Wejo Group Limited

Q4 2022 net revenue was $3.6 million; full-year 2022 net revenue was $8.4 million, which was 227% higher than the prior year. Full-year gross bookings increased approximately 124% to $18.8 million, and fourth-quarter gross bookings were $5.3 million, up over 70% year over year. ARR was up almost 90% from end-2021, gross bookings per vehicle were up 97%, and NRR for 2022 was 107%. Full-year adjusted EBITDA loss was $97 million, slightly above the high end of the $85 million to $95 million guidance range, and operating cash burn exited 2022 at just under $6 million per month. For 2023, management guided to net revenue of $20 million to $30 million and adjusted EBITDA loss of $45 million to $55 million, with cash burn expected to drop to under $3 million per month by exit rate. Management said it expects cash flow breakeven by mid-2024 and is targeting more than $100 million of capital net of transaction costs through the PIPE, TKB trust, and bridge financing.

Richard Barlow framed 2022 as a year of execution across customer growth, new product launches, and cost reduction. He emphasized that Wejo expanded from 68 customers in Q4 2021 to 108 in Q4 2022, moved into insurance, launched real-time traffic intelligence and EV intelligence, and broadened into fleet and media-related use cases. His tone was upbeat and pointed to Wejo being at an inflection point, with scalable platform reuse expected to improve efficiency and support growth.

John Maxwell focused on the financial setup for 2023 and the path to breakeven. He highlighted $10 million of contracted 2023 revenue already on the books, with that backlog representing 30% to 40% of the 2023 revenue guide, and said the probability-adjusted pipeline adds another 30% to 40% of the target. He also cited 2022 adjusted EBITDA loss of $97 million, said cost actions should reduce monthly burn from just under $6 million exiting 2022 to under $3 million by the end of 2023, and noted the company is working toward being fully capitalized by mid-2023.

Analysts focused on the $20 million strategic anchor investment, asking who the investor is and what the LOI is contingent on; management said it is a new investor and that conditions are tied generally to the relationship and ensuring adequate capital is raised. Questions also pressed on which revenue categories would matter most in 2023, and management said insurance and audience/media measurement should contribute meaningfully, while fleet and public-sector deals also remain important. On NRR, management said 107% reflects a business still transitioning from data licensing toward more SaaS-style offerings and expects it to rise as more products are adopted; on burn reduction, they said most actions have been taken and the full effect should start to show in Q3.