What3words halved losses in 2023 to £16.5 million as revenue crept to above £1m.
The tech firm has divided the world into a grid of 3x3m squares and given each square a unique combination of three random words – known as a what3words address.
Its backers include ITV, Mercedes-Benz and former F1 champion Nico Rosberg.
The company’s accounts, published on Companies House, show that it improved from a £31.5m loss in 2022 while revenue grew from £838,000 to just above £1m.
It attributed the reduction in losses to “the reduction in consumer acquisition activities” and the growth in revenue to easing shortages of semiconductors, leading to a corresponding increase in manufacturing production volumes.
What3words added a wholly owned subsidiary in Vietnam last year, alongside Germany and the USA, while it also has a branch in South Africa.
“The group plans to build on its well-established user base in the UK, and continue building an international user base, initially focused in a small number of key countries as determined by the presence of significant commercial and consumer growth opportunities,” it stated.
“The group then will seek to convert this consumer awareness into revenue-generating deals across a range of global industries.
“The group remains focused on deploying resources in key markets where ongoing consumer testing demonstrates high returns.”
Last year it signed a partnership with Experian, the world’s leading global information services company.