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Freelancer Limited releases FY24 Financial Results

News provided by news direct2025-02-26

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Freelancer Limited (ASX: FLN) (OTCQX: FLNCF) in FY24 delivered Gross Marketplace Value (GMV) of $948.6 million (down 7.1% from FY23) and revenue of $53.1 million (down 4.2%). Despite a modest revenue decline largely tied to non-core engineering services, 2H24 profitability improved significantly (2H24 NPAT: +$0.2m), supported by cost efficiencies and strong cash generation.

Cash & Equivalents:$23.2 million (+9.5% on 1H24)

Financial Highlights

Group GMV: $948.6 million (-7.1% vs. FY23)
- Freelancer: $130.5 million (-1.3%)
- Escrow.com: $818.2 million (-7.9%)
Group Revenue: $53.1 million (-4.2%)
- Freelancer: $40.6 million (-8.2%)
- Escrow.com: $10.4 million (+14.5%)
Net Profit After Tax (NPAT): $(0.8m) vs $0.2m in pcp
Operating Profit (excl. FX losses):$0.8m vs. $0.6m in pcp
- 1H24: $(1.0) million; 2H24: $1.8 million
Operating Cash Flow (excl. FX losses): $5.8m vs. $1.9m in pcp
Cash Flow:$0.8m vs. $(2.4)m in pcp

In FY24 Freelancer achieved a dramatic turnaround in customer acquisition, with new client deposits up 18.6% year-on-year in 4Q24, set to flow through the funnel and drive future growth. Strategic AI integration delivered tangible benefits—elevating skills, liquidity, quality, and value in the marketplace; positioning AI development as the next major wave of projects after web and mobile; and enhancing features that boosted retention by 5% and conversion rates. With positive cash flow of $0.8 million (vs. a $2.4 million deficit in FY23) and cash reserves of $23.2 million (up 9.5% from 1H24), the Group is primed for expansion in FY25.

The Group reduced operating costs by 5.8% compared to FY23, reflecting ongoing efforts to enhance efficiency and establish a sustainable cost base for future profitability.

Freelancer Limited is a mini Amazon of services, connecting over 79 million registered users to a seamless ecosystem of labor, payments, and freight solutions through its core businesses: Freelancer, the largest cloud workforce in the world; Escrow.com, the world’s largest online escrow company, which facilitates and secures large value payments; and Loadshift, Australia’s leading heavy haulage freight marketplace. These services meet the everyday needs of consumers to large enterprises alike.

More information on Freelancer Limited's FY24 is available here: https://www.freelancer.com/about/investor-pdf.php?id=249447992&name=FY24+Business+Update&w=f&redirect-times=1&ngsw-bypass=

About Freelancer

Twelve-time Webby award-winning Freelancer.com is the world’s largest freelancing and crowdsourcing marketplace by total number of users and projects posted. More than 79 million registered users have posted over 24 million projects and contests to date in over 2,700 areas as diverse as website development, logo design, marketing, copywriting, astrophysics, aerospace engineering and manufacturing. Freelancer owns Escrow.com, the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet with over US$5 billion in transactions secured. Freelancer also owns Freightlancer & Loadshift, enterprise freight marketplaces with over 550 million kilometers of freight posted since inception. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX:FLN and is quoted on OTCQX Best Market under the ticker FLNCF.

Forward-looking statements

This document contains certain "forward-looking statements". The words "anticipate", "believe", "expect", "project", "forecast", "estimate", “outlook”, “upside”, "likely", "intend", "should", "could", "may", "target", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance, including Freelancer’s FY22 outlook, are also forward-looking statements, as are statements regarding Freelancer’s plans and strategies and the development of the market. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Freelancer, which may cause actual results to differ materially from those expressed or implied in such statements. Freelancer cannot give any assurance or guarantee that the assumptions upon which management based its forward-looking statements will prove to be correct or exhaustive beyond the date of its making, or that Freelancer's business and operations will not be affected by other factors not currently foreseeable by management or beyond its control. Such forward-looking statements only speak as at the date of this announcement and Freelancer assumes no obligation to update such information. The release, publication or distribution of this document in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.