Moatable, Inc.: Moatable Reports First Quarter 2024 Financial Results

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.com.

Forward-Looking Statements

Non-GAAP Financial Information

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

SOURCE Moatable, Inc.