Tech: iCar Asia broke even in November

In 2012 Facebook had 1 billion users, Uber launched, and Netflix had a year that almost derailed the business entirely.

And iCar Asia (ASX:ICQ) listed on the ASX — a classifieds and content site that offered cars and car news to buyers and sellers in Thailand, Indonesia and Malaysia.

Today the company says they broke even on EBITDA (earnings before interest, tax, depreciation and amortisation) in November.

That was in spite of buying Indonesian rival Carmudi in the same month.

The company is forecasting revenue to grow by 50 per cent in 2020 but warns investors to expect a return to EBITDA losses as they integrate the new business into iCarAsia.

It expects to be cash flow positive after June next year.

The company has been posting good financial results for the last few years, and has been using the word ‘profitability’ since January 2018.

In the September quarter it took $3.6m in cash receipts on a quarterly burn of $1.5m. It had $11m in cash.

The company said at the time unaudited revenue grew 29 per cent year-on-year to $3.9m, beating guidance of 27 per cent.

In other ASX tech news:

Adslot (ASX:ASJ) has raised $6.4m as it expects rising revenue in 2020 from a digital product that connects online ad buyers and sellers.

The Vermont Agency of Transportation has approved two of Eden Innovations’ (ASX:EDE) concrete products, meaning one or both are now used by 17 US states.