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Jofie Yordan · · 2 min readGushcloud posts $33m revenue, losses widen to $4.4m in 2022
The Gushcloud team in 2020 / Photo credit: Gushcloud
Gushcloud, a Singapore-based digital talent agency, has posted a revenue of S$45.2 million (US$33.5 million) for its 2022 financial year, according to Alternatives.pe, which tracks regulatory filings. This represents a 19% growth from the previous year.
While its revenue shot up, its cost of sales also increased from US$21 million in 2021 to US$25 million in 2022, according to its audited financial statement. This resulted in a gross profit of US$8.2 million for 2022.
The company’s losses also widened by 141% year on year to US$4.4 million. This was due to increases in several areas, such as a 22% rise in administrative expenses and a 171% rise in finance costs.
Gushcloud recorded administrative expenses of US$11.4 million for the year, of which US$7.7 million was from employee benefits expenses. It currently has more than 200 employees across its markets, according to its website.
According to its filing, the firm has subsidiaries in Malaysia, Indonesia, Thailand, the Philippines, Vietnam, Myanmar, South Korea, Japan, China, Hong Kong, Australia, and the US.
Meanwhile, net cash used in operating activities also increased by 43% to US$4.5 million, while net cash flows from financing activities rose by 57% to US$6.2 million. By the end of 2022, the company’s cash and cash equivalents stood at US$3.1 million.
Tech in Asia has reached out to Gushcloud for comments.
Gushcloud launched in 2011 as a platform that matches influencers to brands. It has since grown to have several business units, which include entertainment, marketing, talent, investments, and tech through Gush.co.
It last raised funding in January 2021 from Premiummall CEO Loo Cheng Chuan and MCC International CEO Ken Cheung. To date, Gushcloud has secured US$14 million in total disclosed funding.
See also: How Gushcloud defied the odds by growing and staying profitable amid a pandemic
Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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The Singapore-based digital talent agency’s losses were due to increases in administrative expenses and finance costs.
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