Connect with us

Technology

Moatable Reports Third Quarter 2024 Financial Results

Published

on

PHOENIX, Nov. 19, 2024 /PRNewswire/ — Moatable, Inc. (OTC: MTBLY) (“Moatable” or the “Company”), a leading US-based SaaS company, today reported its third quarter 2024 financial results.

Third Quarter 2024 Financial Highlights

Revenue increased 26% over Q3 2023 to $16.7 million in Q3 2024; Revenue for the nine months ended September 30, 2024 increased 20%, to $46.0 million, compared to the same period last year.Gross profit increased 21% over Q3 2023 to $12.6 million; Gross profit for the nine months ended September 30, 2024 increased 17% to $35.1 million, compared to the same period last year.Loss from operations improved 71% from a loss of $0.8 million in Q3 2023 to a loss of $0.2 million in Q3 2024; loss from operations for the nine months ended September 30, 2024 improved 74% to $1.9 million compared to $7.0 million in the same period last year.Adjusted EBITDA* increased 486% from a profit of $43 thousand in Q3 2023 to a profit of $252 thousand in Q3 2024; adjusted EBITDA for the nine months ended September 30, 2024 improved 134% to a profit of $1.4 million compared to a loss of $4.2 million in the same period last year.Total cash & cash equivalents and restricted cash were $38.4 million as of the end of Q3 2024 as compared to $39.0 million as of the end of 2023.

“We are very pleased with the continued steady revenue growth over the past seven quarters and are particularly encouraged by our profitability, on an Adjusted EBITDA basis, in the first nine months of 2024, including the third quarter. Our Adjusted EBITDA of $1.4 million profit in the first nine months of 2024 shows significant improvement over the $4.2 million loss in the same period of 2023, as we continue to rationalize our cost structure and maintain our path to profitability. The Adjusted EBITDA of $252 thousand in Q3 2024 continues the profitability trend through the first nine months of 2024,” said Scott Stone, the chief financial officer of Moatable.

* Adjusted EBITDA is a non-GAAP measure. We define adjusted EBITDA as loss from operations excluding share-based compensation expenses, depreciation and amortization expenses, impairment of intangibles, and certain other non-recurring expenses. See the table “Reconciliation of Non-GAAP Financial Measure to the Comparable GAAP Financial Measure” below for details.

About Moatable Inc.

Moatable, Inc. (OTC Pink: MTBLY) operates two US-based SaaS businesses including Lofty and Trucker Path. Moatable’s American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on OTC Pink open market under the symbol “MTBLY”. For more news and information on Moatable, please visit Moatable.com.

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 recent annual and quarterly reports on Form 10-K and Form 10-Q 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.

Non-GAAP Financial Information

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA.  We define Adjusted EBITDA as loss from operations excluding equity-based compensation, depreciation and amortization, impairment of intangibles, and certain other non-recurring expenses. See “Reconciliation of Non-GAAP Financial Measure to the Comparable GAAP Financial Measure” below.

We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

 

 

MOATABLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBR 30, 2023 and 2024

(In thousands of US dollars)

For the three months ended September 30,

For the nine months ended September 30,

2023

2024

2023

2024

Revenues:

SaaS revenue

$

13,257

$

16,641

$

38,188

$

45,872

Other services

34

45

120

126

Total revenues

13,291

16,686

38,308

45,998

Cost of revenues:

SaaS business

2,776

4,017

8,037

10,761

Other services

37

36

120

108

Total cost of revenues

2,813

4,053

8,157

10,869

Gross profit

10,478

12,633

30,151

35,129

Operating expenses

Selling and marketing

4,382

4,628

13,917

12,991

Research and development

4,267

4,779

14,080

13,792

General and administrative

2,628

3,461

9,203

9,995

Impairment of intangible assets

207

Total operating expenses

11,277

12,868

37,200

36,985

Loss from operations

$

(799)

$

(235)

$

(7,049)

$

(1,856)

 

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP
FINANCIAL MEASURE

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 and 2024

(In thousands of US dollars, except share data and per share data)

For the three months ended September 30,

For the nine months ended September 30,

2023

2024

2023

2024

Loss from operations

$

(799)

$

(235)

$

(7,049)

$

(1,856)

Plus (minus)

Share-based compensation expense

787

274

2,265

1,599

Depreciation and amortization expenses

55

213

573

638

Impairment of intangibles

207

Arbitration fees

847

Adjusted EBITDA

43

252

(4,211)

1,435

 

 

 

View original content:https://www.prnewswire.com/news-releases/moatable-reports-third-quarter-2024-financial-results-302310670.html

SOURCE Moatable, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

TELUS transforms legacy telecommunications site into 195 new homes for Nanaimo

Published

on

By

Across Canada, demand for rental housing continues to outpace supply. TELUS Living is helping address this challenge by transforming existing TELUS properties into smart, sustainable homes in communities where new housing is needed most.

NANAIMO, BC, July 23, 2026 /CNW/ — TELUS Living today opened a new 195-home purpose-built rental community in downtown Nanaimo, transforming a former telecommunications property into smart, sustainable housing that helps address one of Canada’s most pressing challenges: increasing rental supply in growing communities. Located at 235 Wallace St, the multi-storey, mixed-use build features 195 purpose-built rental units, providing much-needed housing supply to downtown Nanaimo, while thoughtfully honouring the city’s unique coastal identity and heritage.

The Nanaimo development is part of TELUS’ long-term strategy to repurpose legacy telecommunications infrastructure into purpose-built rental housing as the company modernizes its network and completes the transition from copper to PureFibre technology. The Nanaimo community joins TELUS Living’s growing portfolio of developments that are transforming underutilized TELUS properties into housing across Canada.

“The Nanaimo development represents exactly what TELUS Living stands for by providing purpose-built rental housing tailored to the specific needs of the community it serves. We’ve designed 235 Wallace St with Nanaimo’s unique character in mind, offering a curated lifestyle that blends a climate-conscious, Zero Carbon Design approach with top-tier wellness and smart-tech amenities,” said Manasweeta Bhatia, Vice President of Corporate Real Estate at TELUS. “We shape every TELUS Living project by listening to the community, understanding its unique identity and design needs, and building accordingly. Its central downtown location and proximity to both Vancouver Island University and Nanaimo Regional General Hospital also position it as an ideal home for students, educators, and healthcare workers seeking modern, connected living.”

“More housing and good jobs are a win-win for downtown Nanaimo,” said Sheila Malcolmson, MLA for Nanaimo-Gabriola Island. “Adding to the approximately 1,500 affordable homes our B.C. government has completed and underway in Nanaimo, it’s great to see TELUS stepping up with 195 new units. It’s been great to see hundreds of construction and indirect jobs in town, and I can’t wait to see folks move into their new homes.”

“I’m thrilled to see a new rental option in downtown Nanaimo, and especially excited that this conversion was made with sustainability and active transportation in mind,” said George Anderson, MLA for Nanaimo-Lantzville. “Ensuring everyone can find homes they can afford in the communities they love requires creative approaches, and I hope to see more creativity like this in the future.”

“I’m delighted to celebrate the opening of TELUS Living Nanaimo, a landmark project that strengthens our downtown as a vibrant, inclusive place to live,” said Leonard Krog, Mayor of Nanaimo. “This partnership between the City of Nanaimo, our community, and TELUS demonstrates what’s possible when we work together toward shared goals. The addition of nearly 200 diverse housing options is exactly what our city needs, and we’re excited about the positive impact this will have on our community. TELUS’ commitment to our city and investment in our future will contribute to Nanaimo’s economic and social vitality.”

Situated within walking distance of downtown’s vibrant cafes, eclectic Old City Quarter, the iconic Harbourfront Walkway, and a short transit ride from Vancouver Island University and Nanaimo Regional General Hospital, the development is architecturally designed to blend classic and contemporary exterior elements. Curated for modern living, the community offers an expansive suite of indoor and outdoor social amenities alongside street-level retail and public art contributions.

Project Highlights:

Smart-Enabled Living: Powered by the TELUS PureFibre network, the custom TELUS Living App provides keyless entry, smart climate control, leak detection, parcel notifications, visitor management, and amenity bookings.Social & Wellness Amenities: Features a rooftop deck with an outdoor kitchen, BBQs, and panoramic views, alongside a state-of-the-art fitness centre and resident lounge.Pet & Active Lifestyle Ready: Equipped with a dedicated children’s outdoor play area, outdoor bark park and pet care station, secure underground parking, bike storage and maintenance facilities.Premium Functional Interiors: Studio to three-bedroom layouts include private balconies, individual A/C with Energy Recovery Ventilators (ERVs) for optimal air quality, Samsung SmartThings appliances, and in-suite laundry.Gold-Standard Sustainability: Sets a Vancouver Island benchmark aligned with Zero Carbon Design standards and Salmon-Safe development guidelines that actively protects local ecosystems.

This opening marks a significant milestone in TELUS Living’s mission to transform existing real estate holdings into purpose-built rentals that bridge the housing gap with smart, sustainable, and community-focused developments. As TELUS completes its transition from legacy copper to advanced fibre networks, the company is transforming its historic central offices–which once served as the backbone of B.C.’s phone system–into vibrant, smart, purpose-built rental communities. TELUS Living is breathing new life into these properties to help address Canada’s housing crisis. For more details on TELUS Living Nanaimo or to view available floor plans, please visit telusliving.com/nanaimo.

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 17 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing approximately 170 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring ‘give where we live’ philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service–earning TELUS the distinction of the world’s most giving company.

For more information, visit telus.com.

For more information, please contact:
Brandi Rees
TELUS Public Relations
brandi.rees@telus.com 

SOURCE TELUS Communications Inc.

Continue Reading

Technology

Award-Winning Author Euran Daniels to Deliver Opening Keynote at International Nevus Outreach Conference, Unveiling New $100,000 Global Initiative to Advance CMN Research and Awareness

Published

on

By

ORLANDO, Fla., July 24, 2026 /PRNewswire/ — Award-winning author, entrepreneur, and Congenital Melanocytic Nevus (CMN) advocate Euran S. Daniels will deliver the opening keynote address at the 2026 Nevus Outreach International Conference on Sunday, July 26, 2026, at 1:00 p.m. at the Renaissance Orlando at SeaWorld®.

Launching the conference under this year’s theme, “Amplify,” Daniels will share his personal journey of living with CMN for more than 50 years and challenge attendees to transform awareness into meaningful action through hope, advocacy, and research.

During his keynote, Daniels will unveil a new global initiative aimed at expanding awareness and inspiring greater support for CMN research. The initiative will encourage individuals, healthcare organizations, corporations, and philanthropists to join a collaborative effort to improve the lives of those affected by this rare skin condition.

“For more than fifty years, I’ve lived with a visible mark that became my purpose,” said Daniels. “My hope is that every person leaves this conference believing they can make a difference by amplifying hope, supporting research, and leaving a positive impact on the lives of others.”

CMN is a rare skin condition present at birth that, in its larger forms, affects approximately 1 in every 20,000 births. Individuals living with CMN may face complex medical challenges, including an increased risk of melanoma, multiple surgeries, and the emotional impact of living with a visible difference.

Daniels’ keynote will focus on three powerful messages: You’re Not Alone. Live Your Life. Leave Your Mark.Through his story of resilience and leadership, he hopes to inspire families, advocates, researchers, and community leaders to work together to create greater awareness and opportunity for those living with CMN.

Media are invited to attend the keynote address to learn more about this initiative. 

For more information, visit www.EuranDaniels.com or to support CMN research, visit www.nevus.org/joineuran.

Media Contact:
Media Relations – Fanisha Love (910) 262-3439
Email: info@danielscompany.com
Website: www.EuranDaniels.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/award-winning-author-euran-daniels-to-deliver-opening-keynote-at-international-nevus-outreach-conference-unveiling-new-100-000-global-initiative-to-advance-cmn-research-and-awareness-302834295.html

SOURCE Daniels Company

Continue Reading

Technology

Immigration Desk Shares Guidance for Entrepreneurs and Foreign Businesses Planning US Expansion in 2026

Published

on

By

NEWTON, Mass., July 24, 2026 /PRNewswire/ — Immigration Desk is highlighting key immigration considerations for entrepreneurs, investors, and foreign-owned companies looking to establish or expand a presence in the United States, as interest in cross-border growth continues alongside evolving visa procedures and compliance expectations. The firm noted that many business owners plan with a general goal of opening a US office,  only to be met by a system that favors careful planning and documentation. 

Immigration planning often intersects with business planning, with company structure, ownership percentage, funding sources, job roles, and operational timelines influencing the pathways available and evidence required. A viable business plan alone often isn’t enough, and applicants must also meet specific legal definitions tied to visa categories. Those definitions, however, can differ significantly depending on the route pursued.

“Business immigration is not a single form or a single standard,” said Anu Gupta, attorney at Immigration Desk. “Entrepreneurs and foreign businesses often come to the process thinking in terms of growth goals like opening a location, hiring, and launching a product. However, the immigration system asks for detailed proof of role, eligibility, and structure. Planning early helps align those two realities and avoids last-minute surprises.”

Immigration Desk notes that entrepreneurs and foreign businesses typically evaluate options based on the nature of the US activity and the individual’s role. For some, the relevant question is whether a company can transfer an executive, manager, or specialized employee to a US office under an intracompany framework, particularly when the business can document a qualifying relationship between entities.

For others, the analysis may focus on investment-based categories where the applicant is actively directing and developing a US enterprise. In still other cases, founders may explore categories that emphasize extraordinary ability, research-based work, or employer sponsorship, depending on the individual’s background and the company’s needs.

L-1 and E-2 Visas: Pathways for Multinational Companies and Investors

For companies evaluating intracompany transfers, the L-1 visa provides a structured pathway for multinational businesses to bring executives, managers, or employees with specialized knowledge to a U.S. office — including newly established entities. Immigration Desk notes that L-1 cases require careful documentation of the qualifying relationship between the foreign and U.S. companies, as well as a clear demonstration of the applicant’s role and seniority. For new U.S. offices in particular, USCIS applies additional scrutiny to whether the operation is sufficiently established to support the position being petitioned.

The E-2 treaty investor visa offers a separate route for entrepreneurs from qualifying treaty countries who are making a substantial investment in and actively directing a U.S. enterprise. While the E-2 does not require a minimum investment threshold, Immigration Desk emphasizes that the investment must be proportional to the nature of the business and at risk in a commercial sense — factors that require careful structuring and documentation from the outset. Unlike some other business visa categories, the E-2 does not provide a direct path to permanent residency, which means founders relying on it should also plan for long-term status options early in the process.

The firm also points to a recurring challenge for growth-stage companies: staffing. Employer-sponsored visas can involve strict timing, evolving agency practices, and in some categories, annual numerical limits. In recent years, many employers have sought clarity on how to plan around the H-1B cap and lottery cycle, particularly when hiring needs don’t align neatly with government filing windows.

While the H-1B category remains widely used for specialized professional roles, Immigration Desk emphasizes that businesses should treat it as one part of a broader hiring and compliance plan rather than a single solution, especially when role definitions, worksite compliance, and documentation requirements are central to adjudication.

“People often focus on the name of a visa category, but the practical work is in the documentation and the operational reality behind the petition,” Gupta added. “For businesses, that means understanding what the government expects in terms of job duties, business activity, and the evidence that supports eligibility. For entrepreneurs, it can mean clarifying ownership, funding, and what day-to-day leadership looks like in a way that is consistent and well documented.”

Immigration Desk also notes that immigration planning frequently involves risk management. Businesses may need to consider how quickly a US operation must become functional, what happens if timelines shift, and how to maintain continuity if a petition is delayed or requires additional review. For founders, the concerns often include whether a pathway supports both business operations and personal stability, including travel, family planning, and long-term status options.

The firm cautions that immigration outcomes depend on individualized facts and that what works for one company may not apply to another. However, the most consistent problems, like incomplete timelines, inconsistent documentation, unclear roles, and last-minute filings, are completely avoidable. In response to those issues, Immigration Desk encourages business owners to approach US immigration as a phased process that begins with strategy and thorough preparation, with an operational plan for compliance after arrival.

For more information, please refer to the company’s website.

Immigration Desk
704 Walnut Street Newton, MA 02459
1-800-688-7892
https://immigrationdesk.com/
clients@ImmigrationDesk.com 

At Immigration Desk, attorney Anu Gupta and her team have helped thousands of entrepreneurs, investors, and multinational companies navigate complex immigration matters. With more than 40 years of combined experience and over 10,000 immigration cases handled, the firm has developed a reputation for careful preparation and strategic case planning. Whether you are a startup founder, a multinational executive, or an investor seeking to establish a presence in the United States, Immigration Desk can help you determine the most effective immigration strategy for your situation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/immigration-desk-shares-guidance-for-entrepreneurs-and-foreign-businesses-planning-us-expansion-in-2026-302834299.html

SOURCE Immigration Desk

Continue Reading

Trending