textLogic (WISH) - 2024 Q4 - Annual Results

Financial Performance - Net loss for Q4 2024 was $2 million, a significant improvement compared to a net loss of $68 million in Q4 2023, representing a reduction of approximately 97%[9] - The company reported no revenue for Q4 2024, compared to $53 million in Q4 2023, indicating a complete shift in business operations following the sale of the Wish platform[14] - Net loss for the three months ended December 31, 2024, was $2 million, compared to a net loss of $68 million for the same period in 2023[16] Cash and Liquidity - As of December 31, 2024, the company had $66 million in cash and cash equivalents and $83 million in marketable securities, totaling $149 million in liquid assets[12] - The company has approximately $225 million in liquidity available for investment, including a recent $75 million investment from BC Partners[2] - Total cash, cash equivalents, and restricted cash at the end of the period was $73 million, down from $238 million at the end of the previous year[16] - The company reported a decrease in cash equivalents and restricted cash by $165 million for the year ended December 31, 2024[16] Operating Expenses - The company incurred $4 million in general and administrative expenses during Q4 2024, primarily due to legal and employee expenses[5] - Operating expenses for Q4 2024 were $81 million, down from $86 million in Q4 2023, reflecting a reduction of approximately 6%[14] - Cash used in operating activities for the year ended December 31, 2024, was $94 million, a decrease from $341 million in 2023[16] Investments and Securities - Interest income for Q4 2024 was $2 million, with investments primarily in U.S. government instruments[6] - Purchases of marketable securities for the year ended December 31, 2024, totaled $168 million, compared to $313 million in 2023[16] - Maturities of marketable securities for the year ended December 31, 2024, were $228 million, compared to $390 million in 2023[16] - Cash disposed on asset sale, net of proceeds, was $133 million for the year ended December 31, 2024[16] Financial Position - ContextLogic had total liabilities of $5 million as of December 31, 2024, a decrease from $206 million in 2023, indicating a significant reduction in financial obligations[12] - Total current assets decreased from $410 million in 2023 to $156 million in 2024, a decline of approximately 62%[12] Strategic Outlook - The company is focusing on strategic opportunities for growth through potential acquisitions and investments, as stated in its outlook[4]