Wejo Announces First Quarter 2022 Results

Company Drives Future of Smart Mobility with Launch of Real-Time Traffic Intelligence Solution and Software Solutions for Automotive, Insurance and Media

MANCHESTER, England–(BUSINESS WIRE)–Wejo Group Limited (NASDAQ: WEJO) (“Wejo” or the “Company”), a global leader in cloud and software analytics for connected, electric, and autonomous mobility, today announced financial results and key performance indicators (“KPIs”) for the first quarter ended March 31, 2022.

First Quarter 2022 Financial Highlights

1. Net Revenue increased 86% to $568 thousand in the quarter, driven by strong growth in the Traffic Management product line of the Wejo Marketplace Data Solutions as well as a 122% increase in customers compared to the quarter ended March 31, 2021.
2. Net loss was $40.3 million, an improvement of 61% from the prior year period, due to losses on the issuance of the convertible loan notes and on the fair value of the derivative liability for the quarter ended March 31, 2021. This improvement was offset by a loss on fair value on forward purchase agreement, costs for capital raising activities and higher expenses due to increased headcount and technology spending for the quarter ended March 31, 2022.
3. Adjusted EBITDA¹ was a loss of $25.2 million, which is in line with the Company’s outlook as it continues to manage expenses.
4. Gross Bookings (defined as the total value of new customer deals signed in the period) increased over 300% to $6.4 million compared to the quarter ended March 31, 2021. This increase represents robust growth in new customers and growth in the Company’s base of recurring revenue in future periods.
5. Gross Billings (defined as billed amounts to customers in the period) increased 138% to $1.9 million and demonstrates the growth in cash generated from customer activity.
6. Annual Recurring Revenue (“ARR”) for the quarter ended March 31, 2022 increased 45% to $4.5 million, as the Company remains focused on delivering multi-year subscription deals that leverage its expanding product set. We calculate ARR by taking the gross Monthly Recurring Revenue (“MRR”) for the last month of the reporting period and multiplying it by 12. MRR for each month is calculated by aggregating revenue from customers with contracts with more than four months in duration and includes recurring software licenses, data licenses, and subscription agreements.
7. Total Contract Value (“TCV,” defined as new and existing contracts signed to-date as of a date certain) increased 97% to $27.0 million as of March 31, 2022 compared to the metric as of March 31, 2021, as Wejo launched new products and added more leading enterprise customers. Some of our leading new customers include Inrix, Rekor, and Telenav.
8. Generated $1.18 in annualized Gross Bookings per average monetizable connected vehicle on a rolling four quarter basis, up 146% over the same period last year.

Business Highlights

Over the quarter, Wejo has notably:

1. Launched Wejo RTTI^™, a real-time traffic intelligence solution that can be utilized by public agencies, civil engineering firms, mapping and navigation providers, and logistics companies to get a more accurate view of real-time road conditions. These insights allow for a significant impact on road safety and congestion while enabling more efficient vehicle routing within a community by utilizing easily digestible real-time traffic data.
2. Added two new automotive relationships, bringing the total to twenty-four OEM, Tier 1 and Fleet partnerships as of the end of the quarter. Wejo also completed the vehicle onboarding process for Renault, enabling the Company to make inroads into Europe as well as position the Company to deliver on its outlook for vehicles on platform in 2022.
3. Signed over 25 new customer agreements in the quarter as the Company continued to build its presence with both large and small customers. Specifically, the Company added a new US services agreement to its OEM partnership with Honda and is in discussions with a major US insurance company to utilize its data and solutions to create an end-to-end insurance platform.
4. Wejo is working to help accelerate the global shift to mass autonomous mobility solutions. Wejo plans to use our proprietary data and intelligence in AV development and testing to simulate real world driver behavior to make our roads and cities safer for all as we transition to a more autonomous world.

Richard Barlow, Chief Executive Officer and Founder, said, “We are extremely excited about Wejo’s progress thus far in 2022 as a growing number of premier customers recognize the power of our platform and the impact it can have on their businesses. We have successfully converted that awareness into significant growth in Gross Bookings with a substantial number of new customer deals. We expect that booking momentum to further accelerate over the course of the year as we launch services in five new product lines and deploy additional ground-breaking products like Wejo RTTI^™, our real-time traffic intelligence solution. Our increasing success validates our long-held view that our ability to process data in real-time – validated by the strong performance of our Traffic vertical – is the application that no one in the industry can match. We are excited to continue building on our momentum across our product lines through 2022 and beyond.”

Guidance

Wejo is maintaining its full-year 2022 guidance on net revenue of more than $10 million, Adjusted EBITDA¹ loss of $110 million to $120 million and vehicles on platform in the range of 27 million to 32 million.

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¹ Adjusted EBITDA is a non-GAAP measure, defined as Loss from operations excluding: (1) share-based compensation expense; (2) depreciation of equipment and amortization of intangible assets; and (3) transaction related costs, when applicable. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release.

Business Update Call Details

Wejo will host a business update call to discuss the first-quarter results today at 8:30 am EST. The call will be hosted by Chief Executive Officer, Richard Barlow and Chief Financial Officer, John Maxwell, and can be accessed on the Investor Relations page of Wejo’s website at investors.wejo.com.

Investors and other stakeholders should note that Wejo currently announces material information using SEC filings, press releases, public conference calls, and webcasts. In the future, Wejo will continue to use these channels to distribute material information about the Company and may also utilize its website and/or various social media sites to communicate vital information about the Company, key personnel, latest brands and services, trends, novel marketing campaigns, corporate initiatives, and other matters. Information that the Company posts on its website or on social media channels could be deemed material; therefore, the Company encourages investors, the media, our customers, business partners and other stakeholders interested in Wejo to review the information posted on its website, as well as the following social media channels: LinkedIn, Twitter, and Instagram.

About Wejo

Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous mobility, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables smarter mobility by organizing trillions of data points from 16.9 million vehicles, of which 11.8 million were active on the platform during the prior six months transmitting data in near real-time, and over 71 billion journeys globally as of March 31, 2022, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information, and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs more than 300 people and has offices in Manchester, UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com.