Moatable Reports Second Quarter 2024 Financial Results

Core Insights - Moatable, Inc. reported a 19% increase in revenue for Q2 2024, reaching $15.3 million compared to Q2 2023 [2] - The company achieved a significant improvement in adjusted EBITDA, moving from a loss of$1.8 million in Q2 2023 to a profit of $0.8 million in Q2 2024 [2][3] - Total cash and cash equivalents stood at$39.2 million at the end of Q2 2024, slightly up from $39.0 million at the end of 2023 [2] Financial Performance - Revenue for the six months ended June 30, 2024, increased by 17$29.3 million compared to the same period last year [2] - Gross profit for Q2 2024 was $11.8 million, a 15$22.5 million [2] - Loss from operations improved by 83% from a loss of $2.8 million in Q2 2023 to a loss of$0.5 million in Q2 2024 [2] Operational Highlights - The company operates two US-based SaaS businesses, Lofty and Trucker Path [4] - The CFO highlighted the importance of cost rationalization in achieving profitability, with adjusted EBITDA showing a positive trend from Q1 2024 to Q2 2024 [3] - The total operating expenses for Q2 2024 were $12.3 million, down from$13.1 million in Q2 2023 [9]