Amazon competitor OneMarket lost $76 million in nine months this year
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Retail software purveyor OneMarket lost $76 million in the nine months to September, its latest financial report reveals.
OneMarket (ASX:OMN) was spun out of global retail behemoth Westfield, aiming to connect retailers and shoppers with data insights to better compete with Amazon.
It listed in late May to ‘revolutionise’ shopping and today released its first half-year report, covering the nine months from January 1 to September 30.
It made for ugly reading.
The company lost $76.2 million for the period, a 231 per cent worse result than the nine months ended September 30, 2017.
Revenue also fell significantly, down 50 per cent to $12.6m from $25.4m the year before.
The company has also lost its CEO, with Don Kingsborough stepping down due to health reasons early next year.
However, the company improved its cash position drastically, ending the period with $141.5 million in the bank, a 5,580 per cent increase.
It told investors it was “in the early stages of building a network of shared technology and products that allow retailers, venues and technology companies to engage with consumers and enable better ways to shop”.
“OneMarket’s cash position is ahead of forecast and includes the benefit of customer receipts and proceeds from the sale of an unlisted investment during the period,” the statement said.
It says it has the cash runway to meet its needs until 2020.
OneMarket said its priorities going forward were on two products: Hadley, a consumer engagement platform offering two-way communication between retailers and customers, and Shopper Exchange, a digital advertising platform that gives brands access to customer data.
The company says Hadley has 100,000 unique users while Shopper Exchange is “showing substantial growth off a low base”.