Break that awkward silence and jump right into it. First of all, thank you everyone for taking the time to join us today. As you will remember, in calendar year 2026, we started kicking off doing quarterly updates. After our first quarterly update in March, we did our full-year results at the end of June, and this is our first quarterly update for FY 2027. I am Tim, I am the Founder and CEO of Airtasker, and I am joined today by Reena.
Hi everyone, I am Reena Minhas, the CFO. Been in the role now just over two months and looking forward to presenting the first quarterly.
Amazing. Let's kick it off then. If we go to our executive summary, really pleased to say that we have had a really great start to FY 2027. Starting with Australia, we are still in the low period for Australia before we kick off into the spring summer. But we had a record Australian GMV even in our low period. That was up 20.9% on PCP to AUD 57.3 million. And this was a great acceleration in growth. This does translate through to revenue, up 15% on PCP to AUD 12.2 million. And the reason why you are starting to see that is our strategy is really paying off of investing into memberships, in which case we have revenue lagging over GMV growth. And also, rebooking and recurring tasks working, in which case, we work on a lower take rate, but have a great GMV acceleration from that.
Across to the U.K. and the U.S., they are doing AUD 26.4 million and AUD 8.6 million GMV ARR. And I think the important thing to say here is that the momentum is holding up, even as we start to focus in on getting more efficient with our cash flow in those markets. As we said in FY 2026, we actually invested about AUD 5 million of additional capital into the U.S. and U.K. markets, in addition to the cash that we are generating from our Australian business. And in FY 2027, we tend to be group cash flow positive. So, we are looking at being really efficient in our growth in the U.K. and the U.S. We also passed over 25,000 paid subscribers in our membership programs. That was up from 10,000 at June and 1,000 at March.
So really pleased with that growth and well on track to achieve our FY 2027 target of 50,000 members. Just a reminder there that membership is AUD 89 in exchange for no connection fees for our customers. The reason why we are doing that is that AUD 89 equals a little over three tasks worth of fees for customers. Every time we get a member signing up, that is someone signaling to us, I want to use Airtasker frequently. I want to use this four or more times per year, and this is why this makes sense for me to do. We are really excited about that. It is worthwhile saying that we recognize the revenue over the following 12 months. When someone signs up for an AUD 89 membership, we have about AUD 7 of revenue coming in, but it comes in over the next 12 months.
You will always see that the revenue lags the GMV growth. Finally, overall, our FY 2027 guidance is reaffirmed, which is actually on the next page. Just as a reminder of that guidance, double-digit revenue growth, excluding Oneflare. As mentioned, that was up 15% already in the quarter, and that coming from an increase in contribution from top line GMV growth, which was up over 20%. We expect Australian cash flow generation to increase. We did AUD 16.5 million of free cash out of our Australian business, less head office costs. We expect that to be going up, and we are on track to do that. Membership delivering 50,000 paid subscribers. We are already at 25,000 after Q1. The U.K. and the U.S. continuing to grow. As a reminder, our U.K. business, we are reducing our net cash investment into that business and moving it towards profitability.
In the U.S., being very disciplined with our cash deployment in that market to make sure that we can deliver on the final point, which is group positive free cash flow. Just an overview. Australian marketplace revenue record at a GMV and a revenue level. Australian revenue up 15% on PCP, AUD 12.2 million. Our international business continues to scale, now delivering AUD 1.8 million of revenue on a trailing quarterly basis. Now I am going to pass it over to Reena, who can take us through the various marketplaces.
Thanks, everyone. Moving to slide six, Australia. Last quarter of 2027 revenue was up 15% on PCP. We delivered record quarterly GMV of AUD 57.3 million, which was up 20.9%, which is the highest quarter we have ever had and what is normally a softer quarter for Australia. What is really notable is the rate of increase in GMV in the last quarter. That growth came from both volume and price. Booked tasks were up 7.8% and average task price was up 12.2% from refreshed customer pricing and inflation. Membership fees are also now included in full in GMV. Revenue was up 15% to AUD 12.2 million, our strongest first quarter, and we are on track for double-digit revenue growth for the year. As we have noted, the gap between GMV and revenue growth is the membership timing I described.
Fees go into GMV when paid and into revenue over the membership period. Membership now has more than 25,000 paid subscribers globally. We've got more than 22,000 in Australia and almost 3,000 internationally. On brand, in August, we renewed our partnership with oOh!media and signed a new one with NOVA Entertainment, so that's now AUD 11 million of media over three years paid for with convertible notes. Together with Nine, that's now AUD 16 million of Australian media capital. Moving to slide seven, U.K. The U.K. had a record revenue quarter also. Revenue was up 39% to AUD 1.4 million, driven by GMV growth. Over the trailing 12 months, GMV was up 44% to AUD 23.3 million, and revenue up 45% to AUD 4.7 million. We also launched membership in the U.K., and we've already got signed up more than 2,000 paid subscribers there.
The September GMV run rate was AUD 26.4 million, and now as the northern hemisphere moves into autumn and winter, we expect GMV to soften through our second and third quarters and then pick up again in the fourth quarter. Importantly, we're on track against the U.K. guidance, which is growing GMV and revenue while spending less cash than we did in FY 2026. Moving to slide eight, the U.S.A. First quarter 2027 revenue was up 21% on PCP. In the U.S., revenue was up 21% to AUD 0.4 million. Over the trailing 12 months, GMV was up 81% to AUD 1.4 million. The September GMV run rate was AUD 8.6 million. Like the U.K., we expect the U.S. to soften through the winter and pick up again in the fourth quarter. We're rolling out a disciplined, targeted marketing program alongside our media partners.
We're pleased with that revenue growth with a more targeted approach. With that, I'll hand back to Tim for any questions. Well, actually, I'm going to see if there are any questions. Now's your opportunity to ask any questions if there's anyone would like to. We'll just go through. Okay, so there's not a Q&A. One second. We've had one pre-webinar question, and then I'll go through the questions that we're receiving now. How will unit economics for Airtasker change as more users go from unpaid to paid subscribers? I would assume Airtasker will be making less money off its more active subscribers, but potentially lift task activity from its less active subscribers. Tim, do you want to take that one?
If we take a step back, the goal of membership is to work on the core metric of improving our purchase frequency. The purchase frequency of our users is such that about 65% of users only purchased one task during FY 2026. About 93% cumulatively of our users did somewhere between one to three tasks for FY 2026, and about 6% did four or more tasks per year. The way that we constructed the membership product is that it's AUD 89, which is roughly equivalent to three or more completed tasks. By purchasing a membership for AUD 89, you're sort of signaling to us that you want to use Airtasker four or more times per year, and that's really where we're trying to move people from low frequency into high frequency.
What we are really excited by is that the take-up of membership is much higher than that 6% of people that were already using Airtasker four or more times per year. The great news there is that we are definitely going to be moving a bunch of people who might have been in that one to three up into being monetized into that four times bucket. There was a question about just how the membership works in general. So AUD 89 a year, including GST, so you knock off the 10%, maybe AUD 81. That is about AUD 6.80 a month being recognized. The vast majority of the memberships to date, the revenue has not been recognized because it is actually going to happen over the next 12 months.
Great news is that we are already starting to bake in revenue for FY 2028 because some of the members we are acquiring now are already building up our forward FY 2028 revenue. I think customer memberships, loving it. So it is doing well.
Tim, there is a couple of questions around Pro Pass on the other side, the task membership. Do you want to just give us an update on those as well?
Pro Pass is doing incredibly well. Coming back to the thesis and the genesis of Pro Pass, we saw that it is one thing that customers or taskers, you read any of the Trustpilot stuff, it is that they do not like percentage fees. There is always complaints about Airtasker's fees being too high. What we can categorically say is that Airtasker does more than 50% more jobs than hipages. But if you look at their revenue, their revenue is considerably higher. In other words, they are extracting more value from their user, more revenue per job that is posted, relative to the actual activity in their marketplace. What you can kind of see from that is that a lot of people do prefer to pay a fixed amount of money rather than paying a percentage, even if the percentages can be much more efficient for customers.
What we launched with Pro Pass, as a reminder, is AUD 1,800 plus GST, which is AUD 1,980 paid upfront. It gets you AUD 22,500 worth of earnings on our platform. For our taskers, we are accountable to delivering them AUD 22,500 worth of potential earnings on the platform, and that has proven to be quite an attractive model. We didn't release any specific stats around it, so I won't call out that specific stat, but I can say we're well into the six-digit figures of revenue being generated from Pro Pass and well into the millions of dollars of GMV that is now spoken for or has been pre-committed by our taskers to Airtasker. Why is this strategically so valuable?
If we look at one of the biggest issues with Airtasker's capital deployment, it's that generally in a marketplace, we're investing all the cash upfront to build a marketplace, and then at the end of that, we're monetizing it at AUD 50 per completed task. That's quite an intense capital deployment period as we're seeing in, say, the U.K. and the U.S. What happens with Pro Pass, it actually inverts that. It actually says the capital is acquired upfront, the cash, and actually the work to deliver on those commitments actually happens after that. It inverts the capital investment and creates at an individual unit economic level, a positive working capital situation. I think it's a very, very exciting strategy to be pursuing, and we're seeing some great results out of it so far.
Thanks, Tim. There's a couple of questions around the U.S. which I might try and group. Was the U.S. in line with budget? What were the best-performing cities? Then just around why the U.S. GMV growth is 81%, but revenue growth is much lower.
I think maybe, Reena, you can take the one on the revenue and GMV growth and the difference between PCP and quarter-on-quarter and things like that. But I can take the one on generally how the U.S. is going. Overarchingly, one of the things that we're now focused on in FY 2026, we flagged to the market that we were going to invest an extra AUD 5 million into U.S. and U.K. growth, and predominantly that was into the U.S. The reason that we wanted to do that is to test how much capital we could deploy and what the efficiency of that looked like. We delivered an astounding result in the fourth quarter of FY 2026 in the U.S., and now what we're looking at is moderating that cash flow because we don't want to be negative cash flow this year. We want to be group positive cash flow.
And so we are looking more at efficiency as opposed to just all our growth. Yes, we are absolutely on track in terms of internal targets and goals. But yeah, we are looking at efficiency and how much cash we're deploying, what the ROI on that is, as much as we are just looking at all our growth at all costs. In terms of what cities are working, I think New York continues to be a powerhouse, and again, it comes down to test and learn. The more that we go out and test new markets, the more that we find certain markets which we didn't necessarily expect to perform well, doing better than others. And so we're using a lot of algorithmic techniques to find and optimize to which cities that we end up deploying the capital into.
And we are not like Uber, where we have to decide on a city, commit to millions of dollars in doing that, and then that's a very one-way door approach. We're very much able to be agile and deploy the capital exactly to where the algorithms tell us that the best outcomes are going to be achieved.
Thanks, Tim. I'm just going to go back to the questions. Let me just pull these. So total Australian revenue, including Oneflare, appears to have gone from AUD 13.8 million in the Q1 FY 2026 to AUD 14 million in this quarter. Is this in line with expectations?
Yep. So we were in the second half of FY 2026, we made the decision to retire the Oneflare brand and platform. To make sure that we maintained all of the assets and the goodwill of that business, for example, some of the top-performing sales team were retained and of course, all the knowledge and databases, et cetera, were retained. But we did effectively retire the brand and the platform. So I think it's an astounding result to actually have earned back all of that and absorbed that into Airtasker and still shown growth even though that brand and platform is no longer operational. So yeah, I'm really, really stoked with this result, actually, and I think more to come.
Okay. There was a question around AUD GMV growth memberships versus book task price, but I don't think we've disclosed the revenue number for memberships. We won't do that one. I'm going to try and group some of these. How has the AI referred traffic metric you spoke to at the FY 2026 result evolved? Has it changed at all since personal agents have taken off in the U.S. and the U.K.?
We haven't disclosed an AI traffic number. However, a bit of color there, I think, is really relevant. Overarchingly, the online distribution completely changing. It's changing in a couple of different directions. The first is that if you look into traditional search through platforms like Google and Bing, a lot of that is being replaced by AI answers now. That number used to be about 13%, I think, about six months ago, and that number is now about 70%. If you put something into Google, you get an AI-referred answer. The great news is that Airtasker really benefits in these AI-referred answers because we have a lot of specific data. So when you are looking at something like how much can I earn as a plumber in Parramatta, classic thing, that will come up as an AI answer, so it'll just tell you what the answer is.
Airtasker will be cited as the data source from that, and you do get traffic from those citations. Airtasker getting cited more so than platforms which don't have a closed loop because they just don't have the data. That said, where you're losing traffic is when you used to see all of these SEO-type pages that said things like, price of plumber in Parramatta, price of electrician in Parramatta, price of blah in Parramatta, and having all of this. You're losing that traffic, but you're gaining in citations. So that's one big change. Another big change is, of course, LLM traffic. We're seeing that, in general, we're tacking that on top of search traffic. So that's been a great evolution for us for the same reasons.
Airtasker benefits from AI inquiries because we have very proprietary data, which you can't get from anywhere else, and we get cited in more queries. The third area is agentic commerce. As we said in our June 2026 update, we're now live in the OpenAI's Marketplace connectors, and in Claude as well. So you can connect Airtasker as an app into those marketplaces. What that means is that Airtasker, Claude, and OpenAI can do end-to-end e-commerce through Airtasker. We actually buy tasks on your behalf, and we've seen great growth in that area as well. Even more excitingly, as you've seen things like Instinct, Meta Muse, and these other sort of agentic assistants coming to life, we're right on the cutting edge of that, and deploying into those marketplaces where it is possible, where they have open integrations.
But even more so, making sure that our Model Context Protocol is really, really clear, so that when AI bots or agentic-type models want to come in, Airtasker is marked up in a way that makes it really easy for the agents to make their way around. Overarchingly, we think that this is a massive boon for Airtasker, because we're not just like a lead gen website which sends traffic around the internet. We're actually providing you a core service. So providing the payments, the insurance, and the system of record in getting your tasks done. We're able to open up a lot of our data to these platforms because we know ultimately that's going to result in more people coming into our funnel rather than being cut out of the funnel altogether. So AI, super excited.
Thanks, Tim. I'll just check if there's any further questions. There was a question around the U.K. Is the 39% and 21% revenue growth in the U.K. and U.S. in peak season a good result compared to previous growth rates?
I think certainly higher is better. Higher is always better. We are looking at efficiency as much as we're looking at all our growth. In the U.K., we flagged that we're actually starting to move that marketplace towards profitability, which means that we're going to be net investing less cash into that market, and into the U.S. as well. We're being very efficient and making sure that we deliver on our promise to be group cash flow positive for FY 2027. So we're really, really committed with that, and I think in the context of maintaining that cash flow discipline, these are really great results.
I'm just going to loop back to a question on the U.S. that I didn't answer the second part of. So that was around the revenue and GMV variance. The two numbers measure different things. The 81% is trailing 12 months GMV, and the 21% is revenue for the September quarter alone. So on the same 12-month basis, you can see on the slide that U.S. revenue grew 69%. So GMV and revenue are broadly tracking there. Just a question around, are you seeing booked tasks increasing overall in Australia year-on-year, or is the revenue increase mainly coming from an increase in average task price? I think we've noted both of those. And we've said booked tasks have increased 6.6%, plus our average task price has increased. So it's both of those. Anything you want to add there, Tim?
No, I think volumes are up. So volumes are up, and prices are up, and we monetize both of those, which is great.
This question from Matt, what is the longer-term plan in the U.K. and U.S. and further markets now? Would you consider franchising or other revenues to grow those businesses and into new markets?
One of the things that I think is really interesting, if you look at what is the constraint to growth, the constraint to growth is basically the capital that requires upfront to be able to grow a new marketplace and to develop network effects, which are necessary to have enough scale to provide a great service to our customers. That, to date, has cost us millions of dollars upfront. We flagged in our three-year plans that essentially it is probably AUD 10 million of cash, AUD 20 million of media investment to get to a AUD 25 million GMV run rate, which we have delivered in the U.K., and we are on track to deliver into the U.S. But the big problem with that is how do you acquire that upfront capital?
With the share market, and the share price being where it is, that is almost impossible to do by raising capital via equity placements. This is where I am quite interested in what the potential of Pro Pass is. If we think about the capital curve of Pro Pass, it is essentially that you are getting the capital in upfront and then using that capital to go and build the marketplace. We are putting a lot of energy into working out if this is possible, but I think maybe an apt analogy there is to making pre-sales in an apartment building. It makes sense to get commitment from the people who are going to use the product and get their buy-in early, get their capital in early, so that you can use that capital to actually deliver on the promise.
I think that is something that if we unlock that, then it is pretty turbo for being able to launch new markets, because the main constraint was capital. If you can be working capital positive at a marketplace level, then Bob's your uncle.
Thank you, Tim. There is just a question here which I do not know the answer to. Do Taskers in countries like India, China, Philippines have access to Airtasker in their countries such that they bid for online tasks from Australia, U.K., and the U.S.?
We've made a really, and I think, strong and prescient decision that Airtasker is about local services. Which means the expectation is that if I'm Australian and I'm posting a job in Australia, I'm expecting to receive quotes from someone who is in that local market. That is true of each of our markets, Australia, the U.K., and the U.S. In short, we have made the decision that tasks are local, and that is intentional. But as a result of that, it means that India, China, Philippines, you cannot bid on these jobs. But of course, people are pretty creative. The way that we're gating it is through cell numbers, mobile numbers, bank accounts, local IDs, local tax verifications. But some people get around those things and, if you're entrepreneurial enough to do that, then that might be a good person to be adding to the marketplace.
Dividends, Tim. There's a question around is there a plan to pay dividends for the long-term investors?
Yeah. I think we're exploring all the different options around the way that we deliver a return to our investors. It does feel like active management in small caps or micro caps on the ASX and just getting a pure capital return on share price does seem like a pretty challenging environment to be doing that at the moment. So we're exploring all of our different options, and currently, nothing's off the table. So, appreciate the question.
Thanks, Tim. I'm going to leave the questions there. I apologize that the Q&A function wasn't working. It's made it a little bit challenging to manage the Q&A. So thanks for your patience, everyone, and thanks for attending. I'll pass over to Tim for final words.
I appreciate everyone, and thank you for your long-term and ongoing support. Thanks also for the questions. Really enjoy engaging with you all on how the business is going. Any further questions, you can always submit them through investor hub. Thanks everyone for joining today, and hope you have a great rest of your day. Bye now.