Financial Position - Total assets decreased from $69,700,000 as of December 31, 2023, to $68,115,000 as of June 30, 2024, representing a decline of approximately 2.3%[13] - Current assets increased from $46,184,000 to $47,083,000, an increase of about 1.9%[13] - Cash and cash equivalents slightly increased from $33,913,000 to $34,067,000, a growth of approximately 0.5%[13] - Accounts receivable, net rose from $2,603,000 to $3,231,000, reflecting an increase of around 24.1%[13] - Total current liabilities decreased from $21,440,000 to $20,918,000, a reduction of about 2.4%[13] - Shareholders' equity decreased from $48,071,000 to $47,189,000, a decline of approximately 1.8%[17] - The accumulated deficit increased from $716,315,000 to $719,291,000, indicating a rise of about 0.4%[17] - Total liabilities decreased from $21,629,000 to $20,926,000, a decrease of approximately 3.2%[13] - Long-term investments decreased from $15,733,000 to $13,783,000, a decline of about 12.4%[13] - Intangible assets, net decreased from $727,000 to $448,000, a drop of approximately 38.4%[13] Revenue and Profitability - SaaS revenue for the three months ended June 30, 2024, was $15,249 million, up from $12,851 million for the same period in 2023, representing a growth of 18.6%[20] - Total revenues for the six months ended June 30, 2024, reached $29,312 million, compared to $25,017 million for the same period in 2023, indicating a year-over-year increase of 17.5%[20] - Gross profit for the three months ended June 30, 2024, was $11,789 million, compared to $10,247 million for the same period in 2023, reflecting a growth of 15.1%[20] - Total operating expenses for the three months ended June 30, 2024, were $13,078 million, an increase from $12,267 million for the same period in 2023, marking a rise of 6.6%[20] - Net loss for the three months ended June 30, 2024, was $(8,761) million, compared to $(182) million for the same period in 2023, indicating a significant increase in losses[21] - Comprehensive loss attributable to Moatable Inc. for the three months ended June 30, 2024, was $(7,933) million, compared to $(273) million for the same period in 2023[21] Cash Flow and Investments - The company reported cash and cash equivalents of $20,799,000 at the end of June 30, 2023, down from $27,960,000 at the beginning of the period[28] - The total cash used in operating activities for the six months ended June 30, 2023, was $5,142,000, compared to $289,000 for the same period in 2024[28] - The company redeemed $4,905,000 in short-term investments during the six months ended June 30, 2023[28] - The net cash provided by investing activities was $3,921,000 for the six months ended June 30, 2023[28] - The company reported a decrease in cash and cash equivalents of $7,640,000 for the six months ended June 30, 2023[28] Shareholder Information - As of March 31, 2024, the balance of Class A ordinary shares was 703,529,281, while Class B ordinary shares were 170,258,970[24] - The Company repurchased 53,433 ADSs for $32 during the three months ended June 30, 2024, at a weighted average price of $0.61 per ADS[67] - The Stock Repurchase Program was extended to December 31, 2024, with an increased authorized repurchase amount from $10 million to $15 million[65] - The weighted average number of shares used in calculating net loss per share attributable to Moatable Inc. shareholders was 1,007,327,376 for the three months ended June 30, 2024[20] Deferred Revenue and Future Expectations - Total deferred revenue increased from $4,322,000 as of December 31, 2023, to $4,551,000 as of June 30, 2024, indicating a growth of approximately 5.3%[52] - The Company expects to recognize a significant portion of deferred revenue within one year, with $3,310,000 recognized during the six months ended June 30, 2024, from previously deferred amounts[52] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $4,911 million, compared to $4,555 million for the same period in 2023, showing an increase of 7.8%[20] - Research and development expenses were $9.0 million for the six months ended June 30, 2024, down from $9.8 million for the same period in 2023[152] Impairments and Losses - The Company recognized an impairment loss of $588 for the investment in Beijing Fenghou Tianyuan Investment and Management Center L.P. for the six months ended June 30, 2024[57] - Impairment of intangible assets increased from nil for the six months ended June 30, 2023, to $0.2 million for the same period in 2024, primarily due to impairment of the technology platform of LoftyWorks[135] Subscription Services - Subscription services revenue for Lofty increased from $6.779 million in Q2 2023 to $8.045 million in Q2 2024, a growth of approximately 18.6%[96] - Subscription services revenue for Trucker Path grew from $5.155 million in Q2 2023 to $6.234 million in Q2 2024, reflecting an increase of about 20.9%[96] - Paying subscriptions for Lofty and Trucker Path increased to 4,100 and 111,600, representing growth of 10.8% and 14.9% respectively compared to June 30, 2023[125]
Moatable(MTBL) - 2024 Q2 - Quarterly Report