Moatable (MTBLY) Q3 2025 earnings summary

Executive summary

• Revenue grew 22.2% year-over-year to $20.4M for Q3 2025, with SaaS as the main driver.

• Net income of $1.2M in Q3 2024 turned to a net loss of $1.5M in Q3 2025, mainly due to higher operating expenses and income tax.

• For the nine months ended September 30, 2025, revenue rose 25.4% to $57.7M, with net loss narrowing to $2.2M from $2.5M year-over-year.

Financial highlights

• Q3 2025 revenue: $20.4M (Q3 2024: $16.7M); nine months 2025: $57.7M (2024: $46.0M).

• Q3 2025 net loss: $1.5M (Q3 2024 net income: $1.2M); nine months 2025 net loss: $2.2M (2024: $2.5M).

• Gross margin for Q3 2025: 74.1% (Q3 2024: 75.7%); nine months 2025: 74.3% (2024: 76.4%).

• Operating expenses increased 25.8% in Q3 2025, mainly from R&D and G&A.

• Cash and cash equivalents at September 30, 2025: $22.0M; restricted cash: $9.9M.

Outlook and guidance

• Management expects cash reserves to meet operating needs for at least the next twelve months.

• No material adverse trends or uncertainties identified for the remainder of 2025.