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Fri. 20 May 2022, 7:04am ET Benzinga Earnings, News, Small Cap, Exclusives, Tech

Mondee Inc, the high-growth travel technology company and marketplace with a portfolio of globally recognized platforms and brands in the leisure and corporate travel sectors, announced financial results for the first quarter ended March 31, 2022. 

Mondee agreed to go public via a special purpose acquisition company merger (SPAC) with ITHAX Acquisition Corp (NASDAQ:ITHX).

Mondee looks to trade on the Nasdaq under the ticker symbol “MOND.”

What Happened? Mondee reported gross revenue growth of 205% year-on-year to $469 million.

Net revenue of $38 million was up 179% Y/Y. Net Loss was $7 million against a loss of $(12) million a year ago.

Mondee reported an adjusted EBITDA of $2 million versus an adjusted EBITDA loss of $(4) million a year ago. 

Why Does It Matter? CEO Prasad Gundumogula said, “The Mondee Marketplace made significant progress, buoyed not only by the the post-pandemic travel recovery but also by our unique traveltech ecosystem, causing us to regain the vigorous tempo of our pre-pandemic organic growth. After a strong rebound in domestic travel, we believe that we are finally seeing positive momentum in international travel, which is translating to higher transaction tickets with better margins.”

Gundumogula continued: “We believe that our strong results and the pace of travel recovery have attracted industry-leading investors to our shareholder base, as evidenced by the upsize of our all $70 million all-equity PIPE by an incremental $20 million.”

Price Action: ITHX shares closed lower by 0.03% at $9.80 on Thursday.