positive Australian net EBITDA of $1.5 million after covering all global head office expenditure; this segment generated approximately $8.6 million in positive cash flow, with $4.5 million available for investment in new marketplaces. A notable detail in the Australian performance was a $0.3 million (29.2% pcp) decrease in breakage revenue, attributed by the company to lower cancellations and a more customer-centric refunds process. International expansion is showing significant traction, particularly with UK revenue accelerating 153.2% pcp to £355,000 and US revenue surging 399.0% pcp to US$86,000, reflecting early success in these newer markets. Airtasker reaffirmed its full-year FY25 guidance for positive group free cash flow and double-digit revenue growth for its marketplaces, supported by a solid financial position with $18.3 million in cash and term deposits and $35.0 million of prepaid media available, indicating capacity to fund its city-level expansion strategy which targets $25 million GMV ARR and cash positivity within three years of launch in each new market.

Key Decisions for Investors

• Investors should evaluate Airtasker's ability to consistently self-fund its international expansion in the UK and US from the cash flows generated by its profitable Australian operations, as this is central to its current growth narrative.
• Closely monitor the progress of international city-level marketplaces, particularly in the UK (TTM GMV $12.8M) and US (TTM GMV $1.5M), towards achieving the company's target of $25 million GMV ARR and cash positivity within the three-year timeframe post-launch.
• Consider the current stock price of $0.30, which is down 3.33% despite the positive operational results and guidance, in the context of its 52-week range ($0.23-$0.50) and the potential for future growth driven by successful market penetration and adherence to its financial targets.