PHOENIX, Nov. 17,
2023 /PRNewswire/ -- Moatable, Inc. (NYSE: MTBL)
("Moatable" or the "Company"), which operates two US-based SaaS
businesses, Lofty Inc.© and Trucker Path Inc.©, today reported its
third quarter 2023 financial results.
Third Quarter 2023 Financial Highlights
- Revenue increased 11% from $12.0
million in Q3 2022 to $13.3
million in Q3 2023; Revenue for the nine months ended
September 30, 2023 increased 15%, to
$38.3 million, compared to
$33.3 million in the same period last
year.
- Gross profit increased 13% from $9.3
million in Q3 2022 to $10.5
million in Q3 2023; Gross profit for the nine months ended
September 30, 2023 increased 18% to
$30.2 million, compared to
$25.7 million in the same period last
year.
- Loss from operations improved 72% from a loss of $2.9 million in Q3 2022 to a loss of $0.8 million in Q3 2023; loss from operations for
the nine months ended September 30,
2023 improved 38% to $7.0
million compared to $11.4
million in the same period last year.
- Adjusted (loss) income from operations* improved
102% from a loss of $1.9 million in
Q3 2022 to an income of $43 thousand
in Q3 2023; adjusted loss from operations* for the nine
months ended on September 30, 2023
improved 42% to $4.5 million compared
to $7.7 million in the same period
last year.
- Total cash & cash equivalents and short-term investments of
$49.9 million as of the end of Q3
2023 compared to $52.0 million as of
the end of 2022.
"We are pleased with our continued steady growth in
year-over-year revenue and are particularly encouraged by our
return to profitability during the third quarter, on an adjusted
income (loss) from operations basis, as we continue to rationalize
our cost structure while on our path to profitability", said
Michael Schifsky, interim chief
financial officer of the Company.
* Adjusted income (loss) from operations is a non-GAAP
measure. We define adjusted income (loss) from operations as income
(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 two US-based SaaS
businesses including Lofty Inc. (formerly known as Chime
Technologies, Inc.) and Trucker Path, Inc., 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 NINE MONTHS ENDED SEPTEMBER 30,
2022 and 2023
|
(In thousands of US
dollars)
|
|
|
|
For the three months
ended
September 30,
|
|
For the nine months
ended
September 30,
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS
revenue
|
|
$
|
11,849
|
|
$
|
13,260
|
|
$
|
32,964
|
|
$
|
38,188
|
Other
services
|
|
|
149
|
|
|
31
|
|
|
340
|
|
|
120
|
Total
revenues
|
|
|
11,998
|
|
|
13,291
|
|
|
33,304
|
|
|
38,308
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS
business
|
|
|
2,501
|
|
|
2,782
|
|
|
7,427
|
|
|
8,005
|
Other
services
|
|
|
191
|
|
|
31
|
|
|
226
|
|
|
152
|
Total cost of
revenues
|
|
|
2,692
|
|
|
2,813
|
|
|
7,653
|
|
|
8,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
9,306
|
|
|
10,478
|
|
|
25,651
|
|
|
30,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
4,828
|
|
|
4,382
|
|
|
14,456
|
|
|
13,917
|
Research and
development
|
|
|
4,274
|
|
|
4,267
|
|
|
11,964
|
|
|
14,080
|
General and
administrative
|
|
|
3,102
|
|
|
2,628
|
|
|
10,663
|
|
|
9,203
|
Total operating
expenses
|
|
|
12,204
|
|
|
11,277
|
|
|
37,083
|
|
|
37,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(2,898)
|
|
|
(799)
|
|
|
(11,432)
|
|
|
(7,049)
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP
FINANCIAL MEASURE
|
FOR THE THREE AND
NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2023
|
(In thousands of US
dollars)
|
|
|
|
For the three months
ended September 30,
|
|
For the nine months
ended September 30,
|
|
|
2022
|
|
2023
|
|
|
2022
|
|
|
2023
|
Loss from
operations
|
|
$
|
(2,898)
|
|
$
|
(799)
|
|
$
|
(11,432)
|
|
$
|
(7,049)
|
Depreciation and
Amortization expenses
|
|
|
60
|
|
|
55
|
|
|
173
|
|
|
325
|
Share-based
compensation expenses
|
|
|
912
|
|
|
787
|
|
|
3,523
|
|
|
2,265
|
Adjusted
(loss) income
from operations
|
|
$
|
(1,926)
|
|
$
|
43
|
|
$
|
(7,736)
|
|
$
|
(4,459)
|
View original
content:https://www.prnewswire.com/news-releases/moatable-reports-third-quarter-2023-financial-results-301991427.html
SOURCE Moatable, Inc.