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Moatable Inc. (MTBLY+2.08%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $16.7 million from $13.3 million in the same quarter the previous year. The increase is attributed to the expansion of the company's SaaS businesses.
Cost of revenues for the quarter was $4.1 million, compared to $2.8 million in the same quarter of the previous year. This increase is due to higher software expenses and cloud hosting services.
The company reported a gross margin of 75.7% for the quarter, down from 78.8% in the previous year, with the decline attributed to increased costs in service features.
Operating expenses increased to $12.9 million from $11.3 million, primarily due to increased research and development expenses and general administrative costs.
Net income for the quarter was $1.5 million, compared to a net loss of $7.0 million in the previous year. This improvement was driven by other income and tax benefits.
Cash provided by operating activities was $1.7 million, while cash used in investing and financing activities was $3.0 million and $0.9 million, respectively.
Moatable had net current assets of $22.7 million as of September 30, 2024. The company expects its cash reserves to meet operating needs for at least the next twelve months.
The filing also details a stock repurchase program, which was extended to December 31, 2026, with an authorized repurchase amount increased to $15.0 million.
Moatable identified two material weaknesses in its internal controls over financial reporting, related to risk assessment processes and evaluation of control components.
The company continues to focus on its SaaS platforms, Lofty and Trucker Path, and highlights the growth in paying subscriptions and purchased seats.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Moatable Inc. American Depositary Share (each representing forty-five (45) Class A) quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.