Wisr delivers in excess of $21 million in revenue, up 75%
Wisr has provided the Quarterly Activities Report for the quarter ending 30 September 2022 (Q1FY23).
In Q1FY23, in light of current macroeconomic conditions, Wisr made material reductions in operating costs, lifted yield through product price increases to customers and moderated growth plans to set a path to profitability within 12 months whilst maintaining a robust balance sheet. A series of cost reductions were enacted throughout the quarter, while the benefits will largely be realised in the coming quarters and estimated to result in a 15% reduction in Q2FY23 operating expenses versus Q4FY22.
Q1FY23 Highlights include:
- Prime loan book (warehouse, securitised and balance sheet) now at $885M, an increase of 86% on pcp (Q1FY22 $475M), with arrears at 0.89% (Q4FY22 0.98%) and average credit score of 790
- Quarterly Revenue up to $21.2M, a 75% increase on Q1FY22 ($12.1M) and a 20% increase on Q4FY22 ($17.6M)
- Q1FY23 loan originations of $186M, a 41% increase on Q1FY22 ($132M) and a slight increase on Q4FY22 ($186M)
- $1.4B in total loan originations as at 30 September 2022
- Well capitalised with a cash balance of $74.8M, including unrestricted cash and cash equivalents of $18.6M as at 30 September 2022
- Wisr Financial Wellness Platform passed 682K profiles (35% growth on pcp), with 35K+ profiles added in Q1FY23.
Anthony Nantes, Chief Executive Officer, Wisr, said, “As we continue to lift our pricing to protect our NIM, demand for our lending products has delivered $186M in new loan originations for the quarter, a 41% increase on pcp. Our arrears have decreased from 0.98% to 0.89%, a great indicator of the true quality of our loan book and its ability to perform through a cycle, and we’ve grown operating revenue by 75% on pcp, demonstrating the high quality of our credit assets and credit decisions.”
“Making prudent material reductions in operating costs, pivoting to a moderate growth trajectory and continuing to protect our margins has put us on the path to deliver profitability in the short term while protecting the business from any sustained economic downturn. We also know that prime loan books, like Wisr’s, have traditionally performed well through credit cycles; combined with the framework already in place to manage credit quality through the cycle, Wisr is in the strongest position to navigate market conditions whilst delivering a continued growth trajectory,” finished Nantes.
