On November 7, 2023, MoneyLion Inc (ML, Financial) released its third-quarter earnings report for the period ending September 30, 2023. The company reported a record revenue of $110 million, marking a 24% increase year-over-year. The net income before other expense and income taxes was $1 million, a significant improvement from a net loss of $24 million in Q3 2022.
Financial Performance
MoneyLion's gross profit increased by 36% to $66.7 million compared to the same period in 2022. The company recorded a net loss of $4.1 million for Q3 2023, an improvement from a net loss of $21 million in Q3 2022. Adjusted EBITDA was $13.4 million, a significant turnaround from a loss of $14.3 million in Q3 2022.
MoneyLion delivered record revenue of $110 million and Adjusted EBITDA of $13 million in the third quarter. For the full year of 2023, we expect revenue of $420 to $425 million, gross profit margin of 58% to 59% and Adjusted EBITDA of $39 to $45 million," said Rick Correia, MoneyLion’s Chief Financial Officer.
Customer, Origination, and Product Growth
MoneyLion reported a 124% year-over-year growth in total customers to 12.1 million for Q3 2023. Total products grew by 80% year-over-year to 20.3 million for the same period. Total originations increased by 26% year-over-year to $564 million for Q3 2023.
Outlook for FY 2023
For the full year of 2023, MoneyLion expects total revenues, net of approximately $420 to $425 million, and a gross profit margin of 58% to 59%.
MoneyLion Inc (ML, Financial) is a leader in consumer and enterprise financial technology, offering personalized products, embedded finance, and content. The company's mission is to positively change people’s financial path by empowering them with greater financial literacy and access.
Explore the complete 8-K earnings release (here) from MoneyLion Inc for further details.
