JAYRIDE GROUP LIMITED — Interim / Quarterly Report 2024

Apr 29, 2024

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ASX Announcement

30th April 2024

Q3 FY24 Quarterly Results and Appendix 4C Moving towards Cash Flow Positive with peak season to come

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 31 March 2024 (Q3 FY24).

Highlights

• Continued increase in performance metrics following ongoing delivery of the strategic review outcomes – modest increases in passenger trips booked, net revenues, contribution profit, cash receipts, and free cash flows;

• Further seasonal benefits to be realised over the coming quarter, Q4 FY24, through the Northern Hemisphere summer;

• Cost reduction activities were largely realised towards the end of Q3 FY24 with core performance metrics holding or improving despite a reduction in costs and headcount;

• The month of March 2024 returned promising performance, which we attribute to the new pricing model and other operational improvements:

• March represented 31% of Q4 FY24’s total trips however, 38% of the quarter’s net revenue and 43% of total contribution was earned in March – lower volume but higher contribution is a good strategy;

• Net revenue per trip was $8.65 and contribution per trip was $4.14 for the month – both strong results and improvements over prior periods.

• Continued focus towards delivering cash flow positive in the coming quarter.

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Jayride Group Limited (ACN 155 285 528) – 1

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Executive Chairman, Rod Cuthbert, commented:

“We are seeing promising early signals from the delivery of our strategic review outcomes in late February 2024. The month of March 2024 has proved to us that we can achieve more with less , and that our focus on profitability over volume is working well .

“As we continue to iterate on these initiatives, we are well placed to capitalise on the opportunity that Northern Hemisphere summer will deliver to us, and we look forward to reporting on that over the coming months.”

Strategic Review Outcomes

Jayride’s Strategic and Operational review, announced in November 2023, was completed end February 2024. The review identified five key outcomes with an overarching focus on achieving near term profitability, driven by higher margins, and advancing opportunities for acquisitive growth.

Those five key outcomes were:

1. Completing a 44% reduction in fixed costs, saving $3.75 million per year, whilst not impacting future growth capabilities;

2. Stricter focus on higher margin, larger average order value segments, abandoning the “anyone, anywhere” approach;

3. A new pricing strategy – “net plus” – aimed at improving contribution per trip;

4. Improving supplier relationships including delivering technological and process enhancements to improve net rates; and

5. Advancing opportunities to acquire operationally efficient businesses towards scaling Jayride.

March 2024 has shown significant promise in this regard. On a passenger trips basis, March was 31% of Q4 FY24’s total; however, 38% of net revenue and 43% of total contribution was earned in March. This is concept validation for Jayride, proving that outcomes derived from the strategic review – stricter focus on increased contribution, even at lower volumes - are effective and the most beneficial path forward.

The new pricing model combined with a focus on profitability over volume has resulted in the Company accepting fewer low-contribution bookings and earning higher margins in the less price sensitive market segments.

Business Performance Update

• Passenger trips booked increased to 172,565 in Q3 FY24 from 152,171 in Q3 FY23.

• Net revenues increased to $1.25m in Q3 FY24 from $1.15m in Q3 FY23.

• Contribution profits increased to $520K in Q3 FY24 from $513K in Q3 FY23.

• Cash receipts from customers increased to $1.7m in Q3 FY24 from $1.65m in Q3 FY23.

Jayride Group Limited (ACN 155 285 528) – 2

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• Free cash flows improved to $(939)K in Q3 FY24 from $(1.6)m in Q3 FY23.

These results demonstrate marginal improvements over prior periods, and reflect Jayride’s ability to perform at the same level, or greater, after the +44% fixed cost reduction.

Cost savings completed throughout the strategic review are yet to be fully reflected in Q3 FY24, with full realisation of the $3.75 million per annum savings expected in Q4 FY24 and onward.

Other business and operational improvements following the strategic review continue to be in development and will be additive to this early outcome.

The Company also notes that operational expenditure in Q3 FY24 appears higher than normal however this is due to the Company no longer capitalising its technology development costs as of this quarter as part of a simplification of its financial reporting. On an ordinary basis, operational expenditure has reduced and will continue to reduce as the full effect of the $3.75 million per annum fixed cost saving takes full effect amongst other cost rationalisation activities.

Outlook Towards Cash Flow and Contribution Positive

Historically, Q4 is the peak of Jayride’s annual business cycle, coinciding with Northern Hemisphere summer. Initial data from April 2024 indicates the Company is continuing to generate more net revenue from less trips vs April 2023 and that trading is following seasonal patterns. The Company is confident that with ongoing improvements to its operating model driven by the strategic review, cash flow positive is in sight.

Our focus in Q4 FY24 remains strictly on improving cash flows and contribution and less on delivering volume increases.

Corporate and Financing

During the Quarter, the Company paid out and closed its prior credit line facility, which was secured against accounts receivable, resulting in a $429K cash repayments against debt during the quarter. Subsequently, the Company announced a $1.5 million convertible note raising. The first tranche of those funds (of $525k) was completed in February 2024, with the balance being completed after Quarter end following shareholder approval at a general meeting held 8 April 2024.

Related party payments totalled $28K during the quarter, being remuneration. This is materially lower compared to prior periods noting the end of the former Managing Director’s contract with the Company. Mr Bishop remains a non-executive director and significant shareholder in the Company.

Jayride Group Limited (ACN 155 285 528) – 3

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For more information please contact

Rod Cuthbert

Executive Chairman Email: corporate@jayride.com

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

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 forwardlooking 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) – 4

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