JAYRIDE GROUP LIMITED — Interim / Quarterly Report 2025

Oct 30, 2024

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Continued delivery of strategic review with increased margins towards cash flow positive – September Quarter Results and Appendix 4C

31st October 2024 – Jayride Group Limited (ASX: JAY) (“Jayride” or the “Company”), the global online travel marketplace for airport transfers, is pleased to present its Quarterly Business Review and Appendix 4C for the quarter ended 30th September 2024 (Q1 FY25, or the Quarter).

• First API integration with a global transport service provider completed:

• Initial results reflect a significant increase in coverage with that service provider, more attractive fares offered to the customer, and higher number of trips booked

• API integration trial was run in the USA, with this partner going from 7% of Jayride’s US volume to over 33% within a week, with global rollout planned

• Bookings serviced via API integrations have materially less manual processing and service interactions required with price setting and booking management all automated

• Two other high priority global integration partners to be rolled out by the end of 2024 significantly boosting our API based coverage

• Unit economics and contribution profit results continue to be promising, albeit a material reduction in booking volumes

• Contribution margin improved to a record of 54% in Q1 FY25 vs 51% in the prior quarter

• Contribution per trip up 54.5% to $4.79 vs Q1 FY24

• Net revenue per trip up 20% to $8.86 vs Q1FY24

• Q1 FY25 revenue totals $1.11M vs $1.55M Q1 FY24

• Contribution profit $601K vs $654K Q1 FY24

• Cash flows from operating activities improved to $(216)K in Q1 FY25 vs $(228)K in the prior quarter although this in the context of the Company’s cash conservation approach

• Jayride intends to continue its focus on cash flows and margins through further process improvements in operations, until cash flow positive is sustainably reached.

Executive Chairman, Rod Cuthbert, said “This quarter, our focus has been introspective - looking towards process improvements and delivering new components to our technology enabling API integrations and automation. Initial results of these integrations have shown significant potential – increasing our coverage, improving our price competitiveness, reducing bottlenecks between our suppliers and Jayiride and materially reducing our cost to serve with less support and operations team interactions with bookings. Our objective remains to achieve cash flow positive.

“Top line performance is not up to our expectations but is inline with post-pandemic trading as we complete our transition to our new more profitable operating model.

“Work continues following the strategic review to do more with less, to improve cash flows and unit economics. Contribution margin increased to record level as a direct result of operating cost enhancements, and cash flows continued improvement through enhancement of payment terms with suppliers. Payment optimisations and a cash conservation approach to our cash flows have reached their limit but we find significant scope to further materially optimise operating costs.

Jayride Group Limited (ACN 155 285 528) – 1

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“Our major deliverable for the half, the API integrations of key global transport companies, is successful to date with the first pilot implementations now live. Initial results have shown significant potential – improving coverage, price competitiveness, and materially reducing our cost to serve each booking. This project now continues into Q2 FY25, with expansion of coverage to new destinations and the roll-out of further integrations, for improvements in TAM and operating cost in future quarters, and in favour of our cash flow positive objective.”

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Successful First API Integration

In Q2, the Company completed its first API integration with a major global transport supplier. This milestone marks the initial phase in Jayride’s strategic shift towards the majority of bookings being facilitated through directly integrated transport companies. By streamlining our booking process, this integration supports the company’s automation goals outlined in our strategic review and sets the foundation for significant operational efficiencies.

The initial API integration removes the need for Jayride to manage pricing data for this transport partner, instead leveraging the supplier’s own pricing and coverage data for more precise and up-to-date pricing. Additionally, it empowers transport providers to control their pricing directly on Jayride, creating a dynamic and accurate competitive pricing environment. Future API enhancements will further enable automated, real-time updates between Jayride’s booking system and the transport companies, leading to a fully automated booking process. Along with reducing manual costs, this integration allows access to driver tracking and communication tools that enrich the traveller experience. These enhancements also begin to make the Company more competitive to the point that we could consider re-entering high volume low margin highly commoditised markets should we choose to do so.

To deliver value swiftly, we are rolling out our API capabilities in three stages. In Stage One , we introduced Quoting via API, already demonstrating improvements in market coverage and pricing. Stage Two will enable full Booking via API, which is anticipated to enhance service quality for travellers and reduce manual workloads for both our customer service teams and transport partners. Stage Three will focus on real-time updates, further elevating customer experience and reducing operational overhead for both Jayride and its transport partners.

Jayride Group Limited (ACN 155 285 528) – 2

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Once all stages are complete, we can accelerate onboarding and scale up transport partner integrations at a faster pace.

Initial performance metrics post-integration have been promising. The share of booking volume allocated to the transport supplier surged from 7% to over 33% of Jayride’s US volume within the first week of trialling the integration. Building on this success, we expanded the release to cover an additional 25 countries this week, where initial results are mirroring these positive trends. This transport company has coverage in 125 countries, positioning us well for further reach.

Currently, Jayride sources bookings from approximately 1,000 transport companies monthly, contributing to significant operational overhead. Working toward our goal to markedly increase the number of bookings facilitated directly with integrated transport companies, we have commenced API integrations with two additional global transport companies, which are slated for completion by year-end, with plans for 11 more integrations by the end of Q3 FY25.

Beyond API implementations, Jayride is also pleased to note that it is weeks away from launching a platform upgrade that will allow travellers to update their bookings in a self-service portal compared to the current process requiring manual support staff intervention. A limited trial of this is being launched in November 2024, with a full release enabling any changes to bookings in early 2025.

Business Performance Metrics

Continued progress on delivering the outcomes of Jayride’s strategic review - including a focus on profitability over volume – has delivered materially, improved profitability and unit economics on a radically lower number of passenger trips.

Key metrics include:

• Net revenue per trip up 20% to $8.86 vs Q1FY24

• Contribution per trip up 54.5% to $4.79 vs Q1FY24

• Contribution profit decreased 9.1% vs Q1FY24

	Trips	Net Revenue	Variable Cost	Contribution	Contribution	Contribution	Stand-Still
Quarter	(#)	/ Trip ($)	/ Trip ($)	/ Trip ($)	Margin (%)	Proft ($K)	Proft ($K)
Q1 FY24	211,200	$7.33	$4.24	$3.10	42%	$654K	$(15)K
Q2 FY24	158,000	$7.71	$4.71	$3.00	39%	$474K	$(385)K
Q3 FY24	172,600	$7.19	$4.18	$3.01	42%	$520K	$(118)K
Q4 FY24	152,600	$9.08	$4.45	$4.64	51%	$708K	+$118K
Q1 FY25	125,300	$8.86	$4.06	$4.79	54%	$601K	$(23.2)K

Jayride Group Limited (ACN 155 285 528) – 3

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Despite a continuing trend of unit economics and profitability broadly improving, the Company has seen a disappointing drop in booking volume over the last quarter. The Company attributes this to two factors; a deterioration in supply as the Company aggressively adjusts its trading terms with transport providers and manages its cash flows with a cash conservation approach which has the effect of some supply leaving the platform, and seasonality as we wane out of the Northern Hemisphere summer season.

Strategic Review Outcomes & Outlook

Jayride’s strategic review – announced earlier this year – identified five key outcomes with an overarching focus on achieving near term profitability, driven by higher margins, and advancing opportunities for acquisitive growth.

The Company’s progress against those five outcomes continues to be significant:

• The 44% reduction in fixed costs, saving $3.75 million per year whilst not impacting future growth capabilities, was completed and full realised by Q4 FY24;

• The stricter focus on higher margins, including larger average order value segments, has resulted in improved unit economics and record contribution profits on lower booking volumes

• The new pricing strategy continues to be iterated upon, avoiding any bookings which are unprofitable and thus improving contribution per trip to $8.86 revenue per trip up 20.9% vs PCP and $4.79 contribution per trip up 54.5% vs PCP;

• The tighter relationships with transport companies continues to be delivered. In particular, the Company is making progress with new direct API integrations with transport suppliers which will materially streamline internal processes in rate setting and bookings for both Jayride and the supplier;

• The Company continues to explore the potential to engage in a corporate transaction with operationally efficient businesses towards scaling Jayride..

• Jayride continues to explore the potential for further automation and technological improvements beyond API integrations, traveller self-service, and other similar upgrades which reduce manual processing.

• Additionally, direct API integrations with suppliers is a critical first step towards opening up other non-airport transfer travel options such as cruise terminals and rail terminals.

For more information please contact

Rod Cuthbert

Executive Chair

Email: corporate@jayride.com

ASX release authorised by Rod Cuthbert, Executive Chair, Jayride Group Limited.

Jayride Group Limited (ACN 155 285 528) – 4

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About Jayride Group Limited (ASX:JAY)

Jayride Group is a leading publicly listed online travel marketplace for airport transfers, where travellers compare and book rides around the world. With Jayride, travellers can compare and book with 3,700+ ride service companies, servicing 1,600+ airports in 110+ countries around the world which cover 95% of world airport trips, including across the Americas, Europe, Middle East, Africa, Asia and the Pacific.

The Jayride platform aggregates ride service companies and distributes them to travellers at Jayride.com, AirportShuttles.com, and via travel brand partners including other technology platforms, online travel agencies, travel management companies, and wholesalers. These travel brands implement Jayride APIs to sell door-to-door ride services that build traveller confidence and grow their core travel business.

Founded in 2012, Jayride Group is a global company incorporated in Australia and listed on the Australian Securities Exchange (ASX:JAY).

For more information, please visit www.jayride.com

Forward-looking statements

This announcement contains forward-looking statements that involve risks and uncertainties. Indications of, and guidelines or outlook on, future earnings, distributions or financial position or performance and targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources are also forward-looking statements. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and estimates regarding future events and actions that, while considered reasonable as at the date of this announcement and are expected to take place, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to various risk factors that could cause actual events or results to differ materially from the events or results estimated, expressed or anticipated in these statements.

Jayride Group Limited (ACN 155 285 528) – 5

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Jayride Group Limited

Name of entity	Name of entity	Name of entity
Jayride Group Limited
ABN 49 155 285 528	Quarter ended (“current quarter”)
	30 September 2024
Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.9 Net cash from / (used in) operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material)	1,629 0 0 (306) 0 (1,133) (405) 0 0 (2) 0 0 0	1,629 0 0 (306) 0 (1,133) (405) 0 0 (2) 0 0 0
	(216)	(216)
Notes
1.2(e)
2. Cash flows from investing activities 2.6 Net cash from / (used in) investing activities 2.1 Payments to acquire: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intangible assets (f) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intangible assets (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (R&D Tax incentive)	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
	0	0
Notes
2.1(e)

ASX Listing Rules Appendix 4C (01/12/19)

• See chapter 19 of the ASX Listing Rules for defined terms

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	Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B	Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
3. Cash flows from financing activities 3.10 Net cash from / (used in) financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) Transaction costs related to issues of equity securities or convertible debt secu	0 0 0 0 0 (37) 0 0 (2) r	0 0 0 0 0 (37) 0 0 (2)
	(39)	(39)
Notes
4. Net increase / (decrease) in cash and cash equivalents for the period 4.6 Cash and cash equivalents at end of quarter 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held	924 (216) 0 (39) 17	924 (216) 0 (39) 17
	686	686
Reconciliation of cash and cash equivalents 5.	Current quarter	Previous quarter
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6) 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (bank guarantee)	686 0 0 0	924 0 0 0
	686	924
Notes
6. Payments to related parties of the entity and their associates		Current quarter $A’000
6.1 Aggregate amount of payments to related parties and their associates included 6.2 Aggregate amount of payments to related parties and their associates included	in item 1 in item 2	4 0
Notes
7. Financing facilities Note: the term “facility" includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
7.4 Total financing facilities 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other	0 0
	0	0
Unused financing facilities available at quarter end 7.5
		0
7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Notes
7.3 The Company has raised a total of $1.5 million in convertible note financing, which settled in two tranches. The first tranche was completed in February 2024, raising $525K. The second tranche was completed in April 2024 raising $975K. A full summary of the terms of these securities was set out in ASX announcement dated 5 February 2024. The Company provides the following additional information as required by 7.6: Lender: Various convertible note financiers

7.5 Unused financing facilities available at quarter end 0 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as 7.6 well. Notes 7.3 The Company has raised a total of $1.5 million in convertible note financing, which settled in two tranches. The first tranche was completed in February 2024, raising $525K. The second tranche was completed in April 2024 raising $975K. A full summary of the terms of these securities was set out in ASX announcement dated 5 February 2024. The Company provides the following additional information as required by 7.6:

Lender: Various convertible note financiers

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms

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Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B

	7.3	Interest rate: The first year's interest was capitalised and included in the note face value (hence $1.5m in borrowing results in $2m owed). If the notes run	Interest rate: The first year's interest was capitalised and included in the note face value (hence $1.5m in borrowing results in $2m owed). If the notes run	Interest rate: The first year's interest was capitalised and included in the note face value (hence $1.5m in borrowing results in $2m owed). If the notes run
		intoa second year, interest of 15% per annum is due on the face value.
		Maturity: 24 months
		Security: Secured against the company's assets by general security deed.
				$A’000
8.		Estimated cash available for future operating activities
	8.1	Net cash from / (used in) operating activities (Item 1.9)		(216)
	8.2	Cash and cash equivalents at quarter end (Item 4.6)		686
	8.3	Unused finance facilities available at quarter end (Item 7.5)		0
	8.4	Total available funding (Item 8.2 + Item 8.3)		686
	**8.5 **	Estimated quarters of funding available (Item 8.4 divided by Item 8.1)		3.2
	8.6	If Item 8.5 is less than 2 quarters, please provide answers to the following questions:
		1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
		2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how
		3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed.

Date: 31/10/2024

Authorised by: Rod Cuthbert, Executive Chairman

(Name of body or officer authorising release – see note 4)

Notes

• 1 This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, ho

• 2 If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: State

• 3 Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy o

• 4 If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release 5 If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms

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