Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work. ART has announced a $10m capital raise (at $0.30/share), with at least half earmarked for additional cash marketing spend in the US and UK. In parallel ART has added an additional US$5m (A$7.6m) in media capital from iHeartRadio in the US in the form of a convertible note. This follows on from a further A$5.1m in media capital with Channel 4 in the UK (announced October 8) also in the form of a convertible. All-up, ART now has $23m in prepaid media capital in addition to cash reserves. A trading update for Q1 FY26 suggests revenue growth is broadly in-line with RaaS H1 FY26 estimates, with Airtasker Australia +12.8% and International +136%. Our near-term numbers remain unchanged, but EPS reduces on the back of the capital raise. Our DCF reduces from $0.53/share to $0.51/share, with the capital raise dilution offset by modestly higher medium-term growth assumptions (12% to 13%) on the back of higher marketing spend.
