Financial Performance - SaaS revenue for Q3 2024 increased to $16,641,000, up 25.5% from $13,257,000 in Q3 2023[20] - Total revenues for the nine months ended September 30, 2024, reached $45,998,000, representing a 20.2% increase from $38,308,000 in the same period of 2023[20] - Gross profit for Q3 2024 was $12,633,000, a 20.6% increase compared to $10,478,000 in Q3 2023[20] - Operating expenses for Q3 2024 totaled $12,868,000, up from $11,277,000 in Q3 2023, reflecting a 14.1% increase[20] - Net loss attributable to Moatable, Inc. for Q3 2024 was $1,500,000, a significant improvement from a net loss of $6,850,000 in Q3 2023[20] - Comprehensive loss attributable to Moatable, Inc. for Q3 2024 was $1,517,000, compared to a comprehensive loss of $6,706,000 in Q3 2023[22] - For the nine months ended September 30, 2023, the net loss was $10,385 million, while for the same period in 2024, the net loss decreased to $1,518 million[32] - The net loss for the three months ended September 30, 2024, was $1,698,000, a decrease from a net loss of $4,180,000 for the same period in 2023, showing an improvement of approximately 59.4%[41] - For the nine months ended September 30, 2024, the net loss was $8,808,000, compared to $10,918,000 for the same period in 2023, indicating a reduction of about 19.3%[41] - The company reported a net income of $1.5 million for the three months ended September 30, 2024, a significant improvement from a net loss of $7.0 million for the same period in 2023[132] Assets and Liabilities - Total assets increased from $69,700,000 as of December 31, 2023, to $72,506,000 as of September 30, 2024, reflecting a growth of approximately 4%[15] - Current liabilities rose from $21,440,000 to $23,084,000, an increase of about 7.7%[15] - Shareholders' equity decreased slightly from $62,760,000 to $62,589,000, a decline of approximately 0.3%[18] - Cash and cash equivalents decreased from $33,913,000 to $33,150,000, a reduction of about 2.3%[15] - Total liabilities increased from $21,629,000 to $24,193,000, an increase of approximately 11.8%[18] - Total liabilities decreased to $5,600,000 as of September 30, 2024, from $7,802,000 as of December 31, 2023, indicating a reduction of about 28.2%[41] - Cash and cash equivalents stood at $33.2 million as of September 30, 2024, expected to meet operating needs for at least the next twelve months[176] Revenue and Growth - Total revenue for the Company across all segments for the nine months ended September 30, 2024, was $45,998,000, compared to $38,308,000 for the same period in 2023[118] - Revenues increased by 25.5% from $13.3 million for the three months ended September 30, 2023 to $16.7 million for the same period in 2024, primarily due to growth in SaaS businesses[149] - Subscription services revenue rose by 24.2% from $12.3 million for the three months ended September 30, 2023 to $15.3 million for the same period in 2024, with paying subscriptions for Lofty and Trucker Path increasing by 11% and 21% respectively[151] Expenses and Costs - Selling and marketing expenses for the three months ended September 30, 2024 were $4.6 million, accounting for 27.7% of total revenues[142] - Research and development expenses for the three months ended September 30, 2024 were $4.8 million, representing 28.6% of total revenues[142] - The cost of revenues increased from $2.8 million for the three months ended September 30, 2023 to $4.1 million for the same period in 2024[140] - Operating expenses increased by 14.1% from $11.3 million for the three months ended September 30, 2023 to $12.9 million for the same period in 2024, mainly due to cost reduction initiatives[156] - General and administrative expenses increased by 31.7% from $2.6 million for the three months ended September 30, 2023 to $3.5 million for the same period in 2024, primarily due to higher legal fees and new office expenses[158] Shareholder Information - Additional paid-in capital rose from $782,365,000 to $784,570,000, a slight increase of about 0.3%[18] - The company reported a fair value change on long-term investments of $5,989 million for the nine months ended September 30, 2023[32] - The company had a repurchase of Class A ordinary shares amounting to $32 million[27] - The Company’s Stock Repurchase Program was extended to December 31, 2024, with an increased authorized repurchase amount from $10.0 million to $15.0 million[90] Acquisitions and Investments - The acquisition of The Letting Partnership Ltd was completed for a total cash consideration of approximately $4,432 million, with £2,700 million paid at closing[73] - Net revenue from The Letting Partnership Ltd since acquisition was $277 million, and net income was $22 million for the nine months ended September 30, 2024[79] - The Company recognized a share of income from Fundrise, L.P. of $455 million for the nine months ended September 30, 2024[81] Operational Insights - Moatable, Inc. operates two main SaaS businesses, Lofty and Trucker Path, with the majority of revenue generated from the U.S. market[1] - The company has a team of approximately 300 engineers and developers, accounting for about 52% of total employees as of September 30, 2024[185] - The company expects to increasingly invest in developing Lofty products following the acquisition of Rentancy[186]
Moatable(MTBL) - 2024 Q3 - Quarterly Report