Wejo Group Limited

Wejo said Q4 2022 net revenue was $3.6 million and full-year 2022 net revenue was $8.4 million, which management said represented 227% growth versus the prior year. Full-year gross bookings increased approximately 124% to $18.8 million, while Q4 gross bookings were $5.3 million, up over 70% year over year. Full-year 2022 ARR was up almost 90%, gross bookings per vehicle were up 97%, and NRR was 107%. Full-year 2022 Adjusted EBITDA loss was $97 million, just above the top end of the prior guidance range of $85 million to $95 million. For 2023, management guided to net revenue of $20 million to $30 million and Adjusted EBITDA loss of $45 million to $55 million, with an expectation to exit 2023 under $3 million per month in cash burn and to reach cash flow breakeven by mid-2024.

Richard Barlow framed 2022 as a year of execution across customer growth, new verticals, and platform expansion, saying the company delivered strong KPIs while significantly lowering expenses. He highlighted the launch of traffic intelligence and EV intelligence, expansion into insurance and fleet, and the broader reuse of the platform across markets such as audience and media measurement. His tone was optimistic and capital-focused, emphasizing that the business is at an inflection point and that new financing progress plus operating leverage should support the path to breakeven.

John Maxwell focused on the numbers behind the growth story: ARR up almost 90%, 44 new customers in the year, Q4 gross bookings of $5.3 million, full-year gross bookings of $18.8 million, and net revenue of $8.4 million. He said 2022 Adjusted EBITDA loss was $97 million, slightly worse than the high end of guidance because of a modest revenue shortfall and an accrual tied to a future cloud vendor obligation, but still about $15 million better than the original 2022 loss estimate. He also said 2023 burn reduction initiatives were already being implemented, with the full effect expected starting in Q3, and that the company is targeting over $100 million of capital net of transaction costs through the TKB combination, PIPE, and bridge financing.

Analysts pressed on the newly announced $20 million anchor investor LOI, including whether the investor was new and what the conditions were; management said it is a new investor and that conditions are tied to the relationship and achieving adequate capital raise, without disclosing more detail. Questions also focused on where 2023 growth will come from: management said insurance and audience/media measurement should both contribute meaningfully, alongside traffic, automotive SaaS, and fleet. On NRR, management acknowledged 107% is not yet as high as desired but said retention is strong, with few leavers, and that NRR should rise as more SaaS capabilities are added. Analysts also asked about cost reductions; management said workforce actions have already been taken, office infrastructure is being reduced, and most of the savings should be visible by Q3.