MoneyLion (ML) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of $131 million, up 23% year-over-year, with net income of $3.1 million and diluted EPS of $0.26.

• Adjusted EBITDA reached $18.5 million, a 101% increase year-over-year, with a 14.2% margin, expanding 550 basis points.

• Total customers grew 73% to 17.0 million, with 1.6 million added in Q2 2024; total products increased to 27.7 million.

• Total originations rose 40% to $770 million compared to Q2 2023.

• Marketplace and product ecosystem expansion drove 2.4 million new products consumed in Q2.

Financial highlights

• Q2 2024 revenue of $131 million exceeded guidance, with 23% year-over-year and 8% quarter-over-quarter growth.

• Adjusted EBITDA of $18.5 million, margin of 14.2%, and $72 million over the last 12 months.

• GAAP net income of $3.1 million for Q2 and $0.26 diluted EPS; $10.2 million net income and $0.85 EPS for H1 2024.

• Ended Q2 with $103.1 million in cash and restricted cash, up from $93 million in Q1.

• Customer acquisition cost under $15, payback period around 5 months, ARPU around $35.

Outlook and guidance

• Q3 2024 revenue expected between $133–$138 million, 21–25% year-over-year growth.

• Q3 adjusted EBITDA guidance of $18–$21 million, margin of 13.0–15.8%.

• Full-year 2024 revenue guidance of $525–$535 million, 24–26% year-over-year growth.

• Full-year adjusted EBITDA expected at $80–$87 million, margin of 15.0–16.6%.

• Management expects continued growth in customer base and product usage, supported by platform expansion and new offerings.