• Automation and transportation integrations continue to deliver positive results
• API coverage pilot shows promising results, with plans to expand further
• Capital constraints impact supplier relationships and booking volumes
• Company pursuing financing activities to fund cost reduction and improve supplier payments

Jayride Group Limited (ASX: JAY), the global online travel marketplace for airport transfers, has released its Quarterly Business Review and Appendix 4C for the quarter ended 31st December 2024 (Q2 FY25). The key highlights include:- Automation and transportation integrations continue to deliver positive results, providing a pathway for future growth and a reduced cost base.- API coverage pilot with three suppliers saw API-booked volume grow to up to 29% of Jayride's total monthly booked volume, with the pilot commencing in the US and expanding to a total of 74 countries. The company plans to further invest in API integrations as capital constraints ease.- The company is now targeting 25 new API connected supply partners to service 50% of its booking volumes by the end of FY25.- Jayride's capital conservation approach to cash flow timings has impacted its relationships with suppliers, causing some impact to available inventory, increased cancellation rates, and higher overheads as the company manages its supplier relationships.- The company's net current asset deficit has increased to $(5.1)m, despite net cash flow improving to $(199)K, as the company has increased its payment terms with transport companies.- Q2 FY25 trips booked was 79,500, a material decline over prior quarters, with a reduced contribution per trip result of $2.96 reflecting impacts of cancellations and other supplier-related constraints.- Jayride is pursuing financing activities, including an entitlement offer, to fund the commencement of an unwinding of its net current asset deficit and to fund material cost reduction actions.

Jayride is focusing on securing financing and M&A activity, restoring network supply by reducing outstanding payables, scaling API integrations, cost optimization through automation and process improvements, and driving growth and profitability through expanded transport integrations and deploying funds raised to support long-term growth while achieving a lower-cost, sustainable operating model.