PHOENIX,
Ariz., Aug. 14, 2023 /PRNewswire/ -- Moatable,
Inc. (NYSE: MTBL) ("Moatable" or the "Company"), which operates two
US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path
Inc.©, today reported its second quarter 2023 financial
results.
Second Quarter 2023 Financial Highlights
- Revenue increased 17% over Q2 2022 to $12.9 million in Q2 2023; Revenue for the six
months ended June 30, 2023 increased
17%, to $25.0 million, compared to
the same period last year.
- Gross profit increased 21% over Q2 2022 to $10.2 million; Gross profit for the six months
ended June 30, 2023 increased 20% to
$19.7 million, compared to the same
period last year.
- Loss from operations improved 24% from a loss of $3.7 million in Q2 2022 to a loss of $2.8 million in Q2 2023; loss from operations for
the six months ended June 30, 2023
improved 27% to $6.3 million compared
to $8.5 million in the same period
last year.
- Adjusted loss from operations* improved 27% from a
loss of $2.6 million in Q2 2022 to a
loss of $1.9 million in Q2 2023;
adjusted loss from operations* for the six months ended
on June 30, 2023 improved 23% to
$4.5 million compared to $5.8 million in the same period last year.
- Total cash & cash equivalents and short-term investments of
$39.9 million as of the end of Q2
2023 compared to $49.9 million as of
the end of Q1 2023; the Company used $9.1
million, mostly during the second quarter, for share
repurchases completed through the six months ended June 30, 2023.
"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 U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Moatable's beliefs
and expectations, including statements on making investments and
operating businesses that generate long-term returns for investors,
and expectations for future growth and innovation are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Moatable's goals and strategies; Moatable's future
business development, financial condition and results of
operations; Moatable's expectations regarding demand for and market
acceptance of its services; Moatable's plans to enhance user
experience, infrastructure and service offerings. Further
information regarding these and other risks is included in our
annual report on Form 10-K for the year ended December 31, 2022 and other documents filed with
the SEC. All information provided in this press release is as of
the date of this press release, and Moatable does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
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.