By Stuart Condie
SYDNEY--Life360 Ltd.'s shares slumped to a 13-month low after the technology firm halted plans for a dual U.S. listing and said it had burned through more than half its available cash in the March quarter.
The San Francisco-based family-safety technology developer on Wednesday said it had halted its U.S. listing plans due to altered market conditions. It said it was well-financed with US$98.2 million in cash at the end of the quarter, albeit down from US$231.3 million three months earlier.
The company's Australia-listed shares were 22% lower at A$4.15, as investors sold off technology shares, following a 4.0% drop in the Nasdaq Composite Index. Life360's stock has fallen about 70% since November, wiping 1.71 billion Australian dollars (US$1.22 billion) from its market capitalization.
In a call with analysts, Chief Executive Chris Hulls wouldn't comment on whether Life360 hoped to revisit the listing plans in the event of a broader market recovery.
Mr. Hulls said Life360 was now focused on upselling subscriptions and would prioritize device inventory toward such efforts amid supply-chain issues. Launches into more international markets have been delayed by the conflict in Ukraine, where Life360 had a development office.
"While we have been able to adapt, and get development back on track by redeploying these teams, our roadmap has been delayed by the conflict due to temporarily reduced engineering capacity," Mr. Hulls said.
Life360 now anticipates positive operating cashflow in 2024.
Write to Stuart Condie at stuart.condie@wsj.com
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