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- Frontier Digital Ventures (FDV) reports all three of its operating regions are EBITDA and operating cash flow positive
- Overall total annualised revenue clocked in at $76.5 million, and EBITDA came in at $6.7 million
- For 360 LATAM, in Q2 of 2023, the company broke its record for single-quarter revenue earnings at $12.6 million, a nine per cent climb on Q2, 2022
- FDV is hoping to list LATAM on the NASDAQ down the line
- Frontier Digital Ventures last traded at 42 cents
Emerging markets classifieds provider Frontier Digital Ventures (FDV) has posted its latest quarterly result, reporting all three of its operating regions are EBITDA and operating cash flow positive.
Overall total annualised revenue clocked in at $76.5 million, and EBITDA came in at $6.7 million.
These impressive metrics could be replicated in twelve months’ time, given that recurring subscription revenue is also on the way up, including other revenues like agency fees and on-platform advertising.
For 360 LATAM, in Q2 of 2023, the company broke its record for single-quarter revenue earnings at $12.6 million, a nine per cent climb on Q2, 2022.
Frontier’s 360 LATAM app suite seeks to provide property and goods listings solutions to users in Latin America.
Three of four jurisdictions where LATAM has been rolled out saw revenue increase between 10 per cent and 25 per cent relative to the prior quarter.
Sixteen per cent of 360 LATAM Q2 CY23 revenue was driven by transactions revenue which jumped 171 per cent to $2 million.
Frontier is hoping to list LATAM on the NASDAQ down the line.
Meanwhile, Frontier’s Middle East and North Africa (MENA) product offerings – called MENA Marketplaces Group by Frontier – saw revenue increase 10 per cent on pcp to $2.4 million.
Advertising and media revenues increased in MENA by 72 per cent over the last twelve months, for which new agency campaigns in Tunisia were highlighted as a key catalyst.
Frontier is looking to list its MENA Marketplaces Group on the London Stock Exchange.
As in Latin America and MENA, Frontier also posted revenue gains of 10 per cent relative to May in Asia, which the company bundles under the title FDV Asia.
Property market app Zameen, owned by Frontier, is the dominant property marketplace app in Pakistan, with 32 times the audience of its next biggest competitor.
Strong population growth in Pakistan is considered a serious tailwind by the company, helped by strong demand for new builds and housing in general.
Pakistan’s housing market, Frontier notes, is not as mortgage reliant as in other nations, and household debt as a share of GDP is desirably low at three per cent.
Operations in all three markets – MENA, Latin America, and Asia – are enabling the company to be cash positive in all jurisdictions.
“Over the past year, we have achieved significant milestones, including optimising cost
structures in 2H 2022, a successful $17.1 million capital raising, and completing final contingent consideration payments in H1 2023,” FDV Founder and CEO Shaun Di Gregorio said.
“With robust fundamentals in place, we are well-positioned to accelerate growth into 2H 2023.”
Frontier Digital Ventures last traded at 42 cents.
