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ContextLogic Inc. (LOGC+0.27%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including total revenue of $43 million and a net loss of $75 million for the year. The loss from operations was reported at $79 million.
Following an asset sale to Qoo10 Inc., ContextLogic's primary source of income is now interest from marketable securities and cash equivalents.
The asset sale, completed on April 19, 2024, included the sale of the Wish platform and related assets. The company received approximately $162 million in cash and retained certain tax attributes.
ContextLogic's cash and cash equivalents, along with marketable securities, totaled $149 million as of December 31, 2024.
The company continues to explore strategic alternatives for the use of cash proceeds from the asset sale, with no specific acquisitions or investments identified yet.
ContextLogic reported a reduction in workforce following the asset sale, with the number of employees decreasing from approximately 400 to 8 by the end of 2024.
The company is involved in ongoing legal proceedings, including class action lawsuits related to its initial public offering.
ContextLogic's Board of Directors has adopted a Tax Benefits Preservation Plan to protect its net operating losses from potential limitations under the Internal Revenue Code.
The company has remediated previously identified material weaknesses in its internal control over financial reporting and concluded that its controls were effective as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ContextLogic Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.