MOVELLA HOLDINGS INC WTS - MVLAW STOCK NEWS

Movella Holdings Inc. reduces workforce by 20% and restructures operations, expecting a pre-tax cash charge of $1.1-1.6 million in Q3 2023. Cost savings of $2.0 million per quarter anticipated.

Movella Holdings Inc. reported Q2 results with net revenue of $8.4 million, a decrease of 3% YoY. GAAP gross profit was $4.4 million with a margin of 53%. GAAP loss from operations was $7.7 million. GAAP net loss attributable to common stockholders was $13.9 million. Adjusted EBITDA was negative $5.2 million. Cash and cash equivalents at quarter end were $51.0 million.

Movella Holdings Inc. (NASDAQ: MVLA) to release financial results for the second quarter and six months ended June 30, 2023, followed by a conference call to discuss the financial results and outlook. The call will be hosted by CEO Ben Lee and CFO Steve Smith. A live webcast and Q&A session will be accessible on the Movella website.

Movella Holdings Inc. reported Q1 revenue of $9.2 million, a decrease of 4% YoY. GAAP gross margin reached a record 61%, an improvement of approximately 1000 basis points YoY. The company introduced the MTi-320 high-performance Active Heading Tracker for robotics and autonomous vehicle applications. The new OBSKUR platform received a strong response with over-subscription to early access stage. Cash and cash equivalents at quarter end were $62.1 million.

Movella Holdings Inc. (NASDAQ: MVLA) reported record quarterly revenue of $12.1 million for Q4 2022, up from $10.2 million in Q4 2021. Full-year revenue reached $40.5 million, an increase from $34.4 million the previous year. Despite these gains, the company reported a GAAP net loss of $15.0 million in Q4, compared to $6.0 million the prior year, and a full-year net loss of $35.1 million. Cash and cash equivalents improved to $14.3 million at year-end, bolstered by $60.3 million from its February 2023 Nasdaq listing. Movella aims to use this capital to enhance sales, marketing, and product development, while navigating macroeconomic challenges affecting its revenue pipeline.

Movella Holdings Inc (Nasdaq: MVLA) announces its celebration of the February 13, 2023 Nasdaq listing with an Opening Bell Ceremony on March 2, 2023, led by CEO Ben Lee. This event honors pre-listing investors and highlights the dedication of Movella's global workforce. The ceremony will broadcast live from the Nasdaq MarketSite Tower in New York starting at 9:15 a.m. ET. Movella specializes in providing sensors, software, and analytics for digitizing movement across various markets, including entertainment and health. The company collaborates with major brands like Electronic Arts and Netflix, enhancing value through data-driven insights.

Movella Holdings Inc (Nasdaq: MVLA) has announced early access to its new OBSKUR platform, designed for content creators on platforms like Twitch. OBSKUR offers user-friendly tools for interactive livestreaming, enabling creators to monetize their streams with minimal expertise. The early access phase allows selected users to test the platform and provide feedback for enhancements. CEO Ben Lee emphasized the platform's potential in transforming livestream events. OBSKUR will be available via the Epic Games store, providing significant marketing support and user exposure, reinforcing Movella's leadership in the digitization of movement.

Movella Holdings (NASDAQ:MVLA) has announced the cancellation of its shareholder meeting originally scheduled for February 17, 2023, following the completion of its business combination on February 10, 2023. This decision means that the proposals in the Definitive Proxy Statement filed on January 11, 2023, will no longer be considered by shareholders. The company emphasized that the shareholder meeting is now unnecessary due to this development, marking a significant step post-combination.