Moatable Reports 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 endedJune 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 endedJune 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 endedJune 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 onJune 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 endedJune 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. |
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Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
MOATABLE, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||||||
FOR THE THREE AND SIX MONTHS ENDED |
||||||||||||
(In thousands of US dollars) |
||||||||||||
For the three months ended |
For the six months ended |
|||||||||||
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 |
||||||||||||
(In thousands of US dollars) |
||||||||||||
For the three months ended |
For the six months ended |
|||||||||||
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) |
View original content:https://www.prnewswire.com/news-releases/moatable-reports-second-quarter-2023-financial-results-301900006.html
SOURCE
For more information, please contact: Investor Relations Department, Moatable, Inc., Email: ir@moatable.com