Moatable Inc., the parent company of two US-based SaaS businesses, Lofty Inc. and Trucker Path Inc., has reported its financial outcomes for the third quarter of 2023 today. The company witnessed an 11% increase in Q3 revenue, reaching $13.3 million, and a 15% rise in revenue over the nine months ending September 30, 2023, totaling $38.3 million.
The company's gross profit followed suit, climbing by 13% to $10.5 million for the quarter and by 18% to $30.2 million for the nine-month period. This growth reflects Moatable's successful management of its resources and market strategy.
In a significant turnaround, Moatable reduced its operational losses by 72%, reporting a loss of $0.8 million in Q3 2023, compared to the same period last year. Over the nine months, the operational loss improved by 38%, down to $7.0 million. The adjusted income from operations, which excludes share-based compensation expenses and depreciation and amortization expenses, showed a remarkable recovery from a loss of $1.9 million in Q3 2022 to an income of $43 thousand in Q3 2023. This improvement continued over the nine-month period with a positive change of 42%, leading to an adjusted income of $4.5 million.
Moatable's liquidity position remains robust with total cash & cash equivalents and short-term investments reported at $49.9 million at the end of Q3 2023, slightly down from $52.0 million at the end of 2022.
Interim CFO Michael Schifsky shared his satisfaction with these results, highlighting the steady year-over-year revenue growth and a notable return to profitability on an adjusted basis during this quarter.
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