Geo Limited reports slight revenue decrease, increased expenses

Geo Limited has reported its unaudited financial results for the year ended June 30, 2023.

The company saw a slight decrease in revenues of 0.2% compared to the prior corresponding period (PCP), but on a like-for-like basis, revenues were up 1.5%.

Expenses increased by 45.1% due to increased tech and product spend related to a platform investment program.

However, the conclusion of the program allowed for material cost reductions.

EBITDA loss increased by 139.6% on PCP.

The company raised $3.74 million in funding and expects to reduce its cash burn by the end of December 2023.

Customer acquisition and marketing spend increased by 42% on PCP, and the company aims to focus marketing efforts on direct customer acquisition in the future.

The company ended the period with net cash and equivalents of $0.9 million.

CEO Tim Molloy highlighted the successful platform rebuild and diversification of revenue streams.