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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

  

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 17, 2023

 

  

Moatable, Inc.

(Exact Name of Registrant as specified in its charter)

 

Commission file number: 001-35147

 

Cayman Islands	45 West Buchanan Street, Phoenix, Arizona, 85003	Not Applicable
(State or other jurisdiction of incorporation or organization)	(Address of principal executive offices, including zip code)	(I.R.S. Employer Identification No.)
	(833) 258-7482
	(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
American depositary shares, each representing 45 Class A ordinary shares	MTBL	The New York Stock Exchange
Class A ordinary shares, par value $0.001 per share*	MTBL	The New York Stock Exchange

 

* Not for trading, but only in connection with the listing on The New York Stock Exchange of American depositary shares.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 17, 2023, Moatable, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2023. A copy of the release is furnished as Exhibit 99.1 to this report on Form 8-K.

 

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits
Exhibit No.		Description
99.1		Press Release issued by Moatable, Inc. on November 17, 2023.
104		The cover page of this Current Report on Form 8-K is formatted in Inline XBRL

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		MOATABLE, INC.
		By:	/s/ Joseph Chen
Date:	November 17, 2023		Joseph Chen
			Chairman and Chief Executive Officer

 

 

 

Exhibit 99.1

 

Moatable Reports Third Quarter 2023 Financial Results

 

Phoenix, Arizona, November 17, 2023 — Moatable, Inc. (NYSE: MTBL) (“Moatable” or the “Company”), which operates two US-based SaaS businesses, Lofty Inc.© and Trucker Path Inc.©, today reported its third quarter 2023 financial results.

 

Third Quarter 2023 Financial Highlights

 

Ø

Revenue increased 11% from $12.0 million in Q3 2022 to $13.3 million in Q3 2023; Revenue for the nine months ended September 30, 2023 increased 15%, to $38.3 million, compared to $33.3 million in the same period last year.

Ø

Gross profit increased 13% from $9.3 million in Q3 2022 to $10.5 million in Q3 2023; Gross profit for the nine months ended September 30, 2023 increased 18% to $30.2 million, compared to $25.7 million in the same period last year.

Ø

Loss from operations improved 72% from a loss of $2.9 million in Q3 2022 to a loss of $0.8 million in Q3 2023; loss from operations for the nine months ended September 30, 2023 improved 38% to $7.0 million compared to $11.4 million in the same period last year.

Ø

Adjusted (loss) income from operations* improved 102% from a loss of $1.9 million in Q3 2022 to an income of $43 thousand in Q3 2023; adjusted loss from operations* for the nine months ended on September 30, 2023 improved 42% to $4.5 million compared to $7.7 million in the same period last year.

Ø

Total cash & cash equivalents and short-term investments of $49.9 million as of the end of Q3 2023 compared to $52.0 million as of the end of 2022.

 

“We are pleased with our continued steady growth in year-over-year revenue and are particularly encouraged by our return to profitability during the third quarter, on an adjusted income (loss) from operations basis, as we continue to rationalize our cost structure while on our path to profitability”, said Michael Schifsky, interim chief financial officer of the Company.

 

*

Adjusted income (loss) from operations is a non-GAAP measure. We define adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses and depreciation and amortization expenses. See "Reconciliation of Non-GAAP Financial Measure to the Comparable GAAP Financial Measure" below.

 

About Moatable Inc.

 

Moatable, Inc. (NYSE: MTBL) operates two US-based SaaS businesses including Lofty Inc. (formerly known as Chime Technologies, Inc.) and Trucker Path, Inc., Moatable’s American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on NYSE under the symbol “MTBL”.

 

 

Forward-Looking Statements

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Moatable’s beliefs and expectations, including statements on making investments and operating businesses that generate long-term returns for investors, and expectations for future growth and innovation are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Moatable’s goals and strategies; Moatable’s future business development, financial condition and results of operations; Moatable’s expectations regarding demand for and market acceptance of its services; Moatable’s plans to enhance user experience, infrastructure and service offerings. Further information regarding these and other risks is included in our annual report on Form 10-K for the year ended December 31, 2022 and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Moatable does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 

 

For more information, please contact:

 

Investor Relations Department

Moatable, Inc.

Email: ir@moatable.com

 

 

MOATABLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2023

(In thousands of US dollars)

 

		For the three months ended September 30,								For the nine months ended September 30,
		2022				2023				2022				2023
Revenues:
SaaS revenue		$	11,849			$	13,260			$	32,964			$	38,188
Other services			149				31				340				120
Total revenues			11,998				13,291				33,304				38,308
Cost of revenues:
SaaS business			2,501				2,782				7,427				8,005
Other services			191				31				226				152
Total cost of revenues			2,692				2,813				7,653				8,157
Gross profit			9,306				10,478				25,651				30,151
Operating expenses
Selling and marketing			4,828				4,382				14,456				13,917
Research and development			4,274				4,267				11,964				14,080
General and administrative			3,102				2,628				10,663				9,203
Total operating expenses			12,204				11,277				37,083				37,200
Loss from operations			(2,898	)			(799	)			(11,432	)			(7,049	)

 

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP

FINANCIAL MEASURE

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2023

(In thousands of US dollars)

 

		For the three months ended September 30,								For the nine months ended September 30,
		2022				2023				2022				2023
Loss from operations		$	(2,898	)		$	(799	)		$	(11,432	)		$	(7,049	)
Depreciation and Amortization expenses			60				55				173				325
Share-based compensation expenses			912				787				3,523				2,265
Adjusted (loss) income from operations		$	(1,926	)		$	43			$	(7,736	)		$	(4,459	)

 

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Cover	Nov. 17, 2023
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 17, 2023
Entity File Number	001-35147
Entity Registrant Name	Moatable, Inc.
Entity Central Index Key	0001509223
Entity Tax Identification Number	00-0000000
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	45 West Buchanan Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85003
City Area Code	(833)
Local Phone Number	258-7482
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Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
American depositary shares, each representing 45 Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	American depositary shares, each representing 45 Class A ordinary shares
Trading Symbol	MTBL
Security Exchange Name	NYSE
Class A ordinary shares, par value $0.001 per share*
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value $0.001 per share*
Trading Symbol	MTBL
Security Exchange Name	NYSE

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