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Contextlogic Inc.(LOGC) - 2024 Q4 - Annual Results
LOGCContextlogic Inc.(LOGC)2025-03-12 20:05

Financial Performance - Net loss for Q4 2024 was 2million,asignificantimprovementcomparedtoanetlossof2 million, a significant improvement compared to a net loss of 68 million in Q4 2023, representing a reduction of approximately 97%[9] - Revenue for the year ended December 31, 2024, was 43million,downfrom43 million, down from 287 million in 2023, indicating a decline of approximately 85%[14] - The company reported a gross profit of 9millionforQ42024,comparedto9 million for Q4 2024, compared to 7 million in Q4 2023, reflecting a year-over-year increase of about 29%[14] - Net loss for the three months ended December 31, 2024, was 2million,comparedtoanetlossof2 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 66millionincashandcashequivalentsand66 million in cash and cash equivalents and 83 million in marketable securities, totaling 149millioninliquidassets[12]−Thecompanyhasapproximately149 million in liquid assets[12] - The company has approximately 225 million in liquidity available for investment, including a recent 75millioninvestmentfromBCPartners[2]−Totalcash,cashequivalents,andrestrictedcashattheendoftheperiodwas75 million investment from BC Partners[2] - Total cash, cash equivalents, and restricted cash at the end of the period was 73 million, down from 238millionattheendofthepreviousyear[16]−Thecompanyreportedanetincreaseincash,cashequivalents,andrestrictedcashof238 million at the end of the previous year[16] - The company reported a net increase in cash, cash equivalents, and restricted cash of 33 million for the three months ended December 31, 2024[16] Expenses and Liabilities - The company incurred 4millioningeneralandadministrativeexpensesduringQ42024,primarilyduetolegalandemployeeexpenses[5]−Totalliabilitiesdecreasedto4 million in general and administrative expenses during Q4 2024, primarily due to legal and employee expenses[5] - Total liabilities decreased to 5 million as of December 31, 2024, down from 206millionin2023,indicatingareductionofapproximately98206 million in 2023, indicating a reduction of approximately 98%[12] - Cash used in operating activities for the year ended December 31, 2024, was 94 million, a decrease from 341millionin2023[16]InvestmentsandMarketableSecurities−PurchasesofmarketablesecuritiesfortheyearendedDecember31,2024,totaled341 million in 2023[16] Investments and Marketable Securities - Purchases of marketable securities for the year ended December 31, 2024, totaled 168 million, down from 313millionin2023[16]−MaturitiesofmarketablesecuritiesfortheyearendedDecember31,2024,were313 million in 2023[16] - Maturities of marketable securities for the year ended December 31, 2024, were 228 million, compared to 390millionin2023[16]−Cashdisposedonassetsale,netofproceeds,was390 million in 2023[16] - Cash disposed on asset sale, net of proceeds, was 133 million for the year ended December 31, 2024[16] Operational Structure - ContextLogic had eight full-time employees at the end of Q4 2024, reflecting a streamlined operational structure[5] - The company is focusing on strategic opportunities for growth through potential acquisitions and investments[4] Interest Income - Interest income for Q4 2024 was 2million,withinvestmentsprimarilyinU.S.governmentinstruments[6]Stock−BasedCompensation−Stock−basedcompensationexpenseforthethreemonthsendedDecember31,2023,was2 million, with investments primarily in U.S. government instruments[6] Stock-Based Compensation - Stock-based compensation expense for the three months ended December 31, 2023, was 10 million, compared to 64millionforthesameperiodin2022[16]CashFlowfromActivities−CashprovidedbyinvestingactivitiesforthethreemonthsendedDecember31,2024,was64 million for the same period in 2022[16] Cash Flow from Activities - Cash provided by investing activities for the three months ended December 31, 2024, was 35 million, compared to a net cash used of 1millioninthesameperiodof2023[16]−Cashpaidforincometaxes,netofrefunds,was1 million in the same period of 2023[16] - Cash paid for income taxes, net of refunds, was 1 million for the year ended December 31, 2023[16]