Moatable Reports Second Quarter 2023 Financial Results
- Revenue increased by 17% to $12.9 million in Q2 2023 compared to Q2 2022, and by 17% to $25.0 million for the six months ended June 30, 2023.
- Gross profit increased by 21% to $10.2 million in Q2 2023 compared to Q2 2022, and by 20% to $19.7 million for the six months ended June 30, 2023.
- Loss from operations improved by 24% to a loss of $2.8 million in Q2 2023 compared to Q2 2022, and by 27% to $6.3 million for the six months ended June 30, 2023.
- Adjusted loss from operations improved by 27% to a loss of $1.9 million in Q2 2023 compared to Q2 2022, and by 23% to $4.5 million for the six months ended June 30, 2023.
- Total cash & cash equivalents and short-term investments decreased to $39.9 million as of the end of Q2 2023 compared to $49.9 million as of the end of Q1 2023.
Second Quarter 2023 Financial Highlights
- Revenue increased
17% over Q2 2022 to in Q2 2023; Revenue for the six months ended June 30, 2023 increased$12.9 million 17% , to , compared to the same period last year.$25.0 million - Gross profit increased
21% over Q2 2022 to ; Gross profit for the six months ended June 30, 2023 increased$10.2 million 20% to , compared to the same period last year.$19.7 million - Loss from operations improved
24% from a loss of in Q2 2022 to a loss of$3.7 million in Q2 2023; loss from operations for the six months ended June 30, 2023 improved$2.8 million 27% to compared to$6.3 million in the same period last year.$8.5 million - Adjusted loss from operations* improved
27% from a loss of in Q2 2022 to a loss of$2.6 million in Q2 2023; adjusted loss from operations* for the six months ended on June 30, 2023 improved$1.9 million 23% to compared to$4.5 million in the same period last year.$5.8 million - Total cash & cash equivalents and short-term investments of
as of the end of Q2 2023 compared to$39.9 million as of the end of Q1 2023; the Company used$49.9 million , mostly during the second quarter, for share repurchases completed through the six months ended June 30, 2023.$9.1 million
"As the economy works through headwinds in long-haul trucking and residential real estate, we will continue to focus on growing and efficiently operating our SaaS platforms, Chime and Trucker Path," said Chris Palmer, chief financial officer of Moatable.
* Adjusted loss from operations is a non-GAAP measure. We define adjusted loss from operations as loss from operations excluding share-based compensation expenses and depreciation and amortization expenses. See "reconciliation of non-GAAP financial measure to the comparable GAAP financial measure" below. |
About Moatable Inc.
Moatable, Inc. (NYSE: MTBL) operates several US-based SaaS businesses including Chime, Inc. and Trucker Path. Moatable's American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on NYSE under the symbol "MTBL".
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
MOATABLE, INC. | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 and 2023 | ||||||||||||
(In thousands of US dollars) | ||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
Revenues: | ||||||||||||
SaaS revenue | $ | 10,854 | $ | 12,848 | $ | 21,115 | $ | 24,928 | ||||
Other services | 131 | 20 | 191 | 89 | ||||||||
Total revenues | 10,985 | 12,868 | 21,306 | 25,017 | ||||||||
Cost of revenues: | ||||||||||||
SaaS business | 2,500 | 2,549 | 4,926 | 5,223 | ||||||||
Other services | 14 | 72 | 35 | 121 | ||||||||
Total cost of revenues | 2,514 | 2,621 | 4,961 | 5,344 | ||||||||
Gross profit | 8,471 | 10,247 | 16,345 | 19,673 | ||||||||
Operating expenses | ||||||||||||
Selling and marketing | 4,833 | 4,639 | 9,628 | 9,535 | ||||||||
Research and development | 4,092 | 4,911 | 7,690 | 9,813 | ||||||||
General and administrative | 3,289 | 3,528 | 7,561 | 6,575 | ||||||||
Total operating expenses | 12,214 | 13,078 | 24,879 | 25,923 | ||||||||
Loss from operations | $ | (3,743) | $ | (2,831) | $ | (8,534) | $ | (6,250) |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP FINANCIAL MEASURE | ||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 and 2023 | ||||||||||||
(In thousands of US dollars) | ||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
Loss from operations | $ | (3,743) | $ | (2,831) | $ | (8,534) | $ | (6,250) | ||||
Plus | ||||||||||||
Depreciation and Amortization expenses | 61 | 206 | 113 | 270 | ||||||||
Share-based compensation expenses | 1,079 | 713 | 2,611 | 1,478 | ||||||||
Adjusted Loss from operations | $ | (2,603) | $ | (1,912) | $ | (5,810) | $ | (4,502) |
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SOURCE Moatable, Inc.
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