Moatable Reports 2024 Annual Financial Results

Rhea-AI Summary

Moatable (OTC: MTBLY) has reported strong financial results for Q4 and full-year 2024. The company achieved 27% revenue growth to $17.5 million in Q4 2024, while annual revenue increased 22% to $63.5 million. Gross profit saw a 23% increase to $13.2 million in Q4, with annual gross profit up 18% to $48.3 million.

The company significantly improved its operational efficiency, reducing its loss from operations by 95% to $0.2 million in Q4 2024, and by 75% to $3.0 million for the full year. Adjusted EBITDA turned positive, showing a 47% increase to $339,000 in Q4 and reaching $1.7 million for 2024, compared to a $4.8 million loss in 2023.

The company maintained positive operating cash flows for three consecutive quarters in 2024, though total cash and equivalents decreased to $31.9 million from $39.0 million year-over-year.

Positive

• Revenue growth of 27% YoY in Q4 2024 to $17.5M
• Gross profit increased 23% to $13.2M in Q4 2024
• Operating loss reduced by 95% YoY in Q4 2024
• Positive Adjusted EBITDA of $1.7M in 2024 vs -$4.8M loss in 2023
• Positive operating cash flows for three consecutive quarters

Negative

• Still operating at a loss of $3.0M in 2024
• Cash position decreased from $39.0M to $31.9M YoY
• Operating expenses remained high at $51.3M for 2024

PHOENIX, April 16, 2025 /PRNewswire/ -- Moatable, Inc. (OTC: MTBLY) ("Moatable" or the "Company"), a leading US-based SaaS company, yesterday reported its fourth quarter 2024 and 2024 annual financial results.

Fourth Quarter 2024 and 2024 Annual Financial Highlights

• Revenue increased 27% over Q4 2023 to $17.5 million in Q4 2024; Revenue for the fiscal year ended December 31, 2024 increased 22%, to $63.5 million, compared to last year.
• Gross profit increased 23% over Q4 2023 to $13.2 million; Gross profit for the fiscal year ended December 31, 2024 increased 18% to $48.3 million, compared to last year.
• Loss from operations improved 95% from a loss of $4.0 million in Q4 2023 to a loss of $0.2 million in Q4 2024; loss from operations for the fiscal year ended December 31, 2024 improved 75% to $3.0 million compared to $11.8 million in last year.
• Adjusted EBITDA^* increased 47% from a profit of $231 thousand in Q4 2023 to a profit of $339 thousand in Q4 2024; adjusted EBITDA for the fiscal year ended December 31, 2024 improved 135% to a profit of $1.7 million compared to a loss of $4.8 million in last year.
• Total cash & cash equivalents and restricted cash were $31.9 million as of December 31, 2024 as compared to $39.0 million as of December 31, 2023.

"Moatable has achieved remarkable growth in revenue, cash flows and productivity. We are pleased to see continued revenue growth over the past twelve consecutive quarters and positive operating cash flows during each of the recent three quarters. Our revenue increased 70% from $10.3 million in Q1 2022 to $17.5 million in Q4, 2024.  We had operating cash flows of $0.5 million, $0.9 million, and $0.3 million in Q2, Q3, and Q4 2024, respectively. Adjusted EBITDA of $1.7 million profit in 2024 shows significant improvement over the $4.8 million loss in 2023, as we continue to increase our productivity and maintain our path to profitability," said Scott Stone, the chief financial officer of Moatable.

* Adjusted EBITDA is a non-GAAP measure. We define adjusted EBITDA as loss from operations excluding share-based compensation expenses, depreciation and amortization expenses, impairment of intangibles, and certain other non-recurring expenses. See the table "Reconciliation of Non-GAAP Financial Measure to the Comparable GAAP Financial Measure" below for details.

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 recent annual and quarterly reports on Form 10-K and Form 10-Q 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 (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBR 31, 2023 and 2024
(In thousands of US dollars)
		For the three months ended December 31,						For the twelve months ended December 31,
		2023			2024				2023			2024
Total revenues			13,765			17,461			52,073			63,459
Total Cost of revenues:			3,055			4,280			11,212			15,149
Gross profit			10,710			13,181			40,861			48,310
Operating expenses
Selling and marketing			5,119			5,398			19,840			19,324
Research and development			4,278			5,309			18,358			19,101
General and administrative			3,396			2,643			12,599			12,638
Impairment of intangible assets			1,895			—			1,895			207
Total operating expenses			14,688			13,350			52,692			51,270
Loss from operations		$	(3,978)		$	(169)		$	(11,831)		$	(2,960)

 

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP FINANCIAL MEASURE
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2023 and 2024
(In thousands of US dollars, except share data and per share data)
		For the three months ended December 31,						For the twelve months ended December 31,
		2023			2024				2023			2024
Loss from operations		$	(3,978)		$	(169)		$	(11,831)		$	(2,960)
Plus (minus)
Share-based compensation expense			702			127			2,967			1,726
Depreciation and amortization expenses			357			381			930			1,019
Impairment of intangibles			1,895			—			1,895			207
Correction of prior year error			550			—			550			(833)
Provision for insurance reimbursements			—			—			—			1,737
Arbitration fees			705			—			705			847
Adjusted EBITDA			231			339			(4,784)			1,743

 

 

View original content:https://www.prnewswire.com/news-releases/moatable-reports-2024-annual-financial-results-302430765.html

SOURCE Moatable, Inc.

FAQ

What was Moatable's (MTBLY) revenue growth in Q4 2024?

Moatable's revenue grew 27% year-over-year to $17.5 million in Q4 2024.

How much did MTBLY improve its operating loss in 2024?

MTBLY reduced its operating loss by 75% to $3.0 million in 2024, compared to $11.8 million in 2023.

What was Moatable's (MTBLY) Adjusted EBITDA performance in 2024?

MTBLY achieved Adjusted EBITDA of $1.7 million profit in 2024, a 135% improvement from a $4.8 million loss in 2023.

How much cash does Moatable (MTBLY) have as of December 2024?

MTBLY reported $31.9 million in total cash, cash equivalents, and restricted cash as of December 31, 2024.