MoneyLion (ML) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $135.5 million, up 24.8% year-over-year, with strong customer and product growth and raised full-year revenue guidance to $536–$541 million.

• Adjusted EBITDA reached a record $24.4 million (18% margin), exceeding guidance and more than doubling year-over-year.

• Net loss for Q3 2024 was $2.8 million, an improvement from $4.1 million in Q3 2023; net income for the nine months ended September 30, 2024 was $7.4 million versus a $41.1 million loss in the prior year period.

• Ended Q3 with 18.7 million total customers, a 54% year-over-year increase, and 1.6 million new customers added sequentially.

• Launched MoneyLion Checkout and expanded partnerships with Nova Credit, TransUnion, and Plaid, driving higher conversion rates and revenue for partners.

Financial highlights

• Q3 2024 revenue was $135.5 million, up 24.8% year-over-year and 4% sequentially.

• Adjusted EBITDA for Q3 2024 was $24.4 million (18% margin), above guidance and up from $13.4 million in Q3 2023.

• Net loss improved to $2.8 million from $4.1 million year-over-year; EPS was $(0.25) basic and diluted.

• Cash and restricted cash at quarter-end totaled $116.4 million, up from $101.0 million a year ago.

• Total originations for Q3 2024 were $776 million, up 38% year-over-year.

Outlook and guidance

• Q4 2024 revenue expected at $149–$154 million, representing 32–36% year-over-year growth; midpoint implies 34% growth.

• Q4 Adjusted EBITDA guidance is $22–$27 million, with margins expected between 14.1% and 17.9%.

• Full-year 2024 revenue guidance raised to $536–$541 million (27–28% year-over-year growth).

• Full-year Adjusted EBITDA guidance increased to $88–$93 million (16.3–17.4% margin).

• Management expects existing cash and cash flows to meet operating needs for at least the next 12 months.