Wisr’s revenue jumps over 350%

Wisr’s revenue jumps over 350%

Wisr Limited’s unaudited H1FY21 results show a material increase in revenue of 354%, and a reduction in loss compared to the previous corresponding period.

Within H1FY21, Wisr also delivered metrics demonstrating the continued operational leverage and clear path to profitability, with Q2FY21 compared to Q1FY21 showing a revenue increase of 43% while operating expenses remained relatively flat (a slight increase of 9%), highlighting the Company’s strong operational leverage.

In H1FY21 Wisr made a Cash EBTDA loss of $6.5m and an accounting loss of $9.4m, due to non-cash items during the period:

  • Provision for expected credit loss expense of $2.7m ($2.1m net of loan write-offs of $0.6m) driven by growth of the Wisr Warehouse (as per AASB 9, expected life-of-loan losses are recognised upfront). The charge represents c. 1.0% of the loan book
  • Share based payment expense of $0.6m, relating to the FY21 staff LTI scheme and periodic apportionment of prior periods

Anthony Nantes, Chief Executive Officer of Wisr said, “We have seen a substantial step-change in operating capability in the last six months. Our H1FY21 results delivered a significant 354% uplift in revenue while reducing overall Cash EBTDA loss by 6%, compared to this same period last financial year.

“Investments in talent and technology, planned at the time of our January 2020 capital raise but deferred in response to COVID-19, have now been made. This means that increases in operating cost base will be more incremental in the medium term, resulting in significant operating leverage as revenue continues to grow strongly in-line with the growth of our loan book.

“We aim to aggressively grow market share with an innovative business model that gives us multiple levers for growth in the coming quarters, and beyond, as we build a company with significant impact in this market,” finished Mr. Nantes.