What3words halved losses in 2023 to 拢16.5 million as revenue crept to above 拢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鈥檚 accounts, published on Companies House, show that it improved from a 拢31.5m loss in 2022 while revenue grew from 拢838,000 to just above 拢1m.
It attributed the reduction in losses to 鈥渢he reduction in consumer acquisition activities鈥� 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.
鈥淭he 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,鈥� it stated.聽
鈥淭he group then will seek to convert this consumer awareness into revenue-generating deals across a range of global industries.
鈥淭he group remains focused on deploying resources in key markets where ongoing consumer testing demonstrates high returns.鈥�
Last year it signed a partnership with Experian, the world鈥檚 leading global information services company.