what3words, the location technology platform backed by ITV, Mercedes-Benz, Channel 4 and Nico Rosberg, has reported a substantial decrease in pre-tax losses for 2024, alongside a doubling of its sales revenue. However, the reduced losses came about as a result of the company, which divides the globe into unique 3×3-metre squares each identified by a distinct three-word address, reducing its employees from 152 in 2023 to 92 employees currently.

According to filings with Companies House, what3words saw its revenue climb from £1 million to £2.1 million during this period. Used by businesses and governmental bodies to enhance operational efficiency, as well as by individuals for precise location sharing and discovery, what3words boasts a client base of over 650 businesses, government organisations, and non-governmental organisations (NGOs) spanning more than 170 countries.

Recent partnerships include a collaboration with Saudi Arabia’s Net Zero, a sustainability-focused afforestation business, aiming to ‘redefine tree planting’ through precise location identification. The firm’s positive trajectory was further underscored by its recent acquisition of Swiftcomplete, a company specialising in speed-focused address validation software.

what3words reported a pre-tax loss of £10.6 million in the financial year 2024, a significant reduction from the £16.4 million loss recorded in the previous year. This improvement follows a considerable reduction in the company’s workforce.

Image source: what3words (Chris Sheldrick, Co-founder & CEO)