Moatable Reports 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 endedSeptember 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 endedSeptember 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 endedSeptember 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 onSeptember 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
* 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.
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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 NINE MONTHS ENDED |
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(In thousands of US dollars) |
||||||||||||
For the three months ended |
For the nine months ended |
|||||||||||
2022 |
2023 |
2022 |
2023 |
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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 |
||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
||||||||||||
(In thousands of US dollars) |
||||||||||||
For the three months ended |
For the nine months ended |
|||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||
Loss from operations |
$ |
(2,898) |
$ |
(799) |
$ |
(11,432) |
$ |
(7,049) |
||||
Depreciation and |
60 |
55 |
173 |
325 |
||||||||
Share-based |
912 |
787 |
3,523 |
2,265 |
||||||||
Adjusted (loss) income |
$ |
(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
For more information, please contact: Investor Relations Department, Moatable, Inc., Email: ir@moatable.com