Sequential Revenue Growth
Q3 delivered $21.1 million in revenue, up 17% quarter-on-quarter and 1% year-on-year, marking the second consecutive quarter of double-digit sequential revenue growth.
Improvement in Adjusted EBITDA
Adjusted EBITDA loss improved 68% Y-o-Y to negative $1.8 million, and adjusted EBITDA margin improved over 1,800 basis points Y-o-Y from minus 26.5% to minus 8.4%.
Cost Reduction Success
Operating costs, excluding FX, fell 13% Y-o-Y to $23.9 million. Specifically, tech costs dropped from $2 million to $0.9 million, and employee benefit expenses decreased from $5.7 million to $4.2 million.
Project Odyssey AI Implementation
Project Odyssey is enhancing performance marketing, content automation, credit scoring intelligence, and more, with significant improvements in CAC efficiency and service automation.
Improved Revenue Mix
Insurance and wealth now account for 23% of revenue, with insurance up 13% Y-o-Y and wealth up 5% Y-o-Y, contributing to higher margins.
Positive Outlook for Q4
Q4 is expected to be the first profitable quarter on an adjusted EBITDA basis since listing, driven by strong partner budgets and a favorable revenue mix.