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Moatable(MTBL) - 2024 Q2 - Quarterly Report
MTBLMoatable(MTBL)2024-08-14 21:24

Financial Position - Total assets decreased from 69,700,000asofDecember31,2023,to69,700,000 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 46,184,000to46,184,000 to 47,083,000, an increase of about 1.9%[13] - Cash and cash equivalents slightly increased from 33,913,000to33,913,000 to 34,067,000, a growth of approximately 0.5%[13] - Accounts receivable, net rose from 2,603,000to2,603,000 to 3,231,000, reflecting an increase of around 24.1%[13] - Total current liabilities decreased from 21,440,000to21,440,000 to 20,918,000, a reduction of about 2.4%[13] - Shareholders' equity decreased from 48,071,000to48,071,000 to 47,189,000, a decline of approximately 1.8%[17] - The accumulated deficit increased from 716,315,000to716,315,000 to 719,291,000, indicating a rise of about 0.4%[17] - Total liabilities decreased from 21,629,000to21,629,000 to 20,926,000, a decrease of approximately 3.2%[13] - Long-term investments decreased from 15,733,000to15,733,000 to 13,783,000, a decline of about 12.4%[13] - Intangible assets, net decreased from 727,000to727,000 to 448,000, a drop of approximately 38.4%[13] Revenue and Profitability - SaaS revenue for the three months ended June 30, 2024, was 15,249million,upfrom15,249 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 29,312million,comparedto29,312 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 11,789million,comparedto11,789 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 13,078million,anincreasefrom13,078 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,comparedto(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,comparedto(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 20,799,000attheendofJune30,2023,downfrom20,799,000 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,comparedto5,142,000, compared to 289,000 for the same period in 2024[28] - The company redeemed 4,905,000inshort−terminvestmentsduringthesixmonthsendedJune30,2023[28]−Thenetcashprovidedbyinvestingactivitieswas4,905,000 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 7,640,000forthesixmonthsendedJune30,2023[28]ShareholderInformation−AsofMarch31,2024,thebalanceofClassAordinaryshareswas703,529,281,whileClassBordinaryshareswere170,258,970[24]−TheCompanyrepurchased53,433ADSsfor7,640,000 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 0.61perADS[67]−TheStockRepurchaseProgramwasextendedtoDecember31,2024,withanincreasedauthorizedrepurchaseamountfrom0.61 per ADS[67] - The Stock Repurchase Program was extended to December 31, 2024, with an increased authorized repurchase amount from 10 million to 15million[65]−TheweightedaveragenumberofsharesusedincalculatingnetlosspershareattributabletoMoatableInc.shareholderswas1,007,327,376forthethreemonthsendedJune30,2024[20]DeferredRevenueandFutureExpectations−Totaldeferredrevenueincreasedfrom15 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 4,551,000asofJune30,2024,indicatingagrowthofapproximately5.34,551,000 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 4,911million,comparedto4,911 million, compared to 4,555 million for the same period in 2023, showing an increase of 7.8%[20] - Research and development expenses were 9.0millionforthesixmonthsendedJune30,2024,downfrom9.0 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 588fortheinvestmentinBeijingFenghouTianyuanInvestmentandManagementCenterL.P.forthesixmonthsendedJune30,2024[57]−ImpairmentofintangibleassetsincreasedfromnilforthesixmonthsendedJune30,2023,to588 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 6.779millioninQ22023to6.779 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 5.155millioninQ22023to5.155 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]