Moatable (MTBLY) Q2 2024 earnings summary

Executive summary

• Revenue rose 18.8% year-over-year to $15.3M for Q2 2024, driven by SaaS business growth.

• Net loss narrowed significantly to $0.2M in Q2 2024 from $8.8M in Q2 2023, reflecting improved operations and lower investment losses.

• Loss from operations improved to $0.5M in Q2 2024 from $2.8M in Q2 2023, an 83% improvement.

• Adjusted EBITDA turned positive, reaching $0.8M in Q2 2024, compared to a loss in Q2 2023.

• Lofty and Trucker Path segments continue to generate the majority of revenue, primarily from the U.S. market.

Financial highlights

• Q2 2024 revenue: $15.3M (Q2 2023: $12.9M); H1 2024 revenue: $29.3M (H1 2023: $25.0M).

• Gross profit increased 15% year-over-year to $11.8M in Q2 2024.

• Cost of revenues increased 33.5% year-over-year in Q2 2024, mainly from higher software and cloud hosting expenses.

• Operating expenses decreased 6.2% year-over-year in Q2 2024 due to cost reduction initiatives.

• Adjusted EBITDA improved from a loss of $1.8M in Q2 2023 to a profit of $0.8M in Q2 2024.

Outlook and guidance

• Cash and cash equivalents of $34.1M as of June 30, 2024, expected to meet operating needs for at least the next 12 months.

• Management expects continued revenue growth and sustained profitability on an Adjusted EBITDA basis.

• No material adverse trends or uncertainties identified for H1 2024.