PHOENIX,
May 15,
2024 /PRNewswire/ -- Moatable, Inc. (OTC Pink: MTBLY)
("Moatable" or the "Company"), a leading US-based SaaS company,
today announced financial results for its first quarter ended
March 31, 2024.
First Quarter 2024 Financial
Highlights
- Revenue increased 15% to $14.0 million in Q1 2024.
- Gross profit increased 14% to
$10.7 million in Q1 2024.
- Loss from operations improved 67% from a loss of $3.4 million in Q1 2023 to a loss of $1.1 million in Q1 2024.
- Adjusted EBITDA substantially improved from a loss of
$2.6 million in Q1 2023 to a positive
$250 thousand in Q1 2024.
- Total cash & cash equivalents of $39.0 million at the end of Q1 2024.
"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 $250
thousand in Q1 2024 shows significant improvement over the
$2.6 million loss in the same quarter
of 2023, as we continue to rationalize our cost structure and
maintain our path to profitability", said Michael Schifsky, interim chief financial
officer of the Company.
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 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, 2023 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.
Non-GAAP Financial Information
This press release includes certain financial
measures that are not presented in accordance with U.S. generally
accepted accounting principles ("GAAP"), including Adjusted
EBITDA. We define Adjusted EBITDA as loss from operations
excluding equity-based compensation, depreciation and amortization,
impairment of intangibles and certain other non-recurring expenses.
See "Reconciliation of Non-GAAP Financial Measure to the Comparable
GAAP Financial Measure" below.
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
investments and non-controlling interest, net of
tax
|
|
|
5,190
|
|
|
(2,235)
|
Income tax
expenses
|
|
|
—
|
|
|
(115)
|
Income (Loss)
before loss in equity method investments and
noncontrolling interest, net of tax
|
|
|
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
FINANCIAL MEASURE
|
(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
expenses
|
|
|
64
|
|
|
233
|
Impairment of
intangibles and
goodwill
|
|
|
-
|
|
|
207
|
Correction of payroll
error
|
|
|
-
|
|
|
(550)
|
Arbitration
fees
|
|
|
-
|
|
|
832
|
Adjusted
EBITDA
|
|
$
|
(2,590)
|
|
$
|
250
|
View original
content:https://www.prnewswire.com/news-releases/moatable-reports-first-quarter-2024-financial-results-302146932.html
SOURCE Moatable, Inc.