GetSwift deliveries are down in a quarter that’ll never be forgotten
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The number of deliveries GetSwift managed in the last quarter fell, as the besiged tech play defended itself against class actions and queries by the ASX and the corporate watchdog.
Deliveries in the March quarter fell 2 per cent compared to the previous period, GetSwift’s March quarterly report shows.
The embattled logistics company said revenue was up 13 per cent, and the latest accounts show that receipts are up 56 per cent to $250,000 in the last quarter.
Cash burn is still around $2 million.
GetSwift spent $1.2 million on corporate costs as it tried to answer ASX queries about contract announcements.
GetSwift has $97.7 million in cash in the bank but is facing three separate shareholder class actions related to those issues.
Class actions can take years to resolve.
The quarterly report comes a day after GetSwift shuffled its executives around the board room.
CEO Joel MacDonald was moved to president, chairman Bane Hunter moved to CEO, and a consultant who has been working with the company for the past few months, Michael Fricklas, has been installed as chair.
Shareholders have been asking for months for board renewal.
GetSwift shares dropped 1 per cent on the news to 40.5c, a long way from their $4.60 peak in December.