Brief: Wejo Anticipates Earlier Free Cash Flow Breakeven Point With Cost Reductions

Wejo

23/03/2023 15:15

March 23 (Reuters) - Wejo Group Ltd  WEJO.O :
    * WEJO ANTICIPATES EARLIER FREE CASH FLOW BREAKEVEN POINT
WITH
COST REDUCTIONS
    * WEJO GROUP LTD - IMPLEMENTING STRATEGIC WORKFORCE
REDUCTIONS
    * WEJO GROUP LTD - INITIATIVES WILL BE IMPLEMENTED
IMMEDIATELY AND
ARE EXPECTED TO REDUCE OUR CASH BURN BY OVER 50%
    * WEJO GROUP LTD - IS ADVANCING IN EFFORTS TO RAISE $100
MILLION
ANCHORED BY OUR PREVIOUSLY ANNOUNCED BUSINESS COMBINATION WITH
TKB CRITICAL TECHNOLOGIES 1
    * WEJO GROUP LTD - EXPECTS ITS 2023 ADJUSTED EBITDA LOSS TO
BE
REDUCED TO $45 MILLION TO $55 MILLION FOR 2023
    * WEJO GROUP LTD - INITIATIVES IMPLEMENTED EXPECTED TO
REDUCE CASH
BURN TO A PROJECTED $2-3 MILLION PER MONTH BY END OF 2023
    * WEJO GROUP -  IMPLEMENTATION OF ADDITIONAL COST CUTS TO
EXTEND
CAPITAL RUNWAY AND ACCELERATE ANTICIPATED FREE CASH FLOW
BREAKEVEN POINT TO MID-2025

Source text for Eikon:  ID:nBw91DSGDa 
Further company coverage:  WEJO.O 

 ((Reuters.Briefs@thomsonreuters.com;))