Thu, Jul 25, 11:01 AM (44 days ago)
Altisource Portfolio Solutions S.A. reported a net loss of $17.5 million for the six months ended June 30, 2024, an improvement from a $31.8 million loss in the same period in 2023. The company's revenue increased by 5% to $78.6 million, driven by growth in the Servicer and Real Estate segment. Gross profit margins improved significantly to 34%, up from 20% in the prior year, due to efficiency initiatives and cost savings measures. Operating expenses decreased by 4%, contributing to a positive operating income of $1.5 million compared to a loss of $10.4 million in the previous year. Interest expenses rose due to higher interest rates on amended senior secured term loans. Cash used in operations improved to $2.1 million from $10.9 million. The company's liquidity is supported by cash on hand and a revolving credit facility, with a significant debt maturity due in April 2025. Future revenue growth is anticipated from the default market and new business wins.