ASX-listed tech company Life360 is planning a full rollout of its family tracking platform in Australia in the first half of next year after beating expectations with strong subscriber growth for the third quarter.
The California-based company says it remains on track to deliver net profits in 2025 after posting a quarterly net loss of $6.5 million but positive operating cash flow of $4.1 million, its second consecutive quarter of positive cash flow.
Global monthly active users grew eight per cent quarter-on-quarter to 58.4 million, with paid subscribers up seven per cent to 1.75 million.
RBC Capital Markets analyst Wei-Weng Chen said it was a strong quarterly result for Life360, coming in above expectations for sales and profitability.
"Look, we're really happy with the results," the company's Australian-born chief financial officer Russell Burke told AAP during a visit to Sydney this week.
"This quarter got back to true growth, record Q3 subscriber net adds," he said.
"We've been through a period where, late last year, we put through pretty significant price increases - nearly 50 per cent - so given the reaction to that, coming back to that real volume growth is very pleasing. So we're very happy about that."
Life360's family networking app is designed to help families with daily co-ordination, offering location sharing, driving summaries, roadside assistance, individual driver reports, ID theft insurance and a SOS button that contacts an emergency dispatcher.
In the past year the company made a decision to focus on international markets, rather than just the US, and that appears to be paying off.
"We've seen immediate results in terms of growth, particularly in the developed countries, which are more interesting for us," Mr Burke said.
After a successful rollout in United Kingdom and Canada in recent months, Life360 has decided it will roll out its full product suite in Australia in the first half of 2024, Mr Burke said.
It already had 1.7 million monthly active users in the country who use its less-comprehensive international offering, he said.
"So building on that base with a full marketing approach, there's a huge opportunity there from our point of view."
Life360 has more than 500 employees and has been a remote-first company since early in the COVID-19 pandemic, making the decision to recruit the best candidates regardless of location.
"There's no winding that back," Mr Burke said. "We're really happy with the way it's worked.
"I know there's different views on remote-first and hybrid, et cetera, but it works well for us - and particularly for me, because I spend so much time on Zoom calls with analysts or investors in Australia."
