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MoneyLion Inc. (ML+0.43%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $135.5 million for the quarter, an increase from $110.3 million in the same quarter the previous year. This growth is attributed to increases in banking revenue and enterprise service revenue.
Banking revenue increased by 33.5% to $78.6 million, driven by higher fee income from Instacash advances. Membership subscription revenue decreased by 8.3% to $8.0 million due to transitioning subscribers off legacy memberships.
Enterprise service revenue rose by 15.6% to $45.3 million, primarily due to stronger performance in the Enterprise and Consumer Marketplaces.
Operating expenses totaled $131.5 million, up from $109.2 million in the previous year. This increase includes a $1.7 million rise in provision for credit losses on consumer receivables and a $5.9 million increase in professional services expenses.
Net income for the quarter was $517,000, compared to a net loss of $3.7 million in the previous year. Adjusted EBITDA was $24.4 million, up from $13.4 million in the previous year.
The company reported cash and restricted cash of $116.4 million as of September 30, 2024, an increase from $94.5 million as of December 31, 2023.
MoneyLion also announced a share repurchase program with authorization to purchase up to $20 million of its outstanding Class A common stock.
The company continues to face legal proceedings, including a civil action by the CFPB and litigation related to the MALKA acquisition. MoneyLion is defending against these claims and pursuing counterclaims where applicable.
MoneyLion identified a material weakness in its internal controls over financial reporting related to cash disbursements in its Credit Builder Loan product and is implementing remediation measures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MoneyLion Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.