Pre-tax losses at a Manchester-headquartered connected vehicle data company that is listed on the US Nasdaq have widened by over $10m despite its net revenue jumping six fold.
Wejo, which floated last year in a move that valued it at $800m, has posted losses of $31.3m for its third quarter to September 30, 2022. It posted losses of $20.8m during the same period last year.
However the company's net revenue surged from $351,000 to $2.5m. In the year to date, Wejo's net revenue stands at $4.7m while it has racked up pre-tax losses of $126.8m.
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Founded in 2014, Wejo employs approximately 300 people recently secured a boost worth almost $16m.
At the time of the announcement, the company also confirmed it had introduced a hiring freeze.
Wejo said it is maintaining its prior full-year 2022 guidance of net revenue of $10m and adjusted EBITDA loss of $85m to $95m.
Its adjusted EBITDA loss during its third quarter was $22m "as a result of expansion into new markets, product development, and higher public company costs, partially offset by increased revenues". Its adjusted EBITDA loss for the year so far stands at $76m.
The business said the jump in its revenue was "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".
Founder and chief executive Richard Barlow 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."
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