ContextLogic Inc. Reports Third-Quarter 2024 Financial Results

Financial Performance - The company reported a net loss of $1 million for Q3 2024, a significant improvement compared to a net loss of $80 million in Q3 2023 [2] - As of September 30, 2024, the company had $33 million in cash and cash equivalents, $117 million in marketable securities, and $8 million in prepaid expenses and other current assets [2] - The company incurred $3 million in general and administrative expenses during Q3 2024, primarily related to legal and employee expenses [4] Company Outlook - The company has streamlined its administrative structure to focus on strategic goals, including acquiring or building operating businesses [3] - Management is actively identifying and evaluating strategic opportunities to benefit the company and its stockholders [3][8] - The company expects to earn approximately $2 million in interest income in Q4 2024, projecting a total of around $155 million in cash, cash equivalents, marketable securities, and restricted cash by the end of fiscal 2024 [5] Balance Sheet and Assets - As of September 30, 2024, total liabilities were reported at $5 million, with expectations to remain low until future targets are identified [7] - The company has deferred tax assets, including net operating losses of $609 million, but these are subject to a full valuation allowance [6] - The total current assets as of September 30, 2024, amounted to $158 million, down from $410 million as of December 31, 2023 [11]