Moatable Reports First Quarter 2024 Financial Results
Moatable announced its Q1 2024 financial results, reporting a 15% increase in revenue to $14.0 million and a 14% increase in gross profit to $10.7 million. The company's loss from operations improved significantly by 67%, reducing from $3.4 million in Q1 2023 to $1.1 million in Q1 2024. Adjusted EBITDA turned positive, showing $250 thousand compared to a $2.6 million loss in Q1 2023. The company ended the quarter with $39.0 million in cash and cash equivalents. Michael Schifsky, interim CFO, highlighted the steady revenue growth and improved profitability on an Adjusted EBITDA basis as key achievements.
- Revenue increased by 15% to $14.0 million in Q1 2024.
- Gross profit rose by 14% to $10.7 million in Q1 2024.
- Loss from operations improved 67%, reducing from $3.4 million in Q1 2023 to $1.1 million in Q1 2024.
- Adjusted EBITDA turned positive, showing $250 thousand compared to a $2.6 million loss in Q1 2023.
- Total cash & cash equivalents stood at $39.0 million at the end of Q1 2024.
- Despite improvements, the company still reported a loss from operations of $1.1 million in Q1 2024.
- The positive Adjusted EBITDA of $250 thousand, while an improvement, remains relatively small.
Insights
Moatable's Q1 2024 financial results demonstrate a significant turnaround in operations and profitability. The 15% revenue increase to
Reduced operational losses from
However, investors should also consider the long-term sustainability of these improvements. Consistent growth and profitability are essential for generating long-term value. It's critical to monitor if Moatable can maintain or improve these metrics in subsequent quarters.
The SaaS industry's growth trajectory supports Moatable's performance. The company's ability to increase revenue by
Industry-specific metrics like gross profit margins and customer acquisition costs are important for understanding long-term viability. With a gross profit increase of
For the long-term, Moatable's ability to innovate and adapt in the fast-paced SaaS market will be critical. Continuous product improvements and capturing new market segments will determine future revenue streams and investor returns.
First Quarter 2024 Financial Highlights
- Revenue increased
15% to in Q1 2024.$14.0 million - Gross profit increased
14% to in Q1 2024.$10.7 million - Loss from operations improved
67% from a loss of in Q1 2023 to a loss of$3.4 million in Q1 2024.$1.1 million - Adjusted EBITDA substantially improved from a loss of
in Q1 2023 to a positive$2.6 million in Q1 2024.$250 thousand - Total cash & cash equivalents of
at the end of Q1 2024.$39.0 million
"We are pleased with our continued steady revenue growth over the past five quarters and are particularly encouraged by our profitability, on an Adjusted EBITDA basis, in the first quarter. Our Adjusted EBITDA of
About Moatable Inc.
Moatable, Inc. (OTC Pink: MTBLY) operates two US-based SaaS businesses including Lofty and Trucker Path. Moatable's American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on OTC Pink open market under the symbol "MTBLY". For more news and information on Moatable, please visit Moatable.com.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Non-GAAP Financial Information
This press release includes certain financial measures that are not presented in accordance with
We believe that these non-GAAP financial measures are provided to enhance the reader's understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company's performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.
MOATABLE, INC. | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
(in thousands) (Unaudited) | ||||||
For the three months ended March 31, | ||||||
2023 | 2024 | |||||
Revenues: | ||||||
SaaS revenue | $ | 12,080 | $ | 13,982 | ||
Other services | 69 | 41 | ||||
Total revenues | 12,149 | 14,023 | ||||
Cost of revenues: | ||||||
SaaS business | 2,674 | 3,280 | ||||
Other services | 49 | 36 | ||||
Total cost of revenues | 2,723 | 3,316 | ||||
Gross profit | 9,426 | 10,707 | ||||
Operating expenses | ||||||
Selling and marketing | 4,896 | 3,787 | ||||
Research and development | 4,902 | 4,458 | ||||
General and administrative | 3,047 | 3,398 | ||||
Impairment of intangible assets | — | 207 | ||||
Total operating expenses | 12,845 | 11,850 | ||||
Loss from operations | (3,419) | (1,143) | ||||
Other (expense) income, net | (23) | 34 | ||||
Gain (Loss) from fair value change of a long-term investment | 8,276 | (1,488) | ||||
Interest income | 356 | 362 | ||||
Income (Loss) before provision of income tax and loss in equity method | 5,190 | (2,235) | ||||
Income tax expenses | — | (115) | ||||
Income (Loss) before loss in equity method investments and | 5,190 | (2,350) | ||||
Impairment on and income (loss) in equity method investments, net of tax | 144 | (491) | ||||
Net income (loss) | $ | 5,334 | $ | (2,841) |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP | ||||||
(in thousands) | ||||||
For the three months ended March 31, | ||||||
2023 | 2024 | |||||
Loss from operations | $ | (3,419) | $ | (1,143) | ||
Plus | ||||||
Share-based compensation expenses | 765 | 671 | ||||
Depreciation and Amortization | 64 | 233 | ||||
Impairment of intangibles and | - | 207 | ||||
Correction of payroll error | - | (550) | ||||
Arbitration fees | - | 832 | ||||
Adjusted EBITDA | $ | (2,590) | $ | 250 |
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SOURCE Moatable, Inc.
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