Airtasker's US marketplace grows 754% funded by a profitable Australian core

Airtasker Ltd (ASX: ART) has built a genuinely rare setup among ASX small caps: a mature, profitable domestic marketplace funding an aggressive international expansion, with fund managers increasingly framing the Australian business alone as covering the entire current market valuation. Endeavor Asset Management captured the momentum through mid-2025, noting Airtasker rounded out the financial year with a robust June quarter, with standout results from its newer UK and US marketplaces finishing well ahead of expectations, while the core Australian business recorded marketplace growth of more than 20%, sending shares up 36% in July.

International growth accelerates off a low base

Saville Capital quantified the scale of the international acceleration in July 2025, reporting marketplace revenue growth of 28.9% on the prior corresponding period, driven by strength across all geographies: Australian revenue growth of 20.7%, up from 10.6% the prior quarter, alongside UK growth of 104.8% and US growth of an extraordinary 754.5%, both rapidly scaling off a low base. The fund noted the UK had reached a key inflection point with more than $20 million in annualised gross marketplace value, establishing genuine scale, while the US was significantly outperforming initial expectations.

Media partnerships accelerate the international push

Airtasker's international growth has been substantially funded and accelerated by strategic media partnerships. Saville Capital reported in October 2025 that Channel Four in the UK completed a follow-on media capital investment of £2.5 million (A$5.1 million) in media inventory in Airtasker UK, as the UK business hit a GMV annualised run rate of over $21 million, up around 90% on the prior corresponding period. Underwood Capital noted the company reported $15 million of free cash flow with an outlook for accelerated growth across all three core markets in FY26, describing the stock as trading on just 10-11 times EV/FCF and continuing to look undervalued.

A capital raise cornerstoned by a major US media partner

The most significant funding milestone arrived in November 2025, when Saville Capital reported Airtasker completed a $10 million placement cornerstoned by iHeartMedia, the largest US audio media company with an enterprise value above US$6 billion. The raise expanded on an existing US$5 million strategic partnership announced in August 2024, with Airtasker USA also entering an agreement for an additional US$5 million in media and advertising resources to accelerate US growth. Following the raise, the company held over $25 million in cash and $23 million in prepaid media assets, while its first-quarter FY26 update showed marketplace revenue growth of 20.5%, including US growth of 609.1%, even during a seasonally low period for marketing investment.

A share price pullback draws in opportunistic buyers

Despite the strong operating momentum, the stock came under significant selling pressure from early January 2026, which Saville Capital noted appeared to come substantially from one source, even as the company continued investing heavily in its growth strategy. Ryder Capital used the resulting market weakness to add to its Airtasker holdings in March 2026, treating the pullback as a buying opportunity rather than a signal of deteriorating fundamentals.

What managers are watching next

With Australia's roughly $15 million in annual cash EBITDA continuing to fund international expansion and media partnerships with iHeartMedia and Channel Four both scaling, the catalysts fund managers are tracking are whether US and UK growth rates, still running in the triple digits off small bases, can sustain their trajectory as they approach larger scale, how upcoming media partnership renewals with OML and ARN in Australia are settled, and whether the recent selling pressure from a single source proves to be a temporary technical overhang rather than a change in the underlying growth story.