Wejo Group has reported rocketing revenues for Q3.
The Nasdaq-listed Manchester TransportTech scaleup – a global leader in cloud and software analytics for connected, electric and autonomous mobility – said turnover rose 632% in the quarter ended September 30th.
Net revenue was $2.6 million for the period, 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.
For the nine months ended September 30th, net revenue was $4.8m, up 297% over the same period last year.
Net loss was $31.5m and adjusted EBITDA loss $22m in the period as a result of expansion into new markets, product development and higher public company costs, partially offset by increased revenues.
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Wejo has also expanded its collaboration with automotive giant Ford to accrue connected data in the US as well as Europe.
“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,” said founder and CEO Richard Barlow.
“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.”