Manchester-based, NASDAQ-listed Wejo, the traffic data specialist and provider of cloud and software analytics for connected, electric, and autonomous mobility, has announced a $31.5m net loss in its Q3 results.
Adjusted for EBITDA, the loss totalled $22m at the company, which was valued at around $800m when it floated in 2021.
It blamed the rising losses on “expansion into new markets, product development, and higher public company costs.”
In more positive news, net revenues rose to $2.6m in Q3, an increase of 632 per cent on the same period in 2021, and driven by the completion of a Wejo software & cloud solutions project and strong growth in the traffic management product line of Wejo Marketplace Data Solutions.
Wejo also noted that it has, during the quarter, signed new traffic intelligence contracts with the Departments of Transportation for the states of Texas, Georgia and Virginia, expanded its relationship with Ford to offer end-to-end insurance solutions in the United States and signed a co-development agreement with Sompo Light Vortex to work towards the joint creation and adoption of smart mobility solutions into the multi-billion dollar market opportunities in Japan and southern Asia.
Richard Barlow, Wejo CEO and founder, said: “Wejo’s business momentum is accelerating as evidenced by our strong operational success in the third quarter, and we truly believe we are at an inflection point to take our company to the next level. Subsequent to the quarter, our momentum was validated with Wejo being awarded multiple DOT contracts that we expect are just the beginning as we focus on providing additional services that will benefit those clients. We expect to create a web effect that will bring in new public sector clients who are now beginning to see the power of our solutions and how it can transform their operations and smart mobility.”
Wejo was founded in Manchester in 2014 and currently employs around 300 people.
