Fund Manager Summary on Airtasker Ltd (ASX:ART)
In November 2025, Saville Capital commented that Airtasker Ltd (ASX:ART) completed a $10m placement cornerstoned by iHeartMedia, leaving the company with over $25m in cash and $23m of prepaid media assets to fund targeted US and UK marketing, support media partnerships and settle maturing agreements while reporting continued strong marketplace revenue growth. Overall fund manager commentary converges on a constructive but execution-sensitive view of Airtasker Ltd (ASX:ART): managers highlight robust top-line momentum across Australia, the UK and the US driven by performance-marketing and strategic media partnerships, rising monetisation (record monetisation rates and accelerating marketplace revenue growth across recent quarters), positive free cash flow generation and sizable cash and prepaid media resources that support further international expansion; they also note profitable and growing Australian operations that are being deliberately re-invested to scale offshore and cite important inflection points such as the UK reaching material GMV run-rates and repeated follow-on media investments. Key opportunities are the leverage of performance-based media partnerships (including iHeartMedia and Channel Four), demonstrated rapid growth in new markets and improving operational metrics (lower cancellations, yield management), which together can translate local marketing success into group profit with limited duplicated overhead. Principal risks and strategic considerations include execution risk in scaling the US/UK businesses, the impact and timing of marketing spend funded by prepaid media assets, potential short-term share price volatility including aggressive selling and the implications of capital raisings for investor perception, reliance on continued partner-led media support, and the need to balance reinvestment with sustaining domestic profitability; actionable monitoring points are monetisation and GMV trends, cash and prepaid media runway, quarterly cash flow outcomes versus reinvestment rates, progression of media partnership milestones and any signs of market recognition or further dilution events.
Commentary From The Managers
There are 19 insights from 5 fund managers regarding their investment in Airtasker Ltd (ASX:ART) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
HD Capital Partners
30 Nov 2025
$0.34
Summary
- HD Capital Partners acknowledges Airtasker (ART) announced an unexpected capital raising.
- The fund manager attended ART's Investor Day in Sydney.
- ART is viewed as having the most potential upside among the companies in the portfolio.
- HD Capital Partners maintains its positive outlook on ART's future prospects.
Saville Capital
30 Nov 2025
$0.34
Summary
- Saville Capital continues to hold due to Airtasker Ltd (ART) completing a $10m placement, cornerstoned by iHeartMedia Inc.
- The placement involves participation from several institutions, enhancing ART's capital for targeted marketing in the US and UK.
- Funds will provide balance sheet flexibility to invest alongside media partners and settle media partnership agreements.
- iHeartMedia’s investment builds on an initial US$5m strategic partnership announced in August 2024.
- Airtasker USA has expanded its partnership with iHeartMedia, securing an additional US$5m in media and advertising resources.
- ART's balance sheet now includes over $25m in cash and $23m of prepaid media assets.
- 1Q FY26 update shows marketplace revenue growth of +20.5% on pcp, with notable increases in Australia (+12.8%), UK (+83.3%), and US (+609.1%).
- These growth rates are impressive, especially given it is a seasonally low period for marketing investment and customer activity.
Saville Capital
31 Oct 2025
$0.38
Summary
- Airtasker Ltd (ART) received a £2.5 million (A$5.1 million) investment from Channel Four (UK) to boost growth in the UK market.
- ART's UK operations achieved a GMV annualised run rate of over $21 million as of June 2025, reflecting a ~90% increase compared to the previous corresponding period.
- Despite strong performance and strategic partnerships, ART is trading at less than 2.5x FY26 EV/Revenue.
- The Australian business remains highly profitable, generating solid double-digit growth.
- This profitability is being leveraged to support a promising growth strategy in the US and UK markets.
Underwood Capital
31 Aug 2025
$0.40
Summary
- Airtasker Ltd (ART) reported $15 million of free cash flow.
- Outlook reflects accelerated growth in Australia, the UK, and the US for FY26.
- Currently trading at 10-11x EV/FCF, indicating an undervalued position.
- Underwood Capital continues to hold due to positive growth prospects and valuation metrics.
Saville Capital
31 July 2025
$0.36
Summary
- Saville Capital reports a stellar quarter of growth for ART, with marketplace revenue accelerating to +28.9% on pcp, compared to 3Q's +15.8%.
- Growth is driven by strength across all geographies, with Australian revenue growth at +20.7% (up from 10.6% in 3Q).
- The UK market shows impressive growth at +104.8% on pcp, and the US at +754.5% on pcp, both growing rapidly from a low base.
- UK has surpassed $20m annualised GMV, reaching a key inflection point with established scale.
- The US is significantly outperforming initial expectations.
- ART continues to generate modest positive free cash flow, reinvesting profits from Australia back into international expansion.
- Australia generated approximately $15m of Cash EBITDA in FY25 while maintaining a strong balance sheet with $18.5m of cash on hand.
- Saville Capital believes the Australian business alone is worth more than ART’s current market capitalisation, providing investors with a fully-funded free option on international expansion.
Endeavor Asset Management
31 July 2025
$0.36
Summary
- Airtasker (ASX: ART) completed a strong financial year with a positive June quarter, boosting investor interest.
- The company’s performance-marketing driven launch strategy yielded exceptional results in its new UK and US marketplaces, exceeding market expectations.
- In Australia, the core business demonstrated impressive marketplace growth of over 20%.
- A strengthening network effect and strategic reinvestment in marketing position management to sustain and potentially accelerate revenue growth.
- Endeavor Asset Management continues to hold due to the 36% increase in ART shares in July, reflecting strong market confidence.
Saville Capital
30 Apr 2025
$0.34
Summary
- Saville Capital continues to hold due to encouraging quarterly results from Airtasker Ltd (ART).
- ART's revenue in the UK increased by +153% on the previous corresponding period (pcp), up from +95% in 2Q FY25.
- Overall, ART’s total marketplace revenue growth of +15.8% on pcp remains solid and consistent with recent trends.
- This growth is driven by steady consumer demand, ongoing marketplace reliability improvements (i.e. lower cancellation rates), and yield management initiatives.
- ART’s monetisation rate has reached a record 22.3%, up from 20.5% in the pcp.
- The Company is generating positive free cash flow while utilizing its non-cash inventory from media deals in Australia, the UK, and US.
Endeavor Asset Management
30 Apr 2025
$0.34
Summary
- Airtasker (ART) shares rose 17.5% in April due to a strong quarterly update.
- Momentum continues in the UK and US markets, indicating potential for growth.
- Endeavor Asset Management believes ART is misunderstood and undervalued.
- The performance-based structure of media partnerships offshore is a key factor in this valuation.
- With no duplication of head office costs in international regions, operational success significantly impacts group profit.
- The recent results are viewed as a constructive step toward scale in the UK and US markets.
- These developments help de-risk long-term forecasts for the company.
- Early indicators for Q4 suggest ongoing traction, with potential for valuation upside.
- As the UK business gains market recognition, the domestic operation may be re-rated accordingly.
Underwood Capital
30 Apr 2025
$0.34
Summary
- Underwood Capital continues to hold a positive outlook on Airtasker (ART).
- Recent quarterly results indicate strong growth in the Australian business.
- The UK and US businesses are also experiencing rapid growth.
- The UK business is nearing meaningful scale.
- Accelerating growth in the UK suggests escape velocity may be approaching.
- This growth is likely to elicit a positive market response.
Saville Capital
28 Feb 2025
$0.36
Summary
- ART’s share price remains under significant pressure despite solid revenue and cash flow results.
- EBITDA in 1H FY25 decreased; however, this was well-flagged by the Company.
- Airtasker is focusing on utilising advertising inventory acquired through various media company deals.
- The impact of EBITDA changes is non-cash and ART remains cash flow positive.
- Increased brand investment is expected to lead to accelerating top-line growth in target markets.
- There is currently aggressive selling pressure from at least one party affecting the share price.
- Saville Capital continues to hold because of the potential for increased awareness and customer engagement.
Saville Capital
31 Jan 2025
$0.43
Summary
- Airtasker Ltd (ART) showed further improvement in 2Q FY25, with revenue growth accelerating to +11.4% on pcp, compared to +8.5% in 1Q FY25.
- Airtasker marketplaces revenue grew by 15.8% on pcp, though OneFlare remains a drag on overall revenue growth.
- Airtasker Australia marketplaces revenue was up 12.8% on pcp, marking a welcome return to double digit growth.
- UK revenue increased by 95.2% on pcp, while the US revenue skyrocketed by 278.6%.
- The momentum in revenue growth was driven by strong consumer demand, with booked tasks up 10.9% on pcp.
- Cancellations reduced by 1.2% on pcp and the monetisation rate improved +3.6% to 20.8%.
- ART continues to generate positive free cash flow and increased its cash balance to $18.3m.
- Funds from media deals are being utilized for a significant investment in brand marketing.
- Marketing initiatives are expected to provide an initial uplift in consumer demand, focused on brand awareness which typically has a longer payback period.
Endeavor Asset Management
31 Jan 2025
$0.43
Summary
- Endeavor Asset Management initiated a position in Airtasker (ART), an Australian digital marketplace for everyday tasks.
- Airtasker allows users to post jobs specifying details and payment, while taskers propose interest and pricing.
- Revenue model includes a service fee of 12.5% to 20% charged to taskers upon task completion.
- Airtasker has shown self-sustaining growth with a strong market presence in Australia.
- In FY24, Airtasker reported $45.2 million in revenue and 24% growth in attributable EBITDA, reaching $31.0 million.
- Managed to retain $12.8 million in EBITDA for reinvestment in international expansion, targeting the UK and US markets.
- Early indicators in the UK and US markets show rising gross marketplace volume and increased brand awareness.
- With an enterprise value of $170 million, Airtasker’s $13 million cash flow from Australia limits downside risk.
- Potential for significant upside if Airtasker successfully scales in the UK and US.
- Company’s 90%+ gross profit margins enhance the ability to scale without replicating costs.
- Endeavor Asset Management remains positive on Airtasker’s growth trajectory and long-term shareholder value potential.
Renaissance Asset Management
31 Dec 2024
$0.47
Summary
- Renaissance Asset Management believes Airtasker is a cash-producing tech marketplace with a proven Australian model and initiated a position because the business stabilised after restructuring, returned to positive cashflow and traded at an attractive entry (~30c; EV ≈ $120m).
- Business model: an online marketplace matching consumers and taskers (initially handyman roles, now many roles) that monetises via a small transaction fee — a scalable platform with clear unit economics in Australia.
- IPO and missteps: post-COVID listing initially benefitted from strong momentum and cheap capital; management pursued overseas acquisitions and growth ideas that ultimately wasted capital, prompting institutional selling and a higher cost of equity.
- 2023 turnaround: management cut costs, refocused resources on the core Australian business, sold or closed non-core growth investments and stabilised operations.
- 2024 evidence of repair: the September quarter cashflow showed the core Australian business generating cash — revenues grew 13.6%, cash receipts were higher and operating cash expenditures fell 9.1%, indicating the model is working.
- International strategy: continued investment in the US and UK remains embryonic, but management has materially cut cash burn, intends to fund growth internally and will exit markets that can’t replicate the Australian model.
- Return to media-for-equity marketing: leveraging a previously successful JV approach (Channel 7) to scale brand cheaply; executed domestic media deals (A$11m in Dec quarter with oOh Media and ARN) to turbo-charge Australian growth.
- Global launch spending: secured risk-managed global media deals — US US$6m (~A$9.2m) to launch the US platform and A$7.8m in the UK (extension of a prior A$6.7m deal) — expanding in three core markets while limiting shareholder cash risk.
- Deal structure and risk management: media-for-equity and related arrangements transfer near-term cash risk to media partners, preserve shareholder cash and give ART the option to buy back equity if campaigns succeed — a favourable asymmetric outcome.
- Investment outcome and outlook: purchased around 30c with an expectation of profitability by 2026; see meaningful growth opportunities across markets and assess the potential to double our investment if execution continues.
- Other research: we also reviewed High Pages (HPG) during our process and will report further on that position in the next quarter.
Saville Capital
30 Nov 2024
$0.32
Summary
- Airtasker Ltd (ART) announced a US$12.0 million (A$18.4 million) media capital deal through a partnership with Sinclair Broadcast Group.
- This partnership enables promotion of the Airtasker brand across Sinclair’s 185 television stations and digital networks in the US.
- Airtasker UK Ltd secured an additional £4m (A$7.8m) in media capital from Channel Four Television Corporation, enhancing their initial investment of £3.5m from June 2023.
- These recent investments bring Airtasker’s total media capital raised in 2024 to A$51.6 million.
- Saville Capital believes the market underestimates the optionality and upside from these media partnerships.
- Saville Capital maintains confidence in observing the impact of these deals before determining the most efficient funding mechanisms.
Saville Capital
31 Oct 2024
$0.31
Summary
- Airtasker (ART, +2%) has reported a strong quarter with marketplace revenue growth of +13.6% on a quarter-on-quarter basis.
- Significant growth in the UK, with a remarkable +104.4% increase, attributed to an effective targeted media strategy.
- Positive free cash flow generation reflects ART's strategic reinvestment approach.
- Airtasker is focusing its profits from Australian operations into international markets, specifically the UK and US, while maintaining a solid net cash position of -$18m.
- Anticipated increased seasonality in the Australian marketplace over the next two quarters.
- Plans for heightened marketing investment in Australian, UK, and US markets through enhanced media partnerships.
- Airtasker is confident in sustaining current revenue growth momentum, reaffirming guidance for positive Group free cash flow in FY25.
- The market is currently pricing Airtasker as if it has no growth potential; however, recent media partnerships are expected to accelerate growth rates.
- Increased growth should garner more investor interest across all markets.
Saville Capital
30 Sept 2024
$0.30
Summary
- Airtasker USA raised US$9.75m (~A$14.4m) through partnerships with iHeartMedia and TelevisaUnivision.
- iHeartMedia, a leading audio company, offers access to 276 million monthly listeners.
- TelevisaUnivision provides access to 100 million daily users across TV, digital, and audio platforms.
- Multi-year partnership with iHeartMedia includes US$5m (~A$7.4m) in advertising inventory via a convertible note with a 5.0% coupon.
- Partnership with TelevisaUnivision secures US$4.75m (~A$7m) in advertising inventory in exchange for a 17.1% equity stake in Airtasker USA.
- These deals are seen as strategically and financially savvy, fostering partnerships with key US media organizations.
- Focus on preserving cash and avoiding equity dilution while the stock remains undervalued.
- Saville Capital continues to hold because of the positive implications for brand awareness in the US market.
Saville Capital
31 July 2024
$0.31
Summary
- Airtasker (ART) experienced a solid finish to FY24.
- 4Q revenue growth was impressive at +76.3% in the UK.
- Monetisation strategy involves an advertising campaign with Channel 4.
- GMV growth in Australia remains subdued but is expected to improve in FY25.
- Recent marketing deals with ARN and OML set to begin in September.
- Potential for further upside in ART’s monetisation rate.
- Ongoing changes aimed at enhancing this key business metric.
- Saville Capital continues to hold an optimistic view on Airtasker’s prospects.
Saville Capital
30 June 2024
$0.26
Summary
- Saville Capital updates its investment thesis on Airtasker Ltd (ART, 0%).
- Airtasker announced a $6m media partnership with oOh!media Limited (OML) to enhance brand awareness across Australia.
- The partnership enables ART to scale capital efficiently via access to OML’s network of >35,000 sites.
- Terms include $6m in OML inventory for a 2-year $5m convertible note with a 5.8% coupon rate.
- At maturity, ART has the option to convert the note into ordinary shares at 10% discount or repay in cash.
- ART has a current brand awareness of 64% and a cash balance of ~$20m.
- Saville Capital views the deal as a strategic move to maintain brand recognition and stimulate growth.
- Continued marketing is essential for ART, which is critical for activating both existing and new clients.
- Saville Capital prefers ART to preserve its cash balance for potential strategic M&A opportunities.
- This deal may help avoid future reliance on expensive equity funding for operating losses.
Saville Capital
31 May 2024
$0.26
Summary
- Saville Capital continues to hold Airtasker Ltd. as a core position, emphasizing its strong market presence.
- Despite fluctuating share price over recent years, Saville Capital sees solid fundamentals with consistent growth.
- Airtasker's exposure to emerging sectors, particularly in gig economy services, positions it favorably for growth.
- The Fund identifies significant potential driven by strategic growth initiatives and partnerships.
- Continued investment in technology and user experience is viewed as critical for sustaining competitive advantage.
- As Airtasker adapts to market conditions, Saville Capital believes it remains an attractive opportunity for long-term investors.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Frequently Asked Questions
Who is investing in Airtasker Ltd (ASX:ART)?
Fund managers including Saville Capital, Endeavor Asset Management, Underwood Capital, HD Capital Partners and Renaissance Asset Management have invested in Airtasker Ltd (ASX:ART).
Why do fund managers invest in Airtasker Ltd?
Fund managers invest in Airtasker Ltd due to its strong marketplace growth and profitability potential. In recent reports, Airtasker demonstrated revenue increases across key markets, particularly in the UK and US, suggesting solid expansion prospects. The company's effective revenue model, coupled with improving operational metrics like monetization rates and free cash flow, limits downside risk. Additionally, strategic partnerships and ongoing marketing investments bolster brand awareness, enhancing long-term value for investors while maintaining a strong balance sheet.
What happened to Airtasker Ltd (ASX:ART)?
Fund managers are confident in Airtasker Ltd (ART) due to its strategic partnerships and robust growth trajectory. Recent investments, including a £2.5 million infusion from Channel Four and a $10 million placement led by iHeartMedia, are set to enhance marketing efforts in the US and UK. Airtasker's UK operations are experiencing significant expansion, with a 90% annual growth rate in GMV, while marketplace revenue grew by 20.5%. Even with strong performance, ART trades at a low valuation (<2.5x FY26 EV/Revenue), making it an attractive investment for future upside.
What is the short interest in Airtasker Ltd (ASX:ART)?
According to ASIC filings, there is negligible or no short interest in Airtasker Ltd (ASX:ART).
What does Airtasker Ltd (ASX:ART) do?
Airtasker Ltd. operates as a community marketplace for people and businesses to outsource tasks, find local services, and hire flexible staff online or via mobile. Its Operating segments include Established Marketplaces Segment, and New Marketplaces Segment. The company was founded by Tim Fung and Jonathan Lui in February 2012 and is headquartered in Haymarket, Australia.