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.
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.
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