10-Q - Moatable, Inc. (0001509223) (Filer)

Tue, Nov 19, 9:53 PM (231 days ago)

Mootable, Inc. (MTBLY) reported significant improvements in its financial performance for the third quarter of 2024 compared to the same period in 2023. Total revenues surged by 25.5% to $16.7 million, driven primarily by a 24.2% increase in SaaS subscription revenues. The company achieved a net income of $1.5 million for the quarter, contrasting sharply with a net loss of $7.0 million in Q3 2023. For the nine-month period, revenues grew 20.1% to $46.0 million, with a notable reduction in net loss from $10.4 million to $1.5 million. Gross margins slightly declined from 78.8% to 75.7% due to rising costs associated with service enhancements. Operating expenses increased by 14.1% to $12.9 million, attributed to higher research, development, and general administrative costs. Notably, cash flow from operations turned positive at $1.7 million, compared to a negative $4.6 million in 2023. The company maintained a strong cash position of $33.2 million as of September 30, 2024, despite ongoing investments in growth and acquisitions. Future operations may be influenced by the need to manage rising costs and enhance operational efficiency amidst evolving market conditions.