• Wejo, a mobility data provider, reported a net revenue growth of 198% YoY to USD 1.6 million in Q2 2022, driven by growth in demand for its traffic management solutions, supported by growth in its customer base (+100% YoY). The annual recurring revenue (ARR) was USD 6.2 million (up 51% YoY) in Q2 2022. 

• Gross bookings increased 126% YoY to USD 6.1 million in Q2 2022, while gross billings increased 125% YoY to USD 2.7 million. Total contract value (TCV) increased 104% YoY to USD 33.5 million in Q2 2022, due to the strengthening of its commercial relationships with top-tier customers. 

• The operating loss widened 107% YoY to USD 31.6 million in Q2 2022, which was driven by the increases in general and administrative (+111% YoY), technology and development (+141% YoY), and sales and marketing (+94% YoY) expenses. The company reported a net loss of USD 55.4 million in Q2 2022, compared to a net profit of USD 0.3 million the previous year, while the adjusted EBITDA loss widened 104% YoY to USD 28.9 million.

<ul><li>Wejo’s key highlights during the quarter include entering into a collaboration agreement with Ford to access personalized connected vehicle data from Ford vehicles across Europe to supply data to insurance providers, expanding a partnership with Microsoft Maps to enhance mapping capabilities, and commencing development of an autonomous vehicle operating system (AVOS) that enables AV testing in virtual environments.</ul>

• The company reaffirmed its full-year 2022 net revenue guidance of USD 10 million (+285% YoY growth) and targets  27 million–32 million vehicles to be covered on its platform. As previously announced, Wejo’s FY2022 adjusted EBITDA (loss) guidance was upgraded to USD 85 million–95 million from its previous guidance of USD 110 million–120 million. 

<ul><li> Analyst QuickTake: The company announced in July 2022 that it had upgraded its FY2022 adjusted EBITDA (loss) guidance in anticipation of the reduction in the burn rate due to cost reduction policies implemented since the beginning of the year. The policies are expected to reduce the cash burn to USD 5 million–6 million/month in Q4 2022 from ~USD 10 million/month. Additionally, this was supported by the firm, strengthening its liquidity position by securing a USD 15 million PIPE investment.</ul>