Mondee has been going through a lot of changes over the last year, and the numbers shared during its latest earnings call reflect that.
Mondee more than doubled annual gross revenue in 2022 to $2.2 billion. The company also had a net loss of $87 million in 2022, compared with $39 million in 2021, because of various one-time expenses mostly related to the way the company went public in July 2022.
Adjusted earnings before interest, taxes, depreciation, and amortization was $16 million in 2022, an increase of more than $20 million.
Mondee provides travel agents access to a marketplace for booking on behalf of their customers. Travel agents access that marketplace, as well as ancillary software products to manage their business, through a Mondee software platform.
As the company continues to focus on expanding its services and geographical footprint, it projects net revenue growth of 47 percent for 2023.
About 80 percent of Mondee’s bookings are for flights, the rest comprised of hotels and car rentals. The company plans to soon expand offerings to include cruises, theaters, theme parks, sporting events, and other ticketed events.
Historically focused on North America, Mondee is working to expand in Latin America, India, and Europe, in that order.
Mondee earlier this year acquired Orinter, a similar company based in Brazil, for $40 million as part of its expansion to Brazil and Latin America.
“We plan to continue aggressively executing a targeted, accretive acquisition strategy, which will help accelerate our growth and expansion into new geographies as well as offerings of new products and services,” Prasad Gundumogula, chairman and CEO of Mondee, said during the call Tuesday morning.
Gundumogula said he believes that demand by younger generations for more tech-forward options is a significant driver of the company’s growth, and that will help mitigate headwinds like inflation, high fuel costs, and economic uncertainty.
The Mondee stock price was at $11.29 late Tuesday morning, up 10.9 percent year to date.