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Marin Software (MRIN) investor relations material
Marin Software Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2024 revenue was $4.3M, down 4% year-over-year, as customer churn outpaced new bookings; nine-month revenue was $12.4M, down 8% from 2023.
Net loss for Q3 2024 was $2.3M, improved from $5.0M in Q3 2023; non-GAAP operating loss improved by $1.1M year-over-year.
Gross margin improved to 60% in Q3 2024 from 30% in Q3 2023, driven by lower cost of revenue and restructuring.
Renewed a three-year strategic partnership agreement with Google, maintaining minimum quarterly payments and revenue share terms.
October 2024 restructuring plan reduced headcount by 26%, expected to save $3.5–$3.7M annually and move closer to breakeven.
Financial highlights
Q3 2024 revenue was $4.3M, $100K above guidance; 80% from U.S., 20% international.
Q3 2024 net loss: $2.3M ($0.74/share); non-GAAP operating loss: $1.8M, $100K better than guidance.
Gross margin: 60% in Q3 2024, up from 30% in Q3 2023.
Cash and equivalents at September 30, 2024: $5.6M, down from $7.9M in the previous quarter and $11.4M at year-end.
Google revenue share agreements accounted for 42% of Q3 revenue; one customer represented 19% of Q3 revenue.
Outlook and guidance
Q4 2024 revenue expected between $4.0M and $4.2M.
Q4 2024 non-GAAP operating loss expected between $1.4M and $1.1M.
Management expects continued losses and negative cash flows; further cost reductions or capital raises may be needed.
If a strategic transaction or financing is not completed soon, dissolution and liquidation are likely, with little or no recovery for shareholders.
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