Moatable (MTBLY) Q2 2025 earnings summary

Executive summary

• Total revenues rose 26% year-over-year to $19.3M in Q2 2025 and 27% to $37.3M for the first half of 2025.

• Net income reached $0.4M in Q2 2025, reversing a net loss of $0.5M in Q2 2024.

• SaaS businesses, Lofty and Trucker Path, remain the primary revenue drivers, with the majority of revenue from the U.S. market.

• Adjusted EBITDA doubled to $1.0M in Q2 2025 from $0.5M in Q2 2024.

• For the six months ended June 30, 2025, net loss narrowed to $0.7M from $3.6M year-over-year.

Financial highlights

• Q2 2025 revenue: $19.3M (up from $15.3M in Q2 2024); six-month revenue: $37.3M (up from $29.3M in 2024).

• Gross margin for Q2 2025 was 74.1%, down from 77.1% in Q2 2024; six-month gross margin was 74.3%, down from 76.7%.

• Gross profit increased 21% year-over-year to $14.3M in Q2 2025; six-month gross profit rose 23% to $27.7M.

• Operating expenses for Q2 2025 increased 9.5% to $13.8M; for six months, up 14.2% to $28.2M.

• Cash and cash equivalents at June 30, 2025: $17.1M; net cash used in operations for six months: $2.8M.

Outlook and guidance

• Management expects continued investment in R&D and marketing to support SaaS growth.

• Management expressed confidence in continued revenue growth and profitability, emphasizing a focus on cost structure and long-term returns.

• Cash reserves are expected to meet operating needs for at least the next twelve months.

• No material adverse trends or uncertainties identified for the six months ended June 30, 2025.